Ladies and Gentlemen,
The year 2007 has been a very diff i c u lt
one for the banking sector. The world is
engaged in a frantic globalisation process
which has not spared Africa. The
crisis of mortgage loans, better known
as «subprimes» that has ro c ked the
major banks of the planet, together
w ith the staggering hikes in oil prices
led to the world economic crisis noticed in the second
quarter of 2007. This crisis which is continuing in 2008
m ay, in the long run, seriously damage the African economies.
Some banks among the most powerful in the
world were only salvaged by sove re i g n ty funds fro m
Asia and the Middle East. This intervention has so fa r
helped to avoid the worsening of the crisis, there by
reducing its impact on African economies.
It is within this context of genera lised crisis that our
bank operated in 2007. Our re s u lts were not up to
expectations due especially to the need to constitute adequate re s e r ves to carter for assets depre c i ation
imposed by our prudential poli c y.
D e s p ite this crisis, the economic model adopted by the bank's community of founders and share h o lders
remained unchanged. We have continued to apply our policy of real cit i zen bank, incubator of
m i c ro enterprises, financier of small and medium-sized enterprises, leader in innovation and especiall y
an efficient partner of the wining African entre p re n e u r.
The changes of international re q u i rements in the banking sector, notably the increase of the minimum
d e p o s it imposed on every banking institution coupled with our ambition to cover Africa's main economic
markets re q u i re that we allied with new world-class partners. That is why we have, for more than
one year now, started negotiations with DEG (a German financial institution speciali zed in deve l o p m e n t
financing) and we hope to sign an agreement by the end of December 2008. In the same perspective, with the FMO, our strategic partner, we have initiated the restructuring of existing units for more
e ff i c i e n c y. And finall y, we are currently negotiating with potential Asian partners and hope to arrive at
an agreement by 2009.
31 December 2007 marks the end of the second financial year of our 2006/2011 five -year plan, with
a total balance sheet of CFA….. pro p e lling us at the third position in Cameroon's banking market. In
a d d ition, where ver we run an aff iliate, we have always strived to be among the first three top-ra n k i n g
banks thanks to efforts deployed, which makes us a first class Pa n -A frican Bank.
Our pro f its by 31/12/2007 stood at CFA 3.9 billion against CFA 2.4 billion in 2006, showing an incre a s e
o f…..% which has enabled us to allocate our shareholders a dividend of 25% per share for the 2007
financial year. Our savings deposits have increased by almost 20%, attesting the great confidence of
our customers, which is an ill u s t ration of the stability and proper management of the bank. We comm
it ourselves to deserve this confidence more than eve r. That is why the flame of innovation that we
lighted at the beginning of this exc iting adve n t u re is still burning and is putting us at the fo re front of
i n n ova t i ve banks, this, to the great satisfaction of our ever demanding customers.
These encouraging re s u lts should not however dera il us from our major objective, which is to become
and remain the Pa n -A frican Bank of the 3rd millennium. That is why I wish to insist on the new challenges
we have to face and win in the fu t u re, which are :
- the quest for leadership in Afr i c a ;
- a va l u e -added in terms of knowledge and African know- how.
- greater influence at the level of Africa and worldwide;
- consolidating our financial and technical independence.
To achieve these objectives, the African culture should remain the basis of our action policy.
Lastly, we wish to mention and congratulate the courage and abnegation of our commandos who spared
no effort to achieve the present re s u lts. We pray and exhort the Almighty God to increase our
strength and courage to be able to face fu t u re challenges .
The Chairman,