2020 Financial Report

BANK OF AFRICA – DRC (BOA-DRC) closes the 2020 financial year with a balance sheet total of CDF 509,588 million compared to CDF 407,258 million at the end of the previous year, an increase of 25.1%.

This performance was achieved through sound credit management, which increased by 20% from CDF 260,374 million to CDF 312,475 million for 2019 and 2020, respectively. The production of depreciable credits is USD 80 million compared to USD 87 million budgeted, a 91% completion rate.

The growth in the balance sheet is also attributable to the growth in deposits, which increased by 20.5% from CDF 301,643 million in 2019 to CDF 363,611 million at the end of 2020 to achieve an objective achievement rate of 96%. The number of deposit accounts increased by 2.9% to 113,194 accounts, notwithstanding the remediation effort achieved (closure of frozen Copts). These achievements have improved the concentration on the top 10 depositors (from 32% to 27%). The Credit Demand Rate improved from 33.7% in 2019 to 40% by the end of 2020.

The transformation ratio remains under control at nearly 86%.

The stock of cards reached 35,529 at the end of 2020 compared to 28,508 at 31 December 2019, which improved the rate of electronic equipment (from 57.4% to 79.9%).

Equity at the end of December 2020 is CDF 37,435 million compared to CDF 29,656 million in 2019. This increase is related in particular to FY2019 and FY2020 profit results totalling CDF 5,091 million.

Average gross credit yield increased from 12.9% in 2019 to 13.5% in 2020 due to improved pricing. This performance, combined with cost of risk control, which was reduced by 0.8% in US dollars, led to an improvement in net margin from 8.4% to 9.5% in 2020

The claim rate rose from 10% at the end of 2019 to 9.7% at the end of 2020. The net write-back provision stock was increased from USD 13.5 million at end 2019 to USD 14.8 million at end 2020.

The income statement shows a profit result of CDF 2,547 million. Translated into USD, net income at the end of 2020 was USD 1.2 million compared to USD 1.5 million in 2019, a 15% decline despite a good performance in terms of foreign exchange gains, which increased by 73.4%.

The share of commissions in GNP increased slightly from 42.5% in 2019 to 43.1% at end-December 2020.

Due to the Horizon Plan program, we can see operating expenses under control compared to last year (-1.1%) for a completion rate compared to the budget of 84.2%. Thus, the operating ratio improved to 77,4% in 2020 vs. 79.5% in 2019.

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