BOA Mali sees 135% profit jump in 2023 on declining cost of risk
TLDR
- BOA Mali's profit surged by 134.84% to 5.78 billion FCFA despite economic and security challenges in Mali.
- The cost of risk decreased by 33.92% to 8.76 billion FCFA, contributing to the bank's exceptional financial performance.
- BOA Mali focused on a commercial policy emphasizing commitments by signature and debt recovery, leading to a slight increase in Net Banking Product and Gross Operating Profit.
In 2023, BOA Mali continued its impressive four-year momentum despite the economic and security challenges facing Mali. The bank reported a remarkable increase in profit, jumping by 134.84% from 2.46 billion FCFA to 5.78 billion FCFA compared to the previous year.
This significant improvement can be attributed to a notable reduction in the cost of risk, which decreased to 8.76 billion FCFA from 13.26 billion FCFA, marking a drop of 33.92%. During the year, BOA Mali - listed on the BRVM - implemented a commercial policy focused on commitments by signature and the recovery of debts, increasing the cost of resources.
Despite this, the Net Banking Product saw a slight increase of 0.60% to 35.52 billion FCFA. The Gross Operating Profit (GRO) also experienced a modest increase of 2.02%, reaching 14.4 billion FCFA compared to 14.7 billion FCFA in 2022.
Key Takeaways
Bank of Africa - Mali (BOAM) has experienced significant gains in its share price on the BRVM Stock Exchange. As of the last trading day on March 22, 2024, BOAM closed at XOF 1,605 per share, marking a 7.4% increase over its previous closing price. Since the beginning of the year, BOAM's share price has risen by 8.81%, demonstrating positive performance compared to the start of the year. Furthermore, BOAM has shown robust growth over the past four weeks, with a 23% increase in its share price during this period, making it the top performer on the BRVM in terms of short-term performance. Overall, shareholders may view these developments optimistically, considering BOAM's strong performance in both the short term and year-to-date.
$1/XOF603.76 as of Sunday 8:10 WAT
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