• Bank of Africa Senegal Q1 profit rises 9.7% to 5.7bn CFA

• Revenue and interest income growth drive higher operating income

• Loans, deposits increase, supporting lending despite sector constraints

Bank of Africa Senegal, the Senegal unit of Morocco’s Bank of Africa (BOA), reported net profit of 5.7 billion CFA francs ($4.2 million) for the first quarter of 2026, up 9.7% from 5.2 billion a year earlier, according to recently published financial results.

Growth was driven mainly by higher revenue, which rose to 12.5 billion CFA francs from 11.7 billion a year earlier, supported by increased interest income, which reached 12.2 billion over the quarter.

Operating income rose to 6.4 billion CFA francs from 5.9 billion in the first quarter of 2025, reflecting improved profitability. Operating expenses increased to 4.69 billion CFA francs from 4.33 billion a year earlier. Loan-loss provisions were stable at 802 million CFA francs, compared with 814 million a year earlier.

Total assets stood at 805.9 billion CFA francs at end-March 2026, up from 748.24 billion a year earlier. Growth was supported by customer deposits, which rose to 631.03 billion CFA francs from 555.3 billion.

Outstanding loans increased to 408.14 billion CFA francs in the first quarter of 2026 from 389.59 billion a year earlier, pointing to a strong start to the year for lending, despite continued constraints on access to financing.

Banks remain cautious in lending to some businesses due to the large informal sector, weak corporate structures among some small and medium-sized enterprises, and limited collateral to mitigate credit risk. In that context, the rise in lending supports economic activity and business growth.

According to Senegal’s Ministry of Economy, bank lending grew 8.4% in 2025, compared with 5.1% in December 2024.

Sandrine Gaingne