BANK OF AFRICA – NIGER (BOA-NIGER) closed FY2020 with encouraging achievements, despite a macroeconomic context marked by the Covid-19 health crisis.

The balance sheet total was down by 4.1% to CFA francs 329.8 billion, driven by an expected decline in short-term interbank resources. Deposits rose by 10.3% to 216.4 billion CFA francs, while customer loans amounted to 202.9 billion CFA francs, an increase of 4.2% year-on-year.

Net Banking Income grew by 3.4% to 24,254.7 billion CFA francs, supported by the 5.2% increase in the banking margin.

Other direct operating expenses were controlled and stabilized at CFA francs 11,926.6 billion, leading to an improvement in the cost/income ratio at 49.2% compared to 50.8% in December 2019.

Net income fell by 12.7% to CFA francs 7.4 billion, in line with the deterioration in the cost of risk leading to a decline in profitability ratios.

However, with the decrease in the amount of RWA and the strengthening of effective capital, the solvency ratio appreciated to 18.2%, against 13.9% in 2019.

These results are the result of the efforts of all the Bank’s teams, combined with the relevance of the Board’s strategic orientations.