Ecobank CI Sees Net Profit Rise 6.2% in First-Half 2024

AFRICAN STOCKS AND FINANCESeptember 23, 2024 at 3:04 PM UTC

TLDR

Ecobank Côte d'Ivoire (ECOC) reports 6.2% increase in net profit to 25.39 billion FCFA ($43 million) in first half of 2024.
Growth driven by 24.1% reduction in net cost of risk, reflecting strong credit risk monitoring and improved recovery efforts.
Net banking income rises by 10.6%, reaching 58.79 billion FCFA in 2024, driven by increases in net interest margin and commissions.

BRVM-listed Ecobank Côte d'Ivoire (ECOC), the Ivorian subsidiary of the Ecobank Group, reported a net profit of 25.39 billion FCFA ($43 million) in the first half of 2024, marking a 6.2% increase from the 23.92 billion FCFA recorded at the end of June 2023.

This growth was largely driven by a 24.1% reduction in the net cost of risk, reflecting strong credit risk monitoring and improved recovery efforts. While customer receivables grew by 7.7% to 1,014.59 billion FCFA, deposits contracted by 2.7%, reaching 1,282.96 billion FCFA.

The bank’s net banking income increased by 10.6%, from 53.16 billion FCFA in the first half of 2023 to 58.79 billion FCFA in 2024, due to a 3.2 billion FCFA rise in net interest margin and a 2.4 billion FCFA increase in commissions.

Points clés à retenir

Ecobank CI’s solid financial performance, marked by rising net profits and improved credit risk management, continues to drive investor confidence. Despite a 5.62% stock price correction, the stock has achieved a year-to-date performance of 23.53%. The bank is poised to benefit from Côte d'Ivoire’s projected 6.8% economic growth, which could stimulate demand for banking services, particularly credit. Investors remain optimistic about the bank’s future outlook given its continued financial resilience and market potential.

Stocks

Finance

Investing

Banking

Ecobank CI

BRVM