Like the global economy hard hit by the pandemic, the Malian economy has seen its growth severely compromised, according to the IMF’s updated forecasts.
In addition to an economic slowdown for the WAEMU area, Mali’s economy experienced a contraction of its GDP in 2020.
The fiscal deficit widened as a result of Covid-19 response efforts and the debt level deteriorated but remained in the moderate debt risk zone.
In addition to the global impact of the pandemic, socio-political upheavals (the coup d’état, the embargo on trade and financial flows by neighbouring countries, and repeated general strikes) have had a greater impact on the already gloomy economic environment.
Despite this particularly difficult context, BANK OF AFRICA – MALI (BOA-MALI) has shown resilience by closing its 2020 social year on a good note thanks to its strong fundamentals.
The balance sheet total was 579,478 million CFA francs compared to 577,348 million CFA francs a year earlier, an increase of 0.4%.
Customer deposits increased by 14,2% to 404,667 million CFA francs at the end of F2020, while net customer receivables fell 10% in response to the deterioration of the business environment at the end of Q1 as a result of the pandemic.
However, GNP rose to 32,348 million CFA francs at the end of 2020, up 1% thanks to an increase in the interest margin.
Gross Operating Income (EBIT) increased by 34.7%, which is justified by the very encouraging results obtained in the control of operating expenses.
The continued consolidation of the Bank’s asset portfolio had a significant impact on the wealth created by the Bank and resulted in a Net Income of 528 million CFA francs at the end of December 2020 against a deficit of 6,987 million CFA francs in the previous year, an improvement of 108%.