Ecobank Cote d'Ivoire offers 8.5% dividend yield after profit jump
TLDR
- Ecobank Côte d'Ivoire posts a profit of 48.07 billion FCFA in 2023, a 7.8% increase from the previous year.
- Customer deposits surged by 14.3% to 1,450 billion FCFA, while customer loans rose by 16.1% to 1,045 billion FCFA.
- The company plans to distribute a gross dividend of 36.33 billion FCFA, achieving a significant 8.5% yield for its shareholders.
Ecobank Côte d'Ivoire, the third-largest bank in Ivory Coast listed on the BRVM, continues its growth trajectory by posting a profit of 48.07 billion FCFA in 2023, marking a 7.8% increase from the previous year's 44.6 billion FCFA.
During this period, customer deposits surged by 14.3% to 1,450 billion FCFA, while customer loans rose by 16.1% to 1,045 billion FCFA, resulting in a total balance sheet of 1,953 billion FCFA, reflecting a 2.7% increment.
The company intends to distribute a gross dividend of 36.33 billion FCFA to shareholders, translating to a net dividend per share of 594 FCFA after the IRVM deduction. This dividend, declared on March 28, 2024, at 6,995 FCFA, yields 8.5%, underscoring the bank's commitment to delivering returns to its shareholders amidst its sustained growth trajectory.
Key Takeaways
With a substantial rise of 45.11% in commissions and 16.28% in interest and similar income, net banking income for the year 2023 showed significant improvement, reaching 110.2 billion FCFA, up by 11.1% from 99.16 billion FCFA in 2022. Despite a relative increase of 2.6% in the cost of risk to 5.93 billion FCFA, the bank managed to achieve an operating result of 54.3 billion FCFA, marking a 9.6% increase from the previous year. Additionally, the operating ratio improved to 45.3%, indicating enhanced operational efficiency. These figures underscore the bank's robust performance, driven by strong revenue growth and effective risk management strategies, positioning it favorably within the financial landscape.
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