Ivorian Lending BICI Reports 23% First-Quarter Profit Growth
TLDR
- Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire (BRVM: BICC) reported first-quarter net profit of 8.01 billion XOF ($13.9 million)
- Net banking income rose 9.3% to 18.13 billion XOF ($31.4 million) from 16.59 billion XOF ($28.7 million) in the same period last year
- The improved performance stemmed from higher interest margins on the expanded loan portfolio and strong fee income growth
Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire (BRVM: BICC) reported first-quarter net profit of 8.01 billion XOF ($13.9 million), up 23% from 6.51 billion XOF ($11.3 million) a year earlier. Net banking income rose 9.3% to 18.13 billion XOF ($31.4 million) from 16.59 billion XOF ($28.7 million) in the same period last year, the bank said in a statement.
Pre-tax income increased 23.3% to 9.27 billion XOF ($16.1 million). Net loans grew 12.2% year-on-year to 547.78 billion XOF ($948.7 million), while customer deposits jumped 16% to 870.54 billion XOF ($1.51 billion).
The improved performance stemmed from higher interest margins on the expanded loan portfolio and strong fee income growth. BICICI, part of the BNP Paribas Group, plans to maintain its commercial momentum while focusing on risk management and cost control in upcoming quarters.
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Key Takeaways
BICICI's strong quarterly performance reflects the robust growth of Ivory Coast's banking sector, which continues to expand amid the country's steady economic development. The banking industry has shown resilience despite regional economic challenges. The substantial 16% deposit growth indicates increasing financial inclusion and formalization in Ivory Coast's economy, where banking penetration still has room for expansion beyond the current estimated 20% of the adult population. BICICI's loan portfolio growth of 12.2% demonstrates the bank's commitment to supporting economic activity across various sectors, including infrastructure, agriculture, and small business development, critical components of Ivory Coast's economic strategy. The bank's focus on risk management comes as the UEMOA (West African Economic and Monetary Union) banking sector faces pressure to maintain asset quality amid higher interest rates and inflation. BICICI's performance suggests effective navigation of these challenges while supporting Ivory Coast's economic growth, forecast at 6.2% for 2025.
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