The six subsidiaries of the Bank of Africa (BOA) Group listed on the Regional Securities Exchange (BRVM) presented their results for the 2025 fiscal year during a ceremony held in Abidjan. The message is clear: these banking entities, established in Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, and Senegal, show a solid performance, marked by a 48.5% increase in their cumulative market capitalization, which now exceeds 1,000 billion CFA francs. This growth occurs in a context where the BRVM Composite index rose by 25.3%, with a record mobilization level of 4,200 billion CFA francs.
Individual results confirm this momentum. BOA Côte d’Ivoire, for instance, recorded a net profit of 35.5 billion CFA francs in 2025, up 10.9%, with a Return on Equity (ROE) of 30% and a cost-to-income ratio of 36%. Deposits decreased slightly by 0.7% to 850.5 billion CFA francs, but the bank possesses 950 billion in equity and has doubled its profits and resources compared to 2021. Across all six subsidiaries, the cumulative market capitalization exceeds 1,000 billion CFA francs, while total profits reached 108.3 billion CFA francs. With the exception of BOA Niger, all subsidiaries distributed a cumulative gross dividend of 99 billion CFA francs, up 12.4%, with a dividend yield ranging between 8.2% and 12.1%—significantly higher than the market average of 5.7%.
A strategic shift toward SMEs
The performance of the six BOA subsidiaries on the BRVM is largely explained by their strategic reorientation toward small and medium-sized enterprises (SMEs). This target represents a key segment for financing the West African economy, which is often under-banked and a driver of growth. BOA subsidiaries have intensified their range of products and services tailored to SME needs, particularly regarding credit, cash management, and payment solutions. This strategy allows for the diversification of credit portfolios, reduced dependence on major corporate accounts, and strengthened resilience against economic shocks.
This shift toward SMEs is accompanied by an improvement in credit portfolio quality. Aggregate outstanding loans for the six subsidiaries grew by 5.1% to 2,348 billion CFA francs in 2023, despite a 1.9% contraction in aggregate deposits to 3,324 billion CFA francs. This dynamic reflects prudent risk management and an ability to generate income in a context of increased competition. BOA subsidiaries have also strengthened their credit analysis and borrower monitoring capabilities, contributing to maintaining a controlled cost of risk.
Implications for economic financing
The success of the six BOA subsidiaries on the BRVM has significant implications for financing the West African economy. First, it strengthens the banks’ ability to mobilize local resources through the stock exchange, which reduces dependence on external funding and improves financial stability. The 48.5% increase in cumulative market capitalization in one year reflects investor confidence in BOA’s strategy and regional growth. This confidence translates into high dividends and attractive yields, encouraging investors to maintain or increase their positions.
Secondly, the focus on SMEs helps stimulate entrepreneurship and innovation. SMEs are engines of job creation and growth, but they often face difficulties accessing financing. By targeting this segment, BOA subsidiaries support value-added creation and economic diversification. This dynamic may also encourage other banking players to follow suit, thereby strengthening the competitiveness of the financial sector.
Finally, the performance of the six BOA subsidiaries reinforces the BRVM’s position as a regional financing platform. The exchange is becoming a key tool for companies and financial institutions seeking to raise funds and increase their visibility. This evolution can attract new issuers and broaden the investor base, contributing to market depth and liquidity.
Projections and uncertainties
The future of the six BOA subsidiaries on the BRVM depends on several factors. Regional political and economic stability is crucial, as political shocks can affect investor confidence and bank performance. BOA Niger, for example, saw its share price drop by 6.8% in 2023 due to political developments in the country. Subsidiaries must therefore continue to strengthen their resilience and diversify their portfolios to mitigate risks.
Banking competition will also intensify with the entry of new players and the digitalization of financial services. BOA subsidiaries will need to innovate to maintain their competitive advantage, particularly in digital products and value-added services. Financial regulation will also play an important role by framing credit practices and ensuring system stability.
In conclusion, the six BOA subsidiaries listed on the BRVM have established themselves as key players in financing the West African economy, thanks to their strategic shift toward SMEs and their remarkable stock market performance. While this success opens promising prospects for regional growth, it requires prudent risk management and continuous adaptation to market changes.