WAMU’s banking sector net income grew 19.8% compared to 2019, according to data from the Banking Commission’s annual report. It stands at 551.8 billion FCFA (approximately 994 million USD), against 460.6 billion in 2019 in a context marked by the Covid-19 pandemic.
According to the 312-page document consulted by Financial Afrik, Ivorian banks posted a profit of 242.5 billion (nearly 45%), leading the list far ahead of those of Burkina (92.5 billion), Senegal ( 85.4 billion), and Mali (61.9 billion). Beninese institutions recorded a profit of 24.5 billion, just ahead of those of Niger (23.9 billion). The Togolese and Bissau-Guinean markets are last with FCFA 18.4 billion and 2.8 billion respectively in net income.
For its part, the Union’s net banking income amounted to CFAF 2,347.7 billion in 2020, up 8% year-on-year. And the net cost / income ratio fell to 64.3% in 2020 from 66.7% in 2019, according to the Commission Bancaire.
“The balance sheet total of active credit institutions stood at 47,718.5 billion, representing a growth of 14.8% compared to 2019. Net jobs increased by 14.9% to reach 41,460.7 billion, including 60.3% of customer loans and 25.9% of investment securities ”, specifies the same source.
In 2020, the banking system of the 8 West African countries having the CFA Franc in common was run by 149 approved credit institutions in operation.