Bank of Africa – Madagascar
Bank of Africa – Madagascar (BOA) has captured the premier award for this African island owing to a reasonably good performance following its privatisation last year. Its social commitment was also a factor in the judges’ decision.
The bank boosted net profit 44.7% in 2002 and bettered its ROE to 16.4% from 13.6% in 2001. Fortunately, it also lowered its cost-to-income ratio to 84.2% from 101.4%.
BOA, which is already the leader in the local retail market with 50 branches, helped considerably in widening access to banking services in Madagascar by permitting people to open an account with no initial deposit. The bank was rewarded with a 15% increase in deposits in 2002.
