Ecobank Transnational, Inc.NSENG: ETI

GSE Q1 2026 PDF 703.56 KB

Apr 29, 2026 at 2:00 PM UTC · Issued by Ecobank Transnational, Inc.

ECOBANK TRANSNATIONAL INCORPORATED Condensed Consolidated Unaudited Financial Statements For period ended 31 March 2026

Ecobank Transnational Incorporated Condensed Consolidated Unaudited Financial Statements For the period ended 31 March 2026 CONTENTS

Condensed Consolidated Unaudited Financial Statements:

Press release

Consolidated statement of comprehensive income USD Consolidated statement of comprehensive income GHC Consolidated statement of financial position USD Consolidated statement of financial position GHC Consolidated statement of changes in equity USD Consolidated statement of changes in equity GHC Consolidated statement of cash flows USD Consolidated statement of cash flows GHC

Notes to the unaudited consolidated financial statements

Press Release

Ecobank Group reports performance for 2026 first quarter

Revenue up 23% to $636.2 million (down 13% to GHC 6,905.7 billion)
Operating profit before impairment charges up 30% to $324.4 million (down 8% to GHC 3,520.7 billion)
Profit before tax up 11% to $195.0 million (down 21% to GHC 2,116.7 million)
Profit after tax up 16% to $142.5 million (down 17% to GHC 1,547.2 million)
Total assets up 2% to $35.2 billion (up 7% to GHC 386.7 billion)
Loans and advances to customers down 2% to $11.5 billion (up 3% to GHC 126.3 billion)
Deposits from customers up 5% $26.5 billion (up 10% to GHC 291.5 billion)
Total equity stable at $2.9 billion (up 36% to GHC 40.6 billion)

Financial Highlights

Period ended 31 March 2026

Period ended 31 March 2025

% Change

Income Statement:

Revenue

Operating profit before impairment charges

Profit before tax Profit after tax

Earnings per share attributable to ordinary sh

Basic (cents and pesewas)

Diluted (cents and pesewas)

23%	-13%
30%	-8%
11%	-21%
16%	-17%
):
11% 11%	-22% -22%

US$'000 GHC'000 US$'000 GHC'000 US$ GHC

636,223	6,905,683	516,264	7,900,824
324,363	3,520,697	249,808	3,823,024
195,013	2,116,708	174,977	2,677,822
142,545	1,547,210	122,484	1,874,476

areholders during the period (expressed in United States cents / pesewas per share

0.377	4.088		0.341	5.213
0.377	4.088		0.341	5.213

Financial Highlights

As at

31 March 2026

As at

31 December 2025

% Change

35,156,507

11,487,561

26,501,710

2,858,679

386,651,264

126,340,196

291,465,807

40,581,593

34,487,211

11,774,883

25,304,908

2,863,523

360,391,355

123,047,527

264,436,289

29,923,814

-2%

10%

36%

Statement of Financial Position: Total assets

Loans and advances to customers Deposits from customers

Total equity

US$'000 GHC'000 US$'000 GHC'000 US$ GHC

Jeremy Awori Ayo Adepoju , Ph.D

Group Chief Executive Officer Group Chief Financial Officer

https://www.ecobank.com

#PUBLIC

Page 2

Consolidated statement of comprehensive Income - USD

	Notes	3 month period ended 31 March 2026	3 month period ended 31 March 2025	% Change
	6 6 6 7 7 8 9 10 12 12 12 11 13 14 14	US$'000	US$'000
Interest income		561,080	454,631	23%
Interest income calculated using the effective interest method		558,138	452,700	23%
Other interest income		2,942	1,931	52%
Interest expense		(171,115)	(159,192)	7%
Net interest income		389,965	295,439	32%
Fee and commission income		171,603	144,500	19%
Fee and commission expense		(18,180)	(14,580)	25%
Trading income and foreign exchange gains		86,897	82,657	5%
Net investment income		1,878	143	1213%
Other operating income		4,060	8,105	-50%
Non-interest revenue		246,258	220,825	12%
Operating income		636,223	516,264	23%
Staff expenses		(132,639)	(115,242)	15%
Depreciation and amortisation		(19,323)	(17,527)	10%
Other operating expenses		(159,898)	(133,687)	20%
Operating expenses		(311,860)	(266,456)	17%
Operating profit before impairment charges and taxation		324,363	249,808	30%
Impairment charges on financial assets		(129,350)	(74,831)	73%
Profit before tax		195,013	174,977	11%
Taxation		(52,468)	(52,493)	0%
Profit after tax		142,545	122,484	16%
Attributable to:
Ordinary shareholders		92,613	83,776	11%
Other equity instrument holder		3,656	3,656	0%
Non-controlling interests		46,276	35,052	32%
		142,545	122,484	16%
Earnings per share attributable to ordinary shareholders during the period
(expressed in United States cents per share):
Basic (cents )		0.377	0.341	11%
Diluted (cents )		0.377	0.341	11%

Consolidated unaudited statement of comprehensive income
Profit after tax		142,545	122,484	16%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(60,493)	57,461	-205%
Fair value loss on debt instruments at FVTOCI		(66,457)	(4,074)	1531%
Items that will not be reclassified to profit or loss:
Net change in fair value on property and equipment		-	(1,174)	nm
Other comprehensive ( loss) / income for the period, net of taxation		(126,950)	52,213	-343%
Total comprehensive income for the period		15,595	174,697	-91%
Total comprehensive income attributable to:
Ordinary shareholders		11,812	119,569	-90%
Other equity instrument holder		3,656	3,656	0%
Non-controlling interests		127	51,472	-100%
		15,595	174,697	-91%

The above consolidated unaudited statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

Consolidated statement of comprehensive Income- GHC

	Notes	3 month period ended 31 March 2026	3 month period ended 31 March 2025	% Change
		GHC'000	GHC'000
Interest Income		6,090,067	6,957,602	-12%
Interest income calculated using the effective interest method	6	6,058,134	6,928,050	-13%
Other interest income	6	31,933	29,552	8%
Interest expense	6	(1,857,314)	(2,436,249)	-24%
Net interest income		4,232,753	4,521,353	-6%
Fee and commission income	7	1,862,611	2,211,405	-16%
Fee and commission expense	7	(197,329)	(223,130)	-12%
Trading income and foreign exchange gains	8	943,196	1,264,970	-25%
Net investment income	9	20,384	2,188	832%
Other operating income	10	44,068	124,038	-64%
Non-interest revenue		2,672,930	3,379,471	-21%
Operating income		6,905,683	7,900,824	-13%
Staff expenses	12	(1,439,688)	(1,763,645)	-18%
Depreciation and amortisation	12	(209,735)	(268,230)	-22%
Other operating expenses	12	(1,735,563)	(2,045,925)	-15%
Operating expenses		(3,384,986)	(4,077,800)	-17%
Operating profit before impairment charges and taxation		3,520,697	3,823,024	-8%
Impairment charges on financial assets	11	(1,403,989)	(1,145,202)	23%
Profit before tax	11	2,116,708	2,677,822	-21%
Taxation	13	(569,498)	(803,346)	-29%
Profit after tax		1,547,210	1,874,476	-17%
Attributable to:
Ordinary shareholders		1,005,239	1,282,095	-22%
Other equity instrument holder		39,683	55,951	-29%
Non-controlling interests		502,288	536,430	-6%
		1,547,210	1,874,476	-17%
Earnings per share attributable to ordinary shareholders during the period (expressed in
pesewas per share):
Basic (pesewas)		4.088	5.213	-22%
Diluted (pesewas)		4.088	5.213	-22%
Unaudited consolidated statement of comprehensive income
Profit after tax		1,547,210	1,874,476	-17%
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		10,139,046	2,337,707	334%
Fair value loss on debt instruments at FVTOCI		(721,336)	(62,348)	1057%
Items that will not be reclassified to profit or loss:
Net change in fair value on property and equipment		-	(17,967)	nm
Other comprehensive income for the period, net of taxation		9,417,710	2,257,392	317%

Total comprehensive income for the period		10,964,920	4,131,868	165%
Total comprehensive income attributable to:
Ordinary shareholders		10,370,691	2,814,002	269%
Other equity instrument holder		39,683	55,951	-29%
Non-controlling interests		554,546	1,261,915	-56%
		10,964,920	4,131,868	165%

The above consolidated unaudited statement of comprehensive income should be read in conjunction with the accompanying notes. nm-not meaningful

#PUBLIC Page 4

Consolidated statement of financial position - USD

	Notes	As at 31 March 2026	As at 31 December 2025
	15 16 17 18 19 20 21 22 23 24	US$'000	US$'000
ASSETS
Cash and balances with central banks		6,752,683	5,878,747
Trading financial assets		308,845	219,430
Derivative financial instruments		65,690	55,371
Loans and advances to banks		3,269,509	2,887,458
Loans and advances to customers		11,487,561	11,774,883
Treasury bills and other eligible bills		2,478,503	2,279,240
Investment securities		8,237,014	8,834,624
Pledged assets		62,325	93,314
Other assets		1,409,293	1,392,165
Investment in associates		520	726
Intangible assets		31,543	39,882
Investment properties		17,500	21,358
Property and equipment		690,223	668,535
Deferred income tax assets		342,364	338,544
		35,153,573	34,484,277
Assets held for sale		2,934	2,934
Total assets		35,156,507	34,487,211
LIABILITIES
Deposits from banks		1,786,803	2,613,965
Deposits from customers		26,501,710	25,304,908
Derivative financial instruments		17,238	8,239
Borrowed funds		1,899,745	1,797,507
Other liabilities		1,825,493	1,610,757
Provisions		92,171	80,828
Current income tax liabilities		99,716	123,300
Deferred income tax liabilities		39,671	46,389
Retirement benefit obligations		35,281	37,795
Total liabilities		32,297,828	31,623,688
EQUITY
Share capital and premium		2,113,961	2,113,961
Retained earnings and reserves		(170,873)	(182,685)
Equity attributable to ordinary shareholders		1,943,088	1,931,276
Other equity instruments holder		74,088	74,088
Non-controlling interests		841,503	858,159
Total equity		2,858,679	2,863,523

Total liabilities and equity		35,156,507	34,487,211

The above consolidated unaudited statement of financial position should be read in conjunction with the accompanying notes

#PUBLIC

Page 5

Consolidated statement of financial position - GHC

	Notes	As at	As at
	Notes	31 March 2026	31 December 2025
	15 16 17 18 19 20 21 22 23 24	GHC'000	GHC'000
ASSETS
Cash and balances with central banks		74,266,008	61,432,906
Trading financial assets		3,396,677	2,293,044
Derivative financial instruments		722,459	578,627
Loans and advances to banks		35,958,060	30,173,936
Loans and advances to customers		126,340,196	123,047,527
Treasury bills and other eligible bills		27,258,576	23,818,058
Investment securities		90,590,680	92,321,821
Pledged assets		685,450	975,131
Other assets		15,499,404	14,548,124
Investment in associates		5,719	7,587
Intangible assets		346,910	416,767
Investment properties		192,465	223,191
Property and equipment		7,591,073	6,986,191
Deferred income tax assets		3,765,319	3,537,785
		386,618,996	360,360,695
Assets held for sale		32,268	30,660
Total assets		386,651,264	360,391,355
LIABILITIES
Deposits from banks		19,651,259	27,315,934
Deposits from customers		291,465,807	264,436,289
Derivative financial instruments		189,584	86,098
Borrowed funds		20,893,396	18,783,948
Other liabilities		20,076,772	16,832,411
Provisions		1,013,697	844,653
Current income tax liabilities		1,096,677	1,288,485
Deferred income tax liabilities		436,302	484,765
Retirement benefit obligations		388,020	394,958
Total liabilities		355,211,514	330,467,541
EQUITY
Share capital and premium		4,536,400	4,536,400
Retained earnings and reserves		26,345,363	15,974,672
Equity attributable to ordinary shareholders		30,881,763	20,511,072
Other equity instruments holder		444,980	444,980
Non-controlling interests		9,254,850	8,967,762
Total equity		40,581,593	29,923,814

Total liabilities and equity		395,793,107	360,391,355

The above consolidated unaudited statement of financial position should be read in conjunction with the accompanying notes

#PUBLIC

Page 6

PUBLIC#

Consolidated statement of changes in equity - USD

Amounts in US$'000

	Share Capital	Retained Earnings	Other Reserves	Total equity and	Other equity	Non-Controlling	Total Equity
				reserves attributable	instrument	Interest
At 1 January 2025	2,113,961	1,040,494	(2,075,415)	1,079,040	74,088	641,674	1,794,802
Foreign currency translation differences	-	-	42,958	42,958	-	14,503	57,461
Net changes in debt instruments, net of taxes	-	-	(5,991)	(5,991)	-	1,917	(4,074)
Net loss on revaluation of property			(1,174)	(1,174)	-	-	(1,174)
Profit for the period	-	83,776	-	83,776	3,656	35,052	122,484
Total comprehensive income for the period	-	83,776	35,793	119,569	3,656	51,472	174,697
Coupon paid to other equity instrument holder	-	-	-	-	(3,656)	-	(3,656)
Dividend relating to 2024	-	-	-	-	-	(15,628)	(15,628)
Other reserves	-	-	-	-	-	(4,282)	(4,282)
At 31 March 2025	2,113,961	1,124,270	(2,039,622)	1,198,609	74,088	673,236	1,945,933

At 1 January 2025	2,113,961	1,040,494	(2,075,415)	1,079,040	74,088	641,674	1,794,802
Foreign currency translation differences	-	-	347,923	347,923	-	117,366	465,289
Net changes in debt instruments,net of taxes	-	-	86,950	86,950	-	18,990	105,940
Net gains on revaluation of property	-	-	8,293	8,293	-	250	8,543
Remeasurements of post-employment benefit obligations	-	-	1,929	1,929	-	(218)	1,711
Profit for the year	-	407,141	-	407,141	7,313	179,668	594,122
Total comprehensive income for the year	-	407,141	445,095	852,236	7,313	316,056	1,175,605
Coupon paid to other equity instrument holder	-	-	-	-	(7,313)	-	(7,313)
Transfer from general reserve	-	(10,825)	10,825	-	-	-	-
Transfer from statutory reserve	-	(79,647)	79,647	-	-	-	-
Dividend relating to 2024	-	-	-	-	-	(80,737)	(80,737)
Other reseves	-	-	-	-	-	(4,748)	(4,748)
Change of ownership	-	-	-	-	-	(14,086)	(14,086)
	-	-	-	-	-
At 31 December 2025 /1 January 2026	2,113,961	1,357,163	(1,539,848)	1,931,276	74,088	858,159	2,863,523
Foreign currency translation differences	-	-	(35,493)	(35,493)	-	(25,000)	(60,493)
Net loss in debt investment securities, net of taxes	-	-	(45,308)	(45,308)	-	(21,149)	(66,457)
Profit for the period	-	92,613	-	92,613	3,656	46,276	142,545
Total comprehensive income for the period	-	92,613	(80,801)	11,812	3,656	127	15,595
Coupon paid to other equity instrument holder	-	-	-	-	(3,656)	-	(3,656)
Dividend relating to 2025	-	-	-	-	-	(7,858)	(7,858)
Other reserves	-	-	-	-	-	(10,036)	(10,036)
Change of ownership	-	-	-	-	-	1,111	1,111
At 31 March 2026	2,113,961	1,449,776	(1,620,649)	1,943,088	74,088	841,503	2,858,679

The above consolidated unaudited statement of changes in equity should be read in conjunction with the accompanying notes.

#PUBLIC

Page 7

PUBLIC#

Consolidated statement of changes in equity - GHC

Amounts in GHC '000

	Share Capital	Retained Earnings	Other Reserves	Total equity and	Other equity	Non-Controlling	Total Equity
				reserves attributable	instrument	Interest
At 1 January 2025	4,536,400	7,909,403	4,060,198	16,506,001	444,980	9,432,608	26,383,589
Foreign currency translation differences	-	-	1,641,559	1,641,559	-	761,679	2,403,238
Net changes in debt investment securities, net of taxes	-	-	(91,685)	(91,685)	-	29,337	(62,348)
Net loss on revaluation of property	-	-	(17,967)	(17,967)	-	-	(17,967)
Profit for the period	-	1,282,095	-	1,282,095	55,951	536,430	1,874,476
Total comprehensive income for the period	-	1,282,095	1,531,907	2,814,002	55,951	1,327,446	4,197,399
Coupon paid to other equity instrument holder	-	-	-	-	(55,951)	-	(55,951)
Dividend relating to 2024	-	-	-	-	-	(239,168)	(239,168)
Other reserves	-	-	-	-	-	(65,531)	(65,531)
At 31 March 2025	4,536,400	9,191,498	5,592,105	19,320,003	444,980	10,455,355	30,220,338

At 1 January 2025	4,536,400	7,909,403	4,060,198	16,506,001	444,980	9,432,608	26,383,589
Foreign currency translation differences	-	-	(2,334,502)	(2,334,502)	-	(1,710,843)	(4,045,345)
Net changes in debt instruments,net of taxes	-	-	1,093,023	1,093,023	-	238,718	1,331,741
Net gains on revaluation of property	-	-	104,249	104,249	-	3,143	107,392
Remeasurements of post-employment benefit obligations	-	-	24,249	24,249	-	(2,740)	21,509
Profit for the year	-	5,118,052	-	5,118,052	91,930	2,258,554	7,468,536
Total comprehensive income for the year	-	5,118,052	(1,112,981)	4,005,071	91,930	786,832	4,883,833
Coupon paid to other equity instrument holder	-	-	-	-	(91,930)	-	(91,930)
Transfer from general banking reserves	-	(136,078)	136,078	-	-	-	-
Transfer from statutory reserve	-	(1,001,219)	1,001,219	-	-		-
Dividend relating to 2024	-		-	-	-	(1,014,921)	(1,014,921)
Change of ownership						(177,071)	(177,071)
Other reseves						(59,686)	(59,686)
At 31 December 2025 / 1 January 2026	4,536,400	11,890,158	4,084,514	20,511,072	444,980	8,967,762	29,923,814
Net loss in debt investment securities, net of taxes	-	-	(491,781)	(491,781)	-	(229,555)	(721,336)
Foreign currency translation differences	-	-	9,857,233	9,857,233	-	281,813	10,139,046
Profit for the period	-	1,005,239	-	1,005,239	39,683	502,288	1,547,210
Total comprehensive income for the period	-	1,005,239	9,365,452	10,370,691	39,683	554,546	10,964,920
Coupon paid to other equity instrument holder	-	-	-	-	(39,683)	-	(39,683)
Dividend relating to 2025	-	-	-	-	-	(85,292)	(85,292)
Other reserves	-	-	-	-	-	(108,933)	(108,933)
Change of ownership	-	-	-	-	-	12,059	12,059
At 31 March 2026	4,536,400	12,895,397	13,449,966	30,881,763	444,980	9,254,850	40,581,593

The above consolidated unaudited statement of changes in equity should be read in conjunction with the accompanying notes.

#PUBLIC

Page 8

PUBLIC#

Consolidated statement of cash flows - USD

	3 month period ended	3 Month period ended
	31 March 2026	31 March 2025
	US$'000	US$'000
Cash flows from operating activities
Profit before tax	195,013	174,977
Adjusted for:
Foreign exchange income / (loss)	(26,111)	15,170
Net investment securities gains	(1,878)	(143)
Impairment losses on loans and advances	111,764	46,963
Impairment losses on other financial assets	17,586	27,868
Depreciation of property and equipment	16,911	13,268
Amortisation of software and other intangibles	2,412	4,259
Profit on sale of property and equipment	(129)	(446)
Income taxes paid	(99,530)	(100,162)
Changes in operating assets and liabilities
Trading financial assets	(96,208)	(44,033)
Derivative financial instruments	(11,317)	10,193
Treasury bills and other eligible bills	134,413	(115,952)
Loans and advances to banks	(258,089)	(439,852)
Loans and advances to customers	98,461	146,747
Pledged assets	34,418	(12,057)
Other assets	(25,591)	(56,327)
Mandatory reserve deposits with central banks	(141,314)	14,518
Other deposits from banks	1,572,017	878,658
Deposits from customers	(570,094)	(542,865)
Derivative liabilities	9,068	7,853
Other liabilities	196,943	184,217
Provisions	14,801	7,550
Net cashflow from operating activities	1,173,546	220,404
Cash flows from investing activities
Purchase of software	(353)	(113)
Purchase of property and equipment	(10,908)	(8,892)
Proceeds from sale of property and equipment	42	75
Purchase of investment securities	(315,457)	(306,940)
Proceeds from sale and redemption of investment securities	493,597	89,399
Net cashflow from / (used in) investing activities	166,921	(226,471)
Cash flows from financing activities
Repayment of borrowed funds	(148,915)	(45,228)
Proceeds from borrowed funds	29,217	16,480
Coupon paid other equity instrument holder	(3,656)	(3,656)
Dividends paid to non-controlling shareholders	(7,858)	(15,628)
Net cashflow used in financing activities	(131,212)	(48,032)

Net increase / (decrease ) in cash and cash equivalents	1,209,255	(54,099)
Cash and cash equivalents at beginning of period	5,336,373	4,941,836
Effects of exchange differences on cash and cash equivalents	196,133	(24,561)
Cash and cash equivalents at end of the period	6,741,761	4,863,176

The above consolidated unaudited statement of cash flows should be read in conjunction with the accompanying notes.

#PUBLIC

Page 9

PUBLIC#

Consolidated statement of cash flows - GHC

	3 month period ended	3 Month period ended
	31 March 2026	31 March 2025
	GHC'000	GHC'000
Cash flows from operating activities
Profit before tax	2,116,708	2,677,822
Adjusted for:
Foreign exchange income / (loss)	(283,414)	232,159
Net investment securities gains	(20,384)	(2,188)
Impairment losses on loans and advances	1,213,107	718,714
Impairment losses on other financial assets	190,882	426,487
Depreciation of property and equipment	183,555	203,051
Amortisation of software and other intangibles	26,180	65,179
Profit on sale of property and equipment	(1,400)	(6,826)
Income taxes paid	(1,080,317)	(1,532,863)
Changes in operating assets and liabilities
Trading financial assets	(1,044,260)	(673,874)
Derivative financial instruments	(122,837)	155,992
Treasury bills and other eligible bills	1,458,944	(1,774,511)
Loans and advances to banks	(2,801,346)	(6,731,426)
Loans and advances to customers	1,068,714	2,245,793
Pledged assets	373,579	(184,518)
Other assets	(277,769)	(862,020)
Mandatory reserve deposits with central banks	(1,533,849)	222,181
Other deposits from banks	17,062,966	13,446,844
Deposits from customers	(6,187,907)	(8,307,920)
Derivative liabilities	98,426	120,181
Other liabilities	2,137,656	2,819,228
Provisions	160,653	115,544
Net cashflow from operating activities	12,737,887	3,373,029
Cash flows from investing activities
Purchase of software	(3,832)	(1,729)
Purchase of property and equipment	(118,397)	(136,082)
Proceeds from sale of property and equipment	456	1,148
Purchase of investment securities	(3,424,029)	(4,697,361)
Proceeds from sale and redemption of investment securities	5,357,594	1,368,148
Net cashflow from / (used in) investing activities	1,811,792	(3,465,876)
Cash flows from financing activities
Repayment of borrowed funds	(1,616,351)	(692,162)
Proceeds from borrowed funds	317,127	252,207
Coupon paid other equity instrument holder	(39,683)	(55,951)
Dividends paid to non-controlling shareholders	(85,292)	(239,168)
Net cashflow used in financing activities	(1,424,199)	(735,074)

Net increase / (decrease ) in cash and cash equivalents	13,125,480	(827,921)
Cash and cash equivalents at beginning of period	55,765,098	72,644,989
Effects of exchange differences on cash and cash equivalents	5,255,309	3,708,055
Cash and cash equivalents at end of the period	74,145,887	75,525,123

The above consolidated unaudited statement of cash flows should be read in conjunction with the accompanying notes.

#PUBLIC #

Page 10

Notes to the financial statements

General information
Ecobank Transnational Incorporated (ETI) and its subsidiaries (together, 'the Group') provide retail, corporate and investment banking services throughout sub Saharan Africa outside South Africa. The Group had presence in 39 countries and employed over 14,108 people as at 31 March 2026 (31 December 2025:13,889).
Ecobank Transnational Incorporated is a limited liability company and is incorporated and domiciled in the Republic of Togo. The address of its registered office is as follows: 2365 Boulevard du Mono, Lomé, Togo. The company has a primary listing on the Ghana Stock Exchange, the Nigerian Stock Exchange and the Bourse Regionale Des Valeurs Mobilieres (Abidjan) Cote D'Ivoire.
The consolidated financial statements for the period ended 31 March 2026 have been approved by the Board of Directors on 24 April 2026.
Summary of material accounting policies
This note provides a list of the material accounting policies adopted in the preparation of these consolidated financial statements to the extent they have not already been disclosed elsewhere. These policies have been consistently applied to all the periods presented, unless otherwise stated. The notes also highlight new standards and interpretations issued at the time of preparation of the consolidated financial statements and their potential impact on the Group. The financial statements are for the Group consisting of Ecobank Transnational Incorporated and its subsidiaries.
1. Basis of presentation and measurement
  The Group's consolidated financial statements for the period ended 31 March 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting. The financial statements comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). These Condensed Financial Statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the audited 31 December 2025 Annual Consolidated Financial Statements and the accompanying notes included of our 2025 Annual Report.
  The consolidated financial statements have been prepared under the historical cost convention, except for the following:
  - financial assets and liabilities at fair value through other comprehensive income or fair value through statement of profit or loss.
  - Investment properties at fair value.
  - assets held for sale - measured at fair value less cost of disposal
  - land and buildings
  - the liability for defined benefit obligations recognized at the present value of the defined benefit obligation less the fair value of the plan assets.
    The consolidated financial statements are presented in US Dollars, which is the group's functional and presentation currency. The figures shown in the consolidated financial statements are stated in US Dollar thousands.
    The consolidated financial statements comprise the consolidated statement of comprehensive income (shown as two statements), the statement of financial position, the statement of changes in equity, the statement of cash flows and the accompanying notes.
    The consolidated statement of cash flows shows the changes in cash and cash equivalents arising during the period from operating activities, investing activities and financing activities. Included in cash and cash equivalents are highly liquid investments.
    The cash flows from operating activities are determined by using the indirect method. The Group's assignment of the cash flows to operating, investing and financing category
    depends on the Group's business model.
    The preparation of financial statements in conformity with IFRS Accounting standards which requires the use of certain critical accounting estimates. It also requires Directors to exercise judgment in the process of applying the Group's accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate and that the Group's financial statements therefore present the financial position and results fairly. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements.
2. Going concern
  The financial statements of Ecobank Transnational Incorporated ("ETI" or "the Group") have been prepared on a going concern basis. In assessing the appropriateness of this
  basis, the Directors considered the Group's current financial position, projected cash flows, capital adequacy, liquidity profile and covenant compliance.
  The Directors are satisfied that the Group has adequate financial resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis. The Directors have concluded that no material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern.
3. New and amended IFRS Accounting Standards adopted by the group
  In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB), that are mandatorily effective for an accounting period that begins on or after 1 January 2026. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.
  i) Amendments to IAS 21 - Lack of exchangeability In August 2023, the Board issued Lack of exchangeability amendments to IAS 21.
  The amendments specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations.
  If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity's objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique.
  The amendment does not have any material impact on the Group.
4. New and revised IFRS accounting standards in issue but not yet effective

IFRS 18: Presentation and Disclosure in Financial Statements (IFRS 18) has been issued but is not yet effective.
The effective date for this IFRS Accounting Standard is for reporting periods beginning on or after 1 January 2027. IFRS 18 is expected to have a material impact on the Group as it will affect the presentation of the statement of comprehensive income and related disclosures. The standard introduces 3 new categories for income and expenses: the operating category, investing category and financing category. The categorisation of statement-of comprehensive-income line items will be based on the Group's main busines activity.
The IFRS Accounting Standard aims to improve:
- comparability in the statement of comprehensive income;
- the transparency of management-defined performance measures; and
- aggregation and disaggregation in the financial statements so that they are more useful.
The Group has not elected to early-adopt this IFRS Accounting Standard, and its application will begin on 1 January 2027, with comparative adjustments to be made.. The assessment of the impact of IFRS 18 on the Group has commenced, including the assessment of the group's main business activity, which will inform the categorisation of certain income and expenses. In addition, the Group is continuously monitoring the IASB and related industry information.
IFRS 19 - Subsidiaries without Public Accountability: Disclosures
Issued in May 2024 and effective for annual periods beginning on or after 1 January 2027 (early adoption permitted). This optional standard reduces disclosure requirements for eligible subsidiaries. These amendments are not expected to have a significant impact on the financial statements in the period of initial application. The Group has not elected early adoption of IFRS 19. The Group does not expect a material impact from adoption of the standard.
1. Summary of material accounting policies (continued)
  1. New and revised IFRS accounting standards in issue but not yet effective

Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments

The amendments in Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) are:

Derecognition of a financial liability settled through electronic transfer
The amendments permit an entity to deem a financial liability (or part of a financial liability) that is settled using an electronic payment system to be discharged (and derecognised) before the settlement date if specified criteria are met. If an entity elects to apply this accounting policy, it must do so for all settlements made through the same electronic payment system.
Classification of financial assets
- Contractual terms that are consistent with a basic lending arrangement
  The amendments provide guidance on how an entity should assess whether contractual cash flows of a financial asset are consistent with a basic lending arrangement. This is intended to assist an entity to apply the requirements for assessing contractual cash flow characteristics to financial assets with features linked to environmental, social and governance (ESG) concerns.
- Assets with non-recourse features
  The amendments enhance the description of the term 'non-recourse', in particular to specify that a financial asset has non-recourse features if an entity's ultimate right to receive cash flows is contractually limited to the cash flows generated by specified assets.
- Contractually linked instruments
  The amendments clarify the characteristics of contractually linked instruments that distinguish them from other transactions. Specifically, the amendments highlight that in such instruments a prioritisation of payments to the holders of financial assets using multiple contractually linked instruments (tranches) is established through a waterfall payment structure, resulting in concentrations of credit risk and a disproportionate allocation of losses between the holders of different tranches. The amendments also note that not all transactions with multiple debt instruments meet the criteria of transactions with multiple contractually linked instruments. In addition, the amendments clarify that the reference to instruments in the underlying pool can include financial instruments that are not within the scope of the classification requirements.&

Disclosures

Investments in equity instruments designated at FVTOCI
The requirements in IFRS 7 are amended to require an entity to disclose the fair value gain or loss presented in other comprehensive income during the period, showing separately the fair value gain or loss that relates to investments derecognised in the period and the fair value gain or loss that relates to investments held at the end of the period.
Contractual terms that could change the timing or amount of contractual cash flows
The amendments require an entity to disclose the contractual terms that could change the timing or amount of contractual cash flows on the occurrence (or non-occurrence) of a contingent event that does not relate directly to changes in a basic lending risks and costs. The requirements apply to each class of financial asset measured at amortised cost or FVTOCI and each class of financial liability measured at amortised cost.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026 with earlier application permitted. If an entity elects to apply these amendments for an earlier period, it is required to either:
apply all the amendments at the same time and disclose that fact or
apply only the amendments to the classification of financial assets for that earlier period and disclose that fact.

The amendments are required to be applied retrospectively, in accordance with IAS 8, with specific exceptions.

The directors of the entity anticipate that the application of these amendments may have an impact on the group's consolidated financial statements in future periods.

There are no other IFRS Accounting Standards, amendments or improvements that are not yet effective and that are expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

Foreign currency translation
1. Functional and presentation currency
  Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').
  The consolidated financial statements are presented in United States dollars, which is the Group's presentation currency.
2. Transactions and balances
  Foreign currency transactions are translated into the functional currency using the official exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss.
  Changes in the fair value of monetary securities denominated in foreign currency classified as FVTOCI are analysed between translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortised cost are recognised in profit or loss, and other changes in carrying amount are recognised in other comprehensive income.
  Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in the income statement as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as FVTOCI, are included in other comprehensive income.
3. Group companies
  The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
  1. Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;
  2. Income and expenses for each income statement are translated at average exchange rates; (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions) and
  3. All resulting exchange differences are recognised in other comprehensive income.
    Exchange differences arising from the above process are reported in shareholders' equity as 'Foreign currency translation differences'.
    On consolidation, exchange differences arising from the translation of the net investment in foreign entities are recognised in other comprehensive income.When a foreign operation is sold, such exchange differences are recognised in the income statement as part of the gain or loss on sale.
    Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
    2 Summary of material accounting policies (continued) Foreign currency translation (continued)
4. Classification of hyper-inflationary economies.
  IAS 29, 'Financial Reporting in Hyperinflationary Economies,' mandates that entities with a functional currency in a hyperinflationary economy must adjust their financial statements to reflect changes in a suitable general price index. This ensures figures are presented in the current unit of measurement at the reporting period's closing date. Consequently, inflation occurring since the acquisition or revaluation date, as applicable, must be calculated for non-monetary items. Before designating an economy as hyperinflationary, the Group conducts a thorough assessment, considering both qualitative and quantitative factors as stipulated by IAS 29. When both sets of factors are met, the Group appropriately accounts for the affiliate's operations under IAS 29, where considered material.
Sale and repurchase agreements
Securities sold subject to repurchase agreements ('repos') are reclassified in the financial statements as pledged assets when the transferee has the right by contract or custom to sell or repledge the collateral; the counterparty liability is included in deposits from banks or deposits from customers, as appropriate. Securities purchased under agreements to resell ('reverse repos') are recorded as loans and advances to other banks or customers, as appropriate. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities lent to counterparties are also retained in the financial statements.
Determination of fair value
Fair value under IFRS 13, Fair Value Measurement ('IFRS 13') is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market condition (i.e. an exit price) regardless of whether that price is directly observable or estimated using another valuation technique.
For financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. This includes listed equity securities and quoted debt instruments on exchanges (for example, NSE, BVRM, GSE) and quotes from approved bond market makers. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer or broker, and those prices represent actual and regularly occurring market transactions on an arm's length basis. If the above criteria are not met, the market is regarded as being inactive. Indications that a market is inactive are when there is a wide bid-offer spread or significant increase in the bid-offer spread or there are few recent transactions.
For all other financial instruments, fair value is determined using valuation techniques. In these techniques, fair values are estimated from observable data in respect of similar financial instruments, using models to estimate the present value of expected future cash flows or other valuation techniques, using inputs existing at the dates of the consolidated statement of financial position.
The Group uses widely recognised valuation models for determining fair values of non-standardized financial instruments of lower complexity, such as options or interest rate and currency swaps. For these financial instruments, inputs into models are generally market observable.
The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair value model governance policies, and related controls and procedures applied, management believes that these valuation adjustments are necessary and appropriate to fairly state the values of financial instruments carried at fair value in the consolidated statement of financial position. Price data and parameters used in the measurement procedures applied are generally reviewed carefully and adjusted, if necessary - particularly in view of the current market developments.
The fair value of over-the-counter (OTC) derivatives is determined using valuation methods that are commonly accepted in the financial markets, such as present value techniques and option pricing models. The fair value of foreign exchange forwards is generally based on current forward exchange rates. Structured interest rate derivatives are measured using appropriate option pricing models (for example, the Black-Scholes model) or other procedures such as Monte Carlo simulation.
The fair value for loans and advances as well as liabilities to banks and customers are determined using a present value model on the basis of contractually agreed cash flows, taking into account credit quality, liquidity and costs.

Fee and commission income

The Group applies IFRS 15 to all revenue arising from contracts with clients, unless the contracts are in the scope of the standards on leases, insurance contracts and financial instruments. The Group recognises revenues to depict the transfer of promised service to customers in an amount that reflects the consideration the Group expects to be entitled in exchange for the service.

Portfolio management advisory and service fees	Recognised based on the applicable service contracts, in most instances on a time-apportionment basis.
Commission and fees arising from negotiating, or participating in the negotiation of, a transaction for a third party	Recognised on completion of the underlying transaction.
Asset management fees related to investment funds	Recognised over the period in which the service is provided. The initial fees that exceed the level of recurring fees and relate to the future provision of services are deferred and amortised over the projected period over which services will be provided
Wealth management, financial planning and custody services	Recognised over the period in which the service is provided. The initial fees that exceed the level of recurring fees and relate to the future provision of services are deferred and amortised over the projected period over which services will be provided

Dividend income
Dividends are recognised in the consolidated income statement in other operating income when the entity's right to receive payment is established which is generally when the
shareholders approve the dividend.
Trading income
Trading income comprises gains less losses related to trading assets and liabilities, and it includes all fair value changes and foreign exchange differences.
Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are reviewed for impairment at each reporting date. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash flows from other assets or group of assets (cash-generating units). The impairment test also can be performed on a single asset when the fair value less cost to sell or the value in use can be determined reliably. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
Share-based payments
The Group does not operate any equity-settled share-based payment arrangements. Accordingly, no expense has been recognised in the current or prior year in relation to share-based payment transactions.
2 Summary of material accounting policies (continued)
Cash and cash equivalents
For purposes of presentation in the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value and bank overdrafts.
Repossessed collateral and properties
Repossessed collateral are equities, landed properties or other investments repossessed from customers and used to settle the outstanding obligations. Such investments and other assets are classified in accordance with the intention of the Group in the asset class which they belong. Repossessed properties acquired in exchange for loans as part of an orderly realisation are reported in 'other assets'. The repossessed properties are recognised when the risks and rewards of the properties have been transferred to the Group. The corresponding loans are derecognised when the Group becomes the holder of the title deed. The properties acquired are initially recorded fair value. They are subsequently measured at the lower of the carrying amount or net realisable value. No depreciation is charged in respect of these properties. Any subsequent write-down of the acquired properties to net realisable value is recognised in the statement of comprehensive income. Any subsequent increase in net realisable value, to the extent that it does not exceed the cumulative write-down, is also recognised in the statement of comprehensive income. Gains or losses on disposal of repossessed properties are reported in 'Other operating income' or 'Operating expenses', as the case may be.
Leases
The group leases various offices, branches, houses, ATM locations, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 65 years but may have extension options as described in (ii) below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
From 1 January 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
- fixed payments (including in-substance fixed payments), less any lease incentives receivable
- variable lease payment that are based on an index or a rate
- amounts expected to be payable by the lessee under residual value guarantees
- the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and
- payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
  The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the affiliate's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
  Right-of-use assets are measured at cost comprising the following:
- the amount of the initial measurement of lease liability
- any lease payments made at or before the commencement date less any lease incentives received
- any initial direct costs, and
- restoration costs.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment, copiers and other small items of office furniture.
Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.
Investment properties
Properties that are held for long-term rental yields or for capital appreciation or both, and that are not occupied by the entities in the Group, are classified as investment properties. Investment properties comprise office buildings and Commercial Bank parks leased out under operating lease agreements.
Some properties may be partially occupied by the Group, with the remainder being held for rental income or capital appreciation. If that part of the property occupied by the Group can be sold separately, the Group accounts for the portions separately. The portion that is owner-occupied is accounted for under IAS 16, and the portion that is held for rental income or capital appreciation or both is treated as investment property under IAS 40. When the portions cannot be sold separately, the whole property is treated as investment property only if an insignificant portion is owner-occupied.
Recognition of investment properties takes place only when it is probable that the future economic benefits that are associated with the investment property will flow to the entity and the cost can be measured reliably. This is usually the day when all risks are transferred. Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing parts of an existing investment property at the time the cost has been incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the date of the consolidated statement of financial position. Gains or losses arising from changes in the fair value of investment properties are included in the consolidated income statement in the year in which they arise. Subsequent expenditure is included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the consolidated income statement during the financial period in which they are incurred.
Rental income from investment property is recognised in the income statement on a straight-line basis over the term of the lease.
The fair value of investment properties is based on the nature, location and condition of the specific asset. The fair value is calculated by discounting the expected net rentals at a rate that reflects the current market conditions as of the valuation date adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure. These valuations are performed annually by external appraisers.
Investment properties are derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal is calculated as the difference between the net disposal proceeds and the carrying amount of the asset and is recognised as other income in the profit and loss.
Property and equipment
Items of property and equipment are initially recognised at cost if it is probable that any future economic benefits associated with the items will flow to the group and they have a cost that can be measured reliably. Subsequent expenditure is capitalised to the carrying amount of items of property and equipment if it is measurable and it is probable that it increases the future economic benefits associated with the asset. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repair and maintenance costs are charged to other operating expenses during the financial period in which they are incurred.
Land and buildings comprise mainly branches and offices and are measured using the revaluation model. All other property and equipment used by the Group is stated at historical cost less depreciation. Subsequent to initial recognition, motor vehicles, furniture and equipment, installations and computer equipment are measured at cost less accumulated depreciation and accumulated impairment losses.
Land and buildings are carried at revalued amounts, being the fair value at the date of revaluation less any subsequent accumulated depreciation and impairment losses. If an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs shall be revalued. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. If an asset's carrying amount is increased as a result of a revaluation, the increase shall be credited directly to other comprehensive income. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. If an asset's carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation surplus in respect of that asset. For assets revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. Land and buildings are the class of items that are revalued on a regular basis. The other items are evaluated at cost.
An independent valuation of the Group's land and buildings was performed by professionally qualified independent valuers to determine the fair value of the land and buildings as at year end. The revaluation surplus net of applicable deferred income taxes was credited to other comprehensive income and is shown in 'revaluation reserve - property and equipment' in shareholders equity (Note 41). Fair value is derived by applying internationally acceptable and appropriately benchmarked valuation techniques such as depreciated replacement cost or market value approach. The depreciated replacement cost approach involves estimating the value of the property in its existing use and the gross replacement cost. For these appropriate deductions are made to allow for age, condition and economic or functional obsolescence, environmental and other factors that might result in the existing property being worth less than a new replacement. The market value approach involves comparing the properties with identical or similar properties, for which evidence of recent transaction is available or alternatively identical or similar properties that are available in the market for sale making adequate adjustments on price information to reflect any differences in terms of actual time of the transaction, including legal, physical and economic characteristics of the properties.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows:
-Buildings 25-50 year
-Leasehold improvements 25 years or over the period of the lease if less than 25 years
-Furniture,equipment installations 3-5 years
-Motors vehicles 3-10 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Assets are subject to review for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use.
Intangible assets
1. Goodwill
  Goodwill represents the excess of the cost of acquisition over the fair value of the Group's share of the net identifiable assets of the acquired subsidiaries and associates at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates is included in investments in associates.
  Goodwill is allocated to cash-generating units for the purpose of impairment testing. Each of those cash-generating units is represented by each primary reporting segment.
  Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstance indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment is tested by comparing the present value of the expected future cash flows from a cash generating unit with the carrying value of its net assets, including attributable goodwill. Impairment losses on goodwill are not reversed.
2. Computer software licences
  Acquired computer software licences are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised on the basis of the expected useful lives.
  Costs associated with maintaining computer software programs are recognised as an expense incurred. Development costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Direct costs include software development employee costs and an appropriate portion of relevant overheads.
  Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding three years).
Income tax
1. Current income tax
  Income tax payable (receivable) is calculated on the basis of the applicable tax law in the respective jurisdiction and is recognised as an expense (income) for the period except to the extent that current tax related to items that are charged or credited in other comprehensive income or directly to equity. In these circumstances, current tax is charged or credited to other comprehensive income or to equity (for example, current tax on debt instruments at FVOCI).
  Where the Group has tax losses that can be relieved against a tax liability for a previous year, it recognises those losses as an asset, because the tax relief is recoverable by refund of tax previously paid. This asset is offset against an existing current tax balance. Where tax losses can be relieved only by carry-forward against taxable profits of future periods, a deductible temporary difference arises. Those losses carried forward are set off against deferred tax liabilities carried in the consolidated statement of financial position. The Group does not offset income tax liabilities and current income tax assets.International Tax Reform-Pillar Two model rules (amendments to IAS 12)
  The Group is a multinational enterprise with a turnover of more than $2.b. It is subject to the Organization for Economic Cooperation and Development (OECD) Pillar Two model rules, which aim to ensure that the effective tax rate of affected entities is at least 15%. Pillar Two legislation is not yet substantially enacted in Togo, the jurisdiction in which the company is incorporated. The Group has no related current tax exposure.
  The Group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.
  Overall the Group does not anticipate any material impact.
2. Deferred income tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or liability in transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the date of the consolidated statement of financial position and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Income tax (Continued)
b) Deferred income tax (continued)
The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and liabilities, provisions for pensions and other post-retirement benefits and carry-forwards; and, in relation to acquisitions, on the difference between the fair values of the net assets acquired and their tax base, fair value changes on investment securities , tax loss carried forward, revaluation on property and equipment. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the difference will not reverse in the foreseeable future.
The tax effects of carry-forwards of unused losses or unused tax credits are recognised as an asset when it is probable that future taxable profits will be available against which these losses can be utilised.
Deferred tax related to fair value re-measurement of investment securities , which are recognised in other comprehensive income, is also recognised in the other comprehensive income and subsequently in the consolidated income statement together with the deferred gain or loss.
Provisions
Provisions for restructuring costs and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events; it is more probable than not that an outflow of resources will be required to settle the obligation; and the amount can be reliably estimated. The Group recognises no provisions for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of management's best estimate of the expenditures required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
Employee benefits
1. Pension obligations
  A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive
  obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.
  Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
  The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.
  Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise.
  Past-service costs are recognised immediately in income.
  For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary
  basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
2. Other post-retirement obligations
  The Group also provides gratuity benefits to its retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. These obligations are valued annually by independent qualified actuaries.
3. Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.

Profit-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing, based on a formula that takes into consideration the profit attributable to the company's shareholders after certain adjustments. The Group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.
Short term benefits

The Group seeks to ensure that the compensation arrangements for its employees are fair and provide adequate protection for current and retiring employees. Employee benefits are determined based on individual level and performance within defined salary bands for each employee grade. Individual position and job responsibilities will also be considered in determining employee benefits. Employees will be provided adequate medical benefits and insurance protection against disability and other unforeseen situations. Employees shall be provided with retirement benefits in accordance with the Separation and Termination policies. Details of employee benefits are available with Group or Country Human Resources.

Borrowings
Borrowings are recognised initially at fair value net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between proceeds net of transaction costs and the redemption value is recognised in the income statement over the period of the borrowing using the effective interest method.
Borrowings are removed from the balance sheet when the obligation specified in the contracts is discharged, cancelled or expired. The difference between the carrying amount of financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the income statement as other operating income.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
Compound financial instruments
Compound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at the option of the holder.
The liability component of a compound financial instrument is recognised initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognised initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition except on conversion or expiry. When the conversion option is not exercised upon maturity, the equity component remains in equity.
Fiduciary activities
Group companies commonly act as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. An assessment of control has been performed and this does not result in control for the group. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Group.
Share capital
Financial instruments issued are classified as equity when there is no contractual obligation to transfer cash, other financial assets, or issue available number of own equity instruments. Incremental costs directly attributable to the issue of this new financial instrument are shown in equity as a deduction from the proceeds.
Securities that carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognized as distributions from equity in the period in which they are paid.
1. Share issue costs
  Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds.
2. Dividends on ordinary shares
  Dividends on ordinary shares are recognised in equity in the period in which they are approved by Ecobank Transnational Incorporated's shareholders. Dividends for the year that are declared after the reporting date are disclosed in the subsequent events note.
3. Treasury shares
Where the company purchases its equity share capital, the consideration paid is deducted from total shareholders' equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders' equity.
Segment reporting
The Group's segmental reporting is in accordance with IFRS 8, Operating Segments ("IFRS 8"). Operating segments are reported in a manner consistent with the internal reporting provided to the Group Executive Committee, which is responsible for allocating resources and assessing performance of the operating segments and has been identified by the Group as the Chief Operating Decision Maker (CODM).
All transactions between business segments are conducted on an arm´s length basis, with intra-segment revenue and costs being eliminated in head office. Income and expenses directly associated with each segment are included in determining business segment performance.
In accordance with IFRS 8, the Group has the following business segments: Corporate & Investment Banking, Commercial Banking and Consumer Banking.
Non-current assets (or disposal groups) held for sale
Non-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group's accounting policies. Thereafter the assets (or disposal group) are measured at the lower of their carrying amount or fair value less cost to sell. Any impairment loss on a disposal group is first allocated to reduce goodwill and then to remaining assets and liabilities on a pro rata basis, except that no loss is allocated to financial assets, deferred tax assets, investment properties, insurance assets and employee benefit assets, which continue to be measured in accordance with the Group's accounting policies. Impairment losses on initial classification as held for sale and subsequent gains or losses on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss until finally sold. Property, equipment and intangible assets, once classified as held for sale, are not depreciated or amortised.
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interests in its former subsidiary after the sale.
Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.
Discontinued operations:
A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operation, is part of single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with the with a view to resale. The Group presents discontinued operations in a separate line in the income statement.
Net profit from discontinued operations includes the net total of operating profit and loss before tax from operations, including net gain or loss on sale before tax or measurement to fair value less costs to sell and discontinued operations tax expense. A component of an entity comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group´s operations and cash flows. If an entity or a component of an entity is classified as a discontinued operation, the Group restates prior periods in the Income statement.
Comparatives
Except when a standard or an interpretation permits or requires otherwise, all amounts are reported or disclosed with comparative information.
Where IAS 8, Accounting policies ("IAS 8"), changes in accounting estimates and errors' applies, comparative figures have been adjusted to conform with changes in presentation in the current year.
Financial assets and liabilities
1. Financial assets - Classification and Measurement Policies
  Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through statement of profit or loss (FVTPL), fair value through other comprehensive income (FVTOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. For non-revolving facilities, origination date is the date the facility is disbursed while origination date for revolving facilities is the date the line is availed. Regular-way purchases and sales of financial assets are recognized on the settlement date. All other financial assets and liabilities, including derivatives, are initially recognized on the trade date at which the Bank becomes a party to the contractual provisions of the instrument.
  1. A financial asset is measured at amortized cost if it meets both of the following conditions:
    1. the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
    2. the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
      After initial measurement, debt instruments in this category are carried at amortized cost using the effective interest rate method. Amortized cost is calculated taking into account any discount or premium on acquisition, transaction costs and fees that are an integral part of the effective interest rate. Impairment on financial assets measured at amortized cost is calculated using the expected credit loss approach. The carrying amount of these assets is adjusted by any expected credit loss allowance recognised. Interest income from these financial assets is included in 'Interest income' using the effective interest rate method.
  2. A debt instrument is measured at FVTOCI only if it meets both of the following conditions and is not designated as at FVTPL:
    1. the asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial asset; and
    2. the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
      - Debt instruments are those instruments that meet the definition of a financial liability from the holder's perspective, such as loans, government and corporate bonds . Movements in the carrying amount of these assets are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses on the instrument's amortised cost which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in Net investment income. Interest income from these financial assets is included in 'Interest income' using the effective interest rate method.
  3. A debt instrument is measured at FVTPL
    - Debt instruments measured at FVTPL include assets held for trading purposes, assets held as part of a portfolio managed on a fair value basis and assets whose cash flows
      do not represent payments that are solely payments of principal and interest. Financial assets may also be designated at FVTPL if by so doing eliminates or significantly reduces an accounting mismatch which would otherwise arise. These instruments are measured at fair value in the Statement of Financial Position, with transaction costs recognized immediately in the Income Statement as part of trading income. Realized and unrealized gains and losses are recognized as part of trading income in the Statement of Profit or Loss.
  4. Equity Instruments
    Equity instruments are instruments that meet the definition of equity from the holder's perspective; that is, instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer's net assets. Equity instruments are measured at FVTPL. However, on initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect for strategic or long term investment reasons to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis. On adoption of the standard, the Group did designate some of it equity instruments as FVTOCI. Gains and losses on these instruments including when derecognized/sold are recorded in OCI and are not subsequently reclassified to the Statement of Profit or Loss. For equity instruments measured at FVTPL, changes in fair value are recognized in the Statement of Profit or Loss. Dividends received are recorded in other income in the Statement of Profit or Loss. Any transaction costs incurred upon purchase of the security are added to the cost basis of the security and are not reclassified to the Statement of Profit or Loss on sale of the security (this only apply for equity instruments measured at FVTOCI).
  5. Business model assessment
    Business model reflects how the Group manages the assets in order to generate cash flows. That is, whether the Group's objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g. financial assets are held for trading purposes), then the financial assets are classified as part of 'other' business model and measured at FVTPL. Factors considered by the Group in determining the business model for a Group of assets include past experience on how the cash flows for these assets were collected, how the asset's performance is evaluated and reported to key management personnel, how risks are assessed and managed and how managers are compensated. Securities held for trading are held principally for the purpose of selling in the near term or are part of a portfolio of financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. These securities are classified in the 'other' business model and measured at FVTPL. The Group makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management.
    Other factors considered in the determination of the business model include:
    - the stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management's strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realising cash flows through the sale of the assets;
    - how the performance of the portfolio is evaluated and reported to the Group's management;
    - the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed;
    - how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and
    - the frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Group's stated objective for managing the financial assets is achieved and how cash flows are realised.
      The Group may decide to sell financial instruments held with the objective to collect contractual cash flows without necessarily changing its business model if one or more of the following conditions are met:
      1. When the Group sells financial assets to reduce credit risk or losses because of an increase in the assets' credit risk.
      2. Where these sales are infrequent even if significant in value. A sale of financial assets is considered infrequent if the sale is one-off during the financial year.
      3. Where these sales are insignificant in value both individually and in aggregate, even if frequent. A sale is considered insignificant if the portion of the financial assets sold is equal to or less than one (1) per cent of the carrying amount (book value) of the total assets within the business model.
      4. When these sales are made close to the maturity of the financial assets and the proceeds from the sales approximates the collection of the remaining contractual cash flows. A sale is considered to be close to maturity if the financial assets has a tenor to maturity of not more than one (1) year and/or the difference between the remaining contractual cash flows expected from the financial asset does not exceed the cash flows from the sales by ten (10) per cent.
        Other reasons: The following reasons outlined below may constitute 'Other Reasons' that may necessitate selling financial assets from the portfolio held with the sole objective of
        collecting cashflows category that will not constitute a change in business model:
        Selling the financial asset to realize cash to deal with unforeseen need for liquidity (infrequent).
        Selling the financial asset to manage credit concentration risk (infrequent).
        Selling the financial assets as a result of changes in tax laws or due to a regulatory requirement e.g. comply with liquidity requirements (infrequent).
        Other situations also depends upon the facts and circumstances which need to be judged by the management
        Financial assets that are held for trading or managed and whose performance is evaluated on a fair value basis are measured at FVTPL because they are neither held to collect contractual cash flows nor held both to collect contractual cash flows and to sell financial assets.
        Financial assets and liabilities (Continued)
        Financial assets - Classification and Measurement Policies (Continued)
  6. Assessment of whether contractual cash flows are solely payments of principal and interest

For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. Principal may change over the life of the instruments due to repayments. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin.

In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Group considers:

contingent events that would change the amount and timing of cash flows;
leverage features;
prepayment and extension terms;
terms that limit the Group's claim to cash flows from specified assets (e.g. nonrecourse asset arrangements); and
features that modify consideration of the time value of money - e.g. periodical reset of interest rates.

Financial liabilities
Derivative liabilities are classified as at FVTPL and are measured at fair value with the gains and losses arising from changes in their fair value included in the consolidated income statement and are reported as 'Trading income'. These financial instruments are recognised in the consolidated statement of financial position as 'Derivative financial instruments.
Financial liabilities that are not classified as at fair value through profit or loss are measured at amortised cost. Financial liabilities measured at amortised cost are deposits from banks and customers, other deposits, financial liabilities in other liabilities, borrowed funds for which the fair value option is not applied, convertible bonds and subordinated debts.
Expected Credit Loss Impairment Model on financial assets
The Group's allowance for credit losses calculations are outputs of models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfalls related to default events either over the following twelve months or over the expected life of a financial instrument depending on credit deterioration from inception. The allowance for credit losses reflects an unbiased, probability-weighted outcome which considers multiple scenarios based on reasonable and supportable forecasts.
The Group adopts a three-stage approach for impairment assessment based on changes in credit quality since initial recognition:
1. Stage 1 - Where there has not been a significant increase in credit risk (SICR) since initial recognition of a financial instrument, an amount equal to 12 months expected credit loss is recorded. The expected credit loss is computed using a probability of default occurring over the next 12 months. For those instruments with a remaining maturity of less than 12 months, a probability of default corresponding to remaining term to maturity is used.
2. Stage 2 - When a financial instrument experiences a SICR subsequent to origination but is not considered to be in default, it is included in Stage 2. This requires the
  computation of expected credit loss based on the probability of default over the remaining estimated life of the financial instrument.
3. Stage 3 - Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance for credit losses captures the lifetime
  expected credit losses.
  The guiding principle for ECL model is to reflect the general pattern of deterioration or improvement in the credit quality of financial instruments since initial recognition. The ECL allowance is based on credit losses expected to arise over the life of the asset (life time expected credit loss), unless there has been no significant increase in credit risk since origination.
  The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination. If the financial asset meets the definition of purchased or originated credit impaired (POCI), the allowance is based on the change in the ECLs over the life of the asset.
  The Group measures loss allowances at an amount equal to lifetime ECL, except for the following, for which they are measured as 12-month ECL:
  - debt investment securities that are determined to have low credit risk at the reporting date; and
  - other financial instruments (other than lease receivables) on which credit risk has not increased significantly since their initial recognition.
    Loss allowances for lease receivables are always measured at an amount equal to lifetime. The Group generally considers a debt security to have low credit risk when their
    credit risk rating is equivalent to the globally understood definition of 'investment grade'.
    12-month ECL are the portion of ECL that result from default events on a financial instrument that are possible within the 12 months after the reporting date.
    Measuring ECL - Explanation of inputs, assumptions and estimation techniques
    1. Measurement
      ECL are a probability-weighted estimate of credit losses. They are measured as follows:
  - financial assets that are not credit-impaired at the reporting date: as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the Group in
    accordance with the contract and the cash flows that the Group expects to receive);
  - financial assets that are credit-impaired at the reporting date: as the difference between the gross carrying amount and the present value of estimated future cash
    flows;
  - undrawn loan commitments: as the present value of the difference between the contractual cash flows that are due to the Group if the commitment is drawn down and the cash
    flows that the Group expects to receive; and
  - financial guarantee contracts: the expected payments to reimburse the holder less any amounts that the Group expects to recover.
    1. Restructured financial assets
      If the terms of a financial asset are renegotiated or modified or an existing financial asset is replaced with a new one due to financial difficulties of the borrower, then an assessment is made of whether the financial asset should be derecognized. (Refer to note 2.30.6).
      The ECL are then measured as follows.
  - If the expected restructuring will not result in derecognition of the existing asset, then the expected cash flows arising from the modified financial asset are included in
    calculating the cash shortfalls from the existing asset.
  - If the expected restructuring will result in derecognition of the existing asset, then the expected fair value of the new asset is treated as the final cash flow from the existing financial asset at the time of its derecognition. This amount is included in calculating the cash shortfalls from the existing financial asset that are discounted from the expected date of derecognition to the reporting date using the original effective interest rate of the existing financial asset.
    1. Credit-impaired financial assets
    At each reporting date, the Group assesses whether financial assets carried at amortized cost and debt financial assets carried at FVTOCI are credit-impaired. A financial asset
    is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.
    Evidence that a financial asset is credit-impaired includes the following observable data:
  - significant financial difficulty of the issuer or the borrower;
  - a breach of contract, such as a default or past due event;
  - the lender(s) of the borrower, for economic or contractual reasons relating to the borrower's financial difficulty, having granted to the borrower a concession(s)
    that the lender(s) would not otherwise consider;
  - ◻it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
  - ◻the disappearance of an active market for that financial asset because of financial difficulties;
  - ◻the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses.
    The Group considers failure by the issuer of debt securities to meet coupon and/or principal repayments within the required period, including any contracted grace periods, to infer that the debt security is credit-impaired.
    Measuring ECL - Explanation of inputs, assumptions and estimation techniques (continued)
    1. Credit-impaired financial assets
      A loan that has been renegotiated due to a deterioration in the borrower's financial condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. In addition, a retail loan that is overdue for 90 days or more is considered impaired.
      In making an assessment of whether an investment in debt securities is credit-impaired, the Group considers the following factors.
  - The market's assessment of creditworthiness as reflected in the bond yields.
  - The rating agencies' assessments of creditworthiness.
  - The issuer's ability to access the capital markets for new debt issuance.
  - The probability of debt being restructured, resulting in holders suffering losses through voluntary or mandatory debt forgiveness.
    1. Presentation of allowance for ECL in the statement of financial position
      Loan allowances for ECL are presented in the statement of financial position as follows:
      - Financial assets measured at amortised cost: as a deduction from the gross carrying amount of the assets;
      - Loan commitments and financial guarantee contracts: generally, as a provision within Other liabilities;
      - Where a financial instrument includes both a drawn and an undrawn component, and the Group cannot identify the ECL on the loan commitment component separately from those on the drawn component: the Group presents a combined loss allowance for both components. The combined amount is presented as a deduction from the gross carrying amount of the drawn component. Any excess of the loss allowance over the gross amount of the drawn component is presented as a provision; and
      - Debt instruments measured at FVTOCI: no loss allowance is recognised in the statement of financial position because the carrying amount of these assets is their fair value. However, the loss allowance is disclosed and is recognised in the fair value reserve in Consolidated Statement of Comprehensive Income.
    2. Write-off
      The bank may write off exposures, subject to regulatory guidance and or imperatives, or at its own discretion, after taking full provisions on the exposure; however, remediation efforts shall continue for such exposures, until the Group Credit Risk Officer or his designate approves for abandonment. The Group's policy is to write off at the point where a decision has been made to abandon all recovery efforts on the exposure. This is usually at the point when it is no longer commercially viable to pursue recovery efforts.
    3. Definition of default
      The Group considers a financial asset to be in default which is fully aligned with the credit-impaired, when it meets one or more of the following criteria:
      Quantitative criteria
      - The borrower is more than 90 days past due on its contractual payments .
      - The borrower has an internal obligor risk rating (ORR )of 9 or 10.
        Qualitative criteria
        The borrower meets unlikeliness to pay criteria, which indicates the borrower is in significant financial difficulty. These are instances where:
        The borrower is in long-term forbearance
        The borrower is deceased
        The borrower is insolvent
        The borrower is in breach of financial covenant(s)
        An active market for that financial asset has disappeared because of financial difficulties
        Concessions have been made by the lender relating to the borrower's financial difficulty
        It is becoming probable that the borrower will enter bankruptcy
        Financial assets are purchased or originated at a deep discount that reflects the incurred credit losses.
        The criteria above have been applied to all financial instruments held by the Group and are consistent with the definition of default used for internal credit risk management purposes. The default definition has been applied consistently to model the Probability of Default (PD), Exposure at Default (EAD) and Loss given Default (LGD) throughout the Group's expected loss calculations.
        Curing
        The Bank considers an instrument previously in default to no longer be in default (i.e. to have cured) when it no longer meets the default criteria. For the purposes of staging however, the facility will observe a probationary period of 90 days before transferring to a higher credit quality stage. For the purpose of determining that a cure has occurred the Bank classifies facilities to be either in a performing state or non-performing state. A facility is said to have cured when it transitions from a non-performing state into a performing state.
        Performing state consists of facilities classified internally as I, IA or IIA while non-performing state consists of IIN, III and IV.
        Facilities that have moved from a non-performing state into a performing state are required to observe a 90 day probationary period before they are considered to be cured for IFRS 9 staging purposes.
        Backward transition
        The Bank would assess if there has been a reversal in the conditions leading to a significant increase in credit risk of facilities such that they can be transferred from stage 3 to stage 2, stage 2 to stage 1 or stage 3 to stage 1. Where the Bank has reviewed a facility and determined that
        there has been a reversal of the conditions leading to a significant increase in its credit risk, such facilities must observe a probationary period before it can be transferred to a better stage.
        The Probationary period to be applied shall be;
  - ◻Transfer from Stage 2 to 1:- 90 days
  - ◻Transfer from Stage 3 to 2:- 90 days
  - ◻Transfer from Stage 3 to Stage 1:- 180 days
  1. Explanation of inputs, assumptions and estimation techniques: Exposure at Default (EAD), Probability of Default (PD) and Loss Given Default (LGD)
  ECL is measured on either a 12-month (12M) or Lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Expected credit losses are the discounted product of the PD, EAD, and LGD, defined as follows:
  1. The PD represents the likelihood of a borrower defaulting on its financial obligation (as per "Definition of default (2.30.3 f above) and credit-impaired financial assets" (2.30.3 c above)), either over the next 12 months (12M PD), or over the remaining lifetime (Lifetime PD) of the obligation. This 12M PD is used to calculate 12-month ECLs. The Lifetime PD is used to calculate lifetime ECLs for stage 2 and 3 exposures.
  2. EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12M EAD) or over the remaining lifetime (Lifetime EAD). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur.
  3. Loss Given Default (LGD) represents the Group's expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, type and seniority of claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per unit of exposure at the time of default (EAD). LGD is calculated on a 12-month or lifetime basis, where 12-month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and Lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan.
  The ECL is determined by projecting the PD, LGD and EAD for each future month and for each individual exposure or collective segment. These three components are multiplied together and adjusted for the likelihood of survival (i.e. the exposure has not prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof.
  The Lifetime PD is developed by applying a maturity profile to the current 12M PD. The maturity profile looks at how defaults develop on a portfolio from the point of initial recognition throughout the lifetime of the loans. The maturity profile is based on historical observed data and is assumed to be the same across all assets within a portfolio and credit grade band. This is supported by historical analysis.
  The 12-month and lifetime EADs are determined based on the expected payment profile, which varies by product type:
  Measuring ECL - Explanation of inputs, assumptions and estimation techniques (Continued)
  1. Explanation of inputs, assumptions and estimation techniques: Exposure at Default (EAD), Probability of Default (PD) and Loss Given Default (LGD)
    1. For amortising products and bullet repayment loans, this is based on the contractual repayments owed by the borrower over a 12month or lifetime basis. This will also be adjusted for any expected overpayments made by a borrower. Early repayment/refinance assumptions are also incorporated into the calculation.
    2. For revolving products, the exposure at default is predicted by taking current drawn balance and adding a "credit conversion factor" which allows for the expected drawdown of the remaining limit by the time of default. These assumptions vary by product type and current limit utilisation band, based on analysis of the Group's recent default data. The 12-month and lifetime LGDs are determined based on the factors which impact the recoveries made post default. These vary by product type.
      The 12-month and lifetime LGDs are determined based on the factors which impact the recoveries made post default. These vary by product type:
      1. For secured products, this is primarily based on collateral type and projected collateral values, historical discounts to market/book values due to forced sales, time to repossession and recovery costs observed.
      2. For unsecured products, LGD's are typically set at product level due to the limited differentiation in recoveries achieved across different borrowers. These LGD's are
      influenced by collection strategies, including contracted debt sales and price.
      Forward-looking economic information is also included in determining the 12-month and lifetime PD, EAD and LGD. These assumptions vary by product type.
      The assumptions underlying the ECL calculation - such as how the maturity profile of the PDs and how collateral values change etc. - are monitored and reviewed on a semi-
      There have been no significant changes in estimation techniques or significant assumptions made during the reporting period.
  2. Significant Increase in Credit Risk (SICR)
    At each reporting date, the Group assesses whether there has been a significant increase in credit risk (SICR) for exposures since initial recognition by comparing the risk of default occurring over the remaining expected life from the reporting date and the date of initial recognition. The assessment considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking macroeconomic factors. The common assessments for SICR on retail and non-retail portfolios include macroeconomic outlook, management judgement, and delinquency and monitoring. Forward looking macroeconomic factors are a key component of the macroeconomic outlook. The importance and relevance of each specific macroeconomic factor depends on factors such as the type of product, industry, borrower, geographical region etc.
    The Group adopts a multi factor approach in assessing changes in credit risk. This approach considers: Quantitative, Qualitative and Back stop indicators which are critical in allocating financial assets into stages. The quantitative models considers deterioration in the credit rating of obligor/counterparty based on the Group's internal rating system or external ratings while qualitative factors considers information such as expected forbearance, restructuring, exposure classification by licensed credit bureau etc. A backstop is typically used to ensure that in the (unlikely) event that the quantitative indicators do not change and there is no trigger from the qualitative indicators, an account that has breached the 30 days past due criteria for SICR and 90 days past due criteria for default is transferred to stage 2 or stage 3 as the case may be except where there is a reasonable and supportable evidence available without undue cost to rebut the presumption.
  3. Forward-looking information incorporated in the ECL models
    The assessment of Expected Credit Losses incorporates the use of forward-looking information. The Group has identified the key economic variables impacting its credit risk and expected credit losses and performed historical analysis to determine the significance and impact of these economic variables on its credit risk and expected credit losses.
    Significant economic variables and the impact of these variables on credit losses vary by clusters and affiliates within the Group. The key drivers for credit risk for the Group are: gross domestic product, commodity prices, oil prices, foreign exchange rates and inflation rate. The impact of these economic variables on the expected credit losses has been determined by performing multi-variate analysis to understand the impact that changes in these variables have had historically on default rates and on the components of expected credit losses.
    The forecasts of these economic variables, constitute three scenarios, the best estimate, the optimistic,and the downturn scenario.
    In addition to the base economic scenario, the Group's Economics team also provide other possible scenarios along with scenario weightings. The number scenarios used is set
    based on the analysis of each major product type to ensure non-linearities are captured. The number of scenarios and their attributes are reassessed at each reporting date. The Group concluded that three scenarios appropriately captured non-linearities. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario represents. The Group measures expected credit losses as a probability weighted expected credit losses. These probability-weighted expected credit losses are determined by running each of the scenarios through the relevant expected credit loss model and multiplying it by the appropriate scenario weighting (as opposed to weighting the inputs).
    The assessment of SICR is performed using the changes in credit risk rating (as a proxy for lifetime PD) along with qualitative and backstop indicators. This determines whether the whole financial instrument is in Stage 1, Stage 2, or Stage 3 and hence whether 12-month or lifetime ECL should be recorded. Following this assessment, the Group measures ECL as either a probability weighted 12-month ECL (Stage 1), or a probability weighted lifetime ECL (Stages 2 and 3).
    As with any economic forecasts, the projections and likelihood of occurrence are subject to high degree of inherent uncertainty and therefore the actual outcomes may significantly differ from those projected. The Group considers these forecasts to represent its best estimate of possible outcomes and has analysed the non-linearities an asymmetry within the Group's different portfolios to establish that the chosen scenarios are appropriately representative of the range of scenarios.
    Measuring ECL - Explanation of inputs, assumptions and estimation techniques (Continued)
  4. Expected Life
  For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices.
Interest income
Interest income and expense for all interest-bearing financial instruments are recognized within 'interest income' and 'interest expense' in the consolidated income statement using the effective interest method. The Group calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets. When a financial asset becomes credit-impaired (as set out in Note 2.30.3) and is, therefore, regarded as 'Stage 3', the Group calculates interest income by applying the effective interest rate to the net amortised cost of the financial asset. If the financial assets cures and is no longer credit-impaired, the Group reverts to calculating interest income on a gross basis.
Interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised cost, financial instruments designated at FVTPL. Interest income on interest bearing financial assets measured at FVTOCI are also recorded by using the EIR method. The effective interest method is a method of calculating the amortized cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.
Once a financial asset or a Group of similar financial assets has been written down as a result of an impairment loss, interest income is recognized using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss.
For purchased or originated credit-impaired financial assets, the Group calculates interest income by calculating the credit-adjusted EIR and applying that rate to the amortised cost of the asset. The credit-adjusted EIR is the interest rate that, at original recognition, discounts the estimated future cash flows to the amortised cost of the assets.
Reclassification of financial assets
Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Group changes its business model for managing financial assets.
A change in the Group's business model will occurs only when the Group either begins or ceases to perform an activity that is significant to its operations such as:
- Significant internal restructuring or business combinations;
- Disposal of a business line i.e. disposal of a business segment
- Any other reason that might warrant a change in the Group's business model as determined by management based on facts and circumstances
  The following are not considered to be changes in the business model:
- A change in intention related to particular financial assets (even in circumstances of significant changes in market conditions)
- A temporary disappearance of a particular market for financial assets.
- A transfer of financial assets between parts of the Group with different business models.
When reclassification occurs, the Group reclassifies all affected financial assets in accordance with the new business model. Reclassification is applied prospectively from the 'reclassification date'. Reclassification date is 'the first day of the first reporting period following the change in business model. Gains, losses or interest previously recognised are not be restated when reclassification occurs.
There were no changes to any of the Group's business models during the current year.

Modification of financial assets

The Group sometimes renegotiates or otherwise modifies the terms of loans provided to customers. This may be due to commercial renegotiations, or for distressed loans, with a view to maximising recovery.

Such restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness. Restructuring policies and practices are based on indicators or criteria which, in the judgement of management, indicate that payment will most likely continue. These policies are kept under continuous review. Restructuring is most commonly applied to term loans.

The Group may determine that the credit risk has significantly improved after restructuring, so that the assets are moved from Stage 3 or Stage 2 (Lifetime ECL) to Stage 1 (12-month ECL). This is only the case for assets which have performed in accordance with the new terms for six consecutive months or more.

The Group continues to monitor if there is a subsequent significant increase in credit risk in relation to such assets through the use of specific models for modified assets.

If the contractual cash flows of a financial asset measured at amortised cost are modified (changed or restructured, including distressed restructures), the bank determines whether this is a substantial modification, which could result in the derecognition of the existing asset and the recognition of a new asset. If the change is simply a non-substantial modification of the existing terms it would not result in derecognition.

A modification of a financial asset is substantial and will thus result in derecognition of the original financial asset, where the modified contractual terms are priced to reflect current conditions on the date of modification and are not merely an attempt to recover outstanding amounts. Where the modification does not result in an accounting derecognition the original asset continues to be recognised. In this case, the Group recalculates the gross carrying amount of the financial asset and recognizes the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss.

The following transactions are entered into by the bank in the normal course of business, in terms of which it modifies the contractual terms of the asset and either achieves derecognition or continues to recognise the asset:

Modification without derecognition
Debt Restructuring - Modification of contractual cash flows	Debt restructuring activities include extended payment term arrangements, payment holidays and payment forgiveness.	The existing asset is not derecognised. The gross carrying amount of the financial asset is recalculated as the present value of the estimated future cash receipts through the expected life of the renegotiated or modified financial asset, discounted at the financial asset's original effective interest rate.
Modifications with derecognition (i.e. substantial modifications)
Loans and Advances	The process for modifying an advance (which is not part of a debt restructuring) is substantially the same as the process for raising a new advance, including reassessing the customer's credit risk, repricing the asset and entering into a new legal agreement.	The existing asset is derecognised and a new asset is recognised at fair value based on the modified contractual terms.

Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognised in profit or loss.
Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.
Financial assets that are transferred to a third party but do not qualify for derecognition are presented in the statement of financial position as 'Pledged Assets', if the transferee
has the right to sell or repledge them.

Financial guarantee contracts and loan commitments
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions and others on behalf of customers to secure loans, overdrafts and other banking facilities.
Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of:
- The amount of the loss allowance; and
- The premium received on initial recognition less income recognised in accordance with the principles of IFRS 15. Loan commitments provided by the Group are measured as the amount of the loss allowance.
For loan commitments and financial guarantee contracts, the loss allowance is recognised as a provision within "Other liabilities". However, for contracts that include both a loan and an undrawn commitment and the Group cannot separately identify the expected credit losses on the undrawn commitment component from those on the loan component, the expected credit losses on the undrawn commitment are recognised together with the loss allowance for the loan. To the extent that the combined expected credit losses exceed the gross carrying amount of the loan, the expected credit losses are recognised as a provision.
Offsetting financial instruments
In accordance with IAS 32, the Group reports financial assets and liabilities on a net basis on the statement of financial position only if there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in event of default, insolvency or bankruptcy of the company or the counterparty.
Income and expenses are presented on a net basis only when permitted under IFRS Accounting standards, or for gains and losses arising from a group of similar transactions such as in the trading activity.
Classes of financial instruments

The Group classifies the financial instruments into classes that reflect the nature of information and take into account the characteristics of those financial instruments. The classification made can be seen in the table below:

Financial assets

Category (as defined by IFRS9) Class (as determined by the Group)

Fair Value Through Statement of Profit or Loss (FVTPL) Trading financial assets Derivative financial instruments

Amortised Cost Cash and balances with central banks

Loans and advances to banks Loans and advances to customers

Other assets, excluding prepayments and repossessed assets Investment securities

Treasury bills and other eligible bills Pledged assets

Fair Value Through Other Comprehensive Income (FVTOCI) Treasury bills and other eligible bills Investment securities

Financial liabilities

Category (as defined by IFRS9) Class (as determined by the Group)

Financial liabilities at fair value through statement of profit or loss Derivative financial instruments Financial liabilities at amortised cost Deposits from banks

Deposits from customers Borrowed funds

Other liabilities, excluding non-financial liabilities

Off balance sheet financial instruments

Category (as defined by IFRS9) Class (as determined by the Group)

Loan commitments Loan commitments

Guarantees, acceptances and other financial facilities Guarantees, acceptances and other financial facilities

3 Critical accounting estimates, and judgments in applying accounting policies

The preparation of financial statements requires the use of accounting estimates, which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

This note provides an overview of the areas that involve a higher degree of judgement or complexity, and major sources of estimation uncertainty. Detailed information about each of these estimates and judgements is included in the related notes together with information about the basis of calculation for each affected line item in the financial statements.

Impairment losses on loans and advances
The Group reviews its loan portfolios to assess impairment at least monthly. Where impairment has been identified, an allowance for impairment is recorded. The allowance is based on the ECLs associated with the probability of default in the next twelve months unless there has been a significant increase in credit risk since origination in which case loss allowance is measured at an amount equal to lifetime ECL. If the financial asset meets the definition of purchased or originated credit impaired (POCI), the allowance is based on the change in the ECLs over the life of the asset.
The Group generally considers a debt security to have low credit risk when their credit risk rating is equivalent to the globally understood definition of 'investment grade'. Loss
allowances on such low credit risk instrument are recognised at the equivalent of 12-month ECL.
The measurement of the expected credit loss allowance for financial assets measured at amortised cost and FVTOCI is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses). A number of significant judgements are also required in applying the accounting requirements for measuring ECL, such as the expected life of the instrument, determination of significant increase in credit risk, selection of appropriate macro-economic variables and other forward-looking information etc.
1. Determining criteria for significant increase in credit risk and choosing appropriate models and assumptions for the measurement of ECL
  The assessment of SICR and the calculation of ECL both incorporate forward-looking information. In assessing SICR, the Group has performed historical analysis and identified the key economic variables impacting credit risk and expected credit losses for each portfolio. These economic variables and their associated impact on the PD, EAD and LGD vary by financial instrument. Expert judgment has been applied in this process.
  3 Critical accounting estimates, and judgements in applying accounting policies (continued)
2. Establishing the number and relative weightings of forward-looking scenarios for each type of product/market and the associated ECL
  The scenario weightings applied in the incorporation of the forward-looking information into the calculation of ECL are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. The forward-looking information used in ECL are based on forecasts. As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. The Group considers these forecasts to represent its best estimate of the possible outcomes and has analysed the non-linearities and asymmetries within the Group's different portfolios to establish that the chosen scenarios are appropriately representative of the range of possible scenarios.
3. Establishing groups of similar financial assets for the purposes of measuring ECL
  In determining whether an impairment loss should be recorded in the income statement, the Group makes judgements as to movement in the level of credit risk on the instrument since origination. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience.
4. Establishing Probability of Default parameters (PD)
  The bank estimates the PD as the ratio of exposures transitioning to default at the end of an observation period to the initial exposures at the start of an observation period. The observation period is one quarter. The data for the analysis would cover several years, hence the several quarters are observed. The estimated quarterly PD is the average of the number of quarters observed over the years covering the default database.
  The estimated average quarterly PD is transformed into 12 month PDs using and lifetime PDs using Markov matrix calculus.
5. Establishing loss given default parameters (LGD)
  LGDs are determined by estimating expected future cash flows, adjusted for forward-looking information. These cash flows include direct costs and proceeds from the sale of collateral. Collateral recovery rates are based on historically observed outcomes. The statistical models applied implicitly assume that risk drivers that influence default risk, payment behaviour and recovery expectations within historical data will continue to be relevant in the future.
Fair value of financial instruments
The fair value of financial instruments that are not quoted in active markets are determined by using valuation techniques. Where valuation techniques (for example, models) are used to determine fair values, they are validated and periodically reviewed by qualified personnel independent of the area that created them. To the extent practical, models use only observable data; however, areas such as credit risk (both own and counterparty), volatilities and correlations require management to make estimates. Changes in assumptions about these factors could affect reported fair value of financial instruments. Fair value is determined using valuation techniques. In these techniques, fair values are estimated from observable data in respect of similar financial instruments, using models to estimate the present value of expected future cash flows or other valuation techniques, using inputs existing at the dates of the consolidated statement of financial position.
Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.
Business model assessment
Classification and measurement of financial assets depends on the results of the SPPI and the business model test (please see financial assets sections of Note 2.30.1). The Group determines the business model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment includes judgement reflecting all relevant evidence including how the performance of the assets is evaluated and their performance measured, the risks that affect the performance of the assets and how these are managed and how the managers of the assets are compensated. The Group monitors financial assets measured at amortised cost or fair value through other comprehensive income that are derecognised prior to their maturity to understand the reason for their disposal and whether the reasons are consistent with the objective of the business for which the asset was held. Monitoring is part of the Group's continuous assessment of whether the business model for which the remaining financial assets are held continues to be appropriate and if it is not appropriate whether there has been a change in business model and so a prospective change to the classification of those assets.
Going Concern

In applying the going concern basis , the Directors exercised significant judgement in evaluating:

The severity and likelihood of adverse capital outcomes at ENG;
The Group's ability to absorb impairment stress at the Group level;
The effectiveness of structural ring fencing arrangements preventing cross default risk;
The Group's liquidity stress scenarios.

These assessments required forward looking assumptions regarding regulatory outcomes, and capital remediation pathways.

The Directors concluded that, while ENG is continuing with its efforts to raise capital to comply with minimum regulatory capital requirements, it does not give rise to a material uncertainty at Group level.

PUBLIC#

Ecobank Transnational Incorporated

Consolidated financial statements For period ended 31 March 2026 Notes

(All amounts in thousands of US dollar unless otherwise stated)

4 Fair value of financial assets and liabilities

Financial instruments not measured at fair value

The table below summarises the carrying amounts and fair values of those financial assets and liabilities not measured at fair value on the group's consolidated statement of financial position.

Carrying value Fair value

Financial assets:	31 Mar 2026	31 Dec 2025	31 Mar 2026	31 Dec 2025
Cash and balances with central banks	6,752,683	5,878,747	6,752,683	5,878,747
Loans and advances to banks	3,269,509	2,887,458	3,269,509	2,887,458
Loans and advances to customers	11,487,561	11,774,883	11,487,561	11,774,883
Investment securities - Debt instruments	1,374,642	697,043	1,374,642	697,043
Treasury bills and other eligible bills	326,739	375,198	326,739	375,198

Other assets excluding prepayments and repossessed assets 1,041,575 1,062,964 1,041,575 1,062,964

Financial liabilities:

Deposits from banks	1,786,803	2,613,965	1,786,803	2,613,965
Deposit from customers	26,501,710	25,304,908	26,501,710	25,304,908
Other liabilities excluding accrued income	1,701,636	1,442,840	1,701,636	1,442,840

Borrowed funds 1,899,745 1,797,507 1,899,745 1,797,507

Cash and balnces with central banks
The carrying amount of cash and balances with banks is a reasonable approximation of fair value
Loans and advances to banks
Loans and advances to banks include inter-bank placements and items in the course of collection. The carrying amount of floating rate placements and overnight deposits is a reasonable approximation of fair value. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing money-market interest rates for debts with similar credit risk and remaining maturity.
Loans and advances to customers
Loans and advances are net of charges for impairment. The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received. Expected cash flows are discounted at current market rates to determine fair value.
Deposit from banks, due to customers and other deposits
The estimated fair value of fixed interest-bearing deposits not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity.
The estimated fair value of fixed interest-bearing deposits not quoted in an active market is based on discounted cash flows using interest rates for new debts with similar remaining maturity. For those notes where quoted market prices are not available, a discounted cash flow model is used based on a current yield curve appropriate for the remaining term to maturity.
Other assets
The bulk of these financial assets have short term (less than 12 months) maturities and their amounts are a reasonable approximation of fair value.
Other liabilities
The carrying amount of financial liabilities in other liabilities is a reasonable approximation of fair value as these are short term in nature.

Fair value hierarchy

IFRS 13 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from

independent sources; unobservable inputs reflect the Group's market assumptions. These two types of inputs have created the following fair value hierarchy:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. This level includes listed equity securities and debt instruments on exchanges.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). This level includes equity investments and debt instruments with significant unobservable components.

This hierarchy requires the use of observable market data when available. The Group considers relevant and observable market prices in its valuations where possible.

31 March 2026 31 December 2025

	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Treasury and other eligible bills	930,752	1,547,751	-	790,144	1,113,898	-
Trading Financial Assets	308,845	-	-	219,430	-	-
Derivative financial instruments	-	65,690	-	-	55,371	-
Pledged assets	62,325	-	-	93,314	-	-
Investment securities	1,184,427 5,492,792 185,153 1,572,203 6,399,953 165,425
Total financial assets	2,486,349 7,106,233 185,153 2,675,091 7,569,222 165,425
Derivative financial instruments	- 17,238 - - 8,239 -
Total financial liabilities	- 17,238 - - 8,239 -

#PUBLIC Page 25 Consolidated interim financial statements - 31 March 2026

PUBLIC#

Ecobank Transnational Incorporated

Consolidated financial statements For period ended 31 March 2026 Notes

(All amounts in thousands of US dollar unless otherwise stated)

4 Fair value of financial assets and liabilities (continued)

(b) Financial instrument classification

FVTOCI - Debt Equity Instruments at FVTOCI - Equity Liabilities at fair Liabilities at 31 March 2026 Amortised cost FVTPL Instruments FVTPL instruments value through amortized cost Total profit or loss
Assets
Cash and balances with central banks	6,752,683	-	-	-	-	-	-	6,752,683
Trading financial assets	-	308,845	-	-	-	-	-	308,845
Derivative financial instruments	-	65,690	-	-	-	-	-	65,690
Loans and advances to banks	3,269,509	-	-	-	-	-	-	3,269,509
Loans and advances to customers	11,487,561	-	-	-	-	-	-	11,487,561
Treasury bills and other eligible bills	326,739	-	2,151,764	-	-	-	-	2,478,503
Investment securities - Equity instruments	-	-	-	296,819	185,153	-	-	481,972
Investment securities - Debt instruments	1,374,642	-	6,380,400	-	-	-	-	7,755,042
Pledged assets	-	-	62,325	-	-	-	-	62,325
Other assets excluding prepayments and repossessed assets	1,041,575	-	-	-	-	-	-	1,041,575
Total 24,252,709 374,535 8,594,489 296,819 185,153 - - 33,703,705 Liabilities
Deposits from banks	- -		-	-	-	- 1,786,803		1,786,803
Deposit from customers	- -		-	-	-	- 26,501,710		26,501,710
Derivative financial instruments	- 17,238		-	-	-	- -		17,238
Borrowed funds	- -		-	-	-	- 1,899,745		1,899,745
Other liabilities excluding accrued income	- -		-	-	-	- 1,701,636		1,701,636
Total	- 17,238		-	-	-	- 31,889,894		31,907,132

FVTOCI - Debt Equity Instruments at FVTOCI - Equity Liabilities at fair Liabilities at 31 December 2025 Amortised cost FVTPL Instruments FVTPL instruments value through amortized cost Total
						profit or loss
Assets
Cash and balances with central banks	5,878,747	-	-	-	-	-	-	5,878,747
Trading financial assets	-	219,430	-	-	-	-	-	219,430
Derivative financial instruments	-	55,371	-	-	-	-	-	55,371
Loans and advances to banks	2,887,458	-	-	-	-	-	-	2,887,458
Loans and advances to customers	11,774,883	-	-	-	-	-	-	11,774,883
Treasury bills and other eligible bills	375,198	-	1,904,042		-	-	-	2,279,240
Investment securities - Equity instruments	-	-	-	330,586	165,425	-	-	496,011
Investment securities - Debt instruments	697,043	-	7,641,570	-	-	-	-	8,338,613
Pledged assets	-	-	93,314	-	-	-	-	93,314
Other assets excluding prepayments and repossessed assets	1,053,288	-	-	-	-	-	-	1,053,288
Total	22,666,617	274,801	9,638,926	330,586	165,425	-	-	33,076,355
Liabilities
Deposits from banks	-	-	-	-	-	-	2,613,965	2,613,965
Deposit from customers	-	-	-	-	-	-	25,304,908	25,304,908
Derivative financial instruments	-	8,239	-	-	-	-	-	8,239
Borrowed funds	-	-	-	-	-	-	1,797,507	1,797,507
Other liabilities excluding accrued income	-	-	-	-	-	-	1,442,840	1,442,840
Total	-	8,239	-	-	-	-	31,159,220	31,167,459

#PUBLIC Page 26 Consolidated interim financial statements - 31 March 2026

Ecobank Transnational Incorporated Consolidated financial statements As at 31 March 2026

Notes

(All amounts in thousands of US dollar unless otherwise stated)

5 Financial Capital Management

The Group's capital management objectives are:

To comply with the capital requirements set by regulators in the markets where the Group's entities operate and safeguard the Group's ability to continue as a going concern;
To maintain a strong capital base that supports the development of the business; and
To sustain a sufficient level of returns for the Group's shareholders.

On a consolidated basis, the Group is required to comply with Basel II/III capital requirements set by the BCEAO for banks headquartered in the UEMOA zone. On a standalone basis, banking subsidiaries are required to maintain minimum capital levels and minimum capital adequacy ratios which are determined by their national or regional regulators.

The Group's capital is divided into two tiers:

Tier 1 capital: share capital (net of treasury shares), retained earnings, reserves created by appropriations of retained earnings, and non-controlling interests allowed as Tier 1 capital by the regulator. Certain intangibles and goodwill are deducted in calculating Tier 1 capital; and
Tier 2 capital: subordinated debt and other loss-absorbing instruments, certain revaluation reserves, and noncontrolling interests allowed as Tier 2 capital by the regulator.

Risk-weighted assets are calculated in accordance with regulatory guidelines. Credit risk-weighted assets are measured by applying a hierarchy of risk weights related to the nature of the risks associated with each of the Group's on- and off-balance sheet asset classes. Operational risk weighted assets are calculated by applying a scaling factor to the Group's average gross income over the last three years. Market risk-weighted assets are calculated by applying factors to the Group's trading exposures to foreign currencies, interest rates, and prices.

The Group has remained compliant with the UEMOA minimum regulatory capital adequacy ratios for Regionally systemically important banks (8.5 % CET1 CAR, 9.5% Tier 1 CAR, and 12.5% for Total CAR). The Regulatory capital ratios are submitted to our regulator every six months.The most recently approved Regulatory capital ratios are disclosed in the financial statements. The 31 December 2025 regulatory capital ratio is pending approval as of the date of these financial statements.

Common Equity Tier 1 capital	30 Jun 2025	31 Dec 2024
Tier 1 capital
Share capital	2,113,961	2,113,961
Retained earnings	1,234,320	1,040,494
Statutory reserves	600,610	600,610
Other reserves	(2,422,359)	(2,442,429)
Non-controlling interests	339,704	243,515
Less: goodwill and intangibles	(10,569)	(10,569)
Total CET 1 capital	1,855,667	1,545,582
Additional Tier 1 capital
Additional Tier 1 instrument	75,000	75,000
Minority interests included in Tier 2 capital	24,826	22,177
Total Additional Tier 1 capital	99,826	97,177
Total qualifying Tier 1 capital	1,955,493	1,642,759
Tier 2 capital
Subordinated debt and other instruments
Revaluation reserve	391,057	393,112
Minority interests included in Tier 2 capital	41,652	41,652
	73,133	64,564
Total qualifying Tier 2 capital	505,842	499,328
Total regulatory capital	2,461,335	2,142,087
Risk-weighted assets:
Credit risk weighted assets	11,273,992	10,151,624
Market risk weighted assets	119,848	88,955
Operational risk weighted assets	3,319,440	3,319,440
Total risk-weighted assets	14,713,280	13,560,019

CET 1 Capital Adequacy Ratio	12.6%	11.4%

Tier 1 Capital Adequacy Ratio	13.3%	12.1%
Total Capital Adequacy Ratio	16.7%	15.8%

Page 27 Consolidated interim financial statements - 31 March 2026

Ecobank Transnational Incorporated Consolidated financial statements For period ended 31 March 2026 Notes

	3 Month period ended 31 March 2026		3 Month period ended 31 March 2025
	US$'000	GHC'000	US$'000	GHC'000
Net interest income
Interest income
Interest income calculated using the effective interest method
Loans and advances to banks	29,288	317,897	25,634	392,299
Loans and advances to customers:	271,101	2,942,581	233,209	3,568,994
Treasury bills and other eligible bills	126,894	1,377,331	73,953	1,131,765
Investment securities	129,201	1,402,372	117,882	1,804,048
Others	1,654	17,953	2,022	30,944
Others	558,138	6,058,134	452,700	6,928,050
Other interest income
Trading financial assets	2,942	31,933	1,931	29,552
Trading financial assets	561,080	6,090,067	454,631	6,957,602
Interest expense
Deposits from banks	16,629	180,494	15,845	242,489
Due to customer	114,276	1,240,374	95,839	1,466,705
Borrowed funds	38,766	420,773	45,940	703,059
Interest expense for lease liabilities	809	8,781	903	13,819
Others	635	6,892	665	10,177
Others	171,115	1,857,314	159,192	2,436,249
Net fee and commission income
Fee and commission income:
Credit related fees and commissions	47,962	520,589	40,403	618,321
Portfolio and other management fees	2,680	29,089	2,096	32,077
Corporate finance fees	1,758	19,082	1,956	29,934
Cash management and related fees	85,199	924,765	71,288	1,090,980
Card management fees	25,639	278,290	23,617	361,431
Brokerage fees and commissions	4,228	45,892	2,253	34,480
Other fees	4,137	44,904	2,887	44,182
Other fees	171,603	1,862,611	144,500	2,211,405
Fee and commission expense
Brokerage fees paid	395	4,287	597	9,136
Bank charges	4,896	53,142	4,333	66,312
Other fees paid	12,889	139,900	9,650	147,682
Other fees paid	18,180	197,329	14,580	223,130
Trading income and foreign exchange gains
Foreign exchange translation gains / (losses)	26,111	283,414	(15,170)	(232,159)
Foreign exchange trading gains	40,777	442,601	82,321	1,259,828
Trading income on securities	20,009	217,181	15,506	237,301
Trading income on securities	86,897	943,196	82,657	1,264,970
Net investment income
Net gains from investment securities	1,878	20,384	143	2,188
Other operating income
Lease income	723	7,848	454	6,948
Dividend income	327	3,549	285	4,362
Other	3,010	32,671	7,366	112,728
Other	4,060	44,068	8,105	124,038
Impairment charges on financial assets
Impairment charge on loans and advances	174,118	1,889,909	63,243	967,861
Recoveries	(62,354)	(676,802)	(16,280)	(249,146)
Impairment charge on other financial assets	17,586	190,882	27,868	426,488
Impairment charge on other financial assets	129,350	1,403,989	74,831	1,145,202
Operating expenses
Staff expenses	132,639	1,439,688	115,242	1,763,645
Depreciation and amortisation	19,323	209,735	17,527	268,230
Other operating expenses	159,898	1,735,563	133,687	2,045,925
Other operating expenses	311,860	3,384,986	266,456	4,077,800
Taxation
Current income tax	75,946	824,332	65,330	999,801
Deferred income tax	(23,478)	(254,834)	(12,837)	(196,455)
	52,468	569,498	52,493	803,346

(All amounts in thousands of US dollar unless otherwise stated)

#PUBLIC

Page 28 Consolidated interim financial statements - 31 March 2026

PUBLIC#

Ecobank Transnational Incorporated Consolidated financial statements For period ended 31 March 2026

Notes

(All amounts in thousands of US dollar unless otherwise stated)

14 Earnings per share
Basic	31 Mar 2026	31 Mar 2025
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the company by the weighted average number of ordinary shares issued outstanding during the period.
Profit attributable to equity holders of the Company from continuing operations	92,613	83,776
Weighted average number of ordinary shares issued (in thousands)	24,592,619	24,592,619
Basic earnings per share (expressed in US cents per share) from continuing operations	0.377	0.341
Diluted
Profit attributable to equity holders of the company from continuing operations	92,613	83,776
Weighted average number of ordinary shares in issue (in thousands)	24,592,619	24,592,619
Dilutive earnings per share (expressed in US cents per share)	0.377	0.341

#PUBLIC Page 29 Consolidated interim financial statements - 31 March 2026

Ecobank Transnational Incorporated Consolidated financial statements For period ended 31 March 2026 Notes

(All amounts in thousands of US dollar unless otherwise stated)

	As at 31 March 2026		As at 31 December 2025
	US$'000	GHC'000	US$'000	GHC'000
Cash and balances with central banks
Cash in hand	1,081,471	11,894,018	975,693	10,195,992
Balances with central banks other than mandatory reserve deposits	4,263,576	46,890,809	3,666,122	38,310,975
Included in cash and cash equivalents	5,345,047	58,784,827	4,641,815	48,506,967
Mandatory reserve deposits with central banks	1,407,636	15,481,181	1,236,932	12,925,939
Mandatory reserve deposits with central banks	6,752,683	74,266,008	5,878,747	61,432,906
Trading financial assets
Debt securities
- Government bonds	308,845	3,396,677	219,430	2,293,044
- Government bonds	308,845	3,396,677	219,430	2,293,044
Loans and advances to banks
Items in course of collection from other banks	182,800	2,010,434	76,625	800,731
Deposits with other banks	1,195,404	13,147,053	1,053,262	11,006,588
Placements with other banks	1,891,305	20,800,573	1,757,571	18,366,617
Placements with other banks	3,269,509	35,958,060	2,887,458	30,173,936
Loans and advances to customers
Analysis by type:
Overdrafts	1,518,195	16,697,109	1,669,424	17,445,481
Credit cards	1,958	21,534	1,922	20,085
Term loans	10,806,577	118,850,734	10,934,866	114,269,350
Mortgage loans	175,512	1,930,281	170,941	1,786,333
Gross loans and advances	12,502,242	137,499,658	12,777,153	133,521,249
Less: allowance for impairment	(1,014,681) 11,487,561	(11,159,462) 126,340,196	(1,002,270) 11,774,883	(10,473,722) 123,047,527
Analysis by stage:
Gross loans and advances
Stage 1	10,125,588	111,361,217	10,393,399	108,611,020
Stage 2	1,190,599	13,094,208	1,180,084	12,331,878
Stage 3	1,186,055	13,044,233	1,203,670	12,578,352
Total	12,502,242	137,499,658	12,777,153	133,521,250
Treasury bills and other eligible bills
Maturing within three months	759,210	8,349,792	415,808	4,345,194
Maturing after three months	1,719,293	18,908,784	1,863,432	19,472,864
Maturing after three months	2,478,503	27,258,576	2,279,240	23,818,058
Investment securities
Debt securities
At FVTOCI	6,380,400	70,171,638	7,641,570	79,854,407
- At Amortised cost	1,374,642	15,118,313	697,043	7,284,099
Total	7,755,042	85,289,951	8,338,613	87,138,506
Equity securities
- At FVTOCI	185,153	2,036,314	165,425	1,728,691
- At FVTPL	296,819 481,972	3,264,415 5,300,729	330,586 496,011	3,454,624 5,183,315
Total investment securities	8,237,014	90,590,680	8,834,624	92,321,821

#PUBLIC Page 30 Consolidated interim financial statements - 31 March 2026

PUBLIC#

Ecobank Transnational Incorporated Consolidated financial statements For period ended 31 March 2026 Notes

	As at 31 March 2026		As at 31 December 2025
	US$'000	GHC'000	US$'000	GHC'000
Other assets
Fees receivable	5,568	61,237	18,685	195,258
Accounts receivable	579,737	6,375,948	561,454	5,867,194
Repossessed assets from customers	194,312	2,137,043	121,543	1,270,124
Prepayments	173,406	1,907,119	217,334	2,271,140
Sundry receivables	480,847	5,288,355	482,825	5,045,522
Impairment Allowance on receivables	1,433,870 (24,577)	15,769,702 (270,298)	1,401,841 (9,676)	14,649,238 (101,114)
Impairment Allowance on receivables	1,409,293	15,499,404	1,392,165	14,548,124
Deposits from banks
Operating accounts with banks	557,900	6,135,784	774,512	8,093,650
Deposits from banks	1,228,903	13,515,475	1,839,453	19,222,284
Deposits from banks	1,786,803	19,651,259	2,613,965	27,315,934
Deposit from customers
Current accounts	18,826,593	207,054,870	17,543,591	183,330,526
Term deposits	3,108,686	34,189,329	3,273,620	34,209,329
Savings	4,566,431	50,221,608	4,487,697	46,896,434
Savings	26,501,710	291,465,807	25,304,908	264,436,289
Other liabilities
Accrued income	123,857	1,362,179	167,917	1,754,733
Unclaimed dividend	9,748	107,209	10,073	105,263
Accruals and collections accounts	422,142	4,642,718	347,286	3,629,139
Obligations under customers' letters of credit	27,873	306,547	51,239	535,448
Bankers draft	19,534	214,835	11,185	116,883
Accounts payable	341,768	3,758,764	281,334	2,939,940
Allowance for off balance sheet receivables	6,130	67,418	20,005	209,052
Customer - FX purchase	13,594	149,507	18,076	188,894
Settlement accounts	210,036	2,309,976	195,597	2,043,989
Other liabilities	650,811	7,157,619	508,045	5,309,070
	1,825,493	20,076,772	1,610,757	16,832,411

(All amounts in thousands of US dollar unless otherwise stated)

#PUBLIC Page 31 Consolidated interim financial statements - 31 March 2026

Note 25: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - USD

Ecobank segments 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).

In 000 of $
	UEMOA	NIGERIA	AWA	CESA	OTHERS AND CONSO ADJUSTMENT(1)	Ecobank Group

Income Statement Highlights for the period ended 31 March 2026
Net interest income	134,447	35,208	117,795	129,769	(27,255)	389,965
Net fees and commission income	43,040	15,131	67,157	101,639	19,291	246,258
Operating income	177,487	50,339	184,953	231,408	(7,964)	636,223
Impairment charges on financial assets	(13,801)	(17,996)	(6,338)	(6,292)	(84,923)	(129,350)
Depreciation and amortization	(5,720)	(1,986)	(3,089)	(6,185)	(2,343)	(19,323)
Operating expenses	(86,521)	(26,201)	(64,451)	(92,336)	(23,028)	(292,537)
Profit before tax	71,445	4,156	111,075	126,595	(118,258)	195,013
Balance Sheet Highlights as at 31 March 2026
Total assets	12,480,361	3,796,528	8,770,576	9,668,170	440,872	35,156,507
Total Liabilities	11,169,908	3,429,454	7,731,623	8,418,471	1,548,372	32,297,828

In 000 of $
	UEMOA	NIGERIA	AWA	CESA	OTHERS AND CONSO ADJUSTMENT(1)	Ecobank Group


Income Statement Highlights for the period ended 31 March 2025
Net interest income	106,722	24,223	96,693	97,675	(29,874)	295,439
Net fees and commission income	59,428	10,314	52,045	83,433	15,605	220,825
Operating income	166,150	34,537	148,738	181,108	(14,269)	516,264
Impairment charges on financial assets	(8,453)	(4,618)	(10,355)	(7,737)	(43,668)	(74,831)
Depreciation and amortization	(5,009)	(1,034)	(2,330)	(4,497)	(4,657)	(17,527)
Operating expenses	(75,707)	(24,727)	(60,963)	(75,926)	(11,606)	(248,929)
Profit before tax	76,981	4,158	75,090	92,948	(74,200)	174,977
Balance Sheet Highlights as at 31 December 2025
Total assets	13,090,094	3,524,705	8,097,078	9,373,221	402,113	34,487,211
Total Liabilities	11,693,113	3,226,071	7,035,143	8,237,720	1,431,641	31,623,688

(1) Others & Consolidation adjustments comprise of ETI, the Holdco, eProcess (the Group's technology service company), the International business in Paris, the impact of other affiliates and structured entities of ETI. The impact of consolidation eliminations is also included in ' Others & Consolidation adjustments'

Note 26: BUSINESS FINANCIAL PERFORMANCE - USD

The group operating segments are described below:

Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
Consumer: Focuses on serving banking customers that are individuals

In 000 of $

CIB

Commercial

Consumer

Others

Consolidation

Adjustments

Ecobank Group

Income Statement Highlights for the period ended 31 March 2026
Net interest income	235,296	88,382	79,977	(13,881)	191	389,965
Non interest income	111,668	66,607	61,425	70,736	(64,178)	246,258
Operating income	346,964	154,989	141,402	56,855	(63,987)	636,223
Impairment charges on financial assets	(58,112)	(22,728)	(11,008)	(37,502)	-	(129,350)
Depreciation and amortization	(7,490)	(4,593)	(5,326)	(2,347)	433	(19,323)
Operating expenses	(117,877)	(75,969)	(84,877)	(45,132)	31,318	(292,537)
Profit before tax	163,485	51,699	40,191	(28,126)	(32,236)	195,013
Balance Sheet Highlights as at 31 March 2026
Total assets	18,311,995	2,725,342	1,509,643	2,873,586	9,735,941	35,156,507
Total Liabilities	16,117,137	6,874,247	8,460,642	2,043,135	(1,197,333)	32,297,828

In 000 of $
	CIB	Commercial	Consumer	Others	Consolidation Adjustments	Ecobank Group

Income Statement Highlights for the period ended 31 March 2025
Net interest income	166,791	75,087	72,549	(19,141)	153	295,439
Net fees and commission income	95,565	68,127	53,857	98,315	(95,039)	220,825
Operating income	262,356	143,214	126,406	79,174	(94,886)	516,264
Impairment charges on financial assets	(19,353)	(15,284)	(4,767)	(35,427)	-	(74,831)
Depreciation and amortization	(5,457)	(3,731)	(4,050)	(4,642)	353	(17,527)
Operating expenses	(94,969)	(70,929)	(79,292)	(43,599)	39,860	(248,929)
Profit before tax	142,577	53,270	38,297	(4,494)	(54,673)	174,977
Balance Sheet Highlights as at 31 December 2025
Total assets	18,499,476	3,263,813	1,517,774	2,852,078	8,354,070	34,487,211
Total Liabilities	15,717,450	7,388,729	8,028,865	1,997,380	(1,508,736)	31,623,688

Note 27: GEOGRAPHICAL REGION FINANCIAL PERFORMANCE - GHC

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).

In 000 ,000 of GHC

UEMOA

NIGERIA

AWA

CESA

OTHERS AND

CONSO ADJUSTMENT(1)

Ecobank Group

Income Statement Highlights for the period ended 31 March 2026
Net interest income	1,459	382	1,279	1,409	(296)	4,233
Net fees and commission income	467	164	729	1,103	210	2,673
Operating income	1,926	546	2,008	2,512	(86)	6,906
Impairment charges on financial assets	(150)	(195)	(69)	(68)	(922)	(1,404)
Depreciation and amortization	(62)	(22)	(34)	(67)	(25)	(210)
Operating expenses	(939)	(284)	(700)	(1,002)	(250)	(3,175)
Profit before tax	775	45	1,205	1,375	(1,283)	2,117
Balance Sheet Highlights as at 31 March 2026
Total assets	137,259	41,754	96,459	106,331	4,848	386,651
Total Liabilities	122,847	37,717	85,032	92,586	17,030	355,212

In 000,000 of GHC

UEMOA

NIGERIA

AWA

CESA

OTHERS AND

CONSO ADJUSTMENT(1)

Ecobank Group


Income Statement Highlights for the period ended 31 March 2025
Net interest income	1,633	371	1,480	1,495	(458)	4,521
Net fees and commission income	909	158	796	1,277	239	3,379
Operating income	2,542	529	2,276	2,772	(219)	7,901
Impairment charges on financial assets	(129)	(71)	(158)	(118)	(669)	(1,145)
Depreciation and amortization	(77)	(16)	(36)	(69)	(70)	(268)
Operating expenses	(1,159)	(378)	(933)	(1,162)	(178)	(3,810)
Profit before tax	1,177	64	1,149	1,423	(1,136)	2,678

Balance Sheet Highlights as at 31 December 2025
Total assets	136,791	36,833	84,614	97,950	4,203	360,391
Total Liabilities	122,193	33,712	73,517	86,084	14,962	330,468

Note 28: BUSINESS FINANCIAL PERFORMANCE - GHC

The group operating segments are described below:

Corporate & Investment Bank: Focuses on providing one-stop banking services to multinationals, regional companies, government and government agencies, financial institutions and international organizations across the network. This unit provides also Treasury activities.
Commercial banking: Focuses on serving local corporates, small and medium corporates ,SMEs, Schools, Churches and local NGOs and Public Sector.
Consumer: Focuses on serving banking customers that are individuals

In 000,000 of GHC

CIB

Commercial

Consumer

Others

Consolidation

Adjustments

Ecobank Group


Income Statement Highlights for the period ended 31 March 2026
Net interest income	2,554	959	868	(151)	3	4,233
Net fees and commission income	1,212	723	667	768	(697)	2,673
Operating income	3,766	1,682	1,535	617	(694)	6,906
Impairment charges on financial assets	(631)	(247)	(119)	(407)	-	(1,404)
Depreciation and amortization	(81)	(50)	(58)	(25)	4	(210)
Operating expenses	(1,279)	(825)	(921)	(490)	340	(3,175)
Profit before tax	1,775	560	437	(305)	(350)	2,117
Balance Sheet Highlights as at 31 March 2026
Total assets	201,395	29,973	16,603	31,604	107,076	386,651
Total Liabilities	177,256	75,603	93,050	22,470	(13,167)	355,212


In 000,000 of GHC

CIB

Commercial

Consumer

Others

Consolidation

Adjustments

Ecobank Group


Income Statement Highlights for the period ended 31 March 2025
Net interest income	2,553	1,149	1,110	(293)	2	4,521
Net fees and commission income	1,463	1,043	824	1,505	(1,456)	3,379
Operating income	4,016	2,192	1,934	1,212	(1,453)	7,901
Impairment charges on financial assets	(296)	(234)	(73)	(542)	-	(1,145)
Depreciation and amortization	(84)	(57)	(62)	(72)	7	(268)
Operating expenses	(1,453)	(1,085)	(1,213)	(667)	608	(3,810)
Profit before tax	2,183	816	586	(69)	(838)	2,678

Balance Sheet Highlights as at 31 December 2025
Total assets	193,320	34,107	15,861	29,804	87,299	360,391
Total Liabilities	164,247	77,212	83,902	20,873	(15,766)	330,468

Ecobank Transnational Incorporated Consolidated financial statements For the period ended 31 March 2026

Notes

(All amounts in thousands of US dollar unless otherwise stated)

Contingent liabilities and commitments

Legal proceedings

The Group is a party to various legal actions arising out of its normal business operations. The Directors believe that, based on currently available information and advice of counsel, none of the outcomes that result from such proceedings will have a material adverse effect on the financial position of the Group, either individually or in the aggregate.

b) Loan commitments, guarantee and other financial facilities At 31 March 2026 the Group had contractual amounts of the off-statement of financial position financial instruments that commit it to extend credit to customers guarantees and other facilities are as follows:
	31 Mar 2026	31 Dec 2025
Guaranteed commercial papers and bankers acceptances	87,507	135,974
Documentary and commercial letters of credit	893,620	1,109,827
Performance bond, guarantees and indemnities	1,861,244	1,911,597
Loan commitments	1,178,556	900,712
	4,020,927	4,058,110

Insider trading and market abuse prohibition

The Ecobank Group has in place a dealing policy of financial instruments which is applicable to all Ecobank employees (ETI and its affiliates), Directors, contractors (Staff) and in-house staff of outsourced service providers. The policy sets standard terms and conditions similar to the standards set out by the Nigeria Stock Exchange, the Ghana Stock Exchange and the BRVM ( UEMOA Regional Stock Exchange) on Insider Trading. The Group ensures that all Directors and Staff are kept informed about the policy as it is periodically circulated to serve as a reminder of their obligations under it.

Staff Members, Directors, Executive management and their Connected Persons, must not deal in Ecobank Securities at any time during a "Close Period" the period from the end of the relevant financial year or period up to and including the time of announcement and released to the public or any other period as defined by the Group.

The Ecobank Group commits itself to making necessary disclosures in compliance with the Securities and Exchange Commission ("SEC") Rules and Regulations which stipulates that Directors and top Management employees and other insiders of public companies shall notify the SEC of any sale or purchase of shares in the company, not later than forty-eight (48) hours after such activity.

PUBLIC#

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 35 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 14,108 people in 39 different countries in 660 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: https://www.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: +228 22 21 03 03

M: +228 92 40 90 09

E: aarku@ecobank.com

PUBLIC

Page 38

Earlier from Ecobank Transnational

All Ecobank Transnational news releases