BOAD posts a net profit, up over 5%
Dakar, 24 March 2016. Convened for their first ordinary meeting in 2016, the Council of Ministers of the West African Monetary Union (WAMU) approved BOAD’s accounts for the year ended 31 December 2015.
Despite adverse movements in exchange rates, the sub-regional bank posted for the year rising figures, with a net profit result of XOF8.839 billion, up by 5.24% compared to 2014. The profit made will strengthen the equity base of the institution. The net banking income totalled XOF32.614 billion, up by 10%. The total balance sheet stood at XOF1,783.64 billion as against XOF1,658.47 billion as at the closing of the previous year, having increased by 7.6%.
The financial structure remains balanced, with actual own funds amounting to XOF618.73 billion and accounting for 36.6% of the total balance sheet excluding unpaid-up capital. With regard to debt ratio (outstanding borrowings/equity), it stood at 155.8% for a statutory standard of 300%.
The establishment of an interest subsidy mechanism decided by the Council of Ministers in December 2015, should contribute to better securing BOAD’s activities pending allocation of sustainable concessionary resources to the institution.
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