Although the national economic environment remained challenging in 2012, BOA-MADAGASCAR continued to improve at a pace that was satisfactory on the whole. This allowed it to achieve positive results that met all its projections and to fully assume its proper role in financing Madagascar’s economy.
...
In Madagascar, the optimism felt in early 2011 gave way to a period of uncertainty, as the much- awaited recovery did not occur, due to the persistent domestic political crisis. This long crisis, which has dragged on now for almost three years, has been one factor undermining economic fundamentals and exacerbating the decline in the country’s social metrics.
...
In 2010 BOA-MADAGASCAR held up well to an
economic context that remained unfavourable,
due to the political crisis that has dragged on in the
country for almost two years. Benefits showed up
from actions taken to shore up our profitability by
improving portfolio quality through stepped-up debt
collection and a cautious lending policy, with a focus
on commission-generating products and tighter control
over operating costs.
...
2009 was particularly marked in Madagascar by
socio-political troubles that were further aggravated
by the international financial crisis. This had disastrous
effects on most of the country's economic sectors,
which experienced a slowdown or collapse of activity.