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Yaoundé - 27 September 2020 -
Finance

Beac posts XAF19.6 bln net profit for FY2019, up 2.8% YoY

Beac posts XAF19.6 bln net profit for FY2019, up 2.8% YoY
  • Comments   -   Tuesday, 12 May 2020 12:05

(Business in Cameroon) - The Bank of Central African States (Beac) informs that in 2019, it recorded XAF19.6 billion of net profit. This performance is up by 2.8% compared with the XAF14.4 billion reported for 2018.

This increase was spurred by performances in other segments. The Central Bank's balance-sheet total reached XAF7,909 billion at end-2019, against XAF7,512 billion in 2018, representing a 5.28% increase. Its equity rose by 3.62% from XAF791 billion to XAF820 billion. 

"These aggregates testify to the soundness of the Central Bank's financial situation and its capacity to fulfill its statutory missions," the Beac comments.

It stresses that compared with the aggregates published in the previous years, the information of the 2019 financial year is more exhaustive, as recommended by IFRS (International Financial Reporting Standards).

The set of financial statements thus includes the balance sheet, the statement of comprehensive income (the central bank’s income and expenses estimated at XAF28.5 billion in 2019), the statement of cash flows, the statement of changes in equity and explanatory notes.  

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