BRVM-Listed Bicici Third-Quarter Net Profit Jumps 51%

Daba Finance/BRVM-Listed Bicici Net Profit Jumps 51% in Third Quarter

BREAKING NEWSNovember 29, 2024 at 11:03 AM UTC

TLDR

Bicici's net profit surged by 50.7% to CFA 18.2 billion, driven by increased net banking income and customer loans.
Net banking income rose by 22.7% to CFA 49.9 billion, fueled by higher loan margins and commission revenue.
Customer loans expanded by 16.5% to CFA 546.7 billion, reflecting strong growth in the Ivorian lender's financial performance.

Ivorian lender Bicici posted robust financial results for Q3 2024, with net profit rising by 50.7% year-on-year to CFA 18.2 billion ($29.2 million). Net banking income increased by 22.7% to CFA 49.9 billion ($80.2 million), driven by higher loan margins and commission revenue.

Customer loans grew 16.5% to CFA 546.7 billion ($878.6 million), while deposits rose 9.5% to CFA 745.5 billion ($1.2 billion). Pre-tax profit jumped 51.9% to CFA 20.6 billion ($33.1 million), reflecting effective cost and risk management amidst global economic challenges, including monetary tightening and persistent inflation.

The BRVM-listed (BICC) bank's commercial activity gained momentum, with growth supported by credit expansion and a stable portfolio. The bank anticipates sustained performance in Q4 2024 through continued operational discipline.

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Key Takeaways

Bicici’s growth reflects its resilience against macroeconomic headwinds, such as inflation and geopolitical tensions. The increase in loans, deposits, and net income highlights robust customer demand and efficient management. Moving forward, the bank’s focus on risk management and cost control positions it well to navigate challenging global conditions and maintain its growth trajectory.

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