At the general assembly held this past October 25, the banking entity reported significant profits. In addition, it was highlighted that the support of the Equatoguinean State has been crucial to lay the foundations for sustainable growth.
The bank CCEI BANK GE S.A. held an ordinary general assembly at the Colinas de Malabo hotel this October 25, in which the shareholders participated, in addition to the bank’s management personnel.
In the session, the results corresponding to the 2024 financial year were presented, marking a significant milestone in its consolidation and growth process after the successful restructuring of the previous year. To illustrate the improvement, the entity has reported a net profit of 1,554 million FCFA, confirming the solidity of its business model and its renewed commercial dynamism.
In an uncertain global economic context and a sub-regional one with persistent challenges, CCEI BANK GE has demonstrated remarkable resilience. In this way, the president of the Board of Directors, Diosdado Edu Mongomo Avoro, in his message to the shareholders, highlighted that «2024 has been the year of consolidation. We have laid the foundations for sustainable growth, thanks to the determined support of the Equatoguinean State and the extraordinary commitment of our team. This profit, generated by our commercial activity, is a testament to the vigor of our bank», Edu Mongomo Avoro assured
Commercial Dynamism and Operational Efficiency
The 2024 results of Ccei Bank GE also reflect intense commercial activity and management focused on efficiency, generating:
- A growth of the Operating Net Banking Income (NBI): Excluding the exceptional impact of the treasury operations of the previous year, the NBI derived from commercial activity grew a solid 53%. This growth is based on a 34% increase in the interest margin with customers and a spectacular 50.6% increase in the commission margin, driven by new digital products and greater engagement with customers;
- An improvement in efficiency: The bank has achieved a significant improvement in its operating ratio, standing at 97.3% after having experienced maximum peaks of around 130%, thanks to a rigorous cost containment policy.
- Leadership in credit: CCEI BANK GE maintains its leading position in financing the national economy, with a market share of 40% in loans, despite the significant amortizations made;
- Increasing productivity: Commercial productivity per employee has increased by 42%, reflecting the bank’s commitment to intense and sustainable commercial activity.
A Decisive Commitment to Digitalization and Innovation
The 2024 financial year has been key in the launch of CCEI BANK GE’s digitalization strategy, with the aim of improving customer experience and operational efficiency. New services have been successfully implemented such as:
- SMS Banking: Instant alerts on account movements;
- Printed materials with QR Code: Greater security and authenticity in operations;
- E-Banking Corporate: Advanced digital solutions for companies;
- CCEI Móvil (in pilot phase): Upcoming launch of the mobile banking application;
- CCEI Transfert: Facilitating money transfers.
In addition, a new office has been inaugurated in the AfriMall shopping center in Malabo, reaffirming the bank’s commitment to customer proximity.
Looking to the Future: Engine of National Development and Ally of the Private Sector
“Our vision is to consolidate CCEI BANK GE as a modern, profitable and resilient bank, close to the needs of Equatorial Guinea,” said the President of the Board of Directors.
Looking ahead, CCEI BANK GE is positioned as a key player to accompany the Government’s efforts in the diversification and industrialization of the national economy.
In fact, the bank is committed to:
- Promote digitalization: Continue investing in innovative technologies to offer accessible, secure and efficient banking services to all citizens and companies;
- Improve the quality of life: develop financial products adapted to the needs and capabilities of all Equatoguineans, promoting financial inclusion and well-being;
- Be the Bank of the private sector: Strengthen its role as a strategic partner of national companies, offering financing and support solutions to boost their growth and competitiveness, thus contributing to the creation of employment and wealth in the country.
The bank’s commitment to the private sector is justified and should be reinforced, since “CCEI BANK G.E. S.A. does well when the private sector does well, and we also do badly when the private sector does badly. Hence our concern and occupation with the private sector”, said the president of the Board of Directors.
CCEI BANK GE has once again reaffirmed its commitment to Equatorial Guinea, its clients and its shareholders, prepared to face future challenges and continue to be «The Bank where the interest of the clientele is our priority».
Edu Mongomo Avoro closed his speech reiterating his gratitude for the determined and strategic support of the Head of State, Obiang Nguema Mbasogo, for his involvement in an increasingly strong national financial and banking system. In the same vein, he thanked the shareholders for their commitment to the entity and for their sense of responsibility. Finally, he thanked all the bank’s staff for their constant struggle, and in particular the General Director, Daniel Ako’o Menene, and the Deputy General Director, Miguel Mba Obama Ayecaba, for their leadership.