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BOA-Niger: More than 11.5 million euros in net income in 2018

Bank of Africa (BOA) Niger, a subsidiary of the Moroccan banking group BMCE-Bank, has, during the past year, performed well, which allowed it to achieve a net result of more than 7.6 billion CFA francs, more than 11.5 million euros.

This result is significantly higher than in 2017, when the bank, listed on the Regional Stock Exchange (BRVM), claimed a net profit of 6.9 billion CFA francs, an increase of 11% year-over-year.

According to a statement from BOA-Niger, made public Monday in Niamey, the share of credits granted in 2018, as well as deposits to customers, are also rising. Thus, 173 billion CFA francs of loans were granted in 2018, against 170 billion in 2017, and deposits stood at 177 billion CFA francs in 2018, an increase of 11.8%. “Good performance recorded despite a difficult economic climate plus added insecurity in some localities of the country,” says the same source.

It should be recalled that in 2017, BOA-Niger raised F CFA 157,531 billion from its customers, compared with FF 145,332 billion in FY 2016. Financial transaction expenses amounted to F CFA 4,065 billion in FY 2017 against 580,143 million F CFA in 2016.

Financial transactions have evolved, interest and similar charges have followed suit. They went from CFAF 6.499 billion in 2016 to CFAF 6.884 billion in 2017.

The BOA Group is presently active in 18 countries, including eight in West Africa (Benin, Burkina Faso, Ivory Coast, Ghana, Mali, Niger, Togo and Senegal), eight in East Africa and one in Africa. Indian Ocean (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda and Tanzania) and the Democratic Republic of the Congo.

BOA also has representation in France, through a network of 16 commercial banks, a financial company, a housing bank, two investment companies, a merchant bank and two representative offices.

Since 2010, the Bank of Africa Group has been majority-owned by BMCE-Bank, which provides strong strategic and operational support to BOA, as well as direct access to international markets through its presence in Europe, Asia and North America.

More than 30 years ago in Mali, the BOA Group now has more than 6,000 employees.

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