Société Générale Becomes First WAEMU Bank to Cross 100B FCFA in Profit
TLDR
- Société Générale Côte d'Ivoire (BRVM: SGBC) reported a record net profit of 101.22 billion FCFA ($175 million) for FY2024
- The milestone cements SGCI's position among the top 10 most profitable companies in Côte d’Ivoire
- The board approved a dividend of 1,863 FCFA per share—representing 57.25% of net income—with a 7.5% yield at current prices.
Société Générale Côte d'Ivoire (BRVM: SGBC) reported a record net profit of 101.22 billion FCFA ($175 million) for FY2024, becoming the first bank in the WAEMU region to exceed the symbolic 100-billion-FCFA mark. The milestone cements SGCI's position among the top 10 most profitable companies in Côte d’Ivoire.
SGCI posted a net margin of 38.46% and a return on equity of 22.41%, both well above sector averages. Its solvency ratio stands at 16.30%, significantly exceeding the BCEAO’s 11.5% requirement. The board approved a dividend of 1,863 FCFA per share—representing 57.25% of net income—with a 7.5% yield at current prices.
SGCI shares have risen 22% year-on-year to 22,010 FCFA. Its 2025 strategy includes digitalisation, SME lending, and operational efficiency, amid increased competition from new market entrants like JPMorgan.
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Key Takeaways
SGCI’s strong 2024 performance and prudent financial management have positioned it as a market leader in Côte d’Ivoire’s banking sector. Its record profit, high margins, and above-average solvency give it flexibility to expand while maintaining buffers. The bank’s 7.5% dividend yield and growing share price make it a top BRVM pick for long-term investors. SGCI’s 2025 outlook focuses on digital transformation and SME lending, as competition intensifies in West Africa’s banking landscape. Despite complex monetary conditions, SGCI’s combination of profitability, resilience, and shareholder returns strengthens its position as the anchor of Ivorian banking.
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