BOA's Ivorian unit issues $25m in dividends after 30% profit surge
TLDR
- BOA Côte d'Ivoire (BOA CI) reports a robust profit growth of 29.9% in 2023, totaling 26.1 billion FCFA.
- Net banking income (NBI) surges by 27.2% to 60.8 billion FCFA, driven by increased turnover and robust commercial activity.
- BOA CI declares gross dividends of 15.2 billion FCFA for shareholders, marking a 27% increase in net dividend per share to 684 FCFA.
BOA Côte d'Ivoire (BOA CI), the Ivorian subsidiary of the BOA Group listed on the BRVM, reported a robust profit of 26.1 billion FCFA in 2023, marking a significant growth of 29.9% compared to 2022's 20.1 billion FCFA. This impressive performance is notable despite a substantial increase of 76.3% in the net cost of risk, reaching 4.84 billion FCFA.
The bank's net banking income (NBI) surged by 27.2% year-on-year to reach 60.8 billion FCFA, up from 47.8 billion FCFA in 2022. This increase reflects improved turnover, primarily driven by robust commercial activity. Commissions rose by 67% to 29.1 billion FCFA, while income and assimilated interests increased by 25.3% to 50.3 billion FCFA.
In light of these improvements, BOA CI declared gross dividends amounting to 15.2 billion FCFA ($25 million) for its shareholders, translating to a distribution rate of 58%. This resulted in a net dividend per share of 684 FCFA in 2023, representing a 27% increase from the previous year's 540 FCFA. With a dividend yield of 9.40%, BOA CI's dividend remains one of the most attractive on the market.
Points clés à retenir
The financial performance report for the 2023 fiscal year follows BOA Burkina Faso and BOA Niger's earlier releases. BOA CI also grew customer deposits and loans, increasing by 18.1% to 453.5 billion FCFA and 10.6% to 713.6 billion FCFA, respectively. Consequently, the bank's balance sheet strengthened by 11.3%, reaching 938.7 billion FCFA by the end of 2023, up from 843.3 billion FCFA. Generally, banks across emerging markets are benefiting from a favorable economic climate of rising interest rates, which helps boost interest income and subsequently bottom line.
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