BOA's Ivorian subsidiary grows profit by nearly 32% in Q1

BREAKING NEWSMay 15, 2024 at 12:46 PM UTC

TLDR

BOA Côte d'Ivoire (BOA CI) sees a significant 17.81% rise in Net Banking Income (NBI) to 17.52 billion FCFA ($29 million) in Q1-2024.
The company achieves a notable boost in net profit, soaring by 31.54% to 9.34 billion FCFA in comparison to Q1-2023 figures.
BOA CI declares gross dividends totaling 15.2 billion FCFA ($25 million) for shareholders following its strong financial performance.

This week, BOA Côte d'Ivoire (BOA CI), the Ivorian subsidiary of the BOA Group listed on the BRVM, announced its financial results for the first quarter (Q1) of 2024.

The company reported a +17.81% increase in Net Banking Income (NBI) to 17.52 billion FCFA ($29 million) compared to 14.87 billion FCFA in Q1-2023, and net profit increased by +31.54% to 9.34 billion FCFA compared to 7.10 billion FCFA in Q1-2023.

That comes on the back of a 29.9% growth in profit in 2023 when it posted 26.1 billion FCFA compared to 20.1 billion FCFA in the previous year. BOA CI also declared gross dividends amounting to 15.2 billion FCFA ($25 million) for its shareholders.

Key Takeaways

The bank's performance reflects the positive economic climate in emerging markets, marked by rising interest rates, which drive up interest income and improve the bottom line for banks. For shareholders, BOA CI's robust financial performance in the first quarter suggests promising returns on investment. The bank's ability to capitalize on the favorable economic climate in emerging markets, driven by rising interest rates, bodes well, as it indicates potential increases in interest income and overall profitability, thus enhancing shareholder value and confidence in the bank's performance.

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