The BGFIBank Group pulverizes the bar of 5,000 billion FCFA in total balance sheet


Meeting on August 10, 2023 under the chairmanship of Henri-Claude OYIMA, the Board of Directors of BGFI Holding Corporation reviewed the activities of the BGFIBank Group and approved the half-year accounts as of June 30, 2023. This meeting was the opportunity to assess the performance, activities and status of implementation of the action plan in the light of the strategic orientations defined in the “DYNAMIC 2025” Company Project.

At the end of this evaluation, the members of the Board of Directors noted the continuous improvement in performance with a consolidated net income of 38.9 billion FCFA, up 42% compared to June 30, 2022, despite an economic and financial context. marked by inflationary pressures and new regulatory requirements.

On the strength of its results, the BGFIBank Group demonstrates the solidity of its financial structure with equity capital reinforced by 5% which reaches 549 billion FCFA.

The Total Balance Sheet thus exceeds the objective of 5,000 billion FCFA initially planned at the end of the business project in 2025, to settle at 5,113 billion FCFA, an increase of 19% on an annual basis. This development is the result of:

• The increase in customer deposits (+15%) in connection with the increase in current and term accounts following the intensification of collection actions throughout the network;

• The increase in outstanding customer loans (+17%), which stems essentially from the Group's proactive strategy to support the various economies through the financing of investment projects in the twelve countries where it operates in the high-impact business sectors such as water, energy, general trade, agro-industry, telecommunications, construction and even downstream oil.

The consolidated net income of the BGFIBank Group stands at XOF 38.9 billion, up 42% compared to June 30, 2022. This change results from the following combined effects:

• The improvement in operating income, up 26% compared to the first half of 2022; in line with the performance recorded in corporate and investment banking, commercial banking and specialized financial services, but also in the interbank financing segment;

• Stabilization of the cost of risk thanks to the strengthening of credit portfolio monitoring measures.

• The increase in operating expenses resulting from the strategy of expansion and development of the Group's activities through the expansion of the distribution network (bank branches, cash points, ATMs), investments in digitalization, IT systems and the continuous transformation of human capital;

Mr. Henri-Claude OYIMA, Chairman and CEO of the BGFIBank Group, did not fail to review these performances:

“The results we achieved in the first half of 2023 reflect the robustness and resilience of our business model as well as the ability of the BGFIBank Group to constantly reinvent itself. This was possible thanks to the renewed commitment of our employees, directors and shareholders. We remain determined to deliver solid performances that will allow us to pursue our strategy based on sustainable growth of our activities and rigorous risk management to achieve the targeted objectives”.