Ecobank Group Facts Behind The Figures

Transcription

Ecobank Group
Facts Behind The Figures
Presentation to the Ghana Stock Exchange
18 November, 2014
© Ecobank Group 2013| Results Presentation for the 9 Months ended 30 September 2013 | 4 November 2013
1
Forward Looking Statements
This presentation includes ‘forward-looking statements’. These statements contain the words
“anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other
than statements of historical facts included in this presentation, including, without limitation, those
regarding the Group’s financial position, business strategy, plans and objectives of management for
future operations (including development plans and objectives relating to the Group’s products and
services) are forward-looking statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the actual results, performance or
achievements of the Group to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. Such forward looking statements are based on
numerous assumptions regarding the Group’s present and future business strategies and the
environment in which the Group will operate in the future. These forward-looking statements speak only
as at the date of this presentation. The Group expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statements contained herein to reflect any
change in the Group’s expectations with regard thereto or any change in events, conditions or
circumstances on which any such statement is based.
© Ecobank Group 2014| Facts Behind the Figures – Ghana Stock Exchange | 18 November 2014
2
Contents
1
2
3
Overview
Results and Outlook
Conclusion
4
10
24
Appendices
A. Geographic Clusters
27
3
Section 1
Overview
4
Ecobank Vision & Mission
“Our vision is to build a world class pan-African
bank and contribute to the economic
development and financial integration of Africa”
“Our mission is to provide all of our customers
with convenient, accessible and reliable financial
products and services”
5
Unique Footprint Established in Attractive Markets
36 African
Countries
$23.4 billion
total assets
Top 3 positions
in half our
markets
Why Middle
Africa?
• Strong economic
growth projected
• Structural growth in
banking sector
(corporate and
retail)
$2+ billion
annual revenue
20,000+
staff
3 African listings
• Good margins
• Increase in multicountry business
and intra-African
trade
6
Key Messages
Areas we have addressed
Near-term strategic focus
7
Strengthened Shareholder Base
Market cap $1.4B ( March 2014*)
Market cap $2.5B ( October 2014**)
Nedbank
20.0%
PIC
QNB
17.3%
AMCON
Free
Float
16.9%
Free Float
10.0%
30.8%
49.7%
11.6%
6.5%
5.0%
SSNIT
IFC
Funds
13.9%
PIC
IFC
Direct
9.3%
4.0%
5.2%
SSNIT
IFC Direct
-
IFC
Funds
* Share count used in Market Cap calculation was 17,212.2 million and share price of N13.20
** Share count used in Market Cap calculation 22,563.1 million and share price of N19.00
8
Strong 3Q14 Results
9
Section 2
Results and Outlook
10
Performance Summary
9M14
9M13
YoY
3Q14
2Q14
1Q14
3Q 14v
2Q14
1,650
1,452
14%
577
548
525
5%
Operating expenses
(1,099)
(1,034)
6%
(368)
(367)
(363)
0%
Impairment losses (1)
(144)
(115)
25%
(57)
(42)
(45)
34%
Profit before tax
408
303
35%
153
138
117
11%
Profit for the period
322
250
29%
128
103
91
24%
Attributable profit
277
217
28%
113
88
72
29%
Basic EPS (US cents)
1.59
1.26
26%
0.63
0.51
0.44
23%
$M (unless otherwise stated)
Revenue
Cost-income ratio
RoAE
16.5% 17.7%
71.2%
70.1%
NPL ratio
18.9%
15.0%
69.2%
5.8%
68.1%
6.2%
66.6%
4.2%
6.9%
9M13
FY13
3M14 6M14 9M14
9M13
FY13
5.8%
3M14 6M14 9M14
9M13
FY13
4.9%
3M14 6M14 9M14
(1) Impairment losses consist of impairment losses on loans and advances and impairment losses on other assets.
Impairment losses on other assets were $3.1m and $0.5m for the 9M14 and 9M13 periods respectively.
11
Delivering Efficiency Improvements in all Geographies
9M14 YoY growth
9M14 ratios
Revenue
Operating
expenses
PBT
CIR
ROE
Comments
Francophone
West Africa
+16%
+8%
+37%
61%
(↓5%)
27%
• Continuing strong performance
• Significant FX impact on loans and deposits in Q3
Nigeria
+18%
+2%
+76%
68%
(↓11%)
19%
• Gaining revenue momentum with costs held flat
• Raised $250m Eurobond in August 2014
+28%
47%
(↓4%)
40%
• Maintaining market leading performance
• Monitoring business closely in Ebola affected
countries
23%
• Continuing very strong growth trajectory
• Local platform enabling investment banking
business
0.4%
• Incremental improvements on last year
• Leveraging the regional corporate business
14%
• Sustainable and improving profitability
• Positive client reaction to Ecobank Mozambique
entry
Rest of West
Africa
+2%
(5)%
Central Africa
+21%
+11%
+63%
62%
(↓6%)
East Africa
+21%
+11%
n.m.
98%
(↓9%)
+53%
71%
(↓6%)
Southern Africa
+41%
+30%
NOTE: Revenue, operating expenses, and profit before tax (PBT) represent 9M14 v s. 9M13 year-on-year growth; Cost-income ratio
(CIR) for 9M14 and change vs 9M13 in brackets; ROE is Return on Average Equity for 9M14
12
Revenue
9M14 Net revenue(1) split by
business(2) & geography(2)
Net revenue ($ in millions)
NII
NIR
1,650
1,452
CIB
840
DB
48%
52%
681
453
213
(1)
(2)
491
508
223
246
551
525
548
WAMZ
811
577
CEMAC
17%
272
254
281
305
771
268
1Q13
2Q13
262
279
272
267
3Q13
4Q13
1Q14
2Q14
EAC
4%
NIGERIA
240
9%
5%
SADC
43%
272
22%
3Q14
9M13
9M14
UEMOA
Net revenue defined as net interest income plus non-interest revenue
Net revenue breakdown of our business segments (CIB includes Treasury) and clusters are based on gross unconsolidated numbers
13
Strong Revenue Diversification
Diversified NIR generation
NIR 9M14 = $840m
Balanced Spread & Fee Income
Net Revenue 9M14 = $1,650m
Other
income
Securities
trading
income
2%
9%
49%
NII
51%
NIR
Trade
finance
11%
14%
Net
FX income
29%
Fees &
Comm on
loans
3%
Markets, AM
& Corp
Finance
23%
2% 7%
Other fees &
comm ATM
commissions
*Other income includes Lease, dividend ,net gains from govt. investment securities and
other operating income
Cash
management
Fees and commissions
59%
Net trading income
39%
Other income*
2%
14
Operating Expenses
In millions of $
Staff cost
D&A
Other opex
Cost-income ratio
1200
100%
$1,099
$1,034
1000
486
475
80%
72.5%
69.8%
800
71.6%
67.3%
69.2%
71.2%
67.1%
66.6%
63.7%
600
60%
98
98
400
$328
$343
$363
$371
$363
$367
$368
149
160
166
156
160
165
161
37
33
33
32
200
40%
461
32
29
36
146
154
161
178
171
169
174
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
514
0
20%
9M13
9M14
Cost-to-income ratio defined as operating expenses divided by net revenue,
and has been computed on a quarterly basis for the quarterly periods
15
Impairment Losses (net) on Loans
In millions of $
Impairment losses
Cost of risk-annualised
400
3.5%
9M14 Impairment losses split by Business
segments and Geography
*
2.90%
350
3.0%
DB
67%
300
2.5%
248
250
1.88%
2.0%
1.68%
200
1.53%
1.48%
1.58%
150
CIB
33%
1.09%
1.5%
165
SADC Other
4%
1%
CEMAC
3%
1.47%
1.40%
EAC
1%
3% 3%
4%
2%
141
1.0%
100
10%
115
46
50
42
83
44
43
53
9%
0.5%
WAMZ
13%
36%
73%
UEMOA
24%
21%
NIGERIA
7%
54%
65%
26
-
0.0%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
9M13 9M14
* Calculated without $165m in 4Q13
16
Earnings
Profit before tax
In millions of $
450
400
350
300
250
200
150
100
50
-50
-100
-150
408
303
99
102
102
1Q13
2Q13
3Q13
117
4Q13
1Q14
138
153
2Q14
3Q14
PAT (continuing ops)
PAT (discontinued ops)
14.9%
15.8%
250
16.5%
14.6%
18.3%
324
82
89
254
91
84
104
129
15.0%
5%
0%
-5%
-50
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
9M13
9M14
-10%
-15%
-100
-150
15%
10%
-98
50
25%
20%
18.9%
200
100
ROAE
22.1%
350
150
9M14
-81
In millions of $
300
9M13
-17.6%
-20%
17
Balance Sheet: Assets & funding
3Q 2014
Loans-to-deposits ratio
$23.4B
$23.4B
72.8%
Bank deposits
Cash
73.2%
73.6% 73.9%
69.6%
Tbills/eligible securities
65.4%
Bank
loans
69.2%
AFS
securities
Customer
deposits
1Q13
2Q13
(Cost of funds 3.2% )
3Q13
FY13
1Q14
2Q14
3Q14
CASA(1) ratio
Customer
loans
76.5%
74.8%
73.7%
71.2%
74.4%
70.7%
Other
Intangibles
Borrowed
funds
Other
Total
Equity
Assets
66.1%
1Q13
2Q13
3Q13
FY13
1Q14
2Q14
3Q14
Liabilities/Equity
(1) CASA = current and savings account
18
Loan Activity
Domestic Bank
3Q13
(in $ billions)
Corporate Bank
$11.4
$11.5
$12.4
$12.1
$9.0
$9.9
$10.5
$6.3
$6.3
$6.6
$4.4
$5.4
$6.6
$5.2
$4.6
$4.7
$5.1
$5.1
$5.3
$5.7
$5.5
1Q13
2Q13
FY13
1Q14
2Q14
3Q14
2Q14
4.51
3Q13
Customer loans (net) by cluster – 3Q14
Customer loans, net ($B)
3Q14
4.70
EAC
OTHERS*
SADC
4.09
3.70
3.62
4% 3% 3%
CEMAC
3.38
11%
NIGERIA
WAMZ
39%
1.22 1.21 1.18
1.30 1.43 1.37
10%
0.44 0.49 0.52
Nigeria
Francophone WA
Rest of WA
Central Africa
East Africa
UEMOA
0.25 0.32 0.36
30%
Southern Africa
* Others include International Cluster
19
Asset Quality
In millions of $
Non-performing loans (NPLs)
NPL ratio
Coverage ratio
1,000
900
90%
79.0%
800
70.4%
69.9%
66.6%
700
78.3%
745
63.2%
695
600
600
500
585
75%
66.2%
60%
633
608
534
45%
400
300
30%
200
100
6.4%
5.7%
5.8%
6.2%
15%
5.8%
4.2%
4.9%
-
0%
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
20
Customer Deposits
Deposit Mix ($B)
Customer deposits by business segment
$B
Domestic Bank
Corporate Bank
20
15
Current
$15.0
$15.7
$16.5
$16.5
$17.3
$14.5
$5.4
$5.6
$5.8
$6.1
$4.8
$5.0
$16.8
$6.1
Savings
Term
100%
80%
4.85
60%
2.64
10
40%
5
$9.7
$10.0
$10.3
$10.9
$10.6
$11.2
$10.7
1Q13
2Q13
3Q13
FY13
1Q14
2Q14
3Q14
9.35
20%
0%
-
3Q13
6.62
2Q14
7.06
Deposits by cluster – 3Q14
Customer deposits ($B)
3Q14
3Q14
EAC
6.80
OTHERS
*
SADC
3% 2%
5%
4.81
CEMAC
12%
4.57
3.95
WAMZ
2.03 1.85 1.92
1.82 2.05 2.05
NIGERIA
0.64 0.76 0.78
Nigeria
Francophone WA
Rest of WA
40%
11%
Central Africa
East Africa
27%
0.34 0.45 0.46
Southern Africa
UEMOA
* Others include deposits from our International Cluster
21
Capital
Risk-weighted assets ($B)
Capital adequacy ratio (%)
20
20.8%
Tier I
19.5%
100%
Tier II
$14.8
18.3%
16.3%
16.1% 16.1%
16.9%
18.2%
$12.6
10
64.6%
$15.8 $16.0
$16.9 $16.7
$13.8
67.1%
80%
71.7% 72.0%71.3%
68.7% 69.9%
60%
17.3%
16.4% 15.5% 14.6%
14.3%
13.0% 12.7% 13.0%
0
1Q13
•
•
2Q13
3Q13
FY13
1Q14
2Q14
3Q14
Post
Nedbank
Top-up to
20%
ownership
40%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
RWA
RWA/Total assets
Nedbank investment in early October 2014 significantly increases Group capital ratios
– $285m loan, formerly within Tier II capital, repaid
– $493m Tier I equity capital investment (ie net new funds of $208m)
Ecobank Nigeria successfully raised $250m in Tier II Eurobond issuance in August 2014
– 3Q14 CAR for Ecobank Nigeria of 14.3% under Basel I and 11.3% under Basel II
22
Targets: progress so far in 2014
•
15%+ growth
•
+2% YTD
•
•
Some FX impact during Q3
given Euro weakness vs US$
Cautious approach to
balance sheet growth and FX
impact
•
~15% growth
•
+6% YTD
•
15%+ growth
•
+14% YoY
•
On track
•
High 60s %
•
66.6%
•
On track
•
•
NPL ratio under 5%
Cost of risk under 2%
•
•
4.9%
1.5%
•
•
On track
On track
23
Section 3
Conclusion
24
Conclusion
• Showing benefits of geographic and business diversification
• Continued solid revenue growth and good cost control
• Record quarterly EPS, with quarterly ROE over 20%
• Deliver on customer service
• Continue to focus on revenue growth, cost efficiency and risk
management
• Optimise capital structure in light of regulatory changes
• Deepen Nedbank alliance and develop QNB relationship
25
Thank You
Questions…
Investor Relations team contact details:
•
•
•
•
James Etherington: jetherington@ecobank.com; +44 203 582 8803
Ato Arku: aarku@ecobank.com; +228 2221 0303
Email: ir@ecobank.com
Website: www.ecobank.com/group/investorrel.aspx
26
Appendix C
Geographic Clusters
27
G.Bissau C.Verde
Niger
Francophone West Africa (UEMOA)
Togo
Cote
d’Ivoire
Mali
Burkina
Senegal
Benin
FRANCOPHONE WEST AFRICA (UEMOA)
Nine months ended
9M14 Commentary
30 Sept
2014
30 Sept
2013
YoY
187.3
168.2
355.4
(217.9)
(34.8)
102.8
80.6
169.5
137.4
306.9
(202.6)
(29.2)
75.0
64.2
10%
22%
16%
8%
19%
37%
26%
Loans (net)
Total assets
Deposits
Total equity
3,623
6,171
4,570
372
3,381
5,505
3,953
379
7%
12%
16%
(2%)
Cost-income ratio
ROE
NPL ratio
Coverage ratio
61.3%
27.0%
81.7%
5.2%
57.6%
66.0%
23.0%
87.7%
5.0%
50.0%
In millions of $, except ratios
Net interest income
Non interest revenue
Net revenue
Operating expenses
Impairment losses on financial assets
Profit before tax
Profit after tax
F ra nc o pho ne WA co mprises subsidiaries in B enin, B urkina Faso , Cape Verde,
Cô te d’ Ivo ire, Guinea B issau, M ali, Niger, Senegal, and To go .
•
•
•
•
•
PAT of $81m, up 26% YoY on net revenue of
$355m, up 16% YoY
ROE of 27.0% vs 23.0% in the prior year
Revenue
 Driven primarily by NIR, which grew 22%
YoY mostly from client-driven FX and
trading income
 NII up 10% reflecting increase in NIM
Operating expenses
 Driven by staff cost and other operating
expense
 CIR improved to 61.3% v 66.0% from year
ago period and has improved each quarter
of 2014. 3Q14 CIR 58.6%
Impairment losses
 $35m in 9M14, up 19% from prior year
reflecting higher provisions charges in
Benin, Niger, and Togo, partially offset by
impairment reductions in Cote d’Ivoire,
Mali and Senegal
N o t e : Selected inco me statement line items o nly and thus to tals may no t sum up
Pie chart above shows Cluster’s total
assets split by country
28
Nigeria
NIGERIA
9M14 Commentary
Nine months ended
30 Sept
2014
30 Sept
2013
YoY
362.6
339.0
701.6
(479.5)
(77.4)
144.6
157.2
346.1
246.6
592.7
(469.0)
(41.8)
82.0
87.7
5%
37%
18%
2%
85%
76%
79%
Loans (net)
Total assets
Deposits
Total equity
4,702
9,564
6,801
1,187
3,704
8,972
6,619
1,052
27%
7%
3%
13%
Cost-income ratio
ROE
NPL ratio
Coverage ratio
68.3%
19.2%
70.7%
3.7%
59.4%
79.1%
11.0%
57.9%
3.4%
97.8%
Net interest income
Net revenue
Operating expenses
Profit before tax
Profit after tax
N ige ria is catego rized as a cluster in its o wn right due to its size
•
•
•
•
•
PAT of $157m, up 79% YoY on net revenue
of $702m, up 18% YoY
Revenue
–
NII up 5% reflecting strong growth in
customer loans (+27% YoY), partially
impacted by increases in CRR
–
NIR up 37%, driven by FX client and
trading income and credit-related fees
Operating expenses
 Operating expenses up 2% to $480m
reflecting flat growth in staff costs, a
reduction in D&A
 CIR improved to 68.3% v 79.2% in the
prior year. CIR has improved each
quarter in 2014 and was 64.9% in
3Q14
Impairment losses
– Impairment provision increase of 85%
to $77m reflects growth in loan book
and results of ongoing portfolio
reviews
29
Gambia
S. Leone
Rest of West Africa (WAMZ)
Liberia
Guinea
Ghana
REST OF WEST AFRICA (WAMZ)
9M14 Commentary
Nine months ended
30 Sept
2014
30 Sept
2013
YoY
173.1
112.3
285.4
(134.0)
(17.8)
133.8
93.6
172.0
107.1
279.1
(141.5)
(32.9)
104.9
75.2
1%
5%
2%
(5%)
(46%)
28%
24%
Loans, net
Total assets
Deposits
Total equity
1,180
2,697
1,920
288
1,222
2,863
2,031
323
(3%)
(6%)
(5%)
(11%)
Cost-income ratio
ROE
NPL ratio
Coverage ratio
46.9%
40.1%
64.8%
5.9%
86.0%
50.7%
31.4%
63.4%
6.7%
77.7%
Net interest income
Net revenue
Operating expenses
Profit before tax
Profit after tax
R e s t o f We s t A f ric a co mprises subsidiaries in Ghana, Guinea, Liberia, Sierra
•
•
•
•
•
•
PAT of $94m, up 24% YoY on net revenues
of $285m, up 2% YoY
Significant impact from Ghana cedi
depreciation on results in US dollar terms
Revenue
 Stifled by macroeconomic challenges
in Ghana and Ebola in Liberia,
Guinea, and Sierra Leone
 NII was flat, driven by a decrease in
earning assets and tight loan spreads
 NIR up 5% driven by FX and trading
income
Operating expenses
 Operating expenses fell 5% across
both staff and non-staff costs
 CIR improved to 46.9% v 50.7%
Impairments
 Impairment provisions fell 46%
reflecting lower NPL formation and a
heightened credit risk management
agenda
30
Sao Tome
Central
Africa
Eq.
Guinea
Central Africa (CEMAC)
Cameroon
Gabon
Chad
Congo
Brazza
CENTRAL AFRICA (CEMAC)
9M14 Commentary
Nine months ended
30 Sept
2014
30 Sept
2013
YoY
Net interest income
Net revenue
Operating expenses
Profit before tax
Profit after tax
70.9
82.9
153.8
(95.3)
(4.8)
53.5
31.2
60.6
66.5
127.2
(85.9)
(8.1)
32.9
23.1
17%
25%
21%
11%
(41%)
63%
35%
Loans, net
Total assets
Deposits
Total equity
1,370
2,412
2,054
178
1,300
2,186
1,817
160
Cost-income ratio
ROE
NPL ratio
Coverage ratio
61.9%
23.0%
68.2%
4.4%
51.0%
67.6%
19.8%
73.3%
4.2%
58.9%
C e nt ra l A f ric a co mprises subsidiaries in Camero o n, Central A frican Republic,
Chad, Co ngo -B razzaville, Equato rial Guinea, Gabo n and Sao To me & P rincipe.
5%
10%
13%
11%
•
•
•
•
•
$154m, up 21% YoY
ROE was 23.0% vs 19.8% in the prior year
Revenue
 NII up 17% driven by higher yields on
earning assets
 NIR up 25% on higher fees and
commissions and trading income
Operating expenses
 Operating expenses up 11% on
continued investments in the
business. The CIR improved to 61.9%
in 9M14 v 67.6% in the prior year
Impairment losses
 Impairment provisions fell 41% to
$4.8m reflecting lower provisions in
Cameroon
31
S.Sudan
Uganda
East Africa (EAC)
Burundi
Tanzania
Kenya
Rwanda
EAST AFRICA (EAC)
9M14 Commentary
Nine months ended
30 Sept
2014
30 Sept
2013
YoY
Net interest income
Net revenues
Operating expenses
Profit before tax
Profit after tax
31.7
27.6
59.2
(57.8)
(1.3)
0.1
0.4
25.6
23.3
48.9
(52.2)
(1.9)
(5.2)
(6.1)
24%
18%
21%
11%
(30%)
n.m
n.m
Loans (net)
Total assets
Deposits
Total equity
522
1,057
778
126
436
893
640
106
Cost-income ratio
ROE
NPL ratio
Coverage ratio
97.6%
0.4%
69.3%
7.7%
40.5%
106.8%
n.m
70.6%
9.2%
37.3%
E a s t A f ric a co mprises subsidiaries in B urundi, Kenya, Rwanda,
So uth Sudan, Tanzania, Uganda and rep o ffice in Etho pia.
20%
18%
22%
19%
•
•
•
•
•
PAT of $1.4m compared with after-tax loss
of $6.1m in the prior year, on net revenue of
$59m, up 21% YoY
ROE of 0.4% vs (7.0)% in the prior year
Revenue
– NII up 24% to $32m driven by higher
yields and loan growth
– NIR up 15% to $28m driven by strong
fee and commission income and to a
lesser extent FX and trading income
Operating expenses
–
Operating expenses were up 11%
reflecting increases in staff and nonstaff costs. The CIR improved to just
below 100%
Impairment losses
 Impairment provisions was $1.3m,
down 30% from prior year and the
NPL and coverage ratios improved
32
Malawi
Southern Africa (SADC)
Mozambique
DR Congo
Zambia
Zimbabwe
SOUTHERN AFRICA (SADC)
9M14 Commentary
Nine months ended
Net interest income
Net revenues
Operating expenses
Profit before tax
Profit after tax
Loans (net)
Total assets
Deposits
Total equity
Cost-income ratio
ROE
NPL ratio
Coverage ratio
30 Sept
2014
30 Sept
2013
YoY
30.3
44.6
74.9
(52.8)
(5.9)
16.2
11.1
22.5
30.5
53.0
(40.6)
(1.8)
10.6
6.5
35%
46%
41%
30%
220%
53%
70%
356
700
458
126
252
504
344
91
41%
39%
33%
39%
70.5%
13.6%
76.0%
6.3%
77.2%
76.6%
11.7%
78.2%
6.8%
92.2%
S o ut he rn A f ric a co mprises subsidiaries in Demo cratic Republic o f Co ngo ,
M alawi, Zambia, Zimbabwe, M o zambique and rep o ffice in A ngo la.
•
•
•
•
•
of $75m, up 41% YoY
ROE of 13.6%, up from 11.7% in the prior
year
Revenue
 NII up 35% driven by earning assets
growth and stable margins
 NIR up 46% on strong growth in FX
and trading income (+49%)
Operating expenses
–
Operating expenses grew by 30%
driven by investment spend especially
in Mozambique. The CIR improved to
70.5% v 76.6%
Impairment losses
 Impairment provisions increased to
$5.9m largely following portfolio
reviews
33

Ecobank Group Facts Behind The Figures

Transcription

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