Ecobank reports pre-tax profits of $111 million up 48% year-on-year, on revenue of $465 million in 1Q18; return on tangible equity of 23.

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1 Lomé, Togo 23 April 2018 Ecobank reports pre-tax profits of $111 million up 48% year-on-year, on revenue of $465 million in 1Q18; return on tangible equity of 23.4% The Group delivered a return on tangible equity of 23.4% on profit before tax of $111 million. These results reflected strong operating leverage driven by revenue contribution and our continued success in right-sizing our businesses. ROE: 19.7% EPS: $0.003 Cost-to-income: 61.5% Basel II/III CAR 4 : ROTE 1 : 23.4% TBVPS: $ NIR ratio 3 : 46.6% 13.4% Ade Ayeyemi, Group CEO said, The firm generated $111 million in pre-tax profits, the largest quarterly profits since the third quarter of 2015, representing an increase of 48%, and 81%, from the first quarter and fourth quarter of 2017, respectively. Our return on tangible total shareholders equity was a record 23.4%. We grew deposits by 14% year-on-year to $15.5 billion through deeper client engagements and digital financial offerings. Our footprint, a competitive advantage, is an attraction that continues to drive multiple mutually beneficial partnerships. Overall, our results show the progress that we have made in the last two years in strengthening the firm s foundations as part of our roadmap to leadership and digitisation strategies particularly around operating efficiency, credit risk management, and digitisation, to reduce our cost-to-serve and advance our vision to bring affordable and convenient financial services solutions to many of Africans unbanked population. We have now reached a turning point in our 5-year strategy. In the next few years, we will build on this momentum with one major goal relentless execution. Internally, we will not rest on our laurels while externally, gradual economic growth and client activity continues to be supportive of the firm s growth. Pre-tax profit of $111m compared to $75m in 1Q17 Revenue of $465m, up 9% year-on-year Expenses of $286m, down 3% in constant currency due to restructuring benefits Cost-to-income ratio improved to 61.5% from 64.5% in the 1Q17 Pre-impairment income 5 of $179m, up 15% in constant currency, driven by strong operating leverage with revenue 9% Customer loans (net) of $8.9bn, down 10% in constant currency impacted by the adoption of IFRS 9 and decision to curb lending Customer deposits of $15.5bn, increased 14%, or 7%, in constant currency on strong client momentum Strong ROE generation; averaging 26%, across UEMOA, AWA and CESA ~ 4.8m customers on-boarded on Ecobank Mobile App since launch in Oct ~ 67k merchants on-boarded on Masterpass QR, and mvisa QR, merchants Continued focus on trade and cash management as engines of growth >$9m recovered through Resolution Vehicle (RV) in 1Q18 Basel II/III adoption by BCEAO 6 implemented IFRS 9 day one transition impact of $299m on retained earnings and loans 1 ROTE is computed by dividing the Group s profit after tax annualised by the average end-of-period tangible equity. Tangible equity represents the Group s total equity less intangible assets including goodwill 2 Tangible Book Value per Ordinary Share (TBVPS), is computed by dividing the Group s tangible equity with the end-of-period number of shares outstanding 3 NIR ratio depicts the proportion of net revenue generated from non-capital intensive sources 4 The change in our calculation methodology follows the adoption of Basel II/III regulations in UEMOA. Given the relative size of the Group s exposure outside UEMOA, we also adjust for the home-host disparity in sovereign risk weighting that arises in consolidation. The estimated 13.4% Basel II/III CAR is for 31 December Pre-impairment income, is computed as net revenue minus total operating expenses, a financial measure that allows investors to gauge the Group s ability to generate capital to improve our loss absorption capacity 6 The Central Bank of States of West African States (Banque Centrale des États de l'afrique de l'ouest) the central bank which serves the eight countries of the West African Economic and Monetary Union (UEMOA)

2 ECOBANK GROUP FINANCIAL PERFORMANCE SUMMARY Ecobank reported net revenue of $465 million, up 9% year-on-year (up 3% in constant currency) compared to the first quarter of 2017, mainly driven by non-interest revenue. A significant reduction in impairment losses on loans led to a profit before tax of $111 million, up 44% in constant currency from the prior year s quarter. Comparisons noted in the commentary below are calculated for the three months ended 31 March 2018 versus the three months ended 31 March 2017, unless otherwise specified. GROUP In Constant $ Three months ended 31 March (in millions of $) YoY 2018 Net interest income % 237 Non-interest revenue % 203 Net revenue % 440 Operating expenses % 266 Pre-impairment income % 174 Impairment losses (11)% 66 Profit before tax % 108 Profit after tax % 81 Profit Attributable to ETI shareholders % - Basic EPS ($ cents) % - Diluted EPS ($ cents) % - Return on average total assets (ROAA) 1 1.6% 1.2% Retun on average total equity (ROAE) % 13.5% Return on average tangible equity (ROTE) % 16.0% Net interest margin (NIM) 6.1% 6.2% Cost-to-income ratio (CIR) 61.5% 64.5% Impact on returns assuming $400m convertible debt fully converts to equity: Retun on average total equity (ROAE) 17.8% - Return on average tangible equity (ROTE) 20.7% - Exchange rates of key currencies vs US Dollar For the period ended 31 March Average FX rates: Nigerian Naira (NGN) Francophone CFA Ghana Cedi (GHS) N o te : Selected income statement lines only and totals may not sum up. (1) ROAA is calculated as the Group's profit after tax divided by average end-of-period total assets (2) ROAE calcuated as the Group's profit after tax divided by average end-of-period total equity (3) Return on tangible equity (ROTE) is computed by dividing the Group's profit after tax by the average applicable endof-period tangible equity (4) The ROE and ROTE reflects IFRS 9 day one impact of a reduction of c.$299m to retained earnings Profit before tax of $111 million increased 48% from $75 million in the first quarter of 2017, driven by good revenue performance and a significant reduction in impairment losses on loans. Net revenue of $465 million, increased 9%. In constant currency, net revenue increased 3%, driven by income from client-related foreign-currency (FX) sales and trading and higher investment securities balances. Net interest income of $248 million, increased 6%, or in constant currency, 1%, primarily driven by an increase in investment securities balances partially offset by a reduction in net interest spreads due to lower interest rates Non-interest revenue of $217 million, increased 13%, or in constant currency, increased 6%, due to an increase in income from client-related FX sales and trading. The proportion of total net revenues generated by non-interest revenue (the non-interest revenue ratio) was 46.6% compared to 45.1%, in the previous year s quarter. Despite non-interest revenue benefiting from higher-than-usual client-related FX sales and trading income, the NIR ratio, continues to reflect our strategic decision to grow the more sustainable revenues generated by cash management, trade finance and other related non-capital intensive revenue sources. Operating expenses of $286 million, increased by 4%, or in constant currency decreased by 3%, driven by the benefits Ecobank Group 1Q 2018 Earnings Release Page 3

3 of the restructuring exercises completed in the last two years. The cost-to-income ratio as a result, continued to improve, and was 61.5% at the end of the first quarter compared to 64.5% in the previous year s quarter. Impairment losses were $68 million (of which $61 million were on loans and advances), compared to $76 million (of which $75 million were on loans and advances) in the first three months of The reduction in provisions in the current quarter, reflected the progress being made on our collections and recoveries efforts. The cost-of-risk, as a result, decreased to 2.48%, compared to 3.03% in the prior period s quarter. That said, the cost-of-risk still remains high and represents a priority in management s must-win-battles for Selected Balance Sheet Information 31 Mar 31 Dec 31 Mar Period As At: (in billions of $, except per share amounts) Customer loans (gross) Less: allow ance for impairments Customer loans (net) Customer deposits Total assets Shareholders' equity Total equity Risk-w eighted assets (RWA) Loans-to-deposits ratio 62.6% 65.2% 72.6% Basel II/III Capital Adequacy Ratio (CAR) % End-of-period ordinary shares outstanding (millions of shares) 24,730 24,730 24,730 # of ordinary shares to be issued if convertible bond converts 6,667 Book value per ordinary share, BVPS ($) Tangible book value per ordinary share, TBVPS, ($) Share price ($): High Low Period end End-of-period (EOP) Exchange rates of key curriencies vs $ Nigerian Naira (NGN) Francophone CFA Ghana Cedi (GHS) (1) The change in our calculation methodology follow s the adoption of Basel II/III regulations in UEMOA. Given the relative size of the Group s exposure outside UEMOA, w e also adjust for the home-host disparity in sovereign risk w eighting that arises in consolidation Customer loans (net) of $8.9 billion, decreased by 3%, but in constant currency, decreased by 10%, reflecting the $299 million IFRS 9 day one impact and, our decision to de-emphasise credit origination in the current environment. Instead we continue to focus on collections and recoveries of past-due and non-performing loans and in selected cases not rolling over longer-term loans. Customer deposits of $15.5 billion, increased by 14%, or in constant currency, by 7%. The increase in customer deposits was broad-based, across both of our lines of business and regions, reflecting the attractiveness of our footprint to customers. Additionally, we continue to see gradual deposit uptick from customers who use our digital channels and offerings. Total equity of $1.8 billion was unchanged from the year ago period, but decreased by 16% on a linked-quarter basis, primarily because we accounted for the day one impact of IFRS 9 implementation, which was approximately $299 million. The Group s Basel II/III total capital adequacy ratio (CAR) was 13.4%. This represents a change in the Group s calculation methodology following the adoption of Basel II/III regulation in UEMOA. Given the relative size of the Group s exposure outside of the UEMOA, we also adjusted for the home-host disparity in sovereign risk weighting that arises in consolidation. Risk-weighted assets (RWA) were $12.7 billon as at 31 March 2018 compared to $12.8 billion at year end The decrease in RWA was primarily driven by the reduction in customer loan balances and also effect of currency translations. Ecobank Group 1Q 2018 Earnings Release Page 4

4 Asset Quality Quarter ended 31 Mar 31 Dec 31 Mar In millions of $ Impairment losses: On loans & advances On other assets Impairment losses on financial assets Cost-of-risk 1 2.5% 3.3% 3.0% 31 Mar 31 Dec 31 Mar As at: Non-performing loans (NPLs) 965 1,060 1,026 Allow ance for impairment losses NPL ratio 10.0% 10.7% 10.4% NPL coverage ratio 76.2% 52.4% 58.9% (1) Cost-of-risk is computed on an annualised basis; Note: totals may not add up due to rounding Net impairment losses on loans were $62 million compared to $75 million and $90 million from the first quarter of 2017 and fourth quarter of 2017, respectively. The quarter s comparably lower provisions were driven by an increase in the collections of delinquent borrowers accounts and recoveries of non-performing loans which helped to partially offset gross impairment losses on total loans. Non-performing loans were $965 million as at 31 March 2018 compared with $1.0 billion as at year end Nonperforming loans remain relatively elevated, mainly because the historic portfolio remained challenged. However, the non-performing loans ratio improved to 10.0% compared to 10.7% at year end Ecobank Group 1Q 2018 Earnings Release Page 5

5 GEOGRAPHICAL REGION FINANCIAL PERFORMANCE Ecobank groups its business in Africa into four geographical regions. These reportable operating segments are Nigeria, Francophone West Africa (UEMOA), Anglophone West Africa (AWA), Central, Eastern and Southern, Africa (CESA). Comparisons noted in the commentary below are calculated for the three months ended 31 March 2018 versus the year ended 31 March 2017, unless otherwise specified. In millions of $, except for ratios NIGERIA UEMOA AWA CESA ETI & OTHERS (1) Subtotal: Entities RV (2) Ecobank Group Income Statement Highlights NII (4) NIR Net revenue Total operating expenses Pre-impairment income (4) 179 (0) 179 Impairment losses (19) (14) (10) (14) (20) (77) 9 (68) Profit before tax (24) Profit after tax (26) Balance Sheet Highlights Net loans 2,505 3, , ,943-8,943 Total assets 6,100 8,611 2,991 4, ,407-22,407 Customer deposits 3,389 6,035 2,330 3, ,462-15,462 Total equity (293) 1,827-1,827 Ratios ROA 1.6% 1.8% 3.0% 2.2% - 1.6% - 1.6% ROE 12.4% 27.7% 28.5% 22.3% % % Cost-to-income ratio 63.4% 61.2% 53.5% 57.0% % % NPL ratio 8.9% 5.9% 17.3% 16.2% % % NPL coverage 88.4% 60.1% 60.3% 86.0% % % Loans-to-deposits ratio 80.3% 65.0% 42.7% 49.7% % % 1. ETI & Others comprise ETI, the Holdco, eprocess (the Group's technology service company), the International business in Paris, Ecobank Development Corp. (the Group's Investment Banking and Securities and Asset Management businesses), and also the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in 'ETI & Others' 2. The Resolution Vehicle (RV), a structured entity that was set up in Nigeria to purchase and hold the challenged legacy assets from Ecobank Nigeria's core assets. Ecobank Group 1Q 2018 Earnings Release Page 6

6 NIGERIA In Constant $ Three months ended 31 March (in millions of $) YoY 2018 Net interest income (7)% 73 Non-interest revenue (21)% 46 Net revenue (13)% 119 Operating expenses (2)% 75 Pre-impairment income (26)% 43 Impairment losses (61)% 19 Profit before tax % 25 Profit after tax % 25 Customer loans (net) 2,505 2,824 (11)% 2,495 Total assets 6,100 5,964 2% 6,076 Customer deposits 3,389 3,398 (0.3)% 3,376 Cost-to-income 63.4% 56.7% ROE 12.4% 6.2% Loans-to-deposits ratio 80.3% 88.2% NPL ratio 8.9% 9.5% NPL coverage ratio 88.4% 60.6% N o te: Selected income statement line items only and thus may not sum up Highlights Nigeria s profit before tax increased 111% to $25 million, mainly as a result of lower impairment losses. For the period the US dollar: Naira exchange rate remained largely unchanged and as a result effects of currency translation were minimal. ROE was 12.4%, an improvement on the 6.2% in the first quarter of 2017 Net revenue of $119 million, decreased 13%, primarily driven by lower non-interest revenue Net interest income was $73 million, a decrease of 7%, due to the net impact of lower interest rates and lower interest-earning asset balances Non-interest revenue of $46 million, a decreased by 21%, with an increase in FX sales and trading income, offset by lower income from trade finance and cash management Operating expenses of $75 million, decreased by 2%, reflecting the benefits of restructuring. Despite the reduction in cost, the ratio of costs to income deteriorated to 63.4% from 56.7% in the previous year s quarter, largely driven by the decrease in revenue Impairment losses for the period were $19 million compared to $47 million in the prior year s quarter. The current period s lower impairments reflect an increase in collections and recoveries of loans and a macro and business environment, which is gradually supportive Ecobank Group 1Q 2018 Earnings Release Page 7

7 UEMOA In Constant $ Three months ended 31 March (in millions of $) YoY 2018 Net interest income % 60 Non-interest revenue % 48 Net revenue % 108 Operating expenses % 66 Pre-impairment income % 42 Impairment losses % 12 Profit before tax % 30 Profit after tax % 33 Customer loans (net) 3,781 3,357 13% 3,332 Total assets 8,611 7,544 14% 7,524 Customer deposits 6,035 4,948 22% 5,237 Total equity % 526 Cost-to-income ratio 61.2% 65.6% ROE 27.7% 24.5% Loans-to-deposits ratio 65.0% 71.7% NPL ratio 5.9% 9.8% NPL coverage ratio 60.1% 16.5% 67.0% N o te: Selected income statement line items only and thus may not sum up Highlights UEMOA s profit before tax was $35 million, an increase of 50%, or in constant currency, 30%, primarily driven by higher revenue. ROE improved to 27.7% compared to 24.5% in the first quarter of 2017 Net revenue of $125 million, increased by 25%, or in constant currency, by 8%, primarily due to higher client activity Net interest income was $69 million, up 22%, or in constant currency, up 6%, driven by an increase in investment securities Non-interest revenue of $56 million, increased by 29%, or in constant currency, by 12%, driven by higher client momentum, which helped increase income derived from trade finance and cash management Operating expenses of $76 million, increased by 17%, or in constant currency, by 1%, reflecting continued expense discipline. The cost-to-income ratio improved to 61.2% compared to 65.6% in the prior period s quarter Impairment losses were $14 million ($12 million in constant currency) compared with $11 million in the prior year. The year s impairment losses reflected provisions made on specific challenged accounts. Ecobank Group 1Q 2018 Earnings Release Page 8

8 AWA In Constant $ Three months ended 31 March (in millions of $) YoY 2018 Net interest income (5)% 56 Non-interest revenue % 34 Net revenue (2)% 90 Operating expenses % 48 Pre-impairment income (9)% 41 Impairment losses (14)% 10 Profit before tax (7)% 31 Profit after tax (5)% 22 Customer loans (net) 891 1,000 (11)% 922 Total assets 2,991 2,730 10% 3,073 Customer deposits 2,330 1,991 17% 2,398 Total equity % 325 Cost-to-income ratio 53.5% 50.1% ROE 28.5% 29.7% Loans-to-deposits ratio 42.7% 52.4% NPL ratio 17.3% 10.0% NPL coverage ratio 60.3% 40.8% N o te : Selected income statement line items only and thus totals may not sum up Highlights AWA s profit before tax of $31 million, decreased by 7% year-on-year, with minimal impact from currency translation effects as the average US dollar to the Ghana cedi exchange rate for the period was largely unchanged from prior year s quarter. The decrease in pre-tax profits was predominantly driven by a decline in interest rates. ROE was 28.5% compared to 29.7% in the prior year s quarter Net revenue of $89 million, decreased by 2%, driven by a decrease in net interest income Net interest income was $56 million, down 5%, driven by the net impact of lower interest rates in Ghana and a decrease in customer loan balances (partly due to the impact of the estimated day one impact of IFRS 9) Non-interest revenue was $34 million, an increase of 3%, reflecting higher income from our trade finance and cash management businesses Operating expenses of $48 million, increased 5%, driven by marketing spend particularly in the Consumer banking business and a slight increase in inflation across the region, except for Ghana. The cost-to-income ratio deteriorated to 53.5% compared to 50.1% in the first quarter of 2017, as revenue growth was comparably lower than the growth in expenses Impairment losses of $10 million compared with $12 million from the prior year s period Ecobank Group 1Q 2018 Earnings Release Page 9

9 CESA In Constant $ Three months ended 31 March (in millions of $) YoY 2018 Net interest income % 53 Non-interest revenue % 58 Net revenue % 110 Operating expenses (2)% 64 Profit before tax and impairment losses % 47 Impairment losses % 13 Profit before tax % 34 Profit after tax % 23 Customer loans (net) 1,512 1,795 (16)% 1,483 Total assets 4,656 3,958 18% 4,524 Customer deposits 3,537 3,006 18% 3,382 Total equity % 509 Cost-to-income ratio 57.0% 77.7% ROE 22.3% 7.2% Loans-to-deposits ratio 49.7% 63.9% NPL ratio 16.2% 13.6% NPL coverage ratio 86.0% 47.7% N o te: Selected income statement lines only and thus totals may not sum up Highlights CESA s profit before tax was $35 million, up 227%, or in constant currency, up 212%, reflecting strong revenue growth Net revenue of $115 million, increased by 33%, or in constant currency, by 28% due to significant growth across both net interest income and non-interest revenue sources Net interest income of $54 million, increased by 20%, or in constant currency, by 16%, driven by an increase in investment securities holdings Non-interest revenue was $61 million, an increase of 48%, or in constant currency, an increase of 41%, driven by client-related FX sales and cash management fees Operating expenses of $66 million, was down by 2%, or in constant currency, by 5%, reflecting accrued benefits from continued right-sizing of the business. The cost-to-income ratio improved significantly to 57% versus 77.7% in the first quarter of 2017 driven by positive operating leverage. Impairment losses for the year were $14 million ($13 million in constant currency), compared to $8 million in the first quarter # # # About Ecobank: Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent pan-african banking Group, Ecobank, present in 36 African countries. The Ecobank Group is also represented in France through its subsidiary EBI SA in Paris. ETI also has representative offices in Dubai-United Arab Emirates, London-UK, Beijing-China, Johannesburg-South Africa, and Addis Ababa-Ethiopia. ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union (UEMOA) the BRVM in Abidjan. The Group is owned by more than 600,000 local and international institutional and individual shareholders. It employs 16,000 people in 40 different countries in a 927 branches and offices. Ecobank is a full-service bank, providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Additional information may be found on the Group s corporate website at: Cautionary note regarding forward-looking statements Certain statements in this document are forward-looking statements. These statements are based on management s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements. Ecobank Group 1Q 2018 Earnings Release Page 10

10 APPENDIX POTENTIAL DILUTIVE INSTRUMENTS Opec Fund for International Development (OFID) convertible and subordinated loan A total outstanding balance of $ million in loans granted by OFID are convertible into ordinary shares. The conversion price is the lower of i) $ cents plus a premium that varies from 30% to 50%, depending on exercise date; and ii) the prevailing market price, based on a 45 day average. Conversion can occur any time from 15 June 2016 until 3 July ETI $400 million convertible debt The $400 million convertible debt due 2022 will have a maturity of five (5) years from date of issuance, a coupon rate comprising a reference rate of 3-month LIBOR plus a spread of 6.46% (i.e. 3-month LIBOR %), payable semiannually in arrears. The debt will be convertible into ETI ordinary shares at an exercise price of 6.00 $ cents (NGN21.60, GHS0.26, XOF34.26 at current exchange rates for illustrative purposes only) during the conversion period of 19 October 2019 to 13 October This debt will be redeemed at 110% of principal amount if the conversion option is not exercised. Ecobank will not be holding an Earnings Conference Call to discuss the financial results for the three months ended 31 March The financial results, which have been submitted to the NSE, BRVM and GSE, can be accessed, including the Earnings Press Release, by visiting If you should have any questions related to these results please contact Ecobank Investor Relations via ir@ecobank.com Investor Relations Ecobank is committed to continuous improvement in its investor communications. For further information, including any suggestions as to how we can communicate more effectively, please contact Ecobank Investor Relations via ir@ecobank.com. Full contact details below: Investor contact: Ato Arku T: M: E: aarku@ecobank.com Ecobank Group 1Q 2018 Earnings Release Page 11

11 Ecobank Group UNAUDITED CONSOLIDATED INCOME STATEMENT Year Ended 31 March In thousands of US dollars, except per share amounts Interest income 414, ,570 Interest expense (165,933) (143,818) Net interest income 248, ,752 Fee and commission income 124, ,667 Fee and commission expense (18,310) (13,057) Net trading income 112,104 90,310 Other operating income (1,506) 4,774 Non-interest revenue 216, ,694 Operating income 464, ,446 Staff expenses (123,904) (126,818) Depreciation and amortization (24,682) (22,808) Other operating expenses (137,371) (124,882) Total operating expenses (285,957) (274,508) Operating profit before impairment losses and taxation 179, ,938 Impairment losses on: - loans and advances (61,502) (74,639) - other financial assets (6,654) (1,633) Impairment losses on financial assets (68,156) (76,272) Operating profit after impairment losses 110,850 74,666 Share of profit of associates Profit before tax 110,906 74,736 Taxation (20,133) (13,789) Profit for the period from continuing operations 90,773 60,947 Profit for the year from discontinued operations Profit for the period 91,135 60,984 Attributable to: Owners of the parent (total) 77,076 50,726 Continuing operations 76,881 50,706 Discontinued operations Non-controlling interest (total) 14,059 10,258 Continuing operations 13,892 10,241 Discontinued operations Earnings per share from continuing operations attributable to owners of the parent during the period (expressed in United States cents per share) 91,135 60,984 Basic Diluted Ecobank Group 1Q 2018 Earnings Release Page 12

12 Ecobank Group UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION In thousands of US dollars March 2018 December 2017 Assets Cash and balances with central banks 2,909,802 2,661,745 Financial assets held for trading 60,134 36,557 Derivative financial instruments 26,439 39,267 Loans and advances to banks 1,351,534 1,685,806 Loans and advances to customers 8,943,058 9,357,864 Treasury bills and other eligible bills 2,025,026 1,718,977 Investment securities: available-for-sale 4,318,628 4,405,240 Pledged assets 292, ,561 Other assets 1,004, ,724 Investment in associates 9,298 9,964 Intangible assets 294, ,664 Property and equipment 952, ,163 Investment properties 20,951 43,514 Deferred income tax assets 110, ,715 22,318,769 22,347,761 Assets held for sale and discontinued operations 87,998 83,843 Total assets 22,406,767 22,431,604 Liabilities Deposits from banks 1,457,488 1,772,414 Deposits from customers 15,461,657 15,203,271 Derivative financial instruments 25,014 32,497 Borrowed funds 1,652,957 1,728,756 Other liabilities 1,645,513 1,210,908 Provisions 56,475 52,450 Current income tax liabilities 58,342 58,107 Deferred income tax liabilities 60,559 64,269 Retirement benefit obligations 44,352 24,064 20,462,357 20,146,736 Liabilities held for sale and discontinued operations 117, ,785 Total liabilities 20,580,058 20,259,521 Equity Equity attributable to owners holders of the parents Share capital and premium 2,113,957 2,113,957 Retained earnings and reserves (585,592) (233,213) Shareholders' equity 1,528,365 1,880,744 Non-controlling interests 298, ,339 Total equity 1,826,709 2,172,083 Total liabilities and equity 22,406,767 22,431,604 Ecobank Group 1Q 2018 Earnings Release Page 13

13 Ecobank Group UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS In thousands of US dollars Cash flow from operating activities Profit / (loss) before tax 110,906 74,736 Net trading income - foreign exchange 4,623 (72,540) Net loss from investment securities - 49 Impairment losses on loans and advances 54,062 74,639 Impairment losses on other financial assets 14,094 1,633 Depreciation of property and equipment 19,869 19,476 Net interest income (248,098) (233,752) Amortisation of software and other intangibles 4,813 3,332 Profit on sale of property and equipment (287) (200) Share of loss of associates (56) (70) Income taxes paid (26,010) (43,855) Changes in operating assets and liabilities Year Ended 31 March Trading assets (23,577) 48,613 Derivative financial assets 12,828 67,487 Other treasury bills (300,268) (171,262) Loans and advances to banks 92,286 (202,918) Loans and advances to customers 33,966 40,898 Pledged assets 6,054 26,596 Other assets (243,471) 53,521 Mandatory reserve deposits (95,538) 14,915 Due to customers 258,386 38,453 Derivative liabilities (7,483) (23,102) Other provisions 4,025 6,271 Other liabilities 434,605 (7,016) Interest received 414, ,570 Interest paid (165,933) (143,818) Net cash flow from operating activities 353,827 (50,344) Cash flows from investing activities Purchase of software (14,115) (2,368) Purchase of property and equipment (72,725) (18,700) Proceeds from sale and redemption of securities 86,612 (88,836) Net cashflow used in investing activities (228) (109,904) Cash flows from financing activities Net Proceeds / repayment of borrowed funds 71,011 (49,728) Dividends paid to non-controlling shareholders (1,515) (2,413) Net cashflow from financing activities 69,496 (52,141) Net decrease in cash and cash equivalents 423,095 (212,389) Cash and cash equivalents at at beginning of period 1,965,611 2,020,838 Effects of exchange differences on cash and cash equivalents (45,044) 64,340 Cash and cash equivalents at end of the period 2,343,662 1,872,789 ` Ecobank Group 1Q 2018 Earnings Release Page 14