Lomé, May 20, 2019 – Following its board meeting, Pan-African banking group Oragroup announces a strong performance increase in the 2018 fiscal year. Oragroup has a balance sheet total of 2,171 billion CFA francs (3.7 billion dollars), a 21% increase compared to the previous year. Customer deposits for the entire Orabank network amount to 1,462 billion CFA francs and customer loans to 1,255 billion CFA francs, an increase of 24% and 16%, respectively. In total, the group has a net banking income of 126.77 billion CFA francs (221 million dollars, +17%) and a 36% increase in its consolidated net income to 29.77 billion CFA francs (51.9 million dollars).
“This strong performance reinforces our development strategy based on the group’s transformation, the expansion of the Orabank brand, the consolidation of our activities, and the optimization of our network to deliver performance for our customers and create value in our operations,” explains Binta Touré Ndoye, the group’s CEO.
This 2018 performance also embodies the 2016–2018 “Consolidation and Efficiency” strategy, which has further integrated the group through a common vision and values, financed its expansion by controlling costs, enhanced risk management, mobilized new resources, and consolidated its financial solidity.
After the issuance of commercial paper in 2017 for the total amount of 35 billion CFA francs per public offering on the regional financial market of the West African Economic and Monetary Union (UEMOA), 2018 was marked by the success of a 100% underwritten initial public offering (IPO) (i.e., an increase of 56.92 billion CFA francs (86 million euros) on the regional financial market, including an additional contribution of 25 billion CFA francs from its own funds). This successful operation led to the listing of Oragroup at 4,100 CFA francs per share on the Regional Securities Exchange (BRVM) on April 16, 2019. This constitutes the largest listing ever since the BRVM began operations in 1998 and the first IPO on the regional financial market as part of a partial exit from a private equity fund, the Pan-African investment company Emerging Capital Partners, which remains the majority shareholder with over 50% of shares, whereas 20% of the capital is listed on the BRVM.
Oragroup’s growth trajectory over the past 10 years has been exemplary. The Orabank network has grown from a presence in five countries in West and Central Africa to Pan-African proportions, with branches in 12 countries across four monetary zones. After having been named the Best Regional Bank in West Africa in 2015 and 2017 (African Banker Awards), Oragroup received Bloomfield Investment Corporation’s long-term A and short-term A1 investment ratings in May 2018, reflecting the group’s solidity and performance. On November 30, 2018, the group’s entities in Burkina Faso, Senegal, and Togo won the Best Bank in Its Respective Country award from the magazine The Banker, published by the Financial Times group.
“I am proud of the performance and trajectory accomplished by our employees. In 2018, Oragroup, which celebrated its 10-year anniversary with the injection of capital from the Pan-African investment company Emerging Capital Partners in 2008 and its 30th year of banking activity, has achieved more flexibility to accelerate its development,” explains Binta Touré Ndoye, the group’s CEO since July 2016 and former Deputy Director since September 2015. “I feel a sense of accomplishment knowing that 2018 has solidified Oragroup’s place in its dynamic of conquest,” adds Binta Touré Ndoye, who has presented her resignation to the board of directors.
“Emerging Capital Partners’ strategy is to create value in each of its investments by bringing all the company’s activities up to international standards to produce regional champions supported over time. We have succeeded thanks to the hard work and commitment of Binta Touré Ndoye, whom I’d like to thank, and the IPO,” explains Vincent Le Guennou, Chairman of the Oragroup Board of Directors and Co-CEO of Emerging Capital Partners, who announces the appointment of Ferdinand Ngon Kemoum to the position of CEO starting June 1 after the group’s general meeting.
Ferdinand Ngon Kemoum was Oragroup’s Deputy Director between October 2009 and September 2015 before joining Emerging Capital Partners, from which he has resigned to take up his new position. “Ferdinand Ngon Kemoum brings guaranteed continuity and knowledge of the group to lead a new chapter in the life of Oragroup,” adds Vincent Le Guennou.
Oragroup is present in 12 countries in West and Central Africa (Benin, Burkina Faso, Chad, Gabon, Guinea, Guinea Bissau, Ivory Coast, Mali, Mauritania, Niger, Senegal, and Togo) and four monetary zones (UEMOA, CEMAC, Guinea, and Mauritania). With 149 branches and 1,857 employees, Oragroup offers a wide range of banking products and service to its 430,000 customers (large companies, national and international companies, SMEs, and individuals) in line with its principles of localism and responsiveness.
Oragroup also focuses on populations who have little to no access to banking services, working toward financial inclusion through the use of innovative solutions. This commitment is reflected in its approach to CSR, an integral part of its strategy and a priority for its governing bodies, which is focused on energy transition, environmental and social risk management, and the well-being of the public and its employees.
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