(Business in Cameroon) – Le Crédit foncier du Cameroun (CFC) ended the 2024 financial year with a net profit of CFA2.2 billion, according to data shared with Investir au Cameroun. This result represents a 57.1% increase compared with the CFA1.4 billion recorded in 2023. The public housing finance institution continues to consolidate its recovery, despite a tight liquidity environment and weak demand in the real estate market.
The strong improvement in profit stems mainly from a sharp drop in risk costs. In 2024, the CFC recorded lower provisions for doubtful loans, after a 2023 financial year heavily affected by prudential adjustments. “Net profit stood at CFA1.431 billion as of December 31, 2023, down CFA3.4 billion compared with December 31, 2022. This decrease was mainly driven by additional provisions for doubtful loans recommended by COBAC (CFA1.330 billion), by the auditors (CFA765 million), and by the regularization of long-standing work-in-progress accounts, which generated total expenses of CFA736 million,” the CFC explains.
Financing and guarantee funds reached CFA259.20 billion in 2024, down CFA1.98 billion from the level recorded on December 31, 2023. This change reflects the gap between the contribution collected and the contribution allocated during the period.
Penalized by lower PNB and higher costs
Operating profit fell to CFA3.5 billion, compared with CFA4.37 billion in 2023, a decline of CFA885 million. This drop results from the combined effect of lower net banking income and higher general expenses. “This trend reflects the financial strength of the CFC, which, through reserves reinforced by the undistributed share of prior results, continues to improve its retained earnings,” the state-owned institution notes.
Crédit foncier du Cameroun provides financing for state-led housing construction programs aimed at reducing the national housing deficit. It also supports clients in developing real estate projects by offering guidance based on long-standing experience and a commitment to continuously improving service quality.
Despite strong growth potential, the institution still requires state intervention and significant reforms. The CTR’s 2022 report recommends reorganizing CFC activities into social and commercial windows, converting the institution into a housing and real estate bank for Cameroun, and shifting toward a multichannel model.
Amina Malloum
