Ecobank Ivorian Unit Proposes Higher Dividend After $95M Profit
TLDR
- Ecobank Côte d’Ivoire reported a net profit of 57.5 billion CFA francs ($94.8 million) for 2024, up from 48.1 billion CFA francs ($79.3 million) in 2023
- The bank’s total assets rose to 2.05 trillion CFA francs ($3.38 billion), while operating income increased to 122.3 billion CFA francs ($201.7 million)
- Ecobank CI will propose a gross dividend of 804 CFA francs per share (708 CFA francs net), a 19% increase from last year
Ecobank Côte d’Ivoire (BRVM: ECOC)reported a net profit of 57.5 billion CFA francs ($94.8 million) for 2024, up from 48.1 billion CFA francs ($79.3 million) in 2023. The bank’s total assets rose to 2.05 trillion CFA francs ($3.38 billion), while operating income increased to 122.3 billion CFA francs ($201.7 million).
Customer loans declined to 972.6 billion CFA francs ($1.6 billion), while customer deposits slightly dropped to 1.41 trillion CFA francs ($2.33 billion). Interbank liabilities increased to 364.7 billion CFA francs ($601 million). Operating expenses grew to 55.3 billion CFA francs ($91.2 million), and the cost of risk fell to 2.9 billion CFA francs ($4.8 million).
Ecobank CI will propose a gross dividend of 804 CFA francs per share (708 CFA francs net), a 19% increase from last year. This dividend represents 77% of net income, up from 73% the previous year. Equity rose to 199.4 billion CFA francs ($328.7 million). The stock’s valuation stands at 523.8 billion CFA francs ($863.5 million), with a price-to-earnings ratio of 9.1, above the BRVM banking sector average of 7.7.
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Key Takeaways
Ecobank Côte d’Ivoire continues to deliver stable performance, reinforcing its position as a leading bank in the WAEMU region. The 2024 net profit marks a 19.5% annual increase. The bank has grown net income by 92% between 2020 and 2024 and has raised its dividend payout accordingly. The stock has appreciated more than 40% over the past year, driven by rising earnings and investor confidence. The new dividend proposal signals management’s focus on returning capital to shareholders. At 77% of net profit, the payout remains sustainable under current earnings. The price-to-earnings ratio of 9.1 implies a premium valuation compared to peers, reflecting investor demand for consistent profitability and capital discipline.
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