Sunu returns to profit after two years in the red

Finance

mercredi, 07 avril 2021 03:21

Sunu returns to profit after two years in the red

(Togo First) - Sunu Bank has recorded its first benefit in two years. This is the third time that the lender, formerly Banque Populaire pour l’Epargne et le Crédit (BPEC), is in the green. In 2013, it recorded a profit of CFA5 million, and in 2017 it had an exceptional positive net result of over CFA3 billion.

Since 2012, Sunu Bank (the bank’s name changed after it was acquired by SUNU Investment Holding) has suffered billions in losses, despite negative net results having significantly fallen over the period.

Data available shows a clear difference when comparing the year 2020 to the years 2018 and 2019 where the bank reported negative net results of 197 million CFA and 247 million CFA, respectively.

Assets increase substantially

At the same time, the lender’s assets grew from CFA97 billion to 132 billion CFA (+36%) while its equity was reduced by about CFA11 billion. The latter results from the new owner’s efforts in turning around the situation. In effect, Sunu Bank initially reduced its capital of CFA20.8 billion by halving its shares’ nominal value, from CFA10,000 to CFA4,500. It later proceeded to public fundraising arranged by the Société de Gestion et d’Intermédiation (SGI-Togo) to mobilize CFA1.8 billion. The operation involved the issue of 400,000 new shares of CFA4,500 per unit.

“SUNU Bank continues its transformation phase with an encouraging result for our shareholders and customers. In this particular global context, it is a pride for the SUNU group to see its first bank return to profit,” Myriam Adotevi, Managing Director of Sunu Bank, told Togo First. “We are keeping our prospects and ambitions in sight to continue to offer innovative and quality products and services to customers,” she added.

On April 16, 2021, the bank’s shareholders will approve the past year’s accounts, with no dividends to be shared. SUNU Bank, it should be noted, initiated its transformation process by focusing on digitization.

Séna Akoda

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