Despite a fragile security context, Mali is gradually returning to the regional and continental scene with a 5% growth rate, driven by good gold and cotton production. The improvement in the political and security situation should make it possible to maintain a growth rate of 4.9% in 2020 and 2021.
BANK OF AFRICA – MALI (BOA-MALI) closes its 2019 fiscal year with an increase in Net Banking Income (NBI), while achieving the maintenance of its fundamentals.
The total balance sheet stood at CFAF 577,348 million against CFAF 484,979 million a year earlier, an increase of 19%.
Customer deposits recorded a slight decline of 2.4% to CFAF 354,353 million at the end of fiscal 2019 compared with CFAF 363,035 million at the end of 2018.
Net loans to customers amounted to CFAF 280,440 million at the end of December 2019, compared with CFAF 272,510 million at the end of December 2018, up 2.9%.
NBI stood at CFAF 32,055 million at the end of 2019 compared with CFAF 29,726 million, an increase of 7.8%.
The various measures taken to reduce operating expenses bore fruit and led to a 46.6% improvement in gross operating income (GOI).
The hesitant economic situation in several sectors led to an increase in doubtful and disputed receivables. The effort to cover outstanding receivables, in accordance with the regulations in force, resulted in a deterioration in the cost of risk with a negative impact on net income for fiscal 2019 of CFAF -6,987 million.
In order to cope with the deterioration in the cost of risk, the Bank’s strategy will be based on balance sheet transformation, portfolio consolidation, intensified collection and control of expenses.