BOA Côte d'Ivoire Posts 22.9% Profit Jump on Stronger Interest Income

Bank of Africa Côte d'Ivoire (BRVM: BOAC) reported net profit of 32 billion CFA francs ($53.5 million) for 2024, up 22.9% year-on-year, driven by stronger interest income and improved expense management. Net banking income rose 20% to 72.7 billion CFA francs ($121.5 million), with a notable turnaround in securities transactions. The bank's securities portfolio generated a 6 billion CFA franc ($10 million) gain in 2024, reversing a 4.3 billion CFA franc loss in 2023.

Despite an 8.5% increase in operating expenses, BOA CI's gross operating income jumped 28% to 46 billion CFA francs ($76.9 million). Risk provisions increased 41% to 6.8 billion CFA francs ($11.4 million) as the bank reduced customer credit by 4.7%.

The balance sheet grew 14.6% to 1,075 billion CFA francs ($1.8 billion), with customer deposits up 20% to 856 billion CFA francs ($1.43 billion). The bank doubled its share capital to 40 billion CFA francs ($66.8 million) to meet stricter regional regulatory requirements. BOA CI shares have risen 27% over six months to 6,090 CFA francs ($10.18). The April 16 shareholders' meeting will decide on dividend distribution.

Daba is Africa's leading investment platform for private and public markets. Download here