BOA's Ivorian unit issues $25m in dividends after 30% profit surge
TLDR
- BOA Côte d'Ivoire (BOA CI) reports a robust profit growth of 29.9% in 2023, totaling 26.1 billion FCFA.
- Net banking income (NBI) surges by 27.2% to 60.8 billion FCFA, driven by increased turnover and robust commercial activity.
- BOA CI declares gross dividends of 15.2 billion FCFA for shareholders, marking a 27% increase in net dividend per share to 684 FCFA.
BOA Côte d'Ivoire (BOA CI), the Ivorian subsidiary of the BOA Group listed on the BRVM, reported a robust profit of 26.1 billion FCFA in 2023, marking a significant growth of 29.9% compared to 2022's 20.1 billion FCFA. This impressive performance is notable despite a substantial increase of 76.3% in the net cost of risk, reaching 4.84 billion FCFA.
The bank's net banking income (NBI) surged by 27.2% year-on-year to reach 60.8 billion FCFA, up from 47.8 billion FCFA in 2022. This increase reflects improved turnover, primarily driven by robust commercial activity. Commissions rose by 67% to 29.1 billion FCFA, while income and assimilated interests increased by 25.3% to 50.3 billion FCFA.
In light of these improvements, BOA CI declared gross dividends amounting to 15.2 billion FCFA ($25 million) for its shareholders, translating to a distribution rate of 58%. This resulted in a net dividend per share of 684 FCFA in 2023, representing a 27% increase from the previous year's 540 FCFA. With a dividend yield of 9.40%, BOA CI's dividend remains one of the most attractive on the market.
Key Takeaways
The financial performance report for the 2023 fiscal year follows BOA Burkina Faso and BOA Niger's earlier releases. BOA CI also grew customer deposits and loans, increasing by 18.1% to 453.5 billion FCFA and 10.6% to 713.6 billion FCFA, respectively. Consequently, the bank's balance sheet strengthened by 11.3%, reaching 938.7 billion FCFA by the end of 2023, up from 843.3 billion FCFA. Generally, banks across emerging markets are benefiting from a favorable economic climate of rising interest rates, which helps boost interest income and subsequently bottom line.
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