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Ecobank Group Reports Audited Results for the Nine Month Period Ended 30 September 2020
Tangible Book Value Per Share (TBVPS)1 of 4.98 US cents
Diluted EPS of – 0.13 US cents and Normalised Diluted EPS of 0.53 US cents Operating income Profit before tax Annualised ROTE2 Tangible BVPS $1,214m $91m -3.5% 4.98 US cents up 4%; up 15% in CCY $250m (excl. goodwill charge) 14.1% (excl. goodwill charge) up 6% YTD Cost-to-income ratio Attributable profit/(loss) Diluted EPS3 Tier 1 / Total CAR4 63.4% -$32m -0.13 US cents 9.2% / 11.6% $127m (excl. goodwill charge) 0.53 US cents (excl. goodwill charge) UEMOA NIGERIA AWA CESA Cost/income 59.5% Cost/income 79.0% Cost/income 47.1% Cost/income 58.2% Ade Ayeyemi, Ecobank Group CEO, said: "Globally economic conditions remain challenging due to the pandemic, affecting businesses and households, especially with the effects of the second wave in Europe and the US. Our continued support for our various customer segments has made it easier for them to interact with us through digital channels, which have enjoyed increased transactions of 49% year-on-year. Ecobank has also been supporting communities across sub-Saharan Africa, in line with our commitment to the continent. We celebrated our annual Ecobank Day, focusing on our three year ‘Together for Better Health’ campaign to heighten awareness of diabetes and other non-communicable diseases, the care of which, may have been partially neglected due to the COVID-19 pandemic. We are therefore continuing our positive impact and helping to save lives.
"Momentum in the underlying performance of our businesses remain solid, despite the headwinds. Corporate and Investment Bank wasa big driver of the firm’s earnings with FICC generating significant revenues. All our businesses grew deposits, leading to year-to-dateincrease of $1.1 billion and total deposits of $17.3 billion, with Consumer Bank strongly up by 11%. Within Commercial Bank we are rolling out self-onboardingcapabilities for Omni Lite and EcobankPay, our client disbursements and billing solutions. We are also consolidating our payments solutions to enable us to be more agile and consolidate our position as a key enabler of payments in Africa.
"Our results for the nine months to September saw pre-impairment income increase by 13%, or 40% excluding the impact of foreign currency movements, to $444 million. We recorded a non-cash, non-recurringgoodwill charge of $159 million, relating to our acquisitionof former Oceanic Bank in 2011, and a $33 million net monetary loss due to hyperinflationary conditions in Zimbabwe. These charges impacted our profit before tax […]
