Oragroup Posts Impressive Financial Reports

Binta Touré Ndoye, Executive Director of Oragroup

Lomé, April 13, 2018//- Pan-African banking group Oragroup announced a strong performance for fiscal year 2017 at its annual general meeting (AGM) held in Lome, Togo, today.

Oragroup has a total balance sheet of 1,794 billion CFA francs (USD 3.28 billion). Customer deposits in the Orabank network totaled 1,179 billion CFA francs and credit operations totaled 1,085 billion CFA francs.

In total, the Group has a net banking income of CFA francs 108 billion (USD 197.4 million) and net income up sharply by 45% to CFA francs 21.97 billion (USD 40.1 million).

“These results reinforce our development strategy based on four pillars: the consolidation of a group sharing a common vision and values, the pursuit of our growth by controlling our expenses, the control of the cost of risk and the mobilization of resources in the region to consolidate the financial strength of the Group.

On all these areas, the bank was unquestionably on point. Teamwork was a key element to consolidate the achievements of our group in terms of financial performance needed for to consolidate its pan-African development,” Binta Toure Ndoye, CEO of Oragroup explained.

Vincent Le Guennou, Chairman of Oragroup’s Board of Directors and Co-CEO of Emerging Capital Partners (ECP), Oragroup’s majority shareholder, added: “These outstanding results in 2017 are a definitive validation of our strategy to build a universal bank with a strong presence in twelve African countries, paving the way for new development perspectives for the Orabank network.

With Oragroup, we are proud to finance the real economy, with a particular focus on SMEs, a segment that holds an extraordinary growth potential in Africa.”

In 2017 Oragroup obtained important lines of financing: Oragroup notably closed successfully a bond issue with a total amount of CFA francs 35 billion (EUR 53.3 million) through a public offering on the regional financial market of the West African Economic and Monetary Union (UEMOA); it obtained two loans of CFA francs 10 billion each from BOAD, and received a funding of EUR 40 million from the Islamic Corporation for the Development of the Private Sector (ICD).

These funds will enable Oragroup to finance eligible projects supported by small and medium-sized enterprises (SMEs) operating in ICD member countries.

Orabank continues to strengthen the funding of SMEs, with those intervening in particular in the renewable energy and efficiency energy sector (ER / EE), disbursing a total of EUR 6 million on the SUNREF credit line granted by the French Development Agency (AFD).

Following the harmonization of its information systems carried out at the end of 2016, Oragroup has also finalized the implementation of its group coherence with the adoption of CR2’s BankWorld digital banking platform, which will allow an expansion of its range of digital banking services as well as self-service agencies.

Oragroup thus lays the foundations for an ambitious policy in terms of digitalization and deepening its penetration of the markets in which it operates.

2017 was also marked by the launch of a regional and international trading room in Lomé, reflecting the Group’s strong desire to actively contribute to the development of the regional financial market.

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