Companies listed on the BRVM: Decrease of FCFA 1.448 billion in the profit of BOA Senegal in 2020

The after-tax profit of Bank Of Africa (BOA) Senegal, a subsidiary of the Moroccan banking group BMCE Bank, decreased by 1.448 billion FCFA (2.172 million euros) at the end of fiscal year 2020 compared to fiscal year 2019, announced the leaders of this Dakar-based banking establishment

This profit stood at 7.667 billion FCFA against 9.115 billion FCFA, a contraction of 15.88%. As for the total balance sheet, it recorded an increase of 26.725 billion FCFA with an achievement of 561.588 billion FCFA against 534.863 billion FCFA in 2019.

During the period under review, BOA Senegal collected resources from its clients amounting to CFAF 373.182 billion against CFAF 342.477 billion in 2019, an increase of CFAF 30.705 billion. As for the loans granted to this same clientele, they increased by 12.388 billion FCFA, amounting to 279.572 billion FCFA against 267.184 billion FCFA as of December 31, 2019. The interest and similar products of BOA Senegal have seen their level evolve. 5.88%, from 30.522 billion FCFA in 2019 to 32.319 billion FCFA a year later. As far as they are concerned, interest and similar charges increased by 3.80% to 13.352 billion FCFA against 12.863 billion FCFA as of December 31, 2019.

At the end of 2020, BOA Senegal received commissions on products of 10.491 billion FCFA against 9.205 billion FCFA between 2019 (+1.286 billion). On the other hand, the commissions disbursed by the bank on its charges fell sharply by 534 million FCFA with a level standing at 998 million FCFA against 1.532 billion in 2019. The net banking income recorded a slight decrease of 0.34% to 29.997 billion FCFA against 30.102 billion FCFA in 2019.

At the end of the 2020 financial year, the general operating expenses of the bank increased by 780 million FCFA, amounting to 16.612 billion FCFA against 15.832 billion FCFA as of December 31, 2019. operating income (RBE) fell by 10%, from 12.365 billion FCFA in 2019 to 11.128 billion FCFA a year later. The bank’s cost of risk increased sharply by 55.79%, standing at 3.496 billion FCFA against 2.244 billion FCFA as of December 31, 2019. The same downward trend characterizes the operating result which stood at 7.632 billion FCFA against 10.121 billion FCFA in 2019 (-24.59%).


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