Ivorian Lender SIB Sees 15% Jump in Full-Year Net Profit
TLDR
- Société Ivoirienne de Banque (SIB) reported a 15% increase in net profit to 50 billion XOF ($79.1 million) for the year ended December 31
- SIB’s net banking income (PNB) increased 8% to 103 billion XOF ($163 million), driven by a 13% rise in interest margins and market operations
- The bank also raised its capital by 10 billion XOF ($15.8 million) to 20 billion XOF ($31.6 million) in compliance with new WAEMU banking regulations
Société Ivoirienne de Banque (SIB) reported a 15% increase in net profit to 50 billion XOF ($79.1 million) for the year ended December 31, 2024, supported by higher lending and deposits. The bank’s total assets rose 5% to 1,685 billion XOF ($2.67 billion), reflecting steady expansion.
SIB’s net banking income (PNB) increased 8% to 103 billion XOF ($163 million), driven by a 13% rise in interest margins and market operations. Customer deposits grew 8% to 1,399 billion XOF ($2.21 billion), while loans to clients increased 6% to 1,101 billion XOF ($1.74 billion). The cost of risk dropped 35% year-over-year, demonstrating stronger asset quality.
SIB launched its "Impulsion 2028" strategic plan in October 2024, aiming to expand its digital banking offerings, support SMEs, and diversify financial products. The bank also raised its capital by 10 billion XOF ($15.8 million) to 20 billion XOF ($31.6 million) in compliance with new WAEMU banking regulations. The board proposed a dividend of 375 XOF ($0.59) per share, reflecting a 10.55% yield based on the year-end stock price, which rose 32.9% in 2024.
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Key Takeaways
Côte d’Ivoire’s banking sector remains a key driver of economic growth, benefiting from structural reforms, public investment, and strong performance in agriculture and services. The country’s GDP expanded 6.5% in 2024, exceeding the 6.0% growth forecast for the WAEMU region. Banks are adapting to increased regulatory requirements and competition, leading to improved governance and innovation. The WAEMU financial sector remains overbanked, with strong competition among institutions pushing for greater financial inclusion and digital banking solutions. Despite economic volatility, Côte d’Ivoire’s financial institutions maintain resilience, with capital buffers exceeding regulatory requirements. SIB’s solvency ratio stood above 14%, surpassing the regional minimum of 11.5%. The coming years will see further investment in digital banking, SME financing, and risk management strategies to sustain sector growth and improve efficiency.
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