Bank of Africa Senegal Posts 17% Rise in Profit to $33M

TLDR
- Bank of Africa Senegal (BRVM: BOAS) reported a net profit of 19.98 billion CFA francs ($32.9 million) in 2024, up 17% from 17.02 billion CFA francs
- Operating income rose to 49.7 billion CFA francs ($81.9 million), up from 45.4 billion CFA francs ($74.8 million) the previous year
- BOA Senegal’s stock (BOAS) gained 28% over the past year, with a 25.4% increase year-to-date
Bank of Africa Senegal (BRVM: BOAS) reported a net profit of 19.98 billion CFA francs ($32.9 million) in 2024, up 17% from 17.02 billion CFA francs ($28.1 million) in 2023. Operating income rose to 49.7 billion CFA francs ($81.9 million), up from 45.4 billion CFA francs ($74.8 million) the previous year.
Total assets increased to 783.2 billion CFA francs ($1.29 billion), up 3.3%. Customer loans rose to 402.5 billion CFA francs ($663.3 million), while deposits grew to 585.8 billion CFA francs ($965.7 million), both recording modest annual gains. Shareholders' equity rose to 88.6 billion CFA francs ($146.1 million).
BOA Senegal’s stock (BOAS) gained 28% over the past year, with a 25.4% increase year-to-date. It rose 14% over the last week, 40.8% in the last month, and 23.4% in the past quarter. The bank is part of the Bank of Africa Group, which operates in 18 countries.
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Key Takeaways
BOA Senegal maintained steady profitability in 2024 as it expanded both its loan book and deposit base. The 17% increase in net profit was supported by higher net interest income and stable operating costs, with the cost-to-income ratio remaining just below 40%. Equity rose by 15.7%, bolstered by retained earnings and capital injections. The bank also reduced provisions by 95%, indicating stronger credit quality or improved collection. BOA Senegal’s strong stock performance reflects investor optimism. The 40.8% gain over the past month and 28% over one year outperformed the broader BRVM financial sector. The bank's ability to maintain growth in a competitive and regulated environment shows operational discipline. With Senegal’s economy expanding and investment linked to offshore gas and infrastructure projects, the outlook for credit demand is positive. Maintaining asset quality and cost control will be critical as BOA Senegal seeks to grow its market share and improve return on equity.






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