BOA Côte d'Ivoire Plans to Distribute $47.5M in Dividends for 2025

AFRICAN STOCKS AND FINANCEApril 1, 2026 at 11:45 AM UTC

TLDR

Bank of Africa Côte d'Ivoire (BRVM: BOAC) reports a net profit of 35.54 billion XOF ($62.4 million) for 2025, with a proposed gross dividend of 27.02 billion XOF ($47.5 million) for shareholders.
The AGM will vote on a 3-year mandate renewal for 3 board directors and replacing KPMG with Grant Thornton Côte d'Ivoire as deputy statutory auditor.
The results reflect structural credit expansion in the WAEMU zone backed by Ivory Coast's robust banking system, projected 7% GDP growth, and significant investments in infrastructure and energy sectors.

Bank of Africa Côte d'Ivoire (BRVM: BOAC), a unit of Morocco's BMCE Group, posted a net profit of 35.54 billion XOF ($62.4 million) for the year ended December 31, 2025, after depreciation charges of 1.49 billion XOF ($2.6 million) and a tax charge of 6.13 billion XOF ($10.8 million), according to resolutions tabled for shareholder approval at the Annual General Meeting on April 15, 2026.

The result marks a continuation of the growth trend seen at the half-year stage, when net profit reached 18.4 billion XOF ($32.3 million), up from 17.6 billion XOF ($30.9 million) over the same period in 2024. The full-year figure puts the bank among the more profitable listed banks on the BRVM, Ivory Coast's contribution to the WAEMU regional exchange.

The board proposes a gross dividend of 27.02 billion XOF ($47.5 million), with shareholders to receive a net dividend of 594.5 XOF per 1,000 XOF par-value share after deduction of the 12% withholding tax on securities income. Payment is scheduled through BOA Capital Securities from May 6, 2026. A discretionary reserve of 3 billion XOF ($5.3 million) and a statutory reserve allocation of 5.33 billion XOF ($9.4 million) were also set aside from the distributable balance.

On governance, shareholders will vote on a 3-year mandate renewal for 3 board directors — Lala Moulaye Ezzedine, Amine Bouabid, and BMCE, represented by Zouhair Kaissi — all expiring at the 2028 AGM. Board compensation was set at 72.16 million XOF ($126,700) annually from January 1, 2026.

The AGM will also vote on replacing KPMG, which resigned citing a conflict of interest, with Grant Thornton Côte d'Ivoire as deputy statutory auditor for a 3-year term through the 2028 financial year, under WAEMU banking regulations.

Key Takeaways

BOA Côte d'Ivoire's 2025 results arrive against a backdrop of structural credit expansion in the WAEMU zone's largest banking market. Ivory Coast's banking system holds 33.7% of total WAEMU balance-sheet assets — the largest share in the monetary union — with 28 licensed commercial banks and over 7 million bank accounts as of the latest available data, up from 3.3 million in 2017. GDP growth in the country is projected to average 7% over 2024-2025, driven by infrastructure investment, higher cocoa prices, and production from the Baleine offshore oil and gas field, whose reserves are estimated at 2.5 billion barrels of oil equivalent. That macro environment supports loan book growth and fee income for retail and commercial lenders alike. For BOA CI specifically, the dividend payout signals confidence in the sustainability of earnings, though the KPMG resignation — attributed to a conflict of interest — is a governance development that shareholders and regulators may scrutinise, as auditor independence is a formal condition under the BCEAO's circular 002-2018/CB/C governing credit institutions in the WAEMU zone.

Stocks