AFG Bank Cameroon Ascends to Third-Largest Bank Status in the Nation

AFG Bank Cameroon, previously Banque Atlantique, has become the third-largest bank in the nation, reporting strong financial figures including CFA934 billion in deposits and CFA568 billion in loans. The bank increased its share capital significantly in 2023 and reported a net profit allowing for dividends distribution, serving over 138,000 clients with compliance to regulatory standards.

AFG Bank Cameroon has officially become the country’s third-largest bank, following Afriland First Bank and Société Générale, as of January 31, 2025. The bank, previously known as Banque Atlantique, presents impressive financial statistics, with CFA934 billion in customer deposits and CFA568 billion in outstanding loans, in addition to holding CFA500 billion in government securities, as reported by CEO Éric Valéry Zoa.

As a subsidiary of AFG Holding, an Ivorian financial group, AFG Bank Cameroon enhanced its financial status in 2023 by increasing its share capital from CFA23.8 billion to CFA28.8 billion. The bank also reported a net profit of CFA23 billion in that year, which enabled the distribution of CFA13 billion in dividends to its shareholders.

By January 2024, the bank’s equity reached CFA80 billion, meeting the regulatory requirements of the Central African Banking Commission (COBAC). At a rebranding ceremony on March 3, Zoa stated, “This solid position allows us to fully meet prudential requirements.” AFG Bank Cameroon currently employs approximately 500 individuals and serves over 138,000 active clients across 22 branches nationwide.

The bank’s history dates to January 2008, when Ivorian businessman Koné Dossongui acquired Amity Bank Cameroon Plc. The acquisition was officially approved in September 2008, leading to the launch of Banque Atlantique Cameroon in June 2009.

In conclusion, AFG Bank Cameroon has significantly strengthened its financial position, establishing itself as the third-largest bank in the country through robust customer deposits, loan figures, and government securities. Its successful capital increase and profitability have positioned it well within regulatory frameworks, illustrating its growth trajectory and commitment to meeting client needs across its extensive branch network.

Original Source: www.businessincameroon.com