The net banking income (PNB) of Bank Of Africa (BOA) Benin, a subsidiary of the banking group of the same name, recorded a decrease of 3.36% in the first half of 2024 compared to the same period in 2023, announced the managers of this banking institution based in Cotonou.

The GNP, a key indicator of the bank's activity, fell to 23.18 billion CFA francs, a decrease of 3.36% compared to the same period in 2023. “This drop is the result of the rise in credit rates and the fall in net exchange rates following the combined effect of the closure of the Niger border and the fall of the naira”, specifies the

Boa Benin announced a drop of 12.82% in its net income in the first half of 2024, to 10.93 billion CFA francs (about $17.6 million), according to its half-year report published on Monday, November 25.

The institution mainly explains this decline by the closure of the borders with Niger, the devaluation of the Nigerian naira and the increase in refinancing costs in UEMOA (+300 basis points over one year), which severely disrupted its operations.