CRRH-UEMOA reports net profit of XOF1.24 billion for 2019

Banking

Friday, 10 July 2020 17:46

CRRH-UEMOA reports net profit of XOF1.24 billion for 2019

(Togo First) - The WAEMU mortgage refinancing fund (CRRH-UEMOA) has reported for its 2019 financial year a net profit of XOF1.24 billion (XOF1,242,860,623 exactly).

In detail, 15% of this sum -around XOF186 million- will be allocated to the institution’s legal reserve; 5% (XOF62.14 million) to its special reserve; XOF712.54 million to its exchange rate risk management Fund. Meanwhile, 281 million will be kept as retained earnings, thus raising the institution’s total retained earnings to XOF2.8 billion.

The figures were disclosed at the latest general assembly (9th ordinary general assembly and 11th extraordinary general assembly) of the Fund. The assembly was held last May in a videoconference. On that occasion, the CRRH’s director, Togolese Christian Agossa approved a new increase in the institution’s capital. This increase - of two billion CFA - brings the capital to XOF11.5 billion. It is the second operation of its kind after a previous one held in 2019 where the capital was raised to 9.5 billion.

Ayi Renaud Dossavi

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