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Good Result But Worrisome Accounting | Wetinberate| Realtime Naira Exchange Rates

Thursday,

April 11, 2019    06.30PM / By Proshare

Content material / Proshare MARKETS

Highlights

  • The

    Banks greenback revenue dipped –Zero.three%
  • Profit

    earlier than tax rose +51% on IFRS9 day one

    provision changes
  • Day one

    provisioning came to $299m
  • Non-interest

    revenue rose to 49% of complete revenue in 2018 

    from 47% in 2017
  • Consolidated

    complete revenue of ETI fell from $368.92m in 2017 to $43.24m in 2018

    primarily because of overseas change translation points arising from the

    software of the NAFEX trade price of N364/$ in 2018 as towards N306/$ in

    2017
  • NAFEX

    fee was solely applied to the month of December 2018 while the CBN official fee

    was applied over the earlier 11 months which in some estimates still creates a

    risk of an overstatement of stability sheet measurement in dollars
  • Ecobank

    Nigeria’s operations characterize only between 23% and 25% of the whole

    continental enterprise of ETI, extenuating the impression of the deteriorating

    efficiency of the Nigerian operations on the Group
  • Full

    software of IAS21-compliant NAFEX overseas change translation might weaken

    ETI’s 2019 financial performance however this is anticipated to be limited to mainly

    its Nigerian operations
  • The

    absence of day one IFRS9 provisioning in 2019 can also overwhelm bottom line

    earnings of Ecobank Nigeria by FYE  

 

Desk 1 Ecobank Revenue Statement Highlights FY 2018

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Source: Ecobank Audited Annual Account FY 2018

 

Table 2 Ecobank Financial Place Assertion Highlights FY 2018

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Supply: Ecobank Audited Annual Account FY 2018

Introduction-Tackling The Robust Challenge of IAS21

ETI (“Ecobank”)

had a better than expected end in FY 2018, placing a bullish twist to an

otherwise bearish business outlook; the deposit cash bank’s gross earnings dipped

-0.3% from $2.49bn in FY2017 to $2.48bn in FY

2018, nevertheless, revenue before tax bounced properly, rising by +51.2% from $288.3m in FY 2017 to $435.9m in FY

2018, an indication that major loan restructuring and a reduce in working expense

seems to be working.

1.       Proshare had hitherto

(Is ETI The

Solely Bank Using CBN Rates To Convert Its USD Outcomes Into NGN and Vice Versa?)­raised

considerations over the bank’s persistent use of the official Central Financial institution of Nigeria

(CBN) trade fee of between N305/$ and N306/$ as a conversion price for the

greenback translation of its financials as towards the extra lately acceptable

accounting apply as advised by IAS21 of using the Nigeria Interbank Supply

Price (NIFEX) or the Nigerian Autonomous Market fee (NAFEX). The guidelines

recommend that where multiple foreign money exists the speed at which dividends

might be remitted have to be used. The suitable change fee is NAFEX. IAS 21

states that common change rates are inappropriate when trade charges

fluctuate as is the case with the CFA, CEDI and NAIRA. Despite this Ecobank

appears to have continued to use common trade rates (see our publish on this

matter: Compliance with IFRS9 and IAS21 – ETI and The Effects of Modifications in

Overseas Exchange Rates). But along with this a number of other accounting touch

factors persist.

 

Accounting spiders In The Cupboard

In its

2017 audited annual accounts Ecobank’s Managing Director/CEO, Mr. Ade Ayeyemi,

noted that, “We are mindful that our adoption of the new accounting standard

for financial instruments, International Financial Reporting Standard (IFRS) 9,

effective from January 2018, will require earlier recognition of expected

credit impairments. We expect this to reduce Ecobank’s earnings in the

near-term as it will lead to additional credit loss provisioning”. Nevertheless, in the bank’s 2018 audited reviews

revenue of the financial institution improved significantly principally because of impairment

cost changes to the financial institution’s books, thereby contradicting the MD’s earlier

assertion
.

So, what

really is occurring in the bank’s monetary office? Properly, what appears to be

happening is a couple of nice ebook preserving preparations; $811m in new provisions

for loan impairments on Loans and Advances to clients in 2018 as towards

$442m in 2017 was in step with IFRS9 necessities. But a further $279m

(a certain amount of $33m and a collective amount of $246m) in day one

provisions was piled onto the books bringing the whole day one provisioning for

FY 2018 to $299m.

Moreover,

$570m in provisioning (together with the $279m day one provision) was reversed (no

longer required) throughout 2018 as towards $115m in 2017, allowing the financial institution to publish

a tidy progress in revenue in 2018 of +51.2% regardless of

a –0.3% decline in income (to know the

provisioning calisthenics, see Desk 1

under).  In the final five years the

financial institution’s gross earnings (in greenback terms) has dropped by 20%. Nevertheless, the financial institution

notes that much of this improvement was reflective of the truth that the bank

chose to report the accounts in dollars relatively than in native naira. This is

right, but the level also stays that because the bank has solely a quarter of

its operations in Nigeria, making use of the naira to the whole group results might

not have been a fair reflection of the underlying state of its continental

operations.

Table three Ecobank Provisioning for FY 2017 and FY 2018 Audited Accounts

ETI

Provisioning 2017 and 2018

2018

2017

Change

$’m

$’m

$’m

New Provisions (excluding day one)

811

442

369

Provisions not required

(571)

(115)

(456)

Impairment losses (Revenue

Assertion)

240

326

(86)

Source: Ecobank Audited Annual Account FY 2018

 On enquiry by Proshare the financial institution responded by making

the following observations:

  • We

    have confronted sluggish progress in a few of our key markets and this coupled with

    falling interest rates has made rising income a challenge not just for us but

    for the broader business.
  • Aside

    from the influence on income progress from exogenous elements, internally we took a

    strategic choice to largely maintain off on credit origination, especially throughout

    the ‘securing the foundation’ part of our technique. Provided that our internet

    curiosity revenue was largely driven by credit score, curbing loan progress had an

    opposed influence on NII progress. And as we categorised more loans in addressing the

    credit quality challenges, our non-accrual loans increased. Consequently, the

    declining mortgage balances meant decrease credit score associated charges, which made an enormous chunk

    of our non-funded revenue. All of those combined to influence revenues heavily.
  • But

    now that we now have entered the ‘execution phase’ of our technique, we are

    beginning to develop loans, albeit cautiously. You’ll discover that we grew loans

    in FY2018 on an underlying foundation, especially in the 4Q and are guiding to an

    8-10% mortgage progress in 2019.
  • We

    are additionally delighted that our revenue combine continues to be robust as we continue

    to drive worth within the non-interest revenue strains together with the digital banking

    products. Non-interest revenue now represents 49% (in comparison with 47% in prior

    yr) of complete revenue primarily pushed by revenue from Cash Administration. The robust

    progress in our deposit base has additionally enabled the Group to report continued

    progress in revenue regardless of the falling rates of interest in most of our markets.

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Chart 1 Ecobank Gross Earnings 2014-2018

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Supply: Ecobank Audited Annual Accounts 2014-2018

 

Desk four Ecobank’s 5 (5) Years Income and Profit Numbers 2014-2018

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Supply: Ecobank Audited Annual Accounts 2014-2018

The

bank’s response to its gross earnings decline throws up further questions about

one other oddity in its books; it’s shrinking shareholder funds. The financial institution proudly

announced in the FY 2018 Results that it had achieved a wholesome 17.5% return on

fairness (ROE) in the middle of the yr, however that statement tactfully ignored to

point out the truth that shareholder funds had equally been pummeled by a few

fifth or 23%, falling from $927m in 2017 to $716m in 2018. To make up for its

overseas change adjustments to satisfy IAS21 necessities and to revive its

capital adequacy ratio (CAR), the financial institution needed to increase an extra $64m in capital.

Using the NAFEX fee quite than the CBN official price for overseas

change translation has clearly led to a serious decline in Ecobank’s equity

between 2017 and 2018.

The bank in responding to the problems raised noted that:

  • Our

    accounting coverage for accounting for our funding in subsidiaries,

    translating and consolidating these has not changed from prior yr. What we

    changed was the rate used within the translation of the outcomes of our subsidiaries

    in Nigeria. This was the result of the consistent divergence of the CBN price

    and business greatest follow by banking members within the Nigerian market. In

    2018, we adopted the NAFEX price of 364 naira to at least one US greenback and moved away

    from the CBN official fee of 306 naira to the US dollar. This had an opposed

    impression on Ecobank Nigeria’s equity. In

    December a capital injection of $64 million was made into Nigeria
    .  
  • Whereas

    the improved ROE for the group is partly on the again of a smaller equity it

    also needs to be famous that this follows via on a much-improved profit efficiency

    compared to the prior yr. A efficiency, which noticed a $148m or 51% progress in

    PBT and a 47% progress in income attributable to shareholders to $262m. 

This

could also be so, however another drawback that the financial institution’s FY 2018 accounts exhibits needs clearing

up is the expansion of its off stability sheet contingent belongings. The banks off

stability sheet transactions grew considerably in the middle of the yr between

FYE 2017 and FYE 2018. Contingent off stability sheet gadgets rose from $3.9bn in

2017 to $5.5bn in 2018, a rise of +41%. The

bank explains this by stating that the rise was attributable to:

  • A rise

    in mortgage commitments, bonds and guarantees especially in our trade finance

    enterprise. This is in keeping with our technique of boosting progress in merchandise that

    are usually not capital intensive. 

This

might truly be a sensible improvement if the standard of the contingent belongings have been

such that Facility crystallization remains distant and inherent risks within the off-balance

sheet portfolios are properly priced-in.

Proshare Nigeria Pvt. Ltd.

Other Matters Arising

Towards

the backdrop of Ecobank’s efficiency in FY 2018 a number of other matters have

nudged analysts to take a better take a look at its books. A bitter level for

shareholders in 2018 was that the bank has did not declare a dividend within the

final three years. Certainly the last time a dividend was declared by Ecobank was

in 2015.  

 

Table 5 Ecobank Dividend History

                   (2005-2018)

Yr

Dividend

2005

0.three cents

2006

0.3 cents

2007

Zero.four cents

2008

0.2 cents

2009

Zero.three cents

2010

Zero.4 cents

2011

0.four cents

2012

Zero.four cents

2013

Nil

2014

Nil

2015

Zero.2 cents

2016

Nil

2017

Nil

2018

Nil

 

This

signifies that shareholder return have largely been depending on share worth

will increase but between August 2018 and April 2019, the banks share worth has tanked

from N22 to N11.35, this represents a 9 (9) month capital lack of -93.9%. The bank’s response to the difficulty is that:

  • First,

    this was a very troublesome determination to take, as no board is comfortable to even minimize

    the dividend, not to mention cross a dividend cost.
  • In

    2016 once we embarked on our ‘roadmap to leadership’ strategy, we articulated

    that the primary 2 years of the 5-year technique can be used to ‘secure the

    foundations’ of the firm to place it to ship longer-term value. We then

    embarked on a transformational journey that included refreshing government

    administration staff, considerably overhauling our danger administration, tackle legacy

    challenged belongings (where in Nigeria we needed to set up the decision car),

    enhancing value efficiency across the Group and so forth. This culminated within the firm

    posting a loss in 2016. Because of all of those actions, returning capital

    to shareholders was not possible throughout that interval.
  • We perceive

    that with the robust revenue generated in 2018, the expectation of shareholders

    might be for the resumption of dividend funds. Nevertheless, following rigorous

    deliberations on the differing wants dealing with our firm in the ‘Execution’

    part of our ‘Roadmap to Leadership’ technique, a choice was taken to proceed

    to strengthen the Group.
  • This

    choice was predicated on robust financial reasoning based mostly on the long-term

    prospects of the company. Elements thought-about included the need for capital to

    drive progress and improve performance in key affiliates, potential regulatory

    capital calls for and the liquidity buffers required to sustain Ecobank as a protected

    and sound financial establishment.
  • The

    Board and the chief management group are confident that, with our actions

    and strategy, the company is properly positioned for sustainable progress with return

    on fairness above the cost of equity and finally return of capital to

    shareholders.. We’re assured that as we drive the growth technique,

    shareholders won’t only be rewarded with money dividends in the near-term,

    but in addition with the efficiency in the company’s share worth.

 

Rebasing

the financial institution’s stability sheet consistent with a overseas translation price of N364/$ as

towards the earlier apply of N306/$ exhibits that the overall measurement of the

bank’s books by belongings would have been overstated by

+16% or $1.033bn if IAS21 rules had not

been applied (see Desk 4 under):

Table 6 Influence of IAS21 FX Translation on Ecobank’s Stability Sheet FY 2018

2018 N364/$

   Constant 

     N306/$

             Corrected Overstatement

    

  $’m

         $’m

                     $’m

      % Difference

Loans and Advances

   

2,313

           2,753

                     (440)

-16%



Complete Belongings

    5,431

           6,464

                  (1,033)

-16%



Deposits

   

3,523

           4,193

                     (670)

-16%



Complete Fairness

       716

              853

                     (137)

-16%



Source: Ecobank FY 2018 Audited Annual Accounts, Proshare Professional forma FX Translations

The

decreased measurement of the financial institution’s stability sheet is more reflective of its comparable

underlying performance relative to other banks which have their annual stories said

in dollars fairly than naira.

On the

a part of the banks profit and loss assertion, it ought to be noted that the IAS21

adjustment might be absolutely reflected in the banks reported efficiency in 2019

and not 2018 because of the day one accounting benefit allowed for by the

IFRS9 guidelines. This one off provisioning adjustment won’t be repeated in 2019

and so the bank can be compelled to grow stronger underlying operating revenue

and gross earnings to maintain investor confidence. Indeed:

·        

If ETI used NAFEX for the complete

yr outcome (it truly applied the NAFEX translation for only one month of FY2018,

December) the influence would have been that operating revenue would have fallen

from $444m to $378m, a $66m or 14.85% lower.   Operating revenue would then have slumped by

32% and not the 20% reported within the FY 2018 accounts. PBT would have slipped by

$13.5m to $78m. All other banks in Nigeria used NAFEX for the complete 2018

outcomes. The Ecobank results are, in a fashion, not really corresponding to peers

listed on the Nigerian Inventory Exchange (NSE). In 2019 the financial institution’s full yr outcomes

can be translated utilizing N364/$ as towards N306/$ for many of 2018 and the

influence might prove severe. Nevertheless, it have to be famous that it’s primarily Ecobank

Nigeria that may bear the brunt of the new overseas change translation rule. This

signifies that the implications for the group might be considerably milder than

was first projected by analysts. Nevertheless, the bank’s Nigerian operations does

appear to be putting increasingly heavy strain on ETI’s general group performance.

ETI’s

overseas trade and impairment losses between 2017 and 2018 additionally struck a

chord with analysts who have been concerned concerning the impression of IAS21 and IFRS9 on Ecobank’s

books going ahead (see Tables 5 and 6

under).

Desk 7 Influence of IFRS9 on Chosen Bank Stability Sheets FY 2018

BANKS

IMPAIRMENTS/LOANS

ECOBANK

2.46%

ACCESS BANK

0.74%

STANBIC IBTC

Zero.68%

GT BANK

0.39%

UBA

0.26%

Source: Audited Annual Accounts of Chosen Banks FY 2018

Table Eight IFRS9 Changes/Complete Belongings on Chosen Bank Stability

 Sheets FY 2018

Bank

IFRS Adjustments as % of Complete

Belongings

GT Bank*

four.62%

Zenith Financial institution*

1.82%

Access Financial institution*

1.63%

Ecobank

1.32%

Stanbic IBTC*

Zero.62%

Source: Audited Annual Accounts of Selected Banks FY 2018,

Observe:* The naira equal was converted utilizing N364:$1

 

On discussing the difficulty with the financial institution, the official response

was that
:

  • If by

    overseas change this refers to trade on translation of overseas operations,

    this was primarily a results of Group’s choice to adopt the NAFEX fee and the

    weakening of the XOF/XAF as well as the Ghanaian cedi towards the US dollar in

    the present yr. Having a stability sheet introduced in US dollars means overseas

    change translation fluctuations relying on the relative power of local

    currencies as compared to the US dollar (or the Euro, within the case of the CFA

    franc) will have an impact on this line.
  • Our

    credit score quality remained broadly secure throughout the franchise, with remoted

    episodic challenges in some nations. Encouragingly, we are regularly seeing

    the benefits of the substantial investment we made in individuals, processes and

    techniques in danger management in the previous few years. Impairment losses on loans and

    advances continued to profit from an effective NPL technique, stringent credit score

    underwriting requirements, enhanced portfolio monitoring, and an enhancing danger

    culture across the companies.
  • For

    2018, impairment losses on loans and advances have been $240 million, compared with

    $326 million for 2017. The decrease was primarily pushed by decrease impairments

    within Business Financial institution and Corporate and Investment Bank, principally from Nigeria.

    Additionally, impairment losses have been not required or provision releases as it is

    may be referred to, notably in overdraft loans and credit cards, got here

    in considerably larger, partially offsetting will increase in gross impairments.

The financial institution points out that the majority of its modern challenges relate principally to its Nigerian subsidiary which constitutes a few quarter of the group’s complete enterprise and revenue as a proportion of the group’s complete activities rounds off at about 25%. Apart from during the last three years the Nigerian operation as a proportion of group business has slowly declined from 30% in 2016 to about 25% in 2018. ETI stays the foremost bank in Ghana and arguably Sub-Saharan Africa in line with its management.

Illustration 1 Ecobank Nigeria’s market transition 2016-2019

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The bank’s management has additionally identified that compared to different banks in Nigeria it took one of many largest day one IFRS9 provision hits so as to strengthen forward progress expectations; a comparative evaluate of the banks impairment costs as a proportion of its loan e-book to clients exhibits that its value of danger was highest at 2.four% towards 0.70% for Access Bank, 0.30% for GT Bank, Zero.3% for UBA and -0.70% for StanbicIBTC. StanbicIBTC notes that its value of danger for the FY 2018 was adverse because of offsetting, “provisions for impaired loan by write-backs which resulted from recoveries made on previously written off loans and reversals on some nonperforming loans”. 

Chart 2 Value of Danger for Selected Nigerian Banks 2018

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Supply: Audited Annual Accounts of Nigerian Banks FY 2018 

The Bank, The Strategy, and The Pains

The bank in 2019 will face a speedily

consolidating ecosystem with market share turning into a important factor. The bank

is already three years right into a five yr strategic plan embarked upon in 2016.

The current part is known as, “execution”. 

From a current Convention Name assembly with senior executives of the financial institution

this is more likely to contain:

·        

A reduction in Value to Revenue

ratios

·        

A strategic enlargement of the

digital banking platform across multi-channels

·  Leveraging its continental

unfold to scale back funding prices and supply regional banking convenience for

clients

Deep Dive

A dive

into the banks comparative ratios explains a little bit of its strategies that are

primarily generic.

Cash Interest Protection-This

ratio is a measure of liquidity and exhibits how simply the bank supplies cash to

cowl interest obligations. For FY 2018, ETI had cash to interest coverage of

2.four. This was satisfactory but fell in need of different native banks similar to Stabic IBTC,

4.07; GT Financial institution, four.40; Entry Bank, four.76, and UBA, 6.61. 

 

Chart three Money Curiosity Coverage Ratio of Selected Nigerian Banks FY 2018

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Source: Audited Annual Accounts of Nigerian Banks FY 2018 

Capital Expenditure Ratio– ETI’s

capital expenditure for FY 2018 was someplace in the midst of the park, with its

expenditure ratio at 0.30 which was larger than GT Financial institution at Zero.13 and UBA at Zero.18

but decrease than Entry Financial institution at Zero.34 and StanbicIBTC at 1.05.

Chart 4 Capital Expenditure Ratio of Chosen Nigerian Banks FY 2018

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Supply: Audited Annual Accounts of Nigerian Banks FY 2018 

 

Quality of Earnings Ratio– Ecobank

has the very best high quality of earnings ratio in FY 2018 within the reviewed financial institution class

as its operating revenue as a proportion of its internet operating money circulate is the

highest of the banks analysed.

 

Chart 5 High quality of Earnings Ratio of Selected Nigerian Banks FY 2018

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 Source: Audited Annual Accounts of Nigerian Banks FY 2018 

 

Non-Curiosity Revenue to Operating Revenue

Ecobank’s effort at growing non-interest revenue to smoothen out variability

in working earnings seems to be panning out as the bank was in a position in FY 2018

to push non-interest revenue as a proportion of working revenue to virtually 50%. This

was mirrored in the rise of its off stability sheet belongings. Relative to different

banks Ecobank was slightly behind StanbicIBTC however properly forward of Access Bank,

43%; GT Bank, 37%; UBA, 33%.

Chart 6 Non-Curiosity Incomes/Working Revenue of Chosen Nigerian Banks FY 2018

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 Source: Audited Annual Accounts of Nigerian Banks FY 2018 

 

 

The Strategy

Going

ahead into 2019, the financial institution clearly intends to stall progress in lending and

improve non-interest revenue, while equally pursuing a cost-to-income reduction

plan. The financial institution’s CIR is presently at 62%, making it one of many highest in the

sector. Dialogue with the financial institution’s management signifies that plans are afoot to

deliver this down. The price chopping might be complemented by an elevated shift

in the direction of commerce finance and fee-based incomes to scale back the influence of volatility

of interest-based actions on the financial institution’s financial place, therefore de-risking

the financial institution’s revenue assertion. Ecobank Nigeria may have to boost further capital

in 2019 or use its retained earnings to fatten the dimensions of equity. This will

end in a fall in ROE to between 15 and 16% for FYE 2019.

Chart 7 Chosen Bank’s Value to Revenue Ratio 2018

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 Supply: Audited Annual Accounts of Nigerian Banks FY 2018 

 

 

 

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Illustration 2 Ecobank’s Three Generic Strategies 2019

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         Conclusion

         Ecobank has finished a great job making an attempt to

pull up working efficiency but the work forward is certainly tougher

than that of the previous. Bearing the complete weight of IAS21 NAFEX adjustments in

2019 and having to cope with the absence of IFRS9 at some point provisioning

remedy will put lots of strain on the bank’s books. Ayeyemi’s optimism is

commendable, however hope and optimism are nearly as good because the exhausting work that is

required to show them into actuality.

According

to Oscar Wilde, “we are all in the gutter, but some of us are looking at the

stars”, hopefully Ecobank is just too.

        

Visit ETI Plc IR Page in Proshare MARKETS

 

Graph– Ecobank One Yr Share Worth Movement

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Table – 2018FY Audited Results

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Proshare Nigeria Pvt. Ltd.

Related Information

1.       ETI Declares N102.17 bln PAT in This fall’18 Results,(SP:N13.20okay)

2.      Nedbank’s 2018 Results Preview Ecobank Expectations; Cue Waiting Recreation

three.      Ecobank Transnational Included Declares The Appointment of Arunma

Oteh To Its Board of Director

four.      Ecobank Responds to Wrongful Allegations

5.      ETI Broadcasts Closure of USD200m Syndicated Mortgage Facility:

Oversubscribed By $268.5m

6.      Nedbank

Affiliate Beneath Scrutiny – Sunday Occasions SA

7.      Compliance

With IFRS IAS21 – ETI and The Effects of Modifications in Overseas Exchange Rates

8.      

Is ETI The

Solely Bank Utilizing CBN Rates To Convert Its USD Results Into NGN and Vice Versa?

9.       Unravelling

The Ecobank Q3 2018 Results; Applying NAFEX, Totally different Outcomes Oct

26, 2018

10.  FRC

Publishes Thematic Assessment Findings Of IFRS9 and IFRS15 Firm DisclosuresNov

05, 2018

11.   EBA Stress

Check – Banks Are Extra Resilient To Financial Shocks, Barclays and Lloyds Are

Laggards  Nov 04, 2018

12.  Personal

Statements By The MPC Members at The 120 MPC Assembly of Sep 24-25, 2018 Nov

08, 2018

13.  Nigerian

Diamond Bank Downgraded On Weaker-Than-Anticipated Asset Quality; Outlook Destructive Nov

07, 2018

14.  ETI 2017

Outcomes In Mild Of Steerage From Fitch And PWC On Exchange Rates Per IFRS

15.   Nigerian

Banks Plan Market-Based mostly Reporting of FC Exposure

16.  A LOOK AT

CURRENT FINANCIAL REPORTING ISSUES – PWC Jan 2018: Accounting

issues for overseas Foreign money transactions and balances in Nigeria beneath

IFRSs.

17.   Ecobank

Stories Audited FY2017 Revenue Earlier than Tax of $288 million – Mar 21, 2018

18.  ETI

Declares N75.72bn PAT in Q3 2018 Results,(SP:N16.00okay)

19.  S&P To

Decrease Ecobank (ETI) Scores If Vital Improve in Double Leverage Above

120% Is Observed

20. Josephine

Anan-Ankomah Appointed Ecobank TI”s New Group Government, Business Banking

21.  ETI

Pronounces the Retirement of Ms Dolika Banda from Its Board

22. Ecobank

Group Appoints Patrick Akinwuntan as Managing Director Designate of Ecobank

Nigeria

23. How you can buy

a Nigerian financial institution with no money – Proshare 

24. ETI

Proclaims the Co-option of Mr Greg Davis to its Board of Administrators

25.  ETI

Declares N18.68bn PAT in Q1’17 Results,(SP:N7.8k)

26. ETI

Declares N52.6bn Loss After Tax in 2016 Audited Results (SP:N8.20okay)

27.  Ecobank to

Publish Yr Ended 2016 Audited Financial Outcomes on 18 April 2017

28. Erratum to

Ecobank Announcement Relating to Delay to Publishing of 2016 Audited Outcomes

29. ETI

Broadcasts a Delay to the Publishing of Yr Ended 31 December 2016 Outcomes

30. Afreximbank

and ETI agree on African trade and investment promotion including US$500m

programme

31.  ETI

Declares N51.55bn PAT in Q2 2018 Outcomes,(SP:N26.00okay)

32. Ecobank

Group Appoints Patrick Akinwuntan as Managing Director Designate of Ecobank

Nigeria

33. IFRS 16 to

Gasoline Use of JVs to Keep away from Lease Capitalisation Nov

06, 2018

34. IFRS 9 to

Drive Modest Rise in Insurers” Revenue Volatility

35.  IFRS 17

Might Put Up Value of Capital for European Insurers

 

Proshare Nigeria Pvt. Ltd.

About the author

Tejas Sachdeva

Tejas Sachdeva

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