Oragroup's net profit fell 44% year-on-year in the third quarter of 2020, according to the lomé-based banking group's activity report. As a result, the cost of risk increased by 35.3% compared to the third quarter of 2019.

The data published on the Abidjan Stock Exchange by Oragroup show a net result of 5.093 billion FCFA at September 30, 2020, against 9.094 billion at September 30, 2019. "The increase in the net cost of risk of 35.3% compared to the same period of 2019, led to a deterioration in net income of 44%," reads the bank's business report.

Net banking income increased by 3.5% to about 119 billion CFA francs at the date considered, against about 115 billion a year earlier. This indicator is supported by "an increase in net interest margin of 15%, despite the contraction in revenues from transfer and foreign exchange operations in the WAEMU and CEMAC zones", explains the group.

For their part, deposits and loans to customers also increased by 24% and 9% respectively between the end of September 2019 and the end of September 2020.

"The third quarter of 2020 is still marked by the COVID-19 pandemic which has caused an unprecedented health and economic shock in the world. Despite this difficult context, the group has continued its efforts to achieve its objectives"," comments Oragroup's management.

As a reminder, the group had announced, for the year ended December 31, 2019, a net profit of 18.327 billion CFA against 12.491 billion a year earlier, up 46.7%.