(Business in Cameroon) - The regional bank has reduced the amount it had initially planned to distribute as dividends for the FY2022. From 1.5 billion (60% of its profits) agreed during its June 24, 2023 General Assembly, the bank finally distributed CFA1 billion, which equates to 40% of the distributable profit.

The decision was motivated by a recent directive from the Central African Banking Commission (COBAC), according to the bank's CEO, Charles Rollin OmbangEkath. "At its meeting on October 24, 2023, the Board of Directors took note of the COBAC directive and chose to comply with it by making the dividend payment from November 1, 2023, at CFA993.334 per share before tax deduction. The net dividend per share will be CFA894 for listed shares, CFA829.4 for registered shares held by individuals residing in Cameroon, and CFA844.3 for those residing outside Cameroon," the bank said. Although the bank did not give the reasons for this reduction, OmbangEkath indicated the possibility of distributing the remaining profit in the following years, subject to COBAC approval.

Let’s note that the Regional bank posted an increase in net profit during 2022 compared to the CFA1.112 billion declared in the previous year. In September 2022, it received COBAC's approval to transition from a microfinance institution to a commercial bank, becoming the 18th authorized banking institution operating in Cameroon, with a subsidiary in Gabon.