Ivorian lender NSIA Banque's 2023 profit beats expectations
TLDR
- NSIA Banque Côte d'Ivoire reported a notable corporate profit growth of 8% to 34.8 billion FCFA in 2023.
- The bank's net banking income experienced a significant 14% increase to 91 billion FCFA, driven by a 15% rise in the interest margin.
- NSIA has proposed a dividend distribution of 12.5 billion FCFA for 2023, with a distribution rate of 36%.
NSIA Banque Côte d'Ivoire achieved a notable corporate profit of 34.8 billion FCFA, marking an 8% increase from the 32.38 billion FCFA recorded in 2022, surpassing the expectations of market analysts.
The bank's net banking income also saw substantial growth, reaching 91 billion FCFA, a 14% increase from the previous year's 80.1 billion FCFA. This growth primarily stemmed from a 15% rise in the interest margin, reaching 64.1 billion FCFA compared to 55.7 billion FCFA in the previous year.
Notably, income from variable-income securities surged by 565% to 4.74 billion FCFA, while net gains on trading portfolio operations increased by 66% to 1.45 billion FCFA. NSIA has proposed a dividend distribution of 12.5 billion FCFA for the 2023 financial year, representing a distribution rate of 36%.
$1/XOF607.83 as of 11 AM WAT, April 1, 2024
Key Takeaways
In terms of financing the Ivorian economy, NSIA Banque Côte d'Ivoire stands out as the most dedicated bank, boasting a transformation rate (credits/deposits) of 92%, well above the sector average. However, there was a slight year-on-year decrease, attributed to a larger increase in deposits (+16% to 1,415.89 billion FCFA) compared to loans granted (+15% to 1,307.35 billion FCFA), reflecting the bank's ongoing strategy of commercial policy improvement. Through proactive cost management, operating expenses were contained at 45.81 billion FCFA, resulting in a substantial gross operating profit of 37.9 billion FCFA, a notable 28.5% increase from the previous fiscal year. Additionally, the cost of risk decreased by 19% to 3.37 billion FCFA, indicating strengthened credit portfolio consolidation despite regional banking market liquidity tensions in 2023. This performance has further solidified the bank's total balance sheet, surpassing 2,000 billion FCFA to reach 2,037.1 billion FCFA.
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