Abidjan, June 2025 – Following its latest assessment, Bloomfield Investment Corporation has confirmed the long-term rating of Bank of Africa Côte d’Ivoire (BOA CI) at A+, with a stable outlook, and maintained its short-term rating at A1-, while upgrading its outlook from stable to positive. This rating reflects the financial strength of the bank in an environment characterized by a tightening of the BCEAO’s monetary policy.
A dynamic banking environment despite a stricter monetary context
The Rating Committee notes that the Ivorian banking sector continues to grow, despite the increase in key rates by the BCEAO – with a weekly call rate raised to 3.50% and a marginal lending rate to 5.50% since December 2023. In this more demanding environment, BOA CI has effectively implemented its 2022-2024 strategic plan, consolidating its market positions.
A growing commercial dynamic
Between 2022 and 2024, BOA CI recorded a significant increase in its market shares:
– Jobs: 3.56% (2022), 4.32% (2023), 4.00% (2024), moving from 11th to 10th place;
– Resources: 4.23% (2022), 5.22% (2023), 5.00% (2024), from 8th to 7th place.
The balance sheet transformation strategy has also paid off. The share of the Retail segment in the balance sheet rose to 34.8%, exceeding the target of 27.5%, while the Corporate segments decreased to 65.2%, better than the target of 72.5%.
At the same time, the rate of digitalization of operations has significantly increased, from 56% in 2022 to 68% in 2024. The Trade Finance activity also shows satisfactory performance.
Solid financial indicators at the end of 2024
Despite more constrained access to BCEAO refinancing, BOA CI reduced its interbank debts by 28%, brought down to 76.3 billion FCFA, thanks to a 20% increase in client collection.
At the end of 2024:
– Net Banking Income (NBI): 72.7 billion FCFA (+20% vs 2023);
– Customer interest margin: 25.1 billion FCFA (vs 21.9 billion in 2023);
– Placement margin: 15.1 billion FCFA (vs 16.2 billion);
– Operating ratio: 36.73% (vs 48.47% in 2022), below the group standard of 50%;
– Net profit: 32.0 billion FCFA (+23%), exceeding forecasts;
– Return on Assets (RoA): 5.39% (vs 4.55%);
– Return on Equity (RoE): 39.76% (vs 37.40%);
– Net margin rate: 44.06% (vs 42.88%).
An increase in credit risk costs
The Committee, however, highlights a 41% increase in credit risk costs, linked to the establishment of additional provisions (+3.15 billion FCFA) and losses on irrecoverable receivables (+1.1 billion FCFA).
Outlook and points of vigilance
BOA CI complies with all prudential requirements in force in the UMOA. However, Bloomfield questions the absence of integration of the Retail segment in the internal rating of commitments, limiting a detailed evaluation of credit risk. The agency also announces a special monitoring of certain innovative financial products such as LOA and the “72” loan.
The Bloomfield analyst team will ensure continuous monitoring of the rating and keep the Committee informed of any significant developments.
