Oragroup's net income fell by 44% year-on-year in the third quarter of 2020, according to the activity report of the banking group based in Lomé (Togo). As a result of a cost of risk increased by 35.3% compared to the third quarter

Data published on the Abidjan stock exchange by Oragroup show a net profit of 5.093 billion FCFA at September 30, 2020, compared to 9.094 billion at September 30, 2019. “The increase in the net cost of risk by 35.3% compared to the same period in 2019 led to a deterioration in net income by 44%,” reads the bank's activity report

Net banking income grew by 3.5% to around 119 billion FCFA at the date in question, compared to around 115 billion a year earlier. This indicator is supported by “an increase in the net interest margin of 15%, despite the contraction in income from transfer and foreign exchange transactions in the UEMOA and CEMAC areas”, explains

For their part, customer deposits and loans also grew by 24% and 9% respectively between the end of September 2019 and the end of September 2020.

“The third quarter of 2020 is still marked by the COVID-19 pandemic, which caused an unprecedented health and economic shock in the world. Despite this difficult context, the group continued its efforts to achieve its objectives”, comments the management of Oragroup

As a reminder, the group had announced, for the fiscal year ended 31 December 2019, a net profit of 18.327 billion CFA compared to 12.491 billion a year earlier, up by 46.7%.