BOA Côte d'Ivoire Posts 22.9% Profit Jump on Stronger Interest Income
TLDR
- 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
- Net banking income rose 20% to 72.7 billion CFA francs ($121.5 million), with a notable turnaround in securities transactions
- BOA CI has consistently increased dividends, paying 187 FCFA per share for 2021, 270 FCFA for 2022, and 342 FCFA for 2023
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
Key Takeaways
BOA CI has consistently increased dividends, paying 187 FCFA per share for 2021, 270 FCFA for 2022, and 342 FCFA for 2023. Earnings per share rose from 670 FCFA to approximately 801 FCFA in 2024, despite the share capital doubling. The Ivorian subsidiary of Morocco's Bank of Africa Group has maintained strong dividend payouts while strengthening its capital. Analysts expect the upcoming shareholder meeting to approve another dividend increase given the bank's improved financial performance and historical distribution pattern.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.