FINANCIAL SECTOR : Microfinance Financial House Achieves Significant Profit in Cameroon in 2023
[abelainfo.com] - The Cameroonian microfinance institution Financial House recorded an impressive profit of nearly 1 billion FCFA during the 2023 fiscal year, an increase of 32 % compared to the previous year. This performance is explained by an increase in net banking income and the turnover of the MFI.
The year 2023 was exceptional for the Cameroonian microfinance institution (MFI) Financial House. According to an internal report obtained by EcoMatin, the MFI recorded a net profit of 982 million FCFA in 2023, compared to 744 million FCFA in 2022, an increase of 32 %.
This upward performance is explained in particular by an increase in net banking income, which reached 2 billion FCFA during the period under review, compared to 1.9 billion the previous year. Financial House’s turnover also jumped by 2 billion FCFA (+7.89 %), to reach 26.9 billion FCFA in 2023, compared to 24.9 billion FCFA in 2022.
The growth in the MFI’s activities is also reflected in the evolution of its main indicators. Thus, loans to customers increased from 7.4 billion FCFA in 2022 to 9.1 billion in 2023, an increase of 21%. Similarly, customer deposits stood at 21.6 billion FCFA in 2023, compared to 20.4 billion FCFA the previous year, an increase of 5.83%. Financial House’s treasury account, on the other hand, increased, going from 13.5 billion FCFA in 2022 to 13.7 billion in 2023. Finally, the MFI’s equity was strengthened, reaching 4.9 billion FCFA in 2023, compared to 4.1 billion FCFA a year earlier.
This positive dynamic is explained by the implementation of Financial House’s « 2021-2023 strategic triennial plan », focused on the intensification of mesofinance (support for the emerging middle classes and SMEs) and the placement of surplus cash. These actions have made it possible to increase operating income by 6%, or 154 million FCFA more year-on-year. In addition, Financial House has been able to control its operating expenses, with only a 1% increase, despite the expansion of its branch network.
Created in 2002 and led by Yves Teutio, Financial House operates in the cities of Yaoundé, Douala and Bafoussam, offering credit, savings and financial services specific to populations evolving on the margins of the traditional banking system. Since 2020, the MFI has been in good financial health, which has allowed it to double its capital, bringing it to 4 billion FCFA.
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