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2020 Financial Report

Developments in 2020 for the main components of the Bank’s activity point to a consolidation of its growth, explained by the Bank’s continued support for the country’s economic activity. Despite the current health crisis, the Bank has supported the clients of individuals, professionals and businesses in their development projects in all sectors of the economy.

As a result, BANK OF AFRICA – MADAGASACAR (BOA-MADAGASCAR) was able to increase its deposits by 11.8% to 2,664.8 billion Ariary at the end of December 2020, thus consolidating its deposit positioning. On the credit side, the trend was even more sustained, with net outstandings reaching Ariary 1,647.5 billion at the end of December 2020, an annual increase of +15.0%.

In addition, the Bank has a fully controlled level of risk with a compromised debt rate of 7.4% in 2020, and an overall risk cost contained at 1.2%, despite the impact of the health crisis on its portfolio.

BOA-MADAGASCAR’s balance sheet is up +9.1% annually, reaching a volume of 3 204.5 billion Ariary at the end of December 2020.

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