ECOBANK TRANSNATIONAL INCORPORATED ECOBANK TRANSNATIONAL INCORPORATED
Consolidated Audited Financial Statements For year ended 31 December 2023
Ecobank Transnational Incorporated Consolidated Audited Financial Statements For the year ended 31 December 2023
CONTENTS
Statement of directors' responsibilities
Independent auditors' report
Consolidated audited financial statements:
Press release
Consolidated statement of comprehensive income USD Consolidated statement of comprehensive income NGN Consolidated statement of financial position USD Consolidated statement of financial position NGN Consolidated statement of changes in equity USD Consolidated statement of changes in equity NGN Consolidated statement of cash flows USD Consolidated statement of cash flows NGN
Notes to the consolidated financial statements
Five year summary
Value added statements
Page 1
Ecobank Transnational Incorporated
For year ended 31 December 2023
Statement of directors' responsibilities
Responsibility for consolidated financial statements
The Directors are responsible for the preparation of the consolidated financial statements for each financial period that give a true and fair view of the financial position of the Group as at 31 December 2023 and the results of its operations, statement of cash flow, income statement and changes in equity for the year ended 31 December 2023 is compliance with International Financial Reporting Standards ("IFRS"). This responsibility includes ensuring that the Group:
- keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group;
- establishes adequate internal controls to safeguard its assets and to prevent and detect fraud and other irregularities; and
- prepares its consolidated financial statements using suitable accounting policies supported by reasonable and prudent judgments and estimates, that are consistently applied.
The Directors accept responsibility for the consolidated financial statements, which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with IFRS.
Nothing has come to the attention of the Directors to indicate that the group will not remain a going concern for at least twelve months from the date of this statement.
The Directors are of the opinion that the consolidated financial statements give a true and fair view of the state of the financial affairs of the Group and of its profit or loss for the year ended 31 December 2023. The Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the financial statements, as well as adequate systems of internal financial control.
Approval of consolidated financial statements
The consolidated financial statements were approved by the Board of Directors on 14 March 2024 and signed on its behalf by:
The Group Chief Executive Officer who is a signatory to the financial statements was granted a waiver by the Financial Reporting Council of Nigeria (FRCN) allowing him to sign the financial statements (without indicating his FRC registration number).
Alain Nkontchou | Jeremy Awori | |
Group Chairman | Group Chief Executive Officer | |
FRC/2020/003/00000021578 |
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
PUBLIC
Press Release
Ecobank Group reports audited performance for the year ended 31 December 2023
- Gross earnings up 12% to $2,825.3 million (up 69% to NGN 1,829.6 billion)
- Revenue up 11% to $2,063.7 million (up 68% to NGN 1,336.4 billion)
- Operating profit before impairment charges up 17% to $951.1 million (up 78% to NGN 615.9 billion)
- Profit before tax up 8% to $581.4 million (up 63% to NGN 376.5 billion)
- Profit after tax up 11% to $406.9 million (up 68% to NGN 263.5 billion)
- Total assets down 6% to $27.2 billion (up 94% to NGN 25,917.4 billion)
- Loans and advances to customers down 4% to $10.5 billion (up 98% to NGN 10,034.5 billion)
- Deposits from customers down 4% to $20.0 billion (up 98% to NGN 19,011.0 billion)
- Total equity down 14% to $1.7 billion (up 77% to NGN 1,650.8 billion)
Financial Highlights | Year ended | Year ended | % Change | ||||||||
31 December 2023 | 31 December 2022 | ||||||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | US$ | NGN | ||||||
Income Statement: | |||||||||||
Gross Earnings | 2,825,255 | 1,829,640,052 | 2,529,033 | 1,079,723,479 | 12% | 69% | |||||
Revenue | 2,063,666 | 1,336,433,691 | 1,861,797 | 794,859,511 | 11% | 68% | |||||
78% | |||||||||||
Operating profit before impairment charges | 951,111 | 615,941,137 | 811,416 | 346,418,930 | 17% | ||||||
Profit before tax | 581,362 | 376,491,042 | 540,029 | 230,555,312 | 8% | 63% | |||||
Profit after tax | 406,923 | 263,524,043 | 366,691 | 156,551,884 | 11% | ||||||
68% | |||||||||||
Earnings per share from continuing operations attributable to owners of the parent during the period (expressed in United States cents / kobo per share):
Basic (cents and kobo) | 1.170 | 757.932 | 1.165 | 497.247 | 0% | 52% | |||||
Diluted (cents and kobo) | 1.170 | 757.932 | 1.165 | 497.247 | 0% | 52% | |||||
Financial Highlights | As at | As at | % Change | ||||||||
31 December 2023 | 31 December 2022 | ||||||||||
US$'000 | NGN'000 | US$'000 | NGN'000 | US$ | NGN | ||||||
Statement of Financial Position: | |||||||||||
Total assets | 27,230,165 | 25,917,398,745 | 29,004,169 | 13,373,822,328 | -6% | 94% | |||||
Loans and advances to customers | 10,542,753 | 10,034,486,878 | 11,002,905 | 5,073,439,496 | -4% | 98% | |||||
Deposits from customers | 19,973,948 | 19,011,003,967 | 20,813,313 | 9,597,018,624 | -4% | 98% | |||||
Total equity | 1,734,455 | 1,650,836,924 | 2,027,015 | 934,656,619 | -14% | 77% |
The financial statements were approved for issue by the board of directors on 14 March 2024. | ||||||||
The Group Chief Executive Officer who is | a signatory to the financial statements was granted a waiver by the Financial Reporting Council of | |||||||
Nigeria (FRCN) allowing him to sign the financial statements (without indicating his FRC registration number). | ||||||||
Alain Nkontchou | Jeremy Awori | Ayo Adepoju,Ph.D. | ||||||
Group Chairman | Group Chief Executive Officer | Group Chief Financial Officer | ||||||
FRC/2020/003/00000021578 | FRC/2017/ICAN/00000017517 |
www.ecobank.com
PUBLIC | Page 8 |
PUBLIC
Consolidated audited statement of comprehensive income - USD
Interest income
Interest income calculated using the effective interest method
Other interest income
Interest expense
Net interest income
Fee and commission income
Fee and commission expense
Trading income and foreign exchange gains
Net investment income
Other operating income
Non-interest revenue
Operating income
Staff expenses
Depreciation and amortisation
Other operating expenses
Operating expenses
Operating profit before impairment charges and taxation
Impairment charges on financial assets
Non-conversion premium on bonds
Operating profit after impairment charges before taxation
Net monetary loss arising from hyperinflationary economies
Share of post-tax results of associates
Profit before tax
Taxation
Profit after tax
Attributable to:
Ordinary shareholders
Other equity instrument holder
Non-controlling interests
Earnings per share from continuing operations attributable to owners of the parent during the period (expressed in United States cents per share):
Basic (cents )
Diluted (cents )
Consolidated audited statement of comprehensive income
Profit after tax
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations
Net change in fair value of other financial assets FVOCI
Items that will not be reclassified to profit or loss:
Net change in fair value on property and equipment
Re-measurements of defined benefit obligations
Other comprehensive loss for the year, net of taxation
Total comprehensive loss for the year
Total comprehensive (loss) / income attributable to:
Ordinary shareholders
Other equity instrument holder
Non-controlling interests
Year ended | Year ended | |
31 December 2023 | 31 December 2022 | |
US$'000 | US$'000 | |
1,866,085 | 1,617,454 | |
1,864,732 | 1,598,318 | |
1,353 | 19,136 | |
(697,433) | (603,751) | |
1,168,652 | 1,013,703 | |
539,576 | 533,612 | |
(64,018) | (62,915) | |
361,240 | 310,606 | |
9,560 | 13,230 | |
48,656 | 53,561 | |
895,014 | 848,094 | |
2,063,666 | 1,861,797 | |
(462,801) | (447,358) | |
(90,145) | (101,282) | |
(559,609) | (501,741) | |
(1,112,555) | (1,050,381) | |
951,111 | 811,416 | |
(329,939) | (198,066) | |
- | (40,000) | |
621,172 | 573,350 | |
(39,948) | (33,891) | |
138 | 570 | |
581,362 | 540,029 | |
(174,439) | (173,338) | |
406,923 | 366,691 | |
287,824 | 286,430 | |
7,312 | 7,312 | |
111,787 | 72,949 | |
406,923 | 366,691 | |
1.170 | 1.165 | |
1.170 | 1.165 | |
406,923 | 366,691 | |
(572,856) | (386,106) | |
(64,434) | (81,145) | |
2,757 | 40,019 | |
625 | (665) | |
(633,908) | (427,897) | |
(226,985) | (61,206) | |
(313,684) | (86,420) | |
7,312 | 7,312 | |
79,387 | 17,902 | |
(226,985) | (61,206) | |
% Change
15%
17% -93%
16%
15%
1%
2%
16% -28%-9%
6%
11%
3% -11% 12%
6%
17%
67%
n/m
8%
18% -76%
8%
1%
11%
0%
0%
53%
11%
0%
0%
11%
48% -21%
-93% 194%
48%
271%
263%
0%
343%
271%
The above consolidated audited statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful.
PUBLIC | Page 9 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
ETI - Ecobank Transnational Inc. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 18:06:33 UTC.
