UBA Cameroon closed the 2022 fiscal year with a net profit of 10.5 billion nairas ($25.5 million), up 17.5% compared to the previous year, driven by a 12% increase in its net banking revenue, which reached 40 billion nairas. The bank’s credit and public securities segments contributed to its balance sheet, which totaled XAF 559 billion ($1.02 billion) as of December 31, 2022. Despite a significant increase in operating expenses, UBA Cameroon’s financial results made it the most profitable subsidiary of Nigerian UBA group in Africa outside Nigeria.
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Cameroon: New bank launches, 7th largest by capital
Samuel Foyou’s Africa Golden Bank has been approved to operate as the 19th bank in Cameroon, contributing to the government’s plan to increase the number of active banks to 30 by 2030. Foyou’s investment portfolio expands with the bank, adding to his ten-company empire that includes a 5-star hotel and a brewery.
Categories: Banks -
CEMAC sees 11.45% increase in credit provided in H1 2022
The Economic and Monetary Community of Central Africa (CEMAC) saw an increase in economic activity in 2022, resulting in a 3.2% growth in GDP and an increase in the volume of credit provided by banks and financial institutions. According to the Central Bank of Central African States (BEAC), new credit provided in the first half of 2022 in the CEMAC reached XAF 3,407.8 billion ($6.2 billion), an increase of XAF 350.2 billion ($624.5 million) or 11.45% compared to the same period in 2021. The countries that particularly animated the credit market in the first half of 2022 were Cameroon and Gabon.
Categories: Banks