Balance sheet total of Orabank Togo grew by nearly XOF100 billion in 2018

Banking
Tuesday, 24 September 2019 13:45
Balance sheet total of Orabank Togo grew by nearly XOF100 billion in 2018

(Togo First) - Over the past year, Orabank Togo's balance sheet total grew by nearly XOF100 billion to XOF632 billion with a net profit of XOF9 billion (up a billion compared to 2017). 

Reflecting the lender's growing profitability, the cost-income ratio fell from 60% to 58% in 2018. This improvement, which is paired with that of the net cost of risk, results from a 12% increase of the net banking product (to XOF31.5 billion) and better control of expenditures. 

Orabank currently detains 24% of the deposit market. Last year, it collected more than XOF395 billion, thus 80 billion more than the year before. Regarding lending to the economy, it remains the leader with 27% of a market where 10 other banks, including Ecobank, Orabank's main rival, operate. In effect, Orabank Togo lent 328 billion to the economy in 2018 (+43 billion). 

Commenting on the figuresGuy Martial Awona, MD of Orabank-Togo, told Economies Africaines: "These objectives were reached because Orabank Togo preserved its leading position, its solvability, and profitability despite financial difficulties spurred by the introduction of the new Bâle 2-Bâme 3 laws, and great competition." 

This year, "focus will be put on improving customer service quality with the KEAZ digital platform," the executive added. He also revealed that the lender would open six new branches by 2020, under its expansion strategy.

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