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Ecobank Ghana Limited FY 2012 results

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Information about Ecobank Ghana Limited FY 2012 results
Investor Relations

Published on March 7, 2014

Author: AfricanisCool

Source: slideshare.net

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Ecobank Ghana Limited FY 2012 results
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Ecobank Ghana Limited and its Subsidiaries Consolidated Financial Position at 31 December 2012 Financial highlights Consolidated Financial Position (All amounts are in thousands of Ghana cedis unless otherwise stated) Dec 2011 - Dec 2012 % Growth At 31 December, 2012 Total Assets 61% Net Loans 64% Deposits 53% Income Statement (All amounts are in thousands of Ghana cedis unless otherwise stated) For the year ended 31 December 2012 Bank Bank 2011 2012 2011 Cash and cash equivalents Government securities Loans & advances to banks Trading assets Loans & advances to customers Investment securities: available for sale Investment in subsidiaries Investment in associates Intangible assets Income tax Property and equipment Others assets 76% Group 2012 324,180 691,405 843,730 1,396,514 1,517 5,415 4,017 2,223 57,580 101,489 232,856 573,295 359,553 725 849,893 10,872 4,240 6,107 2,313 45,788 46,541 324,180 630,617 840,525 1,394,967 1,517 2,400 4,841 4,017 2,175 57,503 116,101 232,856 518,676 413,959 725 848,459 10,872 2,400 3,959 6,107 2,128 45,774 42,091 Total Assets Profit Before Tax Group 3,428,070 2,132,183 3,378,843 2,128,006 Deposits from banks Customer deposits Other liabilities Deferred tax Borrowings 276,362 2,464,605 94,843 3,958 132,090 108,185 1,608,256 46,053 3,963 103,127 282,904 2,407,615 95,416 4,271 132,090 187,168 1,540,670 42,315 3,864 103,127 Total liabilities 2,971,858 1,869,584 2,922,296 1,877,144 Stated capital Income surplus account Revaluation reserve Statutory reserve fund Regulatory credit risk reserve 226,641 85,780 12,939 117,483 13,369 100,000 88,086 24,587 45,743 4,183 226,641 85,449 13,974 117,114 13,369 100,000 76,988 24,162 45,529 4,183 456,212 262,599 456,547 250,862 3,428,070 2,132,183 3,378,843 2,128,006 Group 2012 Group 2011 Bank 2012 Bank 2011 Interest income Interest expense 353,354 (83,163) 170,526 (41,926) 344,261 (77,503) 159,469 (33,932) Net interest income 270,191 128,600 266,758 125,537 Fees and commission income Fees and commission expense 92,087 (1,736) 61,060 (1,501) 91,996 (1,736) 60,943 (1,501) Total equity attributable to equity holders of the bank Net fees and commission income 90,351 59,559 90,260 59,442 Total liabilities and equity Lease income Net trading income Dividend income Other operating income 1,459 52,759 1,148 6,809 1,704 41,388 682 2,615 1,444 52,293 15,422 6,271 1,698 41,264 682 2,896 Other income 62,175 46,389 75,430 46,540 Total income 422,717 234,548 432,448 231,519 (25,318) (6,167) (211,466) (123,128) (25,315) (210,948) (6,157) (122,743) Impairment charge on loans and advances Operating expenses Operating profit 185,933 105,253 196,185 102,619 293 281 - - Profit before income tax Income tax National fiscal stabilisation levy 186,226 (53,669) - 105,534 (27,876) (5,277) 196,185 (53,016) - 102,619 (27,383) (5,131) Profit after tax 132,557 72,381 143,169 70,105 Share of profit of associates Statements of Other Comprehensive Income The Group The Group 2012 2011 Profit for the year Other comprehensive income Gains on revaluation of property Change in value of available for sale investment securities Income tax relating to components of other comprehensive income The Bank 2012 The Bank 2011 132,557 72,381 143,169 70,105 - 7,750 - 7,750 (16,897) 2,681 (15,026) 2,283 (1,733) 3,845 (1,833) 3,434 Other comprehensive income for the year, net of tax (13,052) 8,598 (11,592) 8,300 Total comprehensive income for the year 119,505 80,979 131,577 78,405 Profit for the year attributable to: Equity holders of the Bank 132,557 72,381 143,169 70,105 45 31 49 30 Earnings per share Basic and diluted (in Ghana pesewas) Consolidated Cashflow Statement (All amounts are in thousands of Ghana cedis unless otherwise stated) At 31 December, 2012 Cashflow from operating activities Interest paid Interest received Net fees and commissions receipts Other income received Dividend received Net trading income Lease income Payments to employees and suppliers Corporate tax and national stabilization levy paid Group 2011 Bank 2012 Bank 2011 (84,028) (37,928) 338,403 162,965 84,084 59,559 5,642 2,615 1,148 682 49,363 37,642 1,459 1,704 (173,327) (123,128) (49,739) (34,183) (77,358) 329,267 83,993 5,104 1,148 49,521 1,444 (172,846) (49,222) (30,945) 151,951 59,442 2,615 682 37,642 1,698 (122,743) (33,537) Cashflow from operating activities before changes in operating assets and liabilities Changes in operating assets and liabilities Loans and advances Other assets Customer deposits Other liabilities Mandatory Reserves 69,928 171,051 66,805 (119,503) (343,175) 43,112 (16,388) 522,611 491,924 (68,095) 18,885 (51,928) (73,011) (119,388) 38,605 533,206 (79,189) (51,928) (342,083) (12,002) 453,735 14,766 (73,011) 148,163 492,357 108,210 (15,241) (5,804) (151) (5,499) 2,873 206 (1,223,351) (556,461) 1,171,253 454,275 9,355 (6,488) (85,116) (882) 725 - (15,141) (151) 2,873 (1,226,377) 1,174,733 9,355 (85,115) (882) 725 (5,802) (5,499) 206 (542,000) 429,197 (6,488) - (140,535) (119,771) (139,980) (130,386) (55,230) (10,336) 20,820 (46,026) (27,646) 49,718 Net cash generated from operating activities Cashflow from investing activities Purchase of property and equipment Purchase of software Proceeds from sale of equipment Government securities purchased Proceeds from sale of Government securities Proceeds from sale of availabe-for-sale investment Loans and advances to banks Investment in associate proceeds from sale of trading assets Net cash used in investing activities Cashflow from financing activities Proceeds from borrowed funds Repayment of borrowed funds Group 2012 173,005 499,202 (55,230) (10,336) 20,820 (46,026) (27,646) 49,718 (44,746) (23,954) (44,746) (23,954) 313,921 365,042 4,438 360,604 307,631 353,999 (46,130) 400,129 Cash and cash equivalents at the end of the period www.ecobank.com Net cash in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year 678,963 365,042 661,630 353,999

Ecobank Ghana Limited and its Subsidiaries Consolidated Financial Position at 31 December 2012 Report on the Financial Statements Disclosures We have audited the financial statements of Ecobank Ghana Limited, which comprise the statements of financial position at 31 December 2012, statements of comprehensive income, changes in equity, and cash flows for the year then ended and notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes as set out on pages 12 to 80. 1. General Information Directors’ Responsibility for the Financial Statements The Bank is listed on the Ghana Stock Exchange. The Bank’s Directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in the manner required by the Companies Act, 1963, Act 179 and the Banking Act, 2004 Act 673 as amended by the Banking Amendment Act, 2007 Act 738 and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The consolidated financial statements were authorized for issue by the Board of Directors on the 26th of February 2013. Auditor’s Responsibility Basis of Presentation: The Group’s financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. Additional information required by the Companies Act, 1963 Act 179 and the Banking Act, 2004 Act 673 as amended by the Banking Amendment Act, 2007 Act 738 have been included, where appropriate. The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of property and available-for-sale financial assets, financial assets and financial liabilities, which are measured at fair value through profit or loss. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the consolidated and separate financial position of Ecobank Ghana Limited at 31 December 2012 and its consolidated and separate financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and in the manner required by the Companies Act 1963, Act 179 and the Banking Act, 2004 Act 673 as amended by the Banking Amendment Act, 2007 Act 738. The Bank and its subsidiaries together the “Group” provide retail, corporate banking, investment banking and other financial services in Ghana. Ecobank Transnational Incorporated (ETI), the parent company, holds 68.93% of the issued ordinary shares of Ecobank Ghana Limited. The Bank is a limited liability company, incorporated and domiciled in Ghana. The address of its registered office is, 19 Seventh Avenue, Ridge West, Private Mail Bag, General Post Office, Accra. 2. Summary Of Significant Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out in the annual report. These policies have been consistently applied to all years presented, unless otherwise stated. The financial statements comprise the statements of financial position, comprehensive income, changes in equity and cash flows and notes to the financial statements. The financial statements are presented in Ghana cedis, which is the Group’s functional and presentation currency. Except otherwise indicated, financial information presented in Ghana cedis has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in the period of revision and future periods, if the revision affects both current and future periods. 3. Contingent liabilities Group 2012 GHS 000 757,281 4. Earnings per share Basic Diluted Report on Other Legal and Regulatory Requirements Compliance with the requirements of Section 133 of the Companies Act, 1963 Act 179 and Section 78 of the Banking Act, 2004 Act 673 as amended by the Banking Amendment Act, 2007 Act 738 We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. In our opinion, proper books of account have been kept and the statements of financial position and comprehensive income are in agreement with the books of account. The Bank's transactions were within its powers. The Bank generally complied with the relevant provisions of the Banking Act, 2004 Act 673 as amended by the Banking Amendment Act, 2007 Act 738. 5. Quantitative disclosures i. Capital Adequacy ratio ii. Non-perfoming loan ratio Group 2011 GHS 000 580,993 Bank 2012 GHS 000 757,281 Bank 2011 GHS 000 580,993 GHS 0.45 0.45 GHS 0.31 0.31 GHS 0.49 0.49 GHS 0.30 0.30 2012 14.78% 5.1% 2011 13.57% 0.66% 2012 14.77% 5.1% 2011 13.95% 0.66% 6. Qualitative Disclosures Risk Management Concept and Framework: The bank’s Risk Management Concept and Framework is outlined in our Strategy, Policies, Processes and Governance structure and is based on core principles designed to ensure that we achieve our mission and serve our customers efficiently and effectively. Our Risk Appetite is defined within this framework. Policies and Processes are in place to guide our conduct of business within set risk appetite thresholds and guide effective corrective measures to deviations. Our Board of Directors approve this policy annually. The Risk Committee, the Managing Director and Risk Management Department coordinate, facilitate, and oversee the effectiveness and integrity of the risk management framework. The Internal and external audit functions in turn provide timely and objective assurance regarding the continuing appropriateness and adequacy of compliance with this framework, and report to the Audit and Risk sub-committee of the Board. The principal risks faced by the bank are categorized into three; Credit, Market and Operational Risk. SIGNED BY: NII AMANOR DODOO (ICAG/P/1055) FOR AND ON BEHALF OF: KPMG: (ICAG/F/0036) CHARTERED ACCOUNTANTS 13 YIYIWA DRIVE, ABELENKPE P O BOX GP 242 ACCRA Credit Risk: Our Credit Risk Management model has four elements: Portfolio Planning and Target Marketing; Credit Origination and Maintenance; Problem Recognition and Remedial Management; and Portfolio Management. Our credit exposures are within a defined target market and capital constraints. Individual transactions are assessed by an internal credit rating system. The portfolio is managed by respecting concentration limits in industry, currency tenors etc. Credits with signs of delinquency are taken through our various processes of Collections and Remedial Management. Market Risk: Our market risk management policy is to ensure that all significant market risks are identified, measured, and managed in a consistent and effective manner in order to stabilize earnings and protect capital under a broad range of market conditions. It is also to ensure that we possess adequate sources of liquidity under the supervision of the Asset and Liability Committee (ALCO). 26th February 2013 Under Market Risk, the Trading Book is monitored by setting limits on Position Size, Factor Sensitivities, Stop Loss Limits, Management Action Triggers and Value at Risk (VaR). The Banking Book is monitored using Re-pricing Maturity Gap analysis, Currency Mismatch Analysis and Liquidity Gap Analysis. The financial statement presented in this publication is an extract from the annual financial statements of the bank for the year ended 31 December 2013. This information has been extracted directly from the annual financial statements which are available for inspection at the Bank's head office at 19 Seventh Avenue, Ridge West, Accra. Operational Risk: We record all loss events. This enables us to learn from such occurrences over time, test and model our exposure to similar loss occurrences and improve ways of preventing such loss events in the future using internal models. In managing operational risk and losses, the bank establishes procedures to be employed in the handling of each situation. These procedures, prior approved by the Board, have been well disseminated and explained to staff. These broad policy directives cover among others areas like internal/external fraud, employment practices and work safety, clients' products and business practices, use of physical assets, business disruptions and system failures etc. The auditors report was signed on the 26th of February 2013 and has been extracted from the annual financial statements of the bank. 7. 2012 Nil Nil i. Default in statutory liquidity ii. Default in statutory liquidity sanction Signed Samuel Ashitey Adjei Managing Director www.ecobank.com Signed Lionel Van Lare Dosoo Board Chairman 2011 Nil Nil

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