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6 June 2024

Baobab Group Press Conference in Madagascar

Baobab Group Press Conference in Madagascar

The Baobab Group hosted a press conference in Antananarivo, on Thursday, June 6, unveiling the annual results for the fiscal year 2023.

Philippe SIGWART, CEO of the Baobab Group, and Hugues BONSHE, Managing Director of Baobab Bank Madagascar, graciously engaged with journalists to discuss the exceptional performance of the group, highlighting a notable surge in the loan portfolio for the fiscal year 2023, coupled with a substantial uptick in the number of active clients.

Despite a challenging economic landscape marked by escalating inflation, the Group delivered robust financial and operational outcomes in 2023. The Group witnessed a commendable 12% expansion in its loan portfolio across Africa compared to the preceding year, while deposits experienced a noteworthy 10% upswing, underscoring the steadfast confidence and stability bestowed upon the Group by its clientele.

Furthermore, the leadership underscored the pivotal strategic role of the Malagasy subsidiary within the Group, emphasizing its pivotal contribution to product innovation. A particular spotlight was cast on international payments, epitomized by the recent launch in January of the Mastercard international card network.

For more information, read the press release.