BRVM-listed Societe Generale delivers strong 2023 earnings growth
TLDR
- Société Générale de Côte d'Ivoire (SGCI) achieved a 30.3% growth in net profit to 97.2 billion CFA francs in 2023.
- The bank experienced solid commercial momentum with a 10.8% loan growth and a slight increase of 1.1% in deposits.
- SGCI's revenues across all business lines increased by 17.8%, leading to improved operating leverage and a positive risk outlook.
Société Générale de Côte d'Ivoire (SGCI) delivered strong earnings growth in 2023, according to a new report from BOA Capital Securities citing the company's financials. SGCI grew net profit by 30.3% to 97.2 billion CFA francs ($158 million) for the recently completed year.
The bank benefited from solid commercial momentum, with loan growth of 10.8% and a slight 1.1% increase in deposits as of December 2023. Revenues were driven higher across all business lines, with net banking income climbing 17.8% to 253.3 billion CFA francs. Higher revenues coupled with strict cost control led to improved operating leverage.
SGCI's risk outlook was also positive, with the cost of risk declining 4% year-over-year in 2023. The bank's strong fundamentals have it well-positioned to continue gaining market share in the competitive Ivorian banking sector while delivering earnings growth.
Key Takeaways
Société Générale emerged as one of the top-performing stocks in 2023, boasting an impressive price appreciation of 38.3%. Providing a wide range of banking products and services to individuals, corporations, institutions, and professionals in the Ivory Coast, SGB offers accounts, credits, insurance, savings, investments, and loyalty programs. Traded on the BRVM under the ticker symbol "SGBC," the company holds the third most valuable stock position with a market capitalization of XOF 492 billion, representing around 6.21% of the equity market as of January 7. Despite being the 29th most traded stock over the past three months, SGB's exceptional performance underscores its strength and resilience in the market.
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