WAEMU's Largest Bank Société Générale Sees 12% Profit Jump
TLDR
- Société Générale Côte d'Ivoire (SGBC) reports a 12% profit increase, reaching 74.5 billion FCFA, driven by effective expense management and a 14% rise in pre-tax profit to 92.9 billion FCFA year-on-year.
- Despite a 3% decrease in customer deposits, SGBC showcases a 9% increase in outstanding loans, totaling 2,481 billion FCFA, and a 6% growth in net banking income to 196 billion FCFA.
- Bloomfield Investment Corporation elevates SGBC's rating to AAA, reflecting confidence in its financial stability and operational strategies. SGBC's stock price surged by over 23% in 2024, closing at 19,800 FCFA on October 30, solidifying its position as the highest-rated company on the BRVM.
Société Générale Côte d'Ivoire (SGBC), the largest bank in francophone West Africa by assets, reported a 12% increase in profit for the first nine months of 2024, totaling 74.5 billion FCFA. This growth is attributed to effective management of general expenses, driving pre-tax profit up by 14% to 92.9 billion FCFA year-on-year.
The bank’s strong commercial performance is evident in a 9% increase in outstanding loans, reaching 2,481 billion FCFA, despite a 3% dip in customer deposits to 2,580 billion FCFA. SGBC’s net banking income also rose by 6% to 196 billion FCFA, showcasing the strength of its core activities.
Bloomfield Investment Corporation recently upgraded SGBC’s rating from AA+ to AAA, the highest rating on the BRVM. Investor interest remains high, with SocGen’s stock price gaining over 23% in 2024, closing at 19,800 FCFA on October 30.
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Key Takeaways
SGBC’s results reflect solid financial and operational strategies, emphasizing expense control and credit growth to drive profitability. The bank’s improved AAA rating by Bloomfield signals confidence in its financial health and management capabilities, making it the top-rated company on the BRVM. Its stock has shown steady appreciation, driven by investor confidence in its fundamentals. The stock’s consecutive yearly gains reflect a positive outlook, bolstered by the bank's commitment to operational excellence and its role in regional economic development.
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