Ecobank Ghana PLC and its Subsidiaries

Summary consolidated and separate financial statements prepared from the

Audited Financial Statement for the year ended 31 December 2024

Summary statements of comprehensive income Summary statements of changes in equity

(All amounts are expressed in thousands of Ghana cedis, GHS) (All amounts are expressed in thousands of Ghana cedis, GHS)
The Group The Bank
2024 2023 2024 2023 GROUP 2024 Credit Non-
Stated Retained Statutory risk Revaluation Other controlling
Interest revenue calculated using the effective interest method 4,968,669 3,623,105 4,717,434 3,470,839 capital earnings reserve reserve surplus reserves interest Total
Interest expense (1,201,681) (699,119) (998,434) (595,382) Balance at 1 January 416,641 1,678,134 719,636 124,292 735,252 (12,593) 706 3,662,068
Total comprehensive income
Net interest income 3,766,988 2,923,986 3,719,000 2,875,457 Profit for the year - 1,699,854 - - - - (230) 1,699,624
Fee and commission income 679,331 604,462 671,458 574,787 Other comprehensive income
Defined benefit plan actuarial
Fee and commission expense (308,219) (156,151) (308,219) (156,151) movement (net of tax) - - - - - 18,975 - 18,975
Net fee and commission income 371,112 448,311 363,239 418,636 ECL on investments at FVOCI (net of tax) - - - - - 4,361 - 4,361
Release to profit or loss‑ FVOCI
Net trading income 1,071,661 1,896,961 1,046,115 1,896,242 assets (net of tax) - - - - - (42,472) - (42,472)
Fair value loss on financial asset at
Revenue 5,209,761 5,269,258 5,128,354 5,190,335 FVOCI (net of tax) - - - - - 57,116 - 57,116
Other operating income 149,510 55,949 150,224 56,062 Total other comprehensive income - - - - - 37,980 - 37,980

Operating income 5,359,271 5,325,207 5,278,578 5,246,397 Total comprehensive income - 1,699,854 - - - 37,980 (230) 1,737,604
Regulatory transfers
Net Impairment charge on financial assets (1,029,695) (1,820,948) (1,028,712) (1,822,235) Transfer to statutory reserve - (210,889) 210,889 - - - -
Modification loss - (937,762) - (937,762) Transfer from credit risk - 27,844 (27,844) - - - -
Personnel expenses (694,981) (666,566) (667,156) (636,254) Total other transfers - (183,045) 210,889 (27,844) - - - -
Depreciation and amortisation (89,705) (83,177) (86,688) (79,397) Balance at 31 December 416,641 3,194,943 930,525 96,448 735,252 25,387 476 5,399,672
Finance cost on lease liabilities (16,695) (6,846) (15,736) (5,610)
Other operating expenses (1,170,369) (824,668) (1,143,486) (799,161)

Profit before tax 2,357,826 985,240 2,336,800 965,978

GROUP 2023 Credit Non-
Income tax expense (658,203) (352,541) (649,690) (346,499) Stated Retained Statutory risk Revaluation Other controlling
capital earnings reserve reserve surplus reserves interest Total
Profit after tax 1,699,624 632,699 1,687,110 619,479 Balance at 1 January 416,641 1,199,629 641,710 48,123 735,252 (336,167) 607 2,705,795
Total comprehensive income
Other comprehensive income Profit for the year - 632,600 - - - - 99 632,699
Items that may be reclassified subsequent to profit or loss Other comprehensive income
Change in value of investment securities measured at FVOCI (net of tax) 57,116 323,574 57,116 323,574 Defined benefit plan actuarial
Debt investment at FVOCI-reclassified to profit or loss (net of tax) (42,472) - (42,472) - movement (net of tax) - - - - - - - -
Impairment loss on investment securities at FVOCI (net of tax) 4,361 - 4,361 - ECL on investments at FVOCI (net of tax) - - - - - - - -
Items that will not be reclassified to profit or loss: Release to profit or loss‑ FVOCI
Remeasurement of post-employment benefit obligations (net of tax) 18,975 - 18,975 - assets (net of tax) - - - - - - - -
Fair value loss on financial asset at
Total other comprehensive income for the year, net of tax 37,980 323,574 37,980 323,574 FVOCI (net of tax) - - - - - 323,574 - 323,574
Total other comprehensive income - - - - - 323,574 - 323,574
Total comprehensive income for the year 1,737,604 956,273 1,725,090 943,053
Total comprehensive income - 632,600 - - - 323,574 99 956,273
Profit for the year attributable to: Regulatory transfers                
Parent 1,699,854 632,600 1,687,110 619,479 Transfer to statutory reserve - (77,926) 77,926 - - - - -
Non-controlling interest (230) 99 - - Transfer to credit risk - (76,169) - 76,169 - - - -
Total other transfers - (154,095) 77,926 76,169 - 323,574 - -
Total comprehensive income for the year attributabe to: Balance at 31 December 416,641 1,678,134 719,636 124,292 735,252 (12,593) 706 3,662,068
Parent 1,737,834 956,174 1,725,090 943,053
Non-controlling interest (230) 99 - -

Earnings per share BANK 2024 Credit

Basic and diluted (in Ghana pesewas) 527 196 523 192 Stated Retained Statutory risk Revaluation Other
capital earnings reserve reserve surplus reserves Total
Balance at 1 January 416,641 1,626,794 713,295 124,292 735,252 (12,593) 3,603,681
Total comprehensive income
Summary statements of financial position Profit for the year
Other comprehensive income
- 1,687,110 - - - - 1,687,110

(All amounts are expressed in thousands of Ghana cedis, GHS) Defined benefit plan actuarial movement
(net of tax) - - - - - 18,975 18,975
The Group The Bank
2024 2023 2024 2023 ECL on investments at FVOCI (net of tax) - - - - - 4,361 4,361
Assets Release to profit or loss‑ FVOCI
Cash and cash equivalents 20,742,337 11,256,764 20,647,016 11,255,251 assets (net of tax) - - - - - (42,472) (42,472)
Loans and advances to customers 10,600,525 9,517,709 10,533,576 9,444,131 Fair value loss on financial asset at
Non-pledged trading assets 431,614 208,699 431,614 208,699 FVOCI (net of tax) - - - - - 57,116 57,116
Non-trading assets 10,481,612 9,820,968 10,299,404 9,779,471
Total other comprehensive income - - - - - 37,980 37,980
Other assets 1,485,839 749,097 1,473,824 717,807
Current income tax asset 101,007 - 96,074 - Total comprehensive income - 1,687,110 - - - 37,980 1,725,090
Deferred income tax asset 657,293 752,527 653,427 747,495 Regulatory transfers              
Investment in subsidiaries - - 22,562 22,562 Transfer to statutory reserve - (210,889) 210,889 - - - -
Right-of-use-assets 99,551 72,360 92,353 62,472 Transfer from credit risk - 27,844 (27,844) - - -
Intangible assets 6,619 6,143 6,540 5,988
Total other transfers - (183,045) 210,889 (27,844) - - -
Property and equipment 1,256,267 1,260,397 1,255,082 1,258,760
Non current asset held for sale 139,811 18,000 139,811 18,000 Balance at 31 December 416,641 3,130,859 924,184 96,448 735,252 25,387 5,328,771

Total assets 46,002,475 33,662,664 45,651,283 33,520,636

Liabilities BANK 2023 Credit

Stated Retained Statutory risk Revaluation Other
Deposits from Banks 5,998,760 2,358,229 7,010,399 3,010,316 capital earnings reserve reserve surplus reserves Total
Deposit from customers 32,454,666 26,338,790 31,198,857 25,642,117
Borrowings 394,001 149,228 394,001 149,228 Balance at 1 January 416,641 1,160,919 635,860 48,123 735,252 (336,167) 2,660,628
Other liabilties 1,495,225 909,190 1,463,997 872,996 Total comprehensive income
Provisions 150,776 150,776 150,776 150,776 Profit for the year - 619,479 - - - - 619,479
Current income tax liability - 32,923 - 37,304 Other comprehensive income
Lease liabilities 109,375 61,460 104,482 54,218 Defined benefit plan actuarial movement
(net of tax) - - - - - - -
Total liabilities 40,602,803 30,000,596 40,322,512 29,916,955 ECL on investments at FVOCI (net of tax) - - - - - - -
Equity and reserves Release to profit or loss‑ FVOCI
Stated capital 416,641 416,641 416,641 416,641 assets (net of tax) - - - - - - -
Retained earnings 3,194,943 1,678,134 3,130,859 1,626,794 Fair value loss on financial asset at
Statutory reserve 930,525 719,636 924,184 713,295 FVOCI (net of tax) - - - - - 323,574 323,574
Credit risk reserve 96,448 124,292 96,448 124,292 Total other comprehensive income - - - - - 323,574 323,574
Revaluation surplus 735,252 735,252 735,252 735,252
Other reserve 25,387 (12,593) 25,387 (12,593) Total comprehensive income - 619,479 - - - 323,574 943,053
Non-controlling interest 476 706 - - Regulatory transfers              
Transfer to statutory reserve ‑ (77,435) 77,435 - - - -
Total equity attributable to equity holders 5,399,672 3,662,068 5,328,771 3,603,681 Transfer to credit risk ‑ (76,169) - 76,169 - - -
Total other transfers - (153,604) 77,435 76,169 - - -
Total liabilities and equity 46,002,475 33,662,664 45,651,283 33,520,636
Balance at 31 December 416,641 1,626,794 713,295 124,292 735,252 (12,593) 3,603,681
Ecobank Ghana PLC and its Subsidiaries
Summary consolidated and separate financial statements prepared from the
Audited Financial Statement for the year ended 31 December 2024

Summary statements of cash flows Notes to the summary financial statements

(All amounts are expressed in thousands of Ghana cedis, GHS) for the year ended 31st December 2024
The Group The Bank
2024 2023 2024 2023
Cash flows from operating activities 1. Contingent liabilities Group Bank
Profit after tax 1,699,624 632,699 1,687,110 619,479 Dec-24 Dec-23 Dec-24 Dec-23
Income tax expense 658,203 352,541 649,690 346,499 GHS '000 GHS '000 GHS '000 GHS '000
Depreciation of Right-of-use assets 37,213 24,884 35,212 22,279
Amortisation of intangible assets 4,858 17,586 4,782 17,513 Guarantees and indemnities 902,252 1,062,438 902,252 1,062,438
Depreciation of property and equipment 47,634 40,707 46,694 39,605 Documentary letters of credit 1,737,878 983,620 1,737,878 983,620
Impairment-other assets (12,439) (15,727) (12,439) (15,727)
Impairment-investment in debt and equity instrument 455,487 1,225,800 455,487 1,230,369 Loan Commitments 235,822 495,827 235,822 495,827
Impairment-loans and advances 581,104 601,860 580,121 598,578 2,875,952 2,541,885 2,875,952 2,541,885
Impairment-contingent liabilities (7,312) 9,015 (7,312) 9,015
Impairment-cash and cash equivalents 12,855 - 12,855 - 2. Quantitative Disclosures Group Bank
Unrealised losses on leases - 967 - 967
i. Capital Adequacy Ratio 17.18% 13.65% 17.03% 13.49%
Unrealised gain on cash and cash equivalents (4,020,511) (703,863) (4,020,511) (703,863)
Gain on disposal of property and equipment (54) (592) (42) (585) ii. Non-performing loan ratio 21.14% 19.68% 21.27% 19.84%
Interest expense on borrowings 43,189 15,119 43,189 15,119
Remeasurement of leases 60 304 - - iii. Liquid ratio 88.61 55.22% 85.40% 54.97%
Derecognition of rights-of-use-assets - 134 - - iv. Common equity Tier 1 ratio 15.54% 11.73% 15.39% 11.57%
Derecognition of leases - (327) - (197)
Gain on Non-current assets held for sale (133,811) - (133,811) - v. Leverage ratio 8.88% 7.80% 8.81% 7.68%
Fair value release to profit or loss from OCI (42,472) - (42,472) - vi. Default in statutory liquidity (times) Nil Nil Nil Nil
Net interest income (3,719,336) (2,893,325) (3,719,000) (2,875,457)
Interest expense on leases 16,695 6,846 15,736 5,610 vii. Default in statutory liquidity sanction (GHC'000) Nil Nil Nil Nil
viii. Other regulatory sanctions (GHC'000) 4,061 10,613 4,061 10,613
Changes in operating assets and liabilities
Loans and advances to customers (1,666,985) (1,253,527) (1,553,644) (1,240,470)
Other assets (731,938) 232,071 (743,578) 222,407 3. General Information
Other liabilities 618,863 158,871 617,288 195,420 Ecobank Ghana PLC (“the Bank”) and its subsidiaries (together “the Group”) provide retail, corporate and investment banking
Deposits from banks 4,014,229 515,223 4,014,229 375,180 and other financial services in Ghana. Ecobank Transnational Incorporated (ETI), the parent company, holds 68.93% of the
Deposits from customers 5,640,333 5,914,929 5,578,638 6,051,699
Trading assets (222,915) 903,660 (222,915) 903,660 issued ordinary shares of the Bank. The Bank is a public listed company, incorporated and domiciled in Ghana. The address of
its registered office is 2 Morocco Lane, off Independence Avenue, Ministerial Area, Accra, Private Mail Bag, General Post Office,
Cash generated from operating activities 3,272,574 5,785,855 3,285,307 5,817,100 Accra. The separate and consolidated financial statements were authorised for issue by the Board of Directors on 26th March
Interest received 5,032,335 6,993,102 4,913,349 6,850,905 2025.
Interest paid (1,272,127) (672,795) (1,078,324) (564,650)
Tax paid (696,899) (677,807) (689,000) (671,531) 4. Basis of Preparation
Net cash flows from operating activities 6,335,883 11,428,355 6,431,332 11,431,824 The summary Financial Statements are prepared in accordance with the requirements of the Guide for Financial Publication for
Banks and Bank of Ghana Licensed Financial Institutions and, in the form, and manner required by the Securities and Exchange
Cash flows from investing activities Commission Regulations, 2003 as applicable to summary financial statements. The Guide require the summary financial
Acquisition of investment securities (11,910,136) (12,602,569) (11,397,301) (12,542,564) statements to be prepared in accordance with the framework concepts and the measurement and recognition requirements
Proceeds from sale of investment securities 12,097,106 8,063,412 11,391,291 7,919,366 of IFRS Accounting Standards including the Hyperinflation Directive issued by the Institute of Chartered Accountants, Ghana
Proceeds from sale of property and equipment 647 1,216 636 1,209 (ICAG).
Payments for property and equipment (44,097) (48,777) (43,610) (47,917)
Disposal of subsidiaries - - - 17,321
Payments for intangible assets (5,334) (3,034) (5,334) (2,811) The ICAG issued a directive in November 2023 to accountants in business and accountants in practice, together with an
Proceeds from sale of non-current assets held for sale 12,000 1,952 12,000 1,952 update during November 2024 in terms of which the ICAG concluded that based on its analysis and interpretation, IAS 29
will not be applicable for December 2024 financial reporting period since Ghana is not considered to be operating in a
Net cash used in investing activities 150,186 (4,587,800) (42,318) (4,653,444) hyperinflationary economy. In this regard, the financial statements of the Group and Bank, including the corresponding figures
for the comparative period have not been stated in terms of the measuring unit current at the end of the reporting period .
Cash from financing activities
Principal repayment of borrowed funds (52,140) (24,863) (52,140) (24,863) The accounting policies applied in the preparation of the audited financial statements, from which the summary financial
Loan drawdown 289,574 149,000 289,574 149,000 statements were derived, are in accordance with IFRS Accounting Standards including the Hyperinflation Directive issued by
Principal elements of lease payments (25,813) (60,544) (22,566) (56,837) the Institute of Chartered Accountants, Ghana and are consistent with the accounting policies applied in the preparation of
the previous annual audited financial statements.
Net cash used in financing activities 211,621 63,593 214,868 67,300

Net increase in cash and cash equivalents 6,697,690 6,904,148 6,603,882 6,845,680 The summary financial statements in this publication is an extract from the financial statements for the year ended 31 December,
Effects of exchange rate changes on cash and cash equivalents 2,800,738 703,863 2,800,738 703,863 2024. The full set of the financial statements are available for inspection at the Bank’s Head Office at 2 Morocco Lane, Accra.
Cash and cash equivalents at beginning of year 11,256,764 3,648,753 11,255,251 3,705,708
5. Risk Management Concept and Framework:
Cash and cash equivalents at end of the year** 20,755,192 11,256,764 20,659,871 11,255,251 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
**Cash and cash equivalents for 2024 exclude expected credit losses in cash of GhS12.855 million (2023: Nil). 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

Independent Auditor’s Report

approves 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
On the summary consolidated and separate financial statements compliance with this framework, and report to the Audit and Risk sub-committee of the Board. The principal risks faced by the
Bank are categorised into; Credit, Market, Liquidity and Operational Risk.
to the members of Ecobank Ghana Plc
Credit Risk: Our Credit Risk Management model has four elements: Portfolio Planning and Target Marketing; Credit Origination
Opinion and Maintenance; Problem Recognition and Remedial Management; and Portfolio Management. Our credit exposures are
The summary consolidated and separate financial statements, which comprise the summary statement of financial position within a defined target market and capital constraints. Individual transactions are assessed by an internal credit rating system.
at 31 December 2024, and the summary statements of comprehensive income, changes in equity and cash flows for the year
then ended and related notes, are derived from the audited financial statements of Ecobank Ghana PLC for the year ended The portfolio is managed by respecting concentration limits in industry, currency tenors etc. Credits with signs of delinquency
31 December 2024. are taken through our various processes of Collections and Remedial Management.

In our opinion, the accompanying summary consolidated and separate financial statements are a fair summary of the Market Risk: Our market risk management policy is to ensure that all significant market risks are identified, measured, and
audited consolidated and separate financial statements, in accordance with the basis described in the Note 4 managed in a consistent and effective manner in order to stabilise 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
Summary Consolidated and Separate Financial Statements
The summary consolidated and separate financial statements do not contain all the disclosures required by IFRS Accounting Committee (ALCO). Under market risk, the Trading Book is monitored by setting limits on Position Size, Factor Sensitivities, Stop
Standards including the Hyperinflation Directive issued by the Institute of Chartered Accountants, Ghana and in the manner Loss Limits, Management Action Triggers and Value at Risk (VaR). The Banking Book is monitored using Re-pricing Maturity Gap
required by the Companies Act, 2019 (Act 992) and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). analysis, Currency Mismatch Analysis and Liquidity Gap Analysis.
Reading the summary consolidated and separate financial statements and our report thereon, therefore, is not a substitute
for reading the audited financial statements and our report thereon. Liquidity Risk: This is to ensure that we possess adequate sources of liquidity to meet the Bank’s financial liabilities when they
fall due and be able to replace funds when they are withdrawn. This falls under the supervision of the Assets and Liabilities
The Audited Consolidated and Separate Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited consolidated and separate financial statements in our report Committee.
dated 28 March 2025. That report also includes the communication of key audit matters. Key audit matters are those
matters that in our professional judgement, were of most significance in our audit of the consolidated and separate financial Operational Risk: We record all loss events. This enables us to learn from such occurrences over time, test and model our
statements for the current period. 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
Directors’ Responsibility for the Summary Consolidated and Separate Financial Statements procedures, prior approved by the Board, have been well disseminated and explained to staff. These broad policy directives
The Directors are responsible for the preparation of the summary consolidated and separate financial statements in
accordance with the basis described in the Note 4. 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.
Auditor’s Responsibility
Our responsibility is to express an opinion on whether the summary consolidated and separate financial statements are a fair 6. The financial statements do not contain any untrue statement, misleading facts or omit material facts, to the best of my
summary of the audited consolidated and separate financial statements based on our procedures, which were conducted knowledge.
in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial
Statements.

The engagement partner on the audit resulting in this independent auditor’s report is Frederick Nyan Dennis (ICAG/P/1426)

. Signed Signed

................................................................ Samuel Ashitey Adjei Abena Osei-Poku
FOR AND ON BEHALF OF:
KPMG: (ICAG/F/2025/038) Board Chairman Managing Director
CHARTERED ACCOUNTANTS
13 YIYIWA DRIVE, ABELENKPE
P O BOX GP 242
ACCRA

28 March 2025