BGFIBank Hits Record 95.8 Billion CFA Profit in 2023, Up 55%
The BGFIBank Group has reported a record performance for the fiscal year 2023, with a consolidated net profit of 95.8 billion CFA francs, marking a significant increase of 55% from the previous year. This remarkable growth is a testament to the group’s robust strategic initiatives and its resilience in a challenging economic environment.
The group’s financial success can be attributed to several key factors. Firstly, there was a notable growth in the net banking income, which surged by 20%, reflecting the group’s commercial dynamism and effective strategy implementation. The total balance sheet also saw an increase of 9%, reaching 5,295 billion CFA francs, indicating the group’s financial solidity. Moreover, the net situation progressed by 7%, establishing itself at 607 billion CFA francs, further confirming the profitability of BGFIBank.
Customer deposits experienced a 9% increase, amounting to 3,311 billion CFA francs, which demonstrates the growing trust of clients in the group. The credit outstanding to customers rose by 4%, totalling 3,075 billion CFA francs, showcasing the bank’s support to the real economy. The exceptional net banking product, with a 20% increase to reach 303 billion CFA francs, highlights the efficiency of the group’s banking operations.
Beyond these impressive figures, the BGFIBank Group has also made strategic acquisitions, such as the Congolese subsidiary of Société Générale, which strengthens its presence in Central Africa. Looking forward, the group has expressed promising prospects for 2024, with plans to continue its expansion and innovation. These plans include reinforcing its leadership in the CEMAC zone, venturing into new markets, developing new products and services to meet the growing needs of its clientele, and playing an even more significant role in financing the region’s economies.
The BGFIBank Group is a leading financial institution that operates in 12 countries, including Benin, Cameroon, Central African Republic, Congo, Côte d’Ivoire, France, Gabon, Equatorial Guinea, Madagascar, Democratic Republic of the Congo, São Tomé and Príncipe, and Senegal. With its solid results and promising outlook, the group is poised to continue as a major player in the economic development of Central Africa.
This performance reflects not just the group’s financial health but also its commitment to excellence and long-term vision. As BGFIBank looks to the future, it remains dedicated to building and growing its business, working closely with all stakeholders to support Africa’s economic and social development.
BGFIBank’s Strategic Vision for Sustained Success
The BGFIBank Group, a leading financial institution in Central Africa, has demonstrated remarkable resilience and growth in the challenging economic landscape of 2023. With a consolidated net profit of 95.8 billion CFA francs, the group has set a new benchmark for success. The question now is: how does BGFIBank plan to sustain and build upon this success in the future?
BGFIBank’s strategy for sustained success hinges on a multifaceted approach that encompasses expansion, innovation, and a steadfast commitment to serving the evolving needs of its clientele. The group’s plans are ambitious and reflect a forward-thinking mindset that is essential for long-term prosperity.
Expansion and Growth
One of the key strategies for BGFIBank is continued expansion. The group aims to broaden its network, which will enable it to forge closer ties with its clients and penetrate new markets. This expansion is not limited to geographic growth but also includes the diversification of services and products offered to meet the diverse needs of its customer base.
Innovation and Digital Transformation
Innovation is at the heart of BGFIBank’s plans. The group recognizes the importance of digital transformation in the banking sector and is committed to leveraging technology to enhance its service delivery. By investing in digital banking solutions, BGFIBank aims to provide a seamless and efficient banking experience to its customers, thereby increasing customer satisfaction and loyalty.
Robust Risk Management
A sound risk management framework is crucial for the sustainability of any financial institution. BGFIBank prides itself on its robust risk control practices, which are certified to global benchmark standards. The group plans to continue strengthening these practices to ensure financial stability and mitigate potential risks associated with banking operations.
Social Responsibility and Community Engagement
BGFIBank understands the importance of social responsibility and community engagement. The group has a strong track record of contributing to the economies and societies where it operates. Moving forward, BGFIBank intends to intensify its efforts in corporate social responsibility (CSR) initiatives, making a positive impact on the community and reinforcing the trust of its stakeholders.
Financial Services Innovation
The group’s commitment to innovation extends to its financial services. BGFIBank plans to develop new business lines and enhance existing ones, such as consumer loans, investment banking, and insurance services. These initiatives are designed to cater to the changing financial needs of individuals and businesses alike.
Conclusion
The BGFIBank Group’s vision for the future is clear: to maintain a solid pace of growth while serving every part of the economy. With a skilled and dedicated workforce, a commitment to high service standards, and a focus on sound banking risk control practices, BGFIBank is well-positioned to reach new heights and continue its trajectory of success. The group’s strategic plan, ‘Dynamique 2025’, adopted in 2021, outlines the roadmap for achieving these goals and underscores the group’s confidence in its bright future.
As BGFIBank moves forward, it remains dedicated to its mission of financing African economies and contributing to their development. The group’s record performance in 2023 is just the beginning, and its strategic initiatives promise to propel it to even greater achievements in the years to come.
BGFIBank’s Digital Banking Solutions: A Pathway to Modern Banking
In the ever-evolving landscape of financial services, BGFIBank stands out as a forward-thinking institution that is keenly aware of the digital revolution transforming the banking industry. As part of its commitment to innovation and customer satisfaction, BGFIBank has outlined a series of digital banking solutions designed to streamline operations, enhance user experience, and secure its position as a leader in the digital banking space.
One of the cornerstone solutions BGFIBank has implemented is BGFI OnlineBanking, a platform that offers both corporate and retail access, allowing users to manage their accounts, cards, and transactions with ease. This online banking service is a testament to BGFIBank’s dedication to providing accessible and efficient banking solutions to its customers.
Another significant initiative is BGFIOnline, which serves as a comprehensive tool for distance banking. This platform enables customers to view their accounts and manage their banking activities without the need to visit a physical branch. The service is available 24/7, ensuring that customers have access to their financial information whenever they need it. BGFIOnline also features secure connection protocols, making it safe to access from various devices, including computers, phones, and tablets.
In addition to these platforms, BGFIBank has introduced innovative features like Mobiline, which allows customers to receive account information via mobile phone. This service includes functionalities such as Mobi push, which automatically sends account balances twice a week, and Mobi pull, which enables customers to request their account balance or the last three transactions via SMS.
The group’s digital transformation journey doesn’t stop there. BGFIBank is continuously exploring new technologies to enhance its digital banking offerings. For example, the adoption of artificial intelligence and machine learning tools, such as nCino IQ (nIQ), can provide insights that optimize decision-making, and revenue generation, reduce costs, and mitigate risks.
BGFIBank’s strategic approach to digital banking is not just about adopting new technologies; it’s about creating a seamless and personalized banking experience that meets the needs of the modern customer. By implementing these digital solutions, BGFIBank is setting a new standard for convenience, security, and innovation in the banking sector.
The group’s vision for the future is clear: to be at the forefront of digital banking in Central Africa and beyond. With a robust digital strategy and a commitment to continuous improvement, BGFIBank is well on its way to achieving this goal, ensuring that it remains a competitive and trusted financial partner for years to come.
Record performance with a consolidated net profit of FCFA 95.8 billion in 2023 (+55% vs 2022)
Libreville, Gabon – May 3, 2024
Exceptional performance in a macroeconomic context marked by inflationary pressures generated by geopolitical tensions and the end of various monetary policies.
| Balance sheet Key figures (in billion FCFA) | Completed 12/31/2022 | Completed 12/31/2023 | % Var R23/R22 |
|---|---|---|---|
| Balance sheet total | 4,877 | 5,295 | 9% |
| Clear situation | 568 | 607 | 7% |
| Net situation, Group share | 464 | 500 | 8% |
| Customer Deposits | 3,050 | 3,311 | 9% |
| Customer credits | 2,947 | 3,075 | 4% |
| Net cash | 479 | 654 | 37% |
| Income statement Key figures (in billion FCFA) | Completed 12/31/2022 173 |
Completed 12/31/2023 |
Gap (R23/R23) |
|---|---|---|---|
| Net interest margin Commissions Net Banking Product |
173 80 253 |
206 97 303 |
19% 21% 20% |
| Global Operating Product Management Fees |
263 -174 |
315 -196 |
20% 13% |
| Gross Operating Income The overall cost of risk |
89 -7 |
119 6 |
34% -183% |
| NET PROFIT Net profit, group share Net profit, minority share |
62 49 13 |
95.8 75.8 20 |
55% 56% 54% |
The Board of Directors of BGFI Holding Corporation met on April 26, 2024, under the chairmanship of Mr. Henri-Claude OYIMA, to examine performance and approve the accounts for the financial year ending December 31. 2023 from the BGFIBank Group.
The consolidated balance sheet total stands at FCFA 5,295 billion, an increase of 9% compared to December 31, 2022.
Commercial performance: Outstanding customer deposits stand at FCFA 3,311 billion, up 9% compared to 2022. The BGFIBank Group has been able to count on the trust of its customers in all the markets where it operates. At the same time, the BGFIBank Group continued its support for financing the economies and structuring projects of its clients in the various implementation markets for FCFA 3,075 billion, leading to an increase in outstanding loans of 4% compared to 2022.
Net situation: The net situation increases year after year, as a result of the favourable progression of results over the period and a prudent dividend distribution policy to stand at FCFA 607 billion, up 7% compared to 2022.
Net cash: Surplus liquidity grew by FCFA 175 billion, linked to the collection of resources recorded over the period and the strengthening of ALM management systems. Net cash consolidates at FCFA 654 billion.
Net banking income: Net banking income stood at FCFA 303 billion, an increase of 20% compared to the level recorded on December 31, 2022. This development results from the volume effect on customer loans and the improvement in margins, despite rising refinancing costs. Commissions benefit from the Group’s strong development in international trade and income from off-balance sheet operations.
Management fees: The evolution of management fees was marked by inflationary pressures in the countries where the BGFIBank Group operates. Added to this inflation phenomenon are the effects of the extension of the scope of activities, following the BGFIBank Group’s investment policy: increase in points of sale, production of new customer services, and strengthening of availability of digital and IT assets.
Cost of risk: The cost of risk remains favourable, linked to the level of recovery achieved over the period and the strengthening of monitoring of the credit portfolio.
Consolidated net income: The combined effect of strong growth in net banking income (+20%) and a favourable cost of risk results in a record consolidated net income of FCFA 95.8 billion, an increase of 55% compared to 2022.
Dividend: At the end of this exceptional year, the Board of Directors of BGFI Holding Corporation will propose at the next General Meeting, the distribution of a gross dividend of FCFA 11,000 per share.
Outlook: In an environment subject to headwinds, the BGFIBank Group remains mobilized in its perpetual search for Excellence to build this African financial group for the world. It remains resolutely committed to adapting effectively to regulatory constraints, organizational changes, and the legitimate needs of its customers, to offering innovative products and services and to maintaining solid risk management, necessary to achieve the objective of FCFA 120 billion in 2024.
About BGFI Holding Corporation SA
The BGFIBank Group is a multi-business international financial group that combines financial solidity, sustainable growth strategy and risk management with the ambition of being the benchmark bank on the markets in terms of quality of service.
The BGFIBank Group places quality of service at the heart of its business, relying on the perpetual quest for Innovation and Excellence. It enriches its offering by leveraging the expertise of its partners, thus opening up to new areas. With more than 2,660 employees present in twelve countries who support a diverse clientele daily in its countries of operation: Benin, Cameroon, Central African Republic, Congo, Ivory Coast, France, Gabon, Equatorial Guinea, Madagascar, the Democratic Republic from Congo, Sao Tome and Principe and Senegal.
