BOAD posted earnings growth by 26% for FYE 2017
Dakar, 23 March 2018. The Council of Ministers of the West African Monetary Union (WAMU) approved BOAD’s accounts for the year ended 31 December 2017. The Bank’s operations posted a 26% net profit to stand at XOF13.295 billion up from XOF10.548 billion at the end of 2016. The profit made will therefore strengthen the Bank’s equity. Net banking income also went up by 9.6% to stand at XOF37.419 billion as against XOF34.131 billion in 2016.
The total balance sheet went up by 17.2% to stand at XOF2,653.295 billion as against XOF2,263.357 billion at the end of the previous year. The Bank maintained a balanced financial structure throughout the financial year, particularly with effective equity capital amounting to XOF655.810 billion and representing 25.5% of the total balance sheet excluding unpaid-up capital.
Over the years, the Bank has gained international recognition and enjoys the full confidence of its partners and investors because of the quality of its rating. These Baa1 and BBB “investment grade” ratings were successively confirmed in 2016 and 2017 by Moody’s and Fitch Ratings.
These results reflect the Bank’s sound financial position, consistent with its objective of becoming by 2020, a “solid development bank for the economic integration and transformation in West Africa”.
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