BOAD posts a profit result up by 19% in 2016
Dakar, 31 March 2017. The Council of Ministers of the West African Monetary Union (WAMU) approved BOAD’s accounts for the year ended 31 December 2016. The sub-regional bank posted rising key figures for the year, with a net profit result of XOF10.5 billion compared to XOF8.8 billion as at end 2015, having increased by 19.3%. Profit made will help boost the equity base of the institution. Net banking income stood at XOF34.1 billion as against XOF32.6 billion for 2015, having increased by 4.6%.
Among other elements explaining the growth in result, one can point out improved loan income as well as stabilization of overhead and risk costs. The total balance sheet stood at XOF2,263.3 billion compared to XOF1,783.6 billion as at the end of the previous year, having increased by 26.9%. The financial structure remained balanced, with actual own funds amounting to XOF634.69 billion and representing 29.2% of the total balance sheet, excluding unpaid-up capital.
At operational level, the amount of loans granted by BOAD in 2016 stood at XOF500.6 billion, increasing its net commitments, since commencement of its operational activities in 1976, to XOF4,410 billion for the implementation 1,044 projects.
Established in 1973, BOAD is a common institution of the 8 member countries of the West African Economic and Monetary Union (WAEMU). Its purpose is to promote the balanced development of member countries and foster economic integration within West Africa. Deeply involved with environmental and climate issues, it is accredited as an executing agency to the Adaptation Fund (2011), the Global Environment Facility (GEF, 2015) and the Green Climate Fund. In 2015, the international rating agencies Moody’s and Fitch assigned to BOAD investment grade ratings (“Baa1” and “BBB” respectively), with stable outlook. The two rating agencies confirmed those ratings in 2016, thereby enabling the institution to successfully issue its debut bond loan (US$750 million raised) in the international capital market.
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