With the year 2018 we ended our three years plan 2016-2018 where our ambitions were to double the Group Net income to reach all high level of 100 million EUR this year without committing a new equity.
We ended the year 2018 at 83 % of the three years objective at 83 million EUR Net Income Group Share.
I take this opportunity to thank all staff members for this accomplishment based on sound fundamentals.
The Banking industry in Sub-saharian African countries has been for the third year adjusting to the regulatory changing environment set by Central Banks : New accounting rules to implemented in a very short timeline ; new minimum capital requirements ; more constraining prudentials ratios, new reportings…
Despite all those constraints, BANK OF AFRICA has been pursuing its strategy, through the execution of each road maps, and not trying to enter the race to please regulators.
Total Balance sheet was steady at 7.62 billion EUR (+0.62 %) due to the chosen decision to reduce our Government Bonds exposure by 13 % not offset by the customers loans portfolio that grew by 4.7 %.