BANK OF AFRICA – NIGER (BOA-NIGER) closed its 2019 fiscal year with a favorable evolution of its main indicators, both in terms of activity, structure and results. These results are part of a macroeconomic context marked by a 6.3% growth in Gross Domestic Product (GDP), driven in particular by good agricultural production and investments in structuring projects.
Total assets increased by 14.4% to CFAF 343.9 billion compared to CFAF 300.5 billion in 2018.Deposits grew by 11.2% to CFAF 196.2 billion, while customer loans stood at CFAF 194.7 billion, up 12.3% year-on-year.
Net banking income rose to CFAF 23.4 billion, up 13.7% on the previous year, driven by a 17.8% increase in the bank margin and an 8.8% rise in commissions and other income.
General operating expenses rose by 14.5% to CFAF 11,918 billion, reflecting the increase in the salary index and the impact of the 2019 tax reforms.
11,918 billion CFA francs. The cost/income ratio stood at 50.8%, compared with 50.4% in 2018.
Net income rose by 10.9% to CFAF 8.5 billion in 2019, enabling BOA-NIGER to post an improved Return on Equity (ROE): 24.8% compared with 24.3% in 2018. The solvency ratio, the main indicator of the Bank’s financial strength, remains at a reassuring and comfortable level: 13.9%.
This performance is the result of the efforts of all the Bank’s teams, combined with the relevance of the Board of Directors’ strategic orientations.