Ivorian Unit of Société Générale Gets Top Credit Rating
TLDR
- Société Générale Côte d'Ivoire (SGBC) attains top credit ratings from Bloomfield Investment for successful strategic plan execution and strong financial performance.
- SGBC, leading bank in Ivorian market, closes 2023 with a robust balance sheet of 3.4 trillion FCFA ($6 billion) and profit of 97.23 billion FCFA.
- Achievement of "AAA" long-term and "A1" short-term ratings reflects SGBC's strong commercial results and financing flexibility.
Société Générale Côte d'Ivoire (SGBC), the leading bank in the Ivorian market, has achieved the highest long-term credit rating of "AAA" and short-term rating of "A1" from Bloomfield Investment.
Contributing to the rating were key factors such as the successful execution of its 2022-2026 Strategic Plan, strong commercial and financial results, and robust financing flexibility.
The bank closed the 2023 financial year with a total balance sheet of 3.4 trillion FCFA ($6 billion) and a profit of 97.23 billion FCFA.
Key Takeaways
Bloomfield's "AAA" rating signals the bank's very high credit quality with minimal risk, aligning closely with risk-free government bonds. The bank also maintains a strong solvency ratio of 15%, surpassing the UEMOA standard of 12.5%. The return on equity for SGBC reached 26% in 2023, supported by a solid intermediation margin and balanced net banking income structure, reflecting the bank's overall strong financial health.
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