Bloomfield Investment Corporation, the pan-African rating agency, confirmed, following its latest rating committee (June 2025), the credit ratings of BOA Burkina Faso, a subsidiary of the Bank of Africa group. The bank thus retains its long-term A+ rating and short-term A1 rating, both with a stable outlook, indicating satisfactory credit quality despite a challenging economic and security environment.
Economic resilience and strong fundamentals
In its analysis, Bloomfield notes that the Burkinabe economy showed robust growth of 5.5% in 2024, a significant increase from the 3% recorded in 2023, demonstrating some resilience in a still concerning security context.
For BOA Burkina Faso, the fundamentals remain strong. Despite a decrease in total assets, the bank maintains a strong position in the local market: 2nd in terms of total assets and customer base, and 3rd in resource collection, with a growing market share in deposits.
Strategic adjustments and caution in credit activity
The rating committee highlights a 10% decrease in loan portfolios in 2024, a result of a cautious approach to security risks and interest rate adjustments. Meanwhile, customer deposits increased by 5%, driven by intensified commercial activities, especially in the mining sector and SMEs.
Pressure on financial results
Financially, the bank recorded a 5% contraction in Net Banking Income (NBI), affected by a decrease in commissions from international trade. Net income fell by 23%, directly resulting from increased operating expenses (+6%) and credit risk costs, impacted by higher provisions and a 28% increase in doubtful and litigious receivables by the end of 2024. This was partly due to the downgrading of 9.06 billion FCFA, due to the insolvency of clients affected by insecurity.
2025 Outlook: vigilance on risks
As of March 31, 2025, indicators show a 2% annual increase in NBI, supported by a strong performance in net banking margin (+11%) and reduced refinancing. Net loans have declined by 6% since the end of 2024, while deposits remain stable.
However, the situation remains under surveillance. Bloomfield draws attention to the potential impact of the Burkinabe authorities’ decision to repatriate Term Deposits (DAT) from public enterprises to the Treasury Deposit Bank (BDT). As of the end of May 2025, the remaining balance of public DATs amounts to 39.57 billion FCFA, representing 7% of the deposits at the end of 2024.
