Societe Ivoirienne de Banque to pay $45.6m in dividends
TLDR
- Societe Ivoirienne de Banque (SIBC) by Attijariwafa group to pay dividends on July 31, 2024, totaling 27.41 billion FCFA ($45.6 million) at a 63% distribution rate.
- SIBC achieved a 9% increase in net profit, reaching 43.51 billion FCFA in 2023, showcasing resilience in the competitive banking sector.
- The bank's net banking income (NBI) rose by 14% in 2023 to 95.6 billion FCFA, driven by higher net interest margins and market activity, reflecting a successful year with positive shareholder outlook.
Societe Ivoirienne de Banque (SIBC), the Ivorian subsidiary of the Attijariwafa group, is paying dividends scheduled for July 31, 2024. Shareholders can look forward to receiving a total of 27.41 billion FCFA ($45.6 million), which represents a distribution rate of 63%.
Despite an increase in the net cost of risk and overheads, the bank achieved a net profit of 43.51 billion FCFA in 2023 compared to 40.1 billion FCFA a year earlier, marking a 9% increase. This profit underscores the solidity and resilience of SIB in navigating the competitive banking sector.
In addition, the bank's net banking income saw a 14% rise, reaching 95.6 billion FCFA compared to 83.5 billion FCFA the previous year, thanks to improved net interest margins and market activity. These financial results highlight a successful 2023 for SIB, with all indicators in the green and a positive outlook for its shareholders.
Key Takeaways
SIBC is currently the fifth most valuable stock on the BRVM, with a market capitalization of 340 billion FCFA, representing about 3.84% of the equity market. SIBC closed its last trading day (Thursday, July 18, 2024) at 6,790 XOF per share on the exchange, marking a 1% gain over its previous closing price of 6,720 XOF. Starting the year with a share price of 5,350 XOF, Societe Ivoirienne de Banque has seen a 26.9% increase in its share price valuation, placing it eighth on the BRVM in terms of year-to-date performance. Additionally, the stock has gained 5% over the past four-week period.
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