Oragroup's net income grows by an astounding 247% in Q3 2019, year-on-year

Banking

Tuesday, 05 November 2019 17:41

Oragroup's net income grows by an astounding 247% in Q3 2019, year-on-year

(Togo First) - Oragroup published a net income of XOF9.1 billion for Q3 2019. This is up 247.7% compared with the same quarter last year. This is quite an improvement from the first half of the year where the group's net income stood at XOF2.8 billion (-60% in comparison with the same period in 2018).

The Lomé-based lender attributes its performance to an improvement in the net cost of risk, paired with a "controlled expansion" of its activities.

In detail, pre-tax income at end-September 2019 amounted to XOF14.82 billion, up by 115.8% compared to Q3 2018 (XOF6.87 billion). Net banking products grew by 14.6% year-on-year.

Regarding the gross lending to deposit ratio, it moved from 100% at the end of September 2018 to 91% at the end of September this year, with a total of XOF272 billion of additional deposits collected, to finance lending to the economy in the various regions where the group operates.

Beyond these, Oragroup's cost-income ratio improved, just like its gross operating income (+20%), over the period under review.

Leaning to these improvements, the group expects its activity to grow further in the future. Indeed, "the expansion of our range of digital products should allow us to sustain and develop our activity," reads an activity report released by the group which is held in majority (+50%) by Emerging Capital Partners (ECP).

Ayi Renaud Dossavi

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