BOA Burkina Faso rakes in CFA17 bln as net income
Bank of Africa (BOA) Burkina Faso, a subsidiary of the banking group of the same name, realized a net banking income of 17.258 billion CFA francs (about US$27.612 million) in the first quarter of 2017, the Ouagadougou-based bank told APA on Wednesday.
Compared to the first half of 2016 when it stood at 16.132 billion CFA francs, this time income grew by 6.98 percent.
As for the bank’s total balance, it stood at 752.9 billion CFA francs, up by 12 percent compared to June 30, 2016.
BOA Burkina Faso’s overheads increased by 8.75 percent, from 6.786 billionCFA francs in 2016 to 7.379 billion CFA francs a year later.
The bank’s gross operating income grew by 4.56 percent to reach 8.745 billion CFA francs, compared to 8.364 billion CFA francs recorded at the end of June 2016.
On the other hand, BOA Burkina Faso saw its cost of risk sharply increase by 77.36 percent, standing at 2.130 billion CFA francs, against 1.201 billion CFA francs at the end of June 2016.
The bank nevertheless posted a profit of 6.575 billion CFA francs, against 6.003 billion CFA francs in 2016, representing an increase of 9.52 percent.
Looking ahead to the second half of 2017, BOA Burkina Faso managers expect to maintain and strengthen the position of the institution in the country’s banking market, while preserving its profitability.