The cumulative net profit of the 10 banks listed on the BRVM reached CFAF 96.2 billion in the first half of 2020, up 17.05%. This performance is all the more remarkable as it was achieved in the midst of the covid-19 pandemic.

With the exception of Oragroup and Ecobank Transnational Incorporated, which are banking groups present in more than one sub-region, the 10 banks listed on the WAEMU Regional Stock Exchange (BRVM) generated a cumulative net banking income (GNP) of CFAF 302.5 billion ($536.8 billion) in the first half of 2020, found the Ecofin Agency of market data.

This overall performance hides some disparities. The increase in GNP has not been at the rendezvous for all the banks of the common financial market of the WAEMU countries.

Coris Bank is the institution that posted the strongest increase in this indicator compared to the first 6 months of 2019. The Bank based in Burkina Faso saw its GNP increase by 6.5 billion CFA francs, or in relative terms an increase of 23.6%

Coris Bank is followed by Societe Generale Côte d'Ivoire and BOA Benin, whose GNP has evolved at levels close to 3.5 billion FCFA. But for the Beninese bank, this represents an increase of 18% against an advance of only 4.7% for the subsidiary in Côte d'Ivoire of the French financial group Societe Generale.

NSIA Banque Côte d'Ivoire experienced the biggest decline in banking revenues (-2 billion FCFA) down 6.4%. Ecobank Côte d'Ivoire also saw its GNP fall by 2.9%.

Supported by this solid revenue performance, the net profit of the banks studied is also up. It reached CFAF 96.2 billion over the period under review. This indicator is up 17.05% compared to the first half of 2019.

This is good news, because the period was marked by covid-19 which resulted in a 30.15% increase in the cost of risk in the sector, reaching 43.7 billion FCFA.