BOA Côte d’Ivoire Sees Third-Quarter Growth Amid Rising Risk Costs
TLDR
- Bank of Africa - Côte d’Ivoire (BOAC) records solid Q3 2024 results, with Net Banking Income (PNB) up by 16.23%.
- Operating profit shows a significant increase of 21.44%, reaching 34,460 million FCFA.
- Management remains optimistic about sustaining growth momentum, despite challenges from rising risk costs.
Bank of Africa - Côte d’Ivoire (BOAC) posted solid Q3 2024 results, with Net Banking Income (PNB) rising 16.23% year-on-year to 53,371 million FCFA, driven by higher commissions and improved margins.
Operating profit grew 21.44% to 34,460 million FCFA, while net profit increased modestly by 4.93% to 26,293 million FCFA, hindered by a 143.65% rise in the net cost of risk.
The bank also reported an 11.67% increase in collected resources and a 5.51% growth in net customer loans, reflecting strong customer confidence and operational efficiency. Management expressed optimism about maintaining growth trends in the coming quarters, despite challenges from escalating risk costs.
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Key Takeaways
BOA CI’s robust revenue and operational growth underline its resilience and potential in Côte d’Ivoire’s financial sector. For investors, the bank’s performance signals confidence in its strategy and growth trajectory, with potential upside for the stock price. However, the sharp rise in risk costs warrants careful evaluation of long-term risk management capabilities. Maintaining this balance will be critical for sustaining investor confidence and future profitability.
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