Bank of Africa Benin Reports 8.7% Drop in 2024 Net Profit

AFRICAN STOCKS AND FINANCEApril 22, 2025 at 7:47 PM UTC

TLDR

Bank of Africa Benin (BRVM: BOAB) posted a net profit of 19.65 billion FCFA ($34.1 million) for 2024, down 8.7% from 21.53 billion FCFA ($37.4 million) in 2023
Total assets grew 3.7% to 940.19 billion FCFA ($1.63 billion), while customer loans increased 1.8% to 408.40 billion FCFA ($709.4 million)
The bank reported central bank holdings of 60.22 billion FCFA ($104.6 million), nearly triple the previous year's figure, suggesting improved liquidity position despite profit decline

Bank of Africa Benin (BRVM: BOAB) posted a net profit of 19.65 billion FCFA ($34.1 million) for 2024, down 8.7% from 21.53 billion FCFA ($37.4 million) in 2023, according to financial statements released this month. Total assets grew 3.7% to 940.19 billion FCFA ($1.63 billion), while customer loans increased 1.8% to 408.40 billion FCFA ($709.4 million). Customer deposits surged 13.6% to 734.34 billion FCFA ($1.28 billion).

The bank doubled its subscribed capital to 40.56 billion FCFA ($70.5 million) from 20.28 billion FCFA ($35.2 million) in 2023, strengthening its capital base. Net banking income declined 2.7% to 46.53 billion FCFA ($80.8 million). Operating result fell 6.8% to 21.46 billion FCFA ($37.3 million).

Off-balance sheet financing commitments increased 23.2% to 28.78 billion FCFA ($50.0 million), while guarantee commitments decreased slightly to 53.29 billion FCFA ($92.6 million). The bank reported central bank holdings of 60.22 billion FCFA ($104.6 million), nearly triple the previous year's figure, suggesting improved liquidity position despite profit decline.

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Key Takeaways

Bank of Africa Benin's performance reflects broader challenges in West Africa's banking sector amid regional economic pressures. The bank operates as part of Bank of Africa Group, which maintains presence across 18 African countries. The significant deposit growth demonstrates continued consumer trust despite profitability challenges. The capital doubling suggests strategic preparations for potential regulatory requirements or expansion plans. The bank's stock (BOA BENIN) trades on the BRVM regional exchange, where financial stocks have faced pressure. Last week, BOA Burkina, another group subsidiary, fell 7.09% on the BRVM. West African banks continue digital transformation efforts while navigating complex regional economic conditions, including currency pressures and cross-border trade challenges within the WAEMU zone. Banking penetration remains low across the region, presenting growth opportunities despite near-term profitability headwinds.

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