Ivorian Lender NSIA Banque CI Reports $62.6M Annual Profit

AFRICAN STOCKS AND FINANCEMarch 28, 2025 at 3:27 PM UTC

TLDR

NSIA Banque Côte d'Ivoire reported a 9% increase in net profit for 2024, reaching 38.1 billion CFA francs ($62.6 million), up from 34.8 billion CFA francs in 2023
The bank posted 7.5% growth in net banking income to 97.8 billion CFA francs, supported by a 27% increase in commissions
Operating expenses increased 9% to 49.9 billion CFA francs, driven by higher personnel and overhead costs

NSIA Banque Côte d'Ivoire (BRVM: NSBC) reported a 9% increase in net profit for 2024, reaching 38.1 billion CFA francs ($62.6 million), up from 34.8 billion CFA francs in 2023. The bank posted 7.5% growth in net banking income to 97.8 billion CFA francs, supported by a 27% increase in commissions, which rose to 34.3 billion CFA francs. Interest income declined slightly to 63.5 billion CFA francs.

Operating expenses increased 9% to 49.9 billion CFA francs, driven by higher personnel and overhead costs. The operating ratio stood at 59.7%, down from 62.3% in 2023. The cost of risk improved significantly, dropping from -3.4 billion to 0.6 billion CFA francs. This reflected lower provisions and better portfolio quality.

Non-performing loans fell 47%, and total assets rose 23% to 2,514 billion CFA francs. Customer deposits increased 20% to 1,701 billion CFA francs. The stock rose 58% over the past year. The bank has not yet announced a 2024 dividend.

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Key Takeaways

NSIA Banque Côte d'Ivoire’s 2024 results reflect stable revenue growth and stronger risk management. A sharp decline in the cost of risk—down 116% year-on-year—helped improve profitability, while the share of non-performing loans dropped 47%, strengthening the balance sheet. The bank also grew its customer deposit base by 20%, outpacing local competitors. Total assets rose 23%, supported by a 17% increase in outstanding loans to 1,536 billion CFA francs. The cost structure increased due to investments in digital tools and operations, yet the bank maintained a lower operating ratio. On the market, shares rose more than 58% in one year, reaching 8,500 CFA francs. With a market cap near 210 billion CFA francs and a price-to-earnings ratio of 5.5, the stock remains below average valuations in the regional banking sector. The bank continues to implement its “Altitude 22-26” strategy focused on financial inclusion, digital transformation, and ESG, with stable credit ratings reaffirmed by Bloomfield.

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