• Cameroon’s banks posted a combined 208.5 billion CFA in net profit in 2024

• The country accounted for 46% of total Cemac banking earnings

• Rising margins and network expansion strengthened sector profitability

Cameroon’s banking sector has delivered steadily rising profits for at least five years, according to the 2024 report of the Central African Banking Commission (Cobac), the regulator for Cemac (Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic). The combined net profit of credit institutions operating in the country reached CFA208.5 billion (about $372.4 million) in 2024, an annual increase of CFA23 billion. Cameroon alone generated 46% of all banking profits recorded across the Cemac region.

This is the first time the indicator has crossed the symbolic threshold of CFA200 billion. Over five years, the increase amounts to 254%. In 2020, the combined net profit of Cameroonian banks stood at only CFA81.8 billion. The trend reflects the steady recovery of banks’ earnings after the Covid-19 slowdown, a period marked by weaker economic activity.

A denser banking network and rising margins

The growth in profits stems from several factors: a more extensive banking network that has boosted activity, and higher margins supported by tighter cost management. Between 2020 and 2024, the number of banks operating in Cameroon increased from 15 to 19, reshaping the sector.

According to the National Economic and Financial Council and the Association of Credit Institutions of Cameroon (Apeccam), the network expanded by 22 new branches in 2021 alone, raising the total from 328 in 2020 to 353 in 2021, and then to 389 in 2022. This expansion strengthened deposit collection, lending, and overall transaction volumes.

At the same time, the digitization of services supported margin growth. Cobac’s 2024 report indicates that, except for a decline in leasing-related margins, banks in Cameroon recorded margin increases across all other activities: treasury and interbank transactions, customer operations, and financial transactions. These gains were often significant, further reinforcing the sector’s overall profitability.

BRM, Business in Cameroon