ECONOMIC SLOWDOWN : The BDEAC records a 10 % drop in profits in 2023
[abelainfo.com] - Faced with these challenges marked by an economic slowdown and exogenous crises, the Central African Development Bank intends to continue its reforms and investments to position itself as a modern bank serving the development of the sub-region.
In 2023, the BDEAC recorded a profit of 3.8 billion CFA francs, compared to 4.146 billion CFA francs in 2022. Although still positive, this figure represents a decrease of around 10% compared to the previous year, and even nearly 34% compared to 2021, where profits reached 5.754 billion CFA francs.
The BDEAC justifies this situation by the « difficult context marked by the economic slowdown, the scarcity of resources on the markets and the negative impacts of multifaceted exogenous crises ». Indeed, the global and regional economic environment has been particularly gloomy in recent years, notably with the repercussions of the health crisis related to Covid-19 and the geopolitical turmoil that have affected trade and access to financing.
To meet these challenges, the BDEAC has taken several preventive measures. It has in particular decided to increase its share capital from 1200 to 1500 billion CFA francs, as well as the level of paid-in capital from 10% to 25%. These decisions have made it possible to « cushion the shock and contribute to the increase in its own funds, » according to the bank.
In addition, the BDEAC has continued to implement its strategic plan « Azobé 2023-2027 », through activities to mobilize and diversify resources, undertake new commitments, carry out structural and operational reforms, and strengthen cooperation with financial sector players.
In order to position itself as a modern bank serving the development of the sub-region, the BDEAC also intends to improve its governance. It plans in particular to accelerate the work of deploying its accounting to IFRS standards and the effective start of the work related to the financial rating.
To this end, the BDEAC has decided to renew the mandate of the Mazars Cameroun statutory auditors for a period of three years, in particular for the monitoring and closing of the accounts for the 2024, 2025 and 2026 financial years.
Despite the challenges it faces, the BDEAC remains determined to continue its reforms and investments in order to fully play its role as a development bank serving the Central African states.
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To meet these challenges, the BDEAC has decided to increase its share capital from 1200 to 1500 billion CFA francs, as well as the level of paid-in capital from 10% to 25%.
