Ivorian banking giant Societe Generale grows profit by 18% in Q1
TLDR
- Société Générale CI reports a profitable first quarter, with a 17.7% increase in profit reaching 26.5 billion FCFA.
- The bank's net banking income grows by 10% to 65.43 billion FCFA, driven by robust commercial activities.
- Pre-tax profit rises by 20.1% to 32.59 billion FCFA, showcasing strong financial performance and market position.
Société Générale is commencing 2024 on a high note, demonstrating strong financial indicators for the first quarter of the year. The BRVM-listed Ivorian bank achieved a profit of 26.5 billion FCFA ($43.6 million), marking a significant increase of 17.7% compared to the same period in the previous year.
Driven by robust commercial activities, the bank's net banking income surged by 10% to reach 65.43 billion FCFA in March 2024, compared to 59.48 billion FCFA recorded in the previous year. Furthermore, the consecutive growth in pre-tax profit, amounting to 20.1% and totaling 32.59 billion FCFA in 2024, underscores the bank's solid financial performance.
This impressive financial performance, off the back of an impressive 2023, solidifies Société Générale CI's position as a stalwart in the Ivorian banking market. It sets a promising trajectory for its operations in the rest of the year.
Key Takeaways
During the initial quarter of 2024, Société Générale shares saw a notable uptick in value, surging by 5.92% to reach 17,000 FCFA, with an estimated exchange value exceeding 1.22 billion FCFA. The upward trajectory of Société Générale CI shares has been consistent since the beginning of the year, characterized by a general upward trend. As of the stock market's close on May 7, 2024, the shares boasted a capital gain of 10.59%, commanding a price of 17,750 FCFA. This steady appreciation underscores investor confidence in Société Générale CI's performance and outlook, reflecting positively on the company's standing within the market.
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