The West African Development Bank (BOAD), located in Lomé, concluded the 2024 financial year with a net profit of approximately 40 billion FCFA (39.402 billion), reflecting an 8.09% increase from the previous year’s profit of 36.453 billion FCFA.
This information was shared by the institution in a press release on Monday, April 7, 2025, following the approval of its financial statements by the Council of Ministers of the West African Monetary Union (WAMU).
The report indicates that the Bank’s total balance sheet rose to 3,893.5 billion FCFA, up from 3,482 billion FCFA in 2023, marking an annual growth of 11.8%. Additionally, net banking income reached 114.9 billion FCFA, showing a modest increase from last year’s 111 billion FCFA.
Key factors contributing to this positive performance include the successful implementation of a capital increase of 554 billion FCFA, the issuance of subordinated debt amounting to 100 million euros, and the utilization of risk transfer mechanisms such as receivables securitization and credit insurance.
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With equity totaling 1,390.8 billion FCFA, which constitutes 35.72% of the total balance sheet, BOAD demonstrates a robust financial position. The institution also retains its Investment Grade credit ratings, with Baa1 from Moody’s and BBB from Fitch Ratings.
For the year 2025, the development bank has already pledged support to several countries in the sub-region, including Togo, which will receive 20 billion FCFA for the construction and operation of a ministerial city in Lomé, along with an additional 40 billion FCFA to address energy emergencies.
