Yaoundé - 07 August 2020 -

CBC plans to increase social capital to CFAF16.5 bln, after CFAF2.5 billion positive result in 2019

CBC plans to increase social capital to CFAF16.5 bln, after CFAF2.5 billion positive result in 2019
  • Comments   -   Friday, 03 July 2020 13:24

(Business in Cameroon) - Commercial Bank-Cameroon (CBC) informs that it achieved a positive result of CFAF 2.5 billion as of December 31, 2019. This represents an increase of CFAF 1 billion compared to the last available result of the bank (a profit of CFAF 1.5 billion in 2017).

According to the bank, with this performance, it can now convene the general meeting that will authorize the capital increase from CFAF12 billion to 16.5 billion by the capitalization of reserves. This would represent an increase of nearly CFAF4.5 billion.

This option to increase the capital of the bank, which came out of restructuration in 2016, shows that CBC is fulfilling the 2018-2020 performance contract it signed with the state of Cameroon.

Indeed, according to the said contract, the State of Cameroon required CBC to achieve a result of CFAF1.803 billion in 2018, CFAF 2.110 billion in 2019 and CFAF 2.603 billion in 2020. It is clear that the bank has exceeded the targets set for the 2019 financial year.

Moreover, with equity of CFAF23 billion in 2020 against CFAF12 billion initially, the CBC has also exceeded, by nearly CFAF8 billion the objectives set under the performance contract.

Founded in 1997, CBC experienced compliance with prudential ratios and equity capital preservation difficulties in 2009. The bank was then headed by businessman Yves Michel Fotso who is now imprisoned for embezzlement and complicity in embezzlement of public funds because of his management during his time as General Director of Camair, the defunct national airline, later replaced by Camair-Co. Since that time, the provisional administration of the bank has been extended six times until 2016.

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