Compagnie Bancaire de l’Afrique Occidentale (CBAO)
CBAO has taken the award for Senegal owing to a strong performance in 2002, especially where net profit is concerned.
Last year, CBAO boosted net profit by 14-fold and kept its cost-to-income ratio, a key measure of its efficiency, to a low of 45%. There were also double-digit gains in assets and Tier 1 capital.
Another big achievement is the bank’s lead position in Senegal’s retail banking market. It has 24 branches in 11 cities and has installed cash machines around the country. This has meant access to banking services in those areas of Senegal that need it most and have not previously had banking facilities.
