« In 2021, the effects of the COVID-19 pandemic continued to be felt economically and socially. Despite this challenging environment, progress continued to be made in achieving our goals. »
Administrative and Financial Director
Director of the PI Treasury

Financial Key Figures 2021


millions of FCFA

187 315 in 2021
155,395 in 2020
146,852 in 2019


millions of FCFA

69 691 in 2021
54,831 in 2020
46,495 in 2019


millions of FCFA

19 798 in 2021
9,440 in 2020
18,327 in 2019


millions of FCFA

10 764 in 2021
318 in 2020
9,806 in 2019


CFA francs

155 in 2021
5 in 2020
142 in 2019


millions of FCFA

4 058 135 in 2021
3,268,244 in 2020
2,634,338 in 2019


millions of FCFA

1 946 894 in 2021
1,584,872 in 2020
1,366,206 in 2019


millions of FCFA

2 583 896 in 2021
2,124,048 in 2020
1,822,532 in 2019


millions of FCFA

118 895 in 2021
105,405 in 2020
111,571 in 2019
Oragroup held its ordinary general meeting on Wednesday, 25 May 2022, in Lomé, to approve the company’s financial statements for the year ended 31 December 2021, published in accordance with International IFRS.
In 2021, the effects of the COVID-19 pandemic continued to be felt economically and socially. Despite this difficult environment, the achievement of the objectives set has continued. The year 2021 ended with a balance sheet size of more than 4,070 billion CFA francs (+25%) compared to 31 December 2020 and supported by the good performance in terms of customer resource collection with nearly 460 billion CFA francs of additional deposits collected, an increase of 22%. Our incremental support to the economies of our countries of presence is estimated at over CFAF 234 billion. As of December 31, 2021, the workforce is 2,263 employees (+8.2%) and our distribution network consists of 166 branches and sales outlets (+1.2%).
Net banking revenue grew 20.6% due to the strong performance of all revenue lines except foreign exchange commissions. This performance of GNP has led to an improvement in the exploitation coefficient from 64.7% in 2020 to 62.7% in 2021.
However, it should be noted that the net cost of risk has underperformed by 7.6%, partly explained by the impact of the health crisis on the ability of some of our clients to repay, with significant impacts on entities in Togo, Chad and Mali. Recovery performance improved for some entities with 17% increase in provisions recoveries excluding exceptional items due to the implementation of the Recovery Governance Framework. This system allows us to closely follow up and process specific cases. The various actions taken in terms of improving portfolio quality and recovery will continue to improve recovery performance over the coming years.
The analysis of the net result in the social repositories of our subsidiaries shows the increase of the result in Benin of +47%, in Togo of 227%, in Gabon of 112%, in Guinea of 23%, on the Ivory Coast perimeter and branches of 50%. Subsidiaries in Chad and Mauritania ended up with losses. At the Holding level, net income stood at 1 billion and decreased compared to 2020 as a result of restrictions on dividend distributions in 2021. Deposit mobilization remains a priority for the Orabank Group, with a particular focus on low-paid resources. With a growth rate of 22% compared to 2020, we have collected nearly CFAF 460 billion of new resources after the 1,025 billion mobilized over the last three years.
Net credit to customers increased by 22% compared to December 2020 with nearly 362 billion new direct credits to the economy for all our countries of presence and 279 billion for financing our states. The group has proceeded to strengthen the capital of the Chad subsidiary for 20 billion in accordance with the plan and of the Ivory Coast subsidiary for 20 billion by converting two subordinated loans of 10 billion each, respectively in June 2021 and October 2021. As for the second phase of the Digital Financial Services (DFS) project, launched in 2019, in order to offer our customers innovative products adapted to their needs and contribute positively to the transformation of the economies of our countries of presence, it continues with the deployment of the solution on all entities and an effective implementation in Togo.
Oragroup SA’s consolidated financial statements as at 31 December 2021 are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).
The auditors, EXCO FICAO and KPMG, conducted an audit of the consolidated financial statements in accordance with international standards and for the fiscal year ended 31 December 2021. A reasonable level of assurance was retained.

Orabank Group Treasury


of NBI is derived from cash revenues


growth in Treasury revenues

17 %

growth in customer deposits

« Treasury’s activities continued to drive Group revenue growth in 2021. The stagnation of foreign exchange earnings, due to the health crisis and its impact on international trade, was offset by the increase in the net cash intermediation margin, which was itself driven by activity in government securities; in line with the Group’s support to our countries in addressing the health crisis. »
Julien KOFFI

Directeur de la Trésorerie PI

Director of the PI Treasury

Highlights of 2021

During the year 2021, our Treasury business has remained in the pattern of previous years; in particular in terms of the contribution of Treasury revenues to the Group’s GNP, with Treasury revenues contributing more than one third of the Group’s GNP. 2021 was an exceptional year for the group in terms of fundraising.
  • As regards market operations, the group successfully completed the bond loan of CFAF 50 billion by public offering of 160% over-subscribed savings and prepared the realization of a second private placement loan of CFAF 20 billion in 2022. It should also be noted the support of the Togo subsidiary in its innovative securitization operation by public offering with an amount of CFAF 25 billion.
  • As regards financing from development and impact funds, the group finalized the disbursement of the second tranche of 23 billion CFA CFA from BIDC and the Finance in Motion impact fund for an amount of EUR 23 million.
  • Other transactions with impact funds in the agricultural sector such as ATIF for EUR 25 million, Blue Orchard and Symbiotics for a total of EUR 30 million were almost finalized in 2021 and could be concluded in the first half of 2022.
  • Under existing agreements, ongoing exchanges with the AfDB and BADEA have paved the way for concerted conditions for the resumption of the disbursement process. The same was true of the structuring of financing into subordinated debt and preferred shares for the group.
  • In order to reduce the capital consumption of the subsidiaries, the group supervised the work with the FSA guarantee fund allowing the signing of the portfolio guarantee lines for the subsidiary of Côte d’Ivoire (10 billion FCFA), Gabon (3 billion FCFA).