Bank of Africa Benin sees net profit drop 17% in first quarter
TLDR
- Bank of Africa Benin reported a 17.13% decrease in net profit for Q1 2024, down to 4.84 billion FCFA.
- Net banking income decreased by 4.05% to 10.9 billion FCFA due to higher refinancing costs and interest delays.
- Customer receivables grew by 8.4% to 407.2 billion FCFA, and customer deposits increased by 2.2% to 679.7 billion FCFA.
Bank of Africa Benin reported a 17.13% decrease in net profit for the first quarter of 2024, amounting to 4.84 billion FCFA ($7.9 million), down from 5.84 billion FCFA in the same period the previous year.
This decline was primarily driven by a 4.05% decrease in net banking income, which fell to 10.9 billion FCFA by March 2024 from 11.36 billion FCFA a year earlier.
Factors contributing to this included higher refinancing costs (rising from 2.5% to 5.75%) and delays in receiving and accounting for interest on specific sovereign securities. On the balance sheet front, customer receivables increased by 8.4% to 407.2 billion FCFA, while customer deposits rose by 2.2% to 679.7 billion FCFA.
Key Takeaways
BOA Benin's share has shown four consecutive years of growth, accumulating a capital gain of 76.18%. In 2024, the stock began the year at high levels and peaked at 7,350 FCFA on May 20, 2024, the highest in seven years. However, profit-taking by investors led to a slight slowdown, with the stock settling at 6,745 FCFA thereafter.
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