2022 Financial Report

BANK OF AFRICA – SENEGAL (BOA-SENEGAL) reached the end of its 2019-2021 three-year development plan with an overall completion rate of over 80%. The balance sheet transformation under way was affected by Covid-19 which impacted SMEs and SMIs. The retail customer market continued to grow rapidly with this segment representing 32% of the Bank’s commitments at 31 December 2021.

Net customer loans increased by 15% to CFAF 321,621 million at 31 December 2021. Customer deposits posted an annual increase of 19.5% to CFAF 445,946 million at the 2021 year-end compared with CFAF 373,182 million a year earlier.

Banking activity is buoyed by high yields coupled with new loan disbursements, leading to an annual increase of 20.9% in banking margin. Commissions also grew by 18.7%.

Net banking income thus came in at CFAF 35,727 million in 2021 compared with CFAF 29,997 million in 2020.

Thanks to a tight control of operating expenses, Gross Operating Profit came in at CFAF 17,550 million compared with CFAF 11,128 million in 2020, up 57.7%.

Operating ratio totalled 50.9% at 31 December 2021 against 62.9% in 2020.

Cost of risk worsened by 64 basis points to -2.2% at the 2021 year-end due to supplementary provisions for old cases in spite of collaterals.

Net Income increased by 44.4% over the year to reach CFAF 11,070 million at 31 December 2021.

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