Coris Bank International’s net profit up 13% at end-September 2018, compared to 2017

Finance
Thursday, 08 November 2018 16:55
Coris Bank International’s net profit up 13% at end-September 2018, compared to 2017

(Togo First) - Burkinabe banking group Coris Bank International (CBI), also active in Togo, has over the first three quarters of 2018 recorded a net profit of CFA19 billion, up 13% compared to 2017. Same goes for its pre-tax profit which grew by almost 15% over the period reviewed reaching CFA21 billion.

The lender attributes the performance to “a surge of intermediation and treasury activities as well as to commissions derived from its products and services”. These pushed the bank’s net banking product up 21% to CFA41.3 billion.

Going deeper, CBI statistics show a 27% increase in customer loans to CFA598 billion at the end of Q3 2018, against CFA469 billion at September 30, 2017. Similarly, deposits grew from CFA497 billion to about CFA619 billion year-on-year over the period reviewed.

The positive results of the group which currently operates in Côte d’Ivoire, Benin, Mali, Togo, Senegal and soon Niger, allows the bank to boost its activities. At the end of September 2018, its total balance sheet expanded by 14% to CFA1,139 billion, while it stood at CFA885 billion back in 2016. In 2017, Coris Bank International had 282,477 customers. 

Fiacre E. Kakpo

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