Ecobank Liberia Ltd, Annual Report 2011

Ecobank Liberia Ltd, Annual Report 2011

1999 2000 20012002 2003 20042005 2006 20072008 2009 20102011Ecobank Liberia Ltd, Annual Report 2011

Ecobank Liberia LimitedConsolidated Financial Statements31 December 2011Ecobank Liberia Annual Report 2011 1

Notice of MeetingDear Mr. Chairman and other Distinguished Members of the Board,Notice is hereby Given that the ANNUAL GENERAL MEETING of Ecobank Liberia Limited,will be held in the conference room of the Head Office Annex on Ashmun Street onApril 17, 2012 to transact the following business:AgendaOrdinary Resolution1. To receive and consider the statement of the Chairman2. To receive and consider the Audited Financial Statement as at 31st December 2011, and Auditors Report therein3. To authorize the Directors to fix the remuneration of the AuditorsDATED THE 22ND OF MARCH, 2012BY ORDER OF THE BOARDSignedALVINA NORMAN (ATTY.)(Company Secretary).Ecobank Liberia Annual Report 2011 4

Corporate InformationPewu Subah(Chairman)ClavendaBright-ParkerBoard ofDirectorsKola Adeleke(ManagingDirector)Samuel AshiteyAdjeiOba M. O.AdesinaBoard of DirectorsPewu Subah, ChairmanKola Adeleke, Managing DirectorClavenda Bright-Parker, MemberSamuel Adjei, MemberOba M. O. Adesina, MemberSecretaryAlvina NormanSolicitorsSherman & ShermanR. Foley Sherman Building17th Street, Cheeseman AvenueMonrovia, LiberiaAuditorsVOSCON Incorporated3rd Floor, FedEx Plaza80 Broad StreetP. O. Box 10-0011Monrovia, LiberiaRegistered OfficeECOBANK Liberia LimitedAshmun & Randall StreetsP. O. Box 4825,MonroviaEcobank Liberia Annual Report 2011 5

Board of DirectorsPewu SubahChairmanKola AdelekeManaging DirectorClavenda Bright-ParkerMemberSamuel AshiteyAdjeiMemberOba M. O. AdesinaMemberEcobank Liberia Annual Report 2011 6

Management TeamDonaldHounkponouHead, InformationTechnologyKola AdelekeManagingDirectorRobert KwamiExecutive DirectorAdolphus TwehHead, OperationsFelix Saint-JeanHead, CorporateBankGeorge YarkpaHead, ComplianceManagementTeamDoreen McIntoshHead, DomesticBankOlufemiAdekunleHead, InternalAuditBraimah Baba AliChief FinanceOfficerRolland DjangHead, HumanResourceMohammedDukulyCountry RiskManagerSteven HowardTreasurerManagement TeamKola Adeleke (Managing Director)Robert Kwami (Executive Director)Felix Saint-Jean (Head, Corporate Bank)Doreen McIntosh (Head, Domestic Bank)Steven Howard (Treasurer)Mohammed Dukuly (Country Risk Manager)Rolland Djang (Head, Human Resource)Braimah Baba Ali (Chief Finance Officer)Olufemi Adekunle (Head, Internal Audit)George Yarkpa (Head, Compliance)Adolphus Tweh (Head, Operations)Donald Hounkponou (Head, Information Technology)Ecobank Liberia Annual Report 2011 7

Management TeamRolland DjangHead, Human ResourceBraimah Baba AliChief Finance OfficerOlufemi AdekunleHead, Internal AuditGeorge YarkpaHead, ComplianceAdolphus TwehHead, OperationsDonald HounkponouHead, Information TechnologyEcobank Liberia Annual Report 2011 9

Financial Highlights(All Amounts are expressed in thousands of Liberian dollars)Revenues(LRD'M)1,795.42010US$1741.81m; (3.1%)Loan Impairments(LRD'M)369.82010US$657.8m; (-43.8%)Profit before tax(LRD'M)117.62010US$21.48m; (447.5%)Net Income(LRD'M)$88.212010US$3.18m; (2673.9%)Total Assets(LRD'M)20,365.42010US$15533.03m; (31.1%)Net Loans(LRD'M)$6,463.62010US$4864.62m; (32.9%)Total deposits(LRD'M)$14,385.02010US$12193.76m; (18%)Equity(LRD'M)$1,514.22010US$1113.52m; (36%)NPL Ratio(%)20%201030%; (-33.3%)Efficiency Ratio(%)70%201060%; (16.7%)EPS$20.502010US$0.74; (2670.3%)ROAE$0.012010US$0.0002; (4900%)CAR (%)15.6%201013.48%; (15.7%)Branches/Locations412010(40; 2.5%)ATMs242010(24; 0%)Customers1872010124614; (50.2%)Ecobank Liberia Annual Report 2011 10

Financial HighlightsAt 31 DecemberDomestic Corporate2011 2011 2010 2010L$’000 $’000 L$’000 $’000Major Balance Sheet ItemsTotal Assets 20,365,397 280,902 15,533,027 217,245Loans and Advances 6,461,551 89,125 4,864,621 68,037Deposits 15,171,819 209,266 12,193,764 170,542Shareholders Equity 1,514,160 20,885 1,113,522 15,574Major Profit & Loss ItemsGross Earnings 1,795,441 24,765 1,841,810 24,361Loan Loss Provision 370,860 5,115 660,446 9,237Profit/(Loss) before tax 117,614 1,622 21,475 300Profit/(Loss) after Tax 88,210 1,217 3,182 45Number of Employees as at December 245 299Number of Locations 41 40Ecobank Liberia Annual Report 2011 11

Chairman’s AddressPerformance Report- Year 2011On behalf of the Board of Directors of Ecobank Liberia Limited, I welcome you to the 12th Annual General Meeting andpresent to you a review of the corporate environment along with a report on the performance and achievement of thebank for the financial year ended 31st December 2011. It is my pleasure to present to you today highlights of theperformance of Ecobank Liberia for the year ended 31st December 2011.Operating EnvironmentThe Liberian economy remained stable despite the challenging prospects for growth in the global economy as the euroentered a perilous new phase. Real GDP is projected to grow at 6.9%. The principal drivers of growth in the economyduring the previous year were the favourable performance of the agricultural sector and the resumption of iron oreexports.Consumer Price Inflation averaged 10.7 percent during the fourth quarter of 2011 from 9.0 at the end of September 2011.Increases in prices of domestic food, imported fuel, and the relatively poor state of the country’s infrastructure are someof the reasons for the rise in the general price level.Within this socio-economic context, there was increased competition in the banking sector as the players introducedseveral e-banking services onto the market, increased the size of branch networks, and reduced rates and service fees.Despite these challenges, Ecobank Liberia again set another record as it won the 2010 Banker of the Year in Liberia,awarded by the Banker Magazine, the leading global banking and finance magazine.“Ecobank Liberia won the2010 Banker of the Year inLiberia, awarded by theBanker Magazine“Ecobank Liberia Annual Report 2011 12

Report of the DirectorsThe directors have pleasure in submitting their report to the shareholders together with the financial statements for theyear ended December 31, 2011.Directors’ responsibility statementThe company’s directors are responsible for the preparation and fair presentation of the financial statements, comprisingthe balance sheet at December 31, 2011 and the income statement, the statement of changes in equity and cash flowstatement for the year then ended, and the notes to the financial statements, which include a summary of significantaccounting policies and other explanatory notes, in accordance with Generally Accepted Accounting Principles of theUnited States of America and the requirements of the New Financial Institutions Act (FIA) of 1999 and the PrudentialRegulations of the Central Bank of Liberia (CBL).The directors’ responsibility includes designing, implementing and maintaining internal control relevant to thepreparation and fair presentation of these financial statements that are free from material misstatement whether due tofraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that arereasonable in the circumstances.The directors have made an assessment of the company’s ability to continue as a going concern and have no reason tobelieve the business will not be a going concern in the year ahead.Approval of the financial statementsThe financial statements of the Bank were approved by the Board of Directors on April 19th, 2012.Share capitalDetails of the Bank’s share capital are given in note 20 to the financial statements.DirectorsThe names of the present directors are detailed on page 1.AuditorsThe auditors, Messrs VOSCON Inc, have indicated their willingness to continue in office.By Order of the BoardDirectorDirectorDirectorDirectorEcobank Liberia Annual Report 2011 15

Business ReviewThe bank was incorporated as a private limited liabilitycompany and obtained a license to operate as acommercial bank on August 16, 1999. Until November2010, Ecobank Liberia Limited was a wholly ownedsubsidiary of Ecobank Transnational Incorporated (ETI), abank holding company, incorporated in 1985 under thelaws of Togo. This however changed with the 3.54% shareownership of the Atlantic Coast Regional Fund (AFIG).BusinessThere was no change in the principal activity of the Bankduring the year. Ecobank Liberia continued to providecommercial banking services to its customers. Wecontinued to focus on delivering quality services to awide-ranging clientele, including: government agencies,multinational, regional, multilateral and financialinstitutions, local companies, and medium, small andmicro enterprises and consumers. With a strong technologyplatform, coupled with sound risk management policies,and customized product programs, we were able to meetthe varied needs of our customers.StrategyIn 2011, we strived to differentiate ourselves from thecompetition by positioning ourselves as strategic partnersto our customers. Due to the diverse nature of ourclientele, we were able to continue to provide relevantsupport to our customers and positively impact on theeconomic development of the country.Since the beginning of 2010, the bank has been operatedin three business units, comprising: the Domestic Bank, theCorporate Bank and Treasury. The Domestic Bank focuseson retail and individual customers, schools and faith basedinstitutions, Government Ministries, Departments andAgencies, small and medium scale enterprises and localcorporate entities. The Corporate Bank concentrates onservicing multinational, regional corporate, andinternational organizations. The Treasury Services howevercontinue to focus on servicing the Foreign Exchange needsof our customers and arrange access to long term financewhere there is a need. These changes are part of ourconsolidation strategy. It will ensure that, while wecontinue to focus on growth, we will remain ever closer toour customers and be a strategic partner in supportingtheir activities.PerformanceThe bank in 2011, against the industry trend, experiencedincreased in performance compared with the prior year’sperformance. Gross Earnings increased by 3% while profitafter taxation achieved was 2,672% of the previous year.Provisions for loan loss decreased by 27% despiteadditional provisions of L$ 370.86 million made during theyear. This was due to loan written of during the yearamounting to L$ 766.71million. In the same period ourtotal assets increased by 31.1% over the previous year.Ecobank continues to be very sound and solvent. Thebank’s ability to meet depositor’s withdrawalsrequirement as measured by the ratio of cash, short termfunds and bank balances total deposit liabilities is wellabove industry standard of 15% minimum liquidityrequirement, implying a healthy liquidity position.NetworkAs part of the consolidation strategy, the bank maintainedits branches, channels and locations during the year underreview increased from forty (40) to forty-One (41). Theobjective is to ensure that the existing locations arere-organized to enable us extract maximum value in termsof operating and financial performance from the network.Corporate BankingThe Corporate Banking Group manages clients with formalmanagement structures and significant turnover. It hasresponsibility for the Multinationals, Regional and PublicCorporates, International organizations Multilaterals andEmbassies. It is structured by industry groups comprising ofEnergy, Commerce, Manufacturing, Construction, Mining,Logging, Agriculture and Civil Service.Domestic BankingThe Domestic Banking Group manages products andservices aimed at promoting growth for domesticbusinesses and individuals. Its focus extends to but is notlimited to Local Corporate, Public Sectors, Consumer andMicro, Small and Medium Scales (MSME) businesses.The suite of products offered by this strategic business unitinclude Deposit Products, Payroll services to bothgovernment and private employers, Private Banking,Business and Consumer Loans, Western Union, ElectronicBanking. The Domestic Banking Group was the first tointroduce Point of Sale terminals and VISA into the Liberianmarket. In 2011, the Group also pioneered the introductionof mobile money product in Liberia.Ecobank Liberia Annual Report 2011 16

Business ReviewTreasury ServicesThe Treasury Services Group is responsible for themanagement of the bank’s foreign exchange and balancesheet. It also plays a key role in supporting the Corporateand Domestic Groups to meet the foreign exchange needsof their respective customers and in providing access tolong term finance where there is a need from our valuedcustomers.Technology and TelecommunicationsThe bank continued to upgrade its technology platform tobetter satisfy the needs of the customers. With the supportof the Ecobank Group’s centralized technology andtelecommunication platform, the bank was able to achieveits objective of serving its customers across thirty countrieson the same platform in an on-line-real time fashion.During the year, the bank migrated its software fromGlobus to Flexcube. The bank has also put infrastructure inplace to ensure an improvement in the connectivity ofbranches in the leeward country in order to enhancecustomer service.PeopleThe bank appreciates the services of all staff who workedtirelessly to realize this dream, the direction of themanagement team and the guided support from the Boardof Directors and the Ecobank Group Office.We will continue to provide training and developmentopportunities to staff to ensure that they focus onproviding services that exceeds our customers’expectation. To this end we will continue to pursue policiesthat will lead to the recruitment, development andmaintenance of competent and dedicated staff.Customer ServiceEcobank Liberia holds customer satisfaction key to itsservices and policies. Meeting and exceeding thecustomer’s needs has been our pride and in line with thishave developed measurable indices and feedbackstowards customers’ satisfaction. We share the vision ofmaking and maintaining Ecobank as a world class bank.This guides us when providing service to our esteemedcustomers.Brand DevelopmentEcobank vision is to build a world class pan-African BankingGroup. The bank has a One Bank concept with uniformpolicies and practices replicated across the Ecobank Group.It provides convenient, accessible and reliable bankingproducts and services. During the year, the bank completedits re-branding exercise to ensure that all branches acrossthe country reflect the new corporate colours of theEcobank Group. This new look and feel is a promise to ourvalued customers that they can expect the same level ofservice regardless of the location they choose to carry outtheir banking business.Corporate GovernanceThe Board continues to carry out its responsibilities ascontained in the Bank’s Articles of Association, theapplicable laws in the country, and international bestpractices. The Board has remained strong and focused inperforming its statutory responsibilities.Regulation and SupervisionEcobank Liberia, like any other financial institution in thecountry is subject to the supervision and examination ofthe Central Bank of Liberia through its Banking SupervisionDepartment. The parent company Ecobank transnationalIncorporated provides technical assistance apart fromoversight functions to facilitate franchise protection.CompetitionThere was no new entrant in the market and the numberof commercial banks remained nine. There was howeverundoubtedly increased the level of competition for allplayers. This is a positive development as banks will bedifferentiated by the quality of their product and serviceoffering to the customer. With its robust technologyplatform, sound risk management practices, and superiorrelationship management skills, Ecobank Liberia is wellpositioned to successfully meet the challenge and stayahead of the competition.ConclusionThe banking environment in 2012 will be a morechallenging one. The major thrust of our strategy will be tooptimize our technology platform to roll-out electronicbanking products that will reinforce our mission of makingavailable to our growing customer base, the convenienceof doing banking in as many locations and throughelectronic means not only in Liberia but in the rest ofAfrica.Ecobank Liberia Annual Report 2011 17

Independent Auditors’ ReportWe have audited the financial statements of EcobankLiberia Limited which comprise the Balance Sheet as atDecember 31, 2011, the Income Statement, the statementof Changes in equity and the Cash flow statement for theyear then ended, and the summary of significantaccounting policies and other explanatory notes.Managements’ responsibility for the financial StatementsManagement is responsible for the preparation and fairpresentation of these financial statements in accordancewith Generally Accepted Accounting Principles of theUnited States of America and the requirements of the NewFinancial Institutions Act (FIA) of 1999 and the PrudentialRegulations of the Central Bank of Liberia (CBL). Thisresponsibility includes: designing, implementing andmaintaining internal control relevant to the preparationand fair presentation of the financial statements that arefree from material misstatement, whether due to fraud orerror, selecting and applying appropriate accountingpolicies and making accounting estimates that arereasonable in the circumstances.Auditors’ responsibilityOur responsibility is to express an opinion on thesefinancial statements based on our audit. We conducted ouraudit in accordance with Generally Accepted AuditingStandards of the United States of America. Those standardsrequire that we comply with ethical requirements and planand perform the audit to obtain reasonable assuranceabout whether the financial statements are free ofmaterial misstatement.An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected depend onthe auditors’ judgement including the assessment of risksof material misstatement of the financial statementswhether due to fraud or error. In making those riskassessments we consider internal control relevant to theentity’s preparation and fair presentation of the financialstatements in order to design audit procedures that areappropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the entity’sinternal control. An audit also includes evaluating theappropriateness of the accounting policies used and thereasonableness of accounting estimates made by thedirectors, as well as evaluating the overall financialstatement presentation.We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for ouropinion.OpinionIn our opinion, the financial statements give a true and fairview of the financial position of Ecobank Liberia Limited atDecember 31, 2011 and of its financial performance and itscash flows for the year then ended in accordance withGenerally Accepted Accounting Principles of the UnitedStates of America.Report on other Legal and Regulatory RequirementsIn accordance with the requirements of Section 21-1(a) ofthe New Financial Institution Act 1999, we report that wewere given satisfactory explanations/information from theofficers/agents of the bank.(Certified Public Accountants)MonroviaApril 19th, 2012Ecobank Liberia Annual Report 2011 18

Balance SheetFor the year ended December 31mestic Corporate 2011 2010Notes L$’000 L$’000AssetsCurrent assets:Cash and short-term fund 13 10,303,135 8,450,220Loans and advances 14 6,461,551 4,864,621Advance Corporate tax 12.2 72,124 4,871Property, plant & equipment 11 286,159 320,998Other assets 15 3,242,428 1,892,317Total assets 20,365,397 15,533,027Liabilities:Deposit from customers 16 14,385,031 12,314,090Deposit from banks 17 786,788 804,395Other liabilities and accruals 18 3,244,418 1,086,520Borrowings 19 435,000 214,500Total Liabilities 18,851,237 14,419,505Equity:Share capital & share premium 20 494,650 494,650Shareholders’ advance 21 305,618 -Retained earnings 22 470,628 405,012Statutory Reserves 23 243,264 213,860Total equity 1,514,160 1,113,522Total liabilities and equity 20,365,397 15,533,027These financial statements were approved by the Board of Directors on April 19, 2012 and signed on their behalf by:G. Pewu Subah Kola AdelekeCHAIRMANMANAGING DIRECTOR/CEOThe notes on pages 9 to 29 are an integral part of these financial statements.Ecobank Liberia Annual Report 2011 20

Statement of changes in equityFor the year ended December 31TotalIssued share Share Shareholders’ Statutory Retained shareholdersCapital Premium Advance Reserve Earnings equityL$’000 L$’000 L$’000 L$’000 L$’000 L$’000Balance at 31 Dec. 2010 446,307 48,343 - 213,860 405,012 1,113,522(previously stated)Prior period adjustments - - - - (22,594) (22,594)Cumulative effect of changes in - - - - - -accounting principlesBalance at 31 Dec. 2010 (restated) 446,307 48,343 - 213,860 382,418 1,090,928Dividends paid - - - - - -Common shares issued - - - - - -Share premium - - - - - -Advance for common shares - - 305,618 - - 305,618Profit for the year - - - - 117,614 117,614Option premium on convertible loan - - - - - -Transfer to statutory reserves - - - 29,404 (29,404) -Balance at December 31, 2010 446,307 48,343 305,618 243,264 470,628 1,514,160The notes on pages 9 to 29 are an integral part of these financial statements.Ecobank Liberia Annual Report 2011 21

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)Subsequent accrual of interest is credited to the interest insuspense account until the related loans and advances arebrought current by full settlement of the delinquentprincipal and interest.Interest is taken out of suspense only when it has actuallybeen paid by the debtor. All interests taken out of suspenseare credited to profit & loss of the current year.Interests on loans are returned to the accrual basis onlywhen the doubt about their collectability is removed andwhen the outstanding arrears of interest and principal arereceived.Interest income and expense on all trading assets andliabilities are considered to be incidental to the Bank’strading operations and are presented together with allother charges in the fair value of trading assets andliabilities in net trading income.(c) Fees and commissionsFees and commission income, including account servicingfees, sales commission, placement fees and syndicationfees, are recognized in the period in which the relatedservices are performed or when the related loans aredisbursed.(d) Net trading incomeNet trading income comprises gains less losses related totrading assets and liabilities and includes all realized fairvalue changes, interest, and foreign exchange differences.(e) Lease payments madePayments made under operating leases are recognized inprofit or loss on a straight line basis over the term of thelease.(f) TaxationTaxation comprises current tax alone. Taxation isrecognized in the income statement except to the extentthat it relates to items recognized directly in equity, inwhich case it is recognized in equity.Current taxCurrent tax is the expected tax payable on the taxableincome for the year, using tax rates enacted orsubstantively enacted at the balance sheet date, and anyadjustment to the payable in respect of previous years.(g) Cash and short-term fundsCash and cash equivalents include notes and coins onhand, balances with other Banks, balances held with theCentral Bank of Liberia and highly liquid financial assetswith original maturities of less than three months, whichare subject to insignificant risk of changes in their valueand are used by the Bank in the management of itsshort-term commitments.(h) Loans and advancesLoans and advances are non-derivative financial assetswith fixed or determinable payments that are not quotedin an active market and that the Bank does not intend tosell immediately or in the near term.Loans and advances are stated net of provision for bad anddoubtful items. Recoveries are credited to the profit andloss account when received. Interest income onnon-performing loans are suspended and only recognizedon a cash basis.Credit facilities are classified in the following fivecategories in line with the Prudential Regulations issued bythe Central Bank of Liberia. These classifications determinethe level of provision required against the perceived oranticipated diminution in the assets quality. Seeclassification below:ClassificationProvisionCurrent/non-classified 1%OLEM 5%Sub-standard 20%Doubtful 50%Loss 100%Current/non-classified loans and advancesLoans and Advances are deemed to be performing if thepayments of both principal and interest are up-to-date inaccordance with the agreed terms. An overdraft would beregarded as current if there was regular activity on theaccount with no sign of a hard core of debt developing.OLEM loans and advancesLoans and Advances in this category are currentlyprotected by adequate security, both as to principal andinterest, but they are potentially weak and vulnerable tocredit risk, although not to the point of justifying theEcobank Liberia Annual Report 2011 24

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)classification” Substandard”. The credit risk may berelatively minor yet constitute an unwarranted risk in thelight of circumstances surrounding a specific case. Theweaknesses, may, if not checked or corrected, weaken theasset or inadequately protect the bank’s credit position atsome future date.Sub-standard loans and advancesNon-performing loans and advances for which the principaland/or the interest remain outstanding for ninety (90)days but less than on hundred and eighty (180) days shallbe classified substandard. Overdrafts and other creditswithout pre-established repayment programs areconsidered Substandard when the advances exceed thecustomer’s borrowing line for ninety (90) consecutive daysbut less than one hundred and eighty (180) days; or theborrowing line has expired for ninety (90) days but lessthan one hundred and eighty (180) days; or interest is dueand unpaid for ninety (90) days but less than one hundredand eighty (180) days and deposits are insufficient to coverthe interest capitalized during the period. The principalbalance outstanding (and not the unpaid amounts) is usedin determining the aggregate amount of past-dueobligations.Doubtful loans and advancesNon-performing loans and advances for which the principaland/or the interest remain outstanding for one hundredand eighty (180) days but less than three hundred andsixty (360) days shall be classified doubtful. Doubtful loansand advances display all the weakness inherent in loansand advances classified as sub-standard but with theadded characteristics that they are not well secured andthe weaknesses make collection or liquidation in full, onthe basis of currently available information, highlyquestionable and improbable. The possibility of loss isextremely high, but because of certain mitigatingcircumstances, which may work to the advantage andstrengthening of the facility, its classification as anestimated loss is postponed until its more defined status isascertained.Loss loans and advancesNon-performing loans and advances for which the principaland/or the interest remain outstanding for three hundredand sixty (360) days or more shall be classified as loss.Loans and advances are classified as loss when they areconsidered uncollectible and of such little value that theircontinuation as recoverable facilities is not defensible. Thisclassification does not imply that the facility has absolutelyno recoverable value, but rather it is not practical ordesirable to defer making full provisions for the facilityeven though partial recover in future may not be entirelyruled out. Loans and advances classified as loss includethose to bankrupt companies and insolvent firms withnegative working capital and cash flow or those tojudgment debtors with no means or foreclosable collateralto settle the debts. Licensed banks should not retain suchfacilities on their books while pursuing long-termrecoveries. Losses should be taken in the period in whichthe surface as uncollectible.(i) Property and equipment(i) Recognition and measurementLand and leasehold improvements comprise mainlybranches and offices. All property, plant and equipmentare stated at historical cost less accumulateddepreciation.Cost includes expenditures that are directly attributableto the acquisition of the asset (costs of bringing theassets to its location and working condition). Purchasesoftware that is integral to the functionality of therelated equipment is capitalized as part of thatequipment.Work in progress represents property underconstruction, or plant and equipment undergoinginstallation, and is not depreciated; upon completion ofconstruction or installation, the attributable cost of eachasset is transferred to the relevant asset category.When parts of an item of property or equipment havedifferent useful lives, they are accounted for as separateitems (major components) of property and equipment.(ii) Subsequent costsSubsequent costs are included in the asset’s carryingamount or are recognized as a separate asset asappropriate, only when it is probable that futureeconomic benefits associated with the items will flow tothe Bank and the cost of the items can be measuredreliably. All other repairs and maintenance are chargedto the income statement during the financial period inwhich they are incurred. Major improvements arecapitalizedEcobank Liberia Annual Report 2011 25

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)(iii) DepreciationDepreciation of property and equipment is calculated towrite off the cost or valuation over the estimated usefullives of the assets on a straight line basis. Property andequipment are depreciated from the month the asset isbrought into use. The annual rates adopted for thevarious asset categories are as follows:i. Leasehold improvements Over the term of the leasesii. Motor vehicles 25.00%iii. Computers 33.33%iv. Furniture & equipment 20.00%Gains and losses on disposals are determined bycomparing proceeds with the carrying amount of theitem disposed of. These are included in the incomestatement.(j) Provision for loan lossesProvision for loan losses are made having regard to bothspecific and general risks. The specific element of theprovisions relates to those loans that have been individuallyreviewed and specifically identified as non-performing. Thegeneral element of the provision relates to those existinglosses, which although not yet specifically identified, areknown to be inherently present in the bank’s lendingportfolio at the balance sheet date.In determining the level of provisions required,Management considers the Prudential Regulations onassets classification issued by the Central Bank of Liberia(see note h above) and other factors including, but notlimited to domestic economic conditions, the compositionof the loan portfolio and prior loan losses experience.Provisions made during the year (less amounts release andrecoveries of loans previously provided for in part or inwhole) are charged as a separate amount in the profit andloss account. Loans are written-off when the extent of anyloss is confirmed against the related provision.(k) Employee benefits(i) Defined contribution plansThe Bank pays contributions to the National Social Securityand Welfare Corporation (NASSCORP) on a mandatory basis.The Bank has no further payment obligations once thecontributions have been paid. The contributions arerecognized as employee benefit expense when they aredue.(ii) Termination benefitsTermination benefits are payable when employment isterminated by the Bank before the normal retirementdate, or whenever an employee accepts voluntaryredundancy in exchange for these benefits. The Bankrecognizes termination benefits when it is demonstrablycommitted to either: terminating the employment ofcurrent employees according to a detailed formal planwithout possibility of withdrawal; or providingtermination benefits as a result of an offer made toencourage voluntary redundancy.(l) Share capital and reservesShare issue costsIncremental costs directly attributable to the issue of anequity instrument are recognized in profit or loss in theperiod in which the equity instrument is issued.(4) Financial Risk Management(a) Introduction and overviewThe Bank has exposure to the following risks from financialinstruments:• Credit Risk• Liquid risk• Market riskThis note presents information about the Bank’sexposure to each of the above risks.Risk Management FrameworkThe Board of Directors has the overall responsibility for theestablishment and oversight of the Bank’s riskmanagement framework. The Bank has established theAssets and Liabilities Committee (ALCO), Credit andOperational Risks Committees, which are responsible fordeveloping and monitoring the Bank’s risk managementpolicies in their specified areas. All Board committees haveboth executive and non-executive members and reportregularly to the Board of Directors on their activities.The Bank’s risk management policies are established toidentify and analyze the risks faced by the bank, to setappropriate risk limits and controls, and to monitor risksEcobank Liberia Annual Report 2011 26

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)and adhere to these limits. Risk management policies andsystems are reviewed regularly to reflect changes in marketconditions, products and services offered. The Bank, throughits training and management standards and procedures,aims to develop a discipline and constructive controlenvironment, in which all employees understand their rolesand obligations.The Audit Committee is assisted in the function by theInternal Audit Department. Internal Audit undertakes bothregular and ad-hoc reviews of risk management controlsand procedures, the result of which are reported to the AuditCommittee.b. Credit RiskCredit risk is the risk of financial loss to the bank if acustomer or counterparty to a financial instrument fails tomeet his/her contractual obligations. This risk arisesprincipally from the bank’s loans and advances to customersand other banks, and investment debt securities. For riskmanagement reporting purposes the bank considers andconsolidates all elements of credit risk exposure (such asindividual obligor default risk, country and sector risk).Management of Credit RiskThe Board of Directors has delegated responsibility for theoversight of credit to its Credit Committee. A separate RiskManagement Department reports to the Board RiskCommittee and is responsible for managing credit risk,which includes:• Establishing the authorization structure for the approvaland renewal of credit facilities. All credit facilities requireapproval by the Bank Credit Committee or the Board ofDirectors as appropriate.• Reviewing and assessing credit risk. The Bank CreditDepartment assesses all credit exposure in excess ofdesignated limits, prior to facilities been committee tocustomers by the business unit/branch concerned.Renewals and reviews of facilities are subject to thesame review process.• Limiting concentration of the exposure to counterpartiesand industries (for loans and advances, and by issuer,credit rating band, market liquidity (for investmentsecurities)• Developing and maintaining the Bank’s riskgrading/classification in order to categorize exposuresaccording to the degree of risk of financial loss faced andto focus management on the attendant risks. The riskgrading system is used in determining whereimpairment provisions may be required against specificcredit exposures. The current risk grading/classificationframework consists of five grades reflecting varyingdegrees of collateral or other credit risk mitigation.• Formulating credit policies in consultation with businessunits/branch representative, covering collateralrequirements, credit assessment, risk grading andreporting, documentary and legal procedures, andcompliance with regulatory requirements.Ecobank Liberia Annual Report 2011 27

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)5. Net interest incomeInterest income2011 2010Notes L$’000 L$’000Placements & short-term funds 14,737 7,283Loans and advances to customers 761,992 972,895Total interest income 776,729 980,178Interest expenseSavings accounts (47,073) (27,858)Current accounts (4,447) (7,339)Time deposits (6,793) (1,312)Others (2) (1,622)Total interest expenses (58,315) (38,131)Net interest income 718,414 942,0476. Fee and commission incomeAccounts servicing fees 204,933 176,930Import and documentary fees 65,205 28,059Commission on remittances 686,564 390,566Guarantees 36,307 11,462Internet banking & E-alert 2,020 -GOL payroll servicing 2,237 -Other commission and fees 4 181,605Total fee and commission income 997,270 788,622Fee and commission expensesVisa charges (2,201) (6,004)Total fee and commission expenses (2,201) (6,004)Net interest income 995,069 782,618Account servicing fees relate to fees earned on currentaccount services and related services. Commission onremittances relates to fees earned on activities of the Bankrelating to outward and inward remittance service chargeson current accounts, and other earnings on similarcommission related transactions.Import and documentary fees relate to income on importand export finance transactions, and issue of letters ofcredit. Other commission and fees relate to establishmentfees earned on loans and advances other than interestincome and other transactions not included in the othercategories.Ecobank Liberia Annual Report 2011 28

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)7. Net trading income2011 2010Notes L$’000 L$’000Foreign exchange gains 33,182 67,419Revaluation gains 46,225 (56,712)Net trading income 79,407 10,707The foreign exchange gain includes gains and losses from spot transactions. Revaluation gains include gains and lossesfrom translated foreign currency assets and liabilities.2011 2010Notes L$’000 L$’0008. Other income & expensesOther income 350 434Other tax expenses - -350 4349. Personnel expensesSalaries and allowances 243,169 299,002Medical 9,882 13,259Other employee costs 146,687 62,305399,738 374,566Ecobank Liberia Annual Report 2011 29

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)10. Operating expenses2011 2010Notes L$’000 L$’000Audit fees & expenses 14,812 1,859Occupancy expenses 124,628 48,374Administrative expenses 55,707 80,538Bank charges 1,333 29,754AGM & Board expenses 9,989 9,082Advertising & promotion 51,612 32,968Travel & entertainment 25,820 29,227Donation & contributions 7,207 8,148Insurance 11,162 9,004Legal & professional fees 57,906 35,178Training & recruitment 11,095 1,742Repairs & maintenance 102,246 31,532Post & communications 82,297 82,940Printing & publications 16,359 21,078Utilities 31,972 47,000Other taxes 55,523 -Others 81,028 88,680Ecobank Liberia Annual Report 2011 30

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)11. Property plant and equipmentLand & Furniture & Constr. MotorBuilding Installations equipment in progr. vehicles TotalL$’000 L$’000 L$’000 L$’000 L$’000 L$’000CostAt January 1, 2010 9,685 19,145 257,204 170,964 73,416 530,414Additions - 678 25,834 18,485 24,044 69,041Write-off/reclassification - (312) 250,622 (189,449) (5,890) 54,971At 31 December 2010 9,685 19,511 533,660 - 91,570 654,426At January 1, 2011 9,685 19,511 533,660 - 91,570 654,426Additions 1,568 16,552 70,612 1,398 158 90,288Write-off/reclassification - (340) 544 - (204) -At 31 December 2011 11,253 35,723 604,816 1,398 91,525 744,714DepreciationAt January 1, 2010 - 4,135 130,796 - 23,875 158,806Depreciation charge - 3,795 92,767 - 20,951 117,513Write-off/reclassification - (312) 61,172 - (3,751) 57,109At 31 December 2010 - 7,618 284,735 - 41,075 333,428At January 1, 2011 - 7,618 284,735 - 41,075 333,428Depreciation charge 53 2,823 100,960 - 21,291 125,127Write-off/reclassification - - - -At 31 December 2011 53 10,441 385,695 - 62,366 458,555Carrying amountsAt January 1, 2010 9,685 15,010 126,408 170,964 49,541 371,608At December 31, 2010 9,685 11,893 248,925 - 50,495 320,998At 31 December 2011 11,200 25,282 219,121 1,398 29,159 286,159Ecobank Liberia Annual Report 2011 31

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)12.1 Advance Corporate Tax2011 2010L$’000L$’000Current tax expense in respect of current 39,205 18,293Total income tax recognized in current year 39,205 18,29312.2 Advance Corporate tax 2011 2010Current tax liability - -Unused advance corporate tax from prior year 23,164 23,164Additional advance corporate tax paid 88,165 -Tax expenses for current year (39,205) (18,293)Advance Corporate tax 72,124 4,87113. Cash and short-term fundCash on hand 822,851 896,133Balances with CBL 4,826,693 3,228,323Of collection, money at call and placements 4,653,591 4,325,76414. Loans and advances to customersa. Analysis by type of advance10,303,135 8,450,220Loans 3,465,280 1,400,137Overdrafts 3,781,655 4,502,995Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)6,461,551 4,864,621Ecobank Liberia Annual Report 2011 32

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)b. Analysis by industry2011 2010L$’000L$’000Agric, forestry and fishing 146,984 97,396Manufacturing 147,393 94,255Tertiary 6,952,558 5,711,481Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)6,461,551 4,864,621c. Type of customerIndividuals 743,339 1,266,089Private corporation & businesses 6,031,119 4,301,771Non-financial public corporations 321,875 244,872Central & other levels of government 57,930 -Others 92,672 90,400Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)6,461,551 4,864,621d. Analysis by performancePerforming 5,288,000 3,372,796Non-performing 1,958,935 2,530,336Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)6,461,551 4,864,621Ecobank Liberia Annual Report 2011 33

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)e. Analysis by security2011 2010L$’000 L$’000Secured against real estate 5,513,795 4,071,318Unsecured 228,375 507,821Otherwise secured 1,504,765 1,323,993Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)6,461,551 4,864,621f. Analysis by maturityDue on demand or within 1 month 3,783,828 4,834,772Due after 1 month but within 3 months 361,990 50,266Due after 3 month but within 6 months 256,601 233,074Due after 6 month but within 12 months 350,162 437,365Due after 12 months 2,494,354 347,655Gross loans and advances 7,246,935 5,903,132Provision for loan losses (Note 14g) (706,657) (976,830)Interest-in-suspense (78,727) (61,681)g. Allowances for loan loss provision6,461,551 4,864,621Balance at 1 January 976,830 307,430Re-instatement of provision - 8,953Provisions on facilities written-off (641,033)Adjusted balance 335,797 316,383Loan losses for the year:Provision for current year 556,885 660,447Bad loan recovered during the year (186,025) -Loan loss expense 370,860 660,447Provision balance at 31 December 706,657 976,830Ecobank Liberia Annual Report 2011 34

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)15. Other assets2011 2010L$’000L$’000Interest & fees receivables 27,940 27,186Prepayments 728,814 232,864Sundry receivables 1,604,731 1,622,206Insurance claims 56,608 57,506Due from Western Union 594,257 2,126Due from affiliates 3,296 -Accounts Receivables 296,298 -3,311,944 1,941,888Less: Provision (69,516) (49,571)3,242,428 1,892,31716. Deposit from customersa. Analysis by type of depositCurrent (Checking) accounts 9,969,915 9,017,089Savings accounts 3,914,810 3,281,729Time deposits 500,306 15,27214,385,031 12,314,090b. Analysis by maturityDue on demand or within 1 month 9,970,050 12,298,818Due after 1 month but within 3 months 4,284,410 -Due after 3 month but within 6 months 73,011 5,720Due after 6 month but within 12 months 22,126 9,552Due after 12 months 35,434 -14,385,031 12,314,090Ecobank Liberia Annual Report 2011 35

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)c. Analysis by type of depositor2011 2010L$’000 L$’000Individuals 4,625,173 7,733,206Private corporations & enterprises 5,153,367 3,153,561Financial corporations 113,500 160,580Non-financial corporations 4,492,991 1,224,645Central & other levels of government - 42,09814,385,031 12,314,09017. Deposit from banksAffiliate banks 7,532 8,733Deposit from local banks 779,256 795,662786,788 804,39518. Other liabilities & accrualsRemittances awaiting disposal 85,986 100,043Accruals & other liabilities 3,158,432 986,4773,244,418 1,086,52019. BorrowingsConvertible bonds to ACRF 214,500 214,500Loan form IFC 220,500 -435,000 214,500Ecobank Liberia Annual Report 2011 36

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)In November 2010, as a means of meeting the minimumcapital requirement imposed by the Central Bank ofLiberia, Ecobank Liberia Limited entered into a subscriptionagreement with the Atlantic Coast Regional Fund (ACRF)managed and represented by the Advance Finance andInvestment Group (AFIG), whereby the bank received atotal of US$ 3,000,000 for the subscription of 456,621convertible unsecured bonds at a price of US$ 6.57 perconvertible bond. The ACRF, as per the subscriptionagreement, may exercise this option within 5 years fromthe date of the agreement.The bank, in November 2011, received a loan ofUS$3million (L$208,500,000) from the InternationalFinance Company in order to boast its tier II capital underthe prudential regulations of the Central Bank of Liberia.The loan is to be repaid in seven equal semi-annualinstallments commencing August 15, 2015. Interest on theloan is 8% plus LIBOR as published on the second businessday before the beginning of each interest payment period(August 15 and February 15 of each year).20. Share capitalProceeds2011 2010No. of shares Proceeds No. of sharesL$’000 L$’000 L$’000 L$’000Authorized share capitalOrdinary shares of US$2/L$83/L$139 each 10,000 - 10,000 -Issued and fully paid:Balance at 1 January 4,302 494,650 4,302 494,650Issued share capitalOrdinary sharesBalance at 1 January (US$2/L$83/L$139) 2,000 166,000 2,000 166,000Issued during the year 152 21,157 - -Share premium - 48,343 - -Transfer from shareholders advance 2,150 259,150 - -Balance at 31 December 4,302 494,650 2,000 166,000The Bank’s shares are traded in United States Dollars, oneof its functional currencies. These shares are howeverrecorded in Liberian Dollars, the Bank’s presentationcurrency and also one of its functional currencies, at theexchange rate prevailing on the date of the issuance of theshares. The par value of the Bank’s shares is US$2.00 each,the Liberian Dollar equivalent of which will change as theexchange rate changes.In November 2010, as a means of boosting the bank’scapital base, Ecobank Liberia Limited issued 152,207 of itsUS$ 2.00 par value common shares to the Atlantic CoastRegional Fund at a selling price of US$ 6.57. This gives theACRF a 3.54% ownership in Ecobank Liberia Limited. Thebank did not issue any additional shares in 2011.Ecobank Liberia Annual Report 2011 37

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)21. Shareholders’ advanceShareholders’ advance represents payments made inadvance by existing shareholders of the Bank for purchaseof additional ordinary shares. The parent company,Ecobank Transnational Incorporated, made advances toEcobank Liberia in the past to boost the capital of the bankas required by Central Bank of Liberia. These advanceswhich totalled L$ 259,150,000 were converted to2,150,000 common shares on September 21, 2010.24. Retained earningsInterest incomeEcobank Transnational Incorporated also made an advancefor ordinary shares of US$4,230,000 (equivalentL$305,617,500) on February 28, 2011 to boost the capitalof the Bank as required by the Central Bank of Liberia(CBL). The amount of ordinary shares into which theadvance can be converted has not yet been determined2011 2010L$’000L$’000At 1 January (As previously stated) 405,012 454,357Prior period adjustments (22,594) 20,768Retained earnings (as restated) 382,418 475,125Net profit/(loss) for the year 117,614 3,182Dividends - (72,500)Transfer to statutory reserves (29,404) (795)At 31 December 470,628 405,012In accordance with Section 15 of the New FinancialInstitution Act 1999, the Bank is required to maintain astatutory reserve account into which transfers from the netprofit of the Bank should be made. A transfer of 25% wasmade from the net profit after taxation for the year 2010 inaccordance with Section 15b(i) of the New FinancialInstitution Act 1999 as the aggregate of the actual paid-upor assigned capital and statutory reserve is less than oneand one half times the greater of its minimum requiredcapital and 5% of liabilities to general public.For the year 2011, a transfer of 25% was also made out ofthe Bank’s profit for the year in accordance with Section15b(i) of the New Financial Institution Act 1999 as theaggregate of the actual paid-up or assigned capital andstatutory reserve is less than one and one half times thegreater of its minimum required capital and 5% ofliabilities to general public.Ecobank Liberia Annual Report 2011 38

Notes to the Consolidated Financial Statements(All Amounts are expressed in thousands of Liberian dollars)a) Statutory ReserveInterest income2011 2010L$’000L$’000Balance at 1 January 213,860 213,065Transfer from net profits 21,664 795235,524 213,860b) Other ReserveBalance at January 1 - 1,183Movement - (1,183)- -Balance at December 31 256,069 -26. Capital commitmentAs at December 31, 2011, there were no commitments for capital expenditure. (2010: nil).27. Acceptances and guaranteesThere were no outstanding commitments as at the end of December 31, 2010 (2009: nil).28. Contingent liabilityThe outstanding Contingent Liabilities as at December 31, 2011 representing Documentary and Commercial Letter ofCredit, Performance Bond, Guarantees and Indemnities was L$1,565,350,077 (2010: L$202,122,808).29. Related party transactionsIdentity of related partiesThe Bank has a related party relationship with its parent body in the group. The parent body owns 96.47% of the totalshareholding of the Bank.A number of business transactions are entered into with the Group. These include the maintenance of the various nostroaccounts on which interests are earned and the payment of certain operating and capital expenditure on behalf of theBank.30. Post Balance Sheet EventThere were no significant events after the Balance Sheet date.Ecobank Liberia Annual Report 2011 39

Statement of Value Added(All Amounts are expressed in thousands of Liberian dollars)a) Statutory ReserveInterest income2011 2010L$’000L$’000Gross Income 1,853,756 1,779,941Interest Paid (58,315) (38,131)Commission & Fee Expenses (2,201) (6,004)1,793,240 1,735,806Administrative Overheads 1,111,556 1,217,550Value Added681,684 518,256DistributionEmployeesSalaries 399,738 374,566Providers of FundsDividendGovernmentTaxation Charge 39,205 18,293The FutureAssets Replacement (Depreciation) 125,127 122,215Expansion (Transfer of Reserves) 117,614 3,182681,684 518,256Ecobank Liberia Annual Report 2011 40

Five Years Financial SummaryBalance Sheets2011 2010 2009 2008 2007L$’000 L$’000 L$’000 L$’000AssetsCash and Short-Term Funds 10,303,135 8,450,220 5,574,166 4,677,256 3,210,349Loans & Advances 6,463,551 4,864,621 5,589,407 3,390,905 2,194,904Other Assets 3,314,552 1,897,188 1,544,565 599,558 339,690Fixed Assets 286,159 320,998 371,608 295,484 184,465Total Assets 20,365,397 15,533,027 13,079,746 8,963,203 5,929,408LiabilitiesDue to Banks 786,788 804,395 84,515 95,617 33,318Deposit Accounts 14,385,031 12,193,764 9,896,135 7,033,872 4,571,262Other Liabilities and Accruals 3,244,418 1,206,846 2,007,708 1,047,381 715,623Total Liabilities 18,416,237 14,205,005 11,988,358 8,176,890 5,320,203Convertible Bonds 435,000 214,500Net Assets 1,514,160 1,113,522 1,091,388 786,333 609,205Financed byShare Capital 494,650 494,650 166,000 166,000 166,000Shareholders Advance 305,618 259,150 259,150 259,150Reserves 713,892 618,873 666,238 361,183 184,055Shareholders’ Fund 1,514,160 1,113,522 1,091,388 786,333 609,205Total Liabilities and Equity 20,365,397 15,533,027 13,079,746 8,963,203 5,929,408Acceptances and Guarantees 3,028,320 717,706 358,174 393,997 147,298Profit and LossGross Earnings 1,795,441 1,741,810 1,634,222 1,176,067 817,350Profit before tax 117,614 21,475 581,935 340,900 247,077Profit after tax 88,210 3,182 386,199 235,313 163,059Ecobank Liberia Annual Report 2011 41

Five Years Financial SummaryBalance Sheets2011 2010 2009 2008 2007L$’000 L$’000 L$’000 L$’000 L$’000AssetsCash and Short-Term Funds 142,112 118,185 76,885 72,854 50,958Loans & Advances 89,125 68,037 77,095 52,818 34,840Other Assets 45,718 26,534 21,304 9,339 5,392Fixed Assets 3,947 4,489 5,126 4,603 2,928Total Assets 280,902 217,245 180,410 139,614 94,118LiabilitiesDue to Banks 10,852 11,250 1,166 1,490 529Deposit Accounts 198,414 170,542 136,498 109,562 72,560Other Liabilities and Accruals 44,751 16,879 27,693 16,314 11,359Total Liabilities 254,017 198,671 165,357 127,366 84,448Borrowings 6,000 3,000Net Assets 20,885 15,574 15,053 12,248 9670Financed byShare Capital 13,530 9,300 4,150 4,150 4,150Shareholders Advance 4,230 - 4,300 4,300 2,000Reserves 3,125 6,274 6,603 3,798 1,220Shareholders’ Fund 20,885 15,574 15,053 12,248 9,670Total Liabilities and Equity 280,902 217,245 180,410 139,614 94,118Acceptances and Guarantees 21,591 10,038 4,940 6,137 2,338Profit and LossGross Earnings 24,765 24,361 22,541 18,319 12,974Profit before tax 1,622 300 8,027 5,310 3,922Profit after tax 1,217 45 5,327 3,665 2,588Ecobank Liberia Annual Report 2011 42

Ecobank Liberia LtdAshmun and Randall StreetP. O. Box 48251000 Monrovia 10- LiberiaTel: (231)886 974 494 / 886 747

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