Bank of Africa Mali Annual Profit Jumps 57% to $15M
TLDR
- Bank of Africa Mali (BRVM: BOAM) posted a net profit of 9.1 billion CFA francs ($15 million) for 2024
- Operating income increased slightly to 36.2 billion CFA francs ($59.6 million), while total assets declined
- BOA Mali’s stock rose 55.2% over the past year and is up 22.8% year-to-date
Bank of Africa Mali (BRVM: BOAM) posted a net profit of 9.1 billion CFA francs ($15 million) for 2024, up from 5.8 billion CFA francs ($9.5 million) in 2023. Operating income increased slightly to 36.2 billion CFA francs ($59.6 million), while total assets declined to 541.5 billion CFA francs ($892.5 million), from 560.4 billion CFA francs ($923.7 million) a year earlier.
Customer loans rose to 276.2 billion CFA francs ($455.2 million), while deposits increased to 420.3 billion CFA francs ($692.7 million). Shareholders’ equity stood at 46.2 billion CFA francs ($76.1 million), up from 40.2 billion CFA francs ($66.3 million). The cost of risk increased to 7.3 billion CFA francs ($12 million), while operating expenses were flat at 19.1 billion CFA francs ($31.5 million).
BOA Mali’s stock rose 55.2% over the past year and is up 22.8% year-to-date. Shares gained 11% over the last week, 19.3% over the past month, and 36.1% over six months. BOA Mali is part of the Bank of Africa Group, which operates in 18 African countries.
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Key Takeaways
BOA Mali’s strong profit rebound and disciplined cost management contributed to one of the top stock performances on the BRVM in 2024. The bank’s 55.2% stock price gain over the past year reflects rising investor confidence despite a contracting balance sheet and rising risk costs. While public securities holdings declined, customer lending grew, and gains from trading activities rose. The bank’s long-term investments and rising equity base signal preparation for expansion once macroeconomic conditions improve. Cost of risk remains a concern, but capital buffers provide resilience. The stock’s 22.8% year-to-date return and recent short-term gains (+11% in 1 week, +19.3% in 1 month) point to renewed market optimism following the earnings release. Investors appear to be pricing in continued profitability and dividend potential.
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