Gabonese banks' financial health is "sparkling"

Mar 16, 2011

A new report has revealed the "sparkling" health of banks in Gabon.

A new report from the Financial and Monetary Committee in Gabon found that income growth for the country's banks has expanded significantly, with a 14.5 percent turnover increase in 2010.

The report describes the "sparkling" financial health of the nation's main six banks: Banque
Gabonaise de Developpement, Banque Internationale
Pour Le Commerce Et L'Industrie
Du Gabon, BGFI Bank, Citibank, Financial Bank Gabon and Union Gabonaise
De Banques.

It also shows a 67.8 per cent increase in domestic credit linked to a rise in credits allocated to the state.

The report states that on October 31st 2008, during the financial crisis, the banks' combined balance sheets totalled 1.278 billion FCFA (€2 billion), which is a 9.5 percent increase compared with the previous year.

It adds that the total deposits collected by the six banks was 1.031 billion FCFA at the end of 2008, an increase of 9.6 per cent from 2007.

Last Monday, the BGFI Bank group announced in a press release published by L'Union newspaper that its accounts shows that the bank's total balance sheet increased by 57 per cent between 2009 and 2010.