SIB First-Quarter Profit Jumps 10% on Ivorian Economic Boom
TLDR
- Société Ivoirienne de Banque (SIB) posted a net profit of 13.6 billion FCFA ($23.6 million) in Q1 2025, up 10% from 12.3 billion FCFA ($21.3 million) a year earlier
- The Attijariwafa Bank subsidiary (BRVM: SIBC) saw net banking income rise 12% to 26.5 billion FCFA ($45.9 million)
- Management credited Ivory Coast's continued economic growth, supported by ambitious economic reforms and a forward-looking 2025 budget
Société Ivoirienne de Banque (SIB) posted a net profit of 13.6 billion FCFA ($23.6 million) in Q1 2025, up 10% from 12.3 billion FCFA ($21.3 million) a year earlier. The Attijariwafa Bank subsidiary (BRVM: SIBC) saw net banking income rise 12% to 26.5 billion FCFA ($45.9 million), while operating income increased 10% to 15.8 billion FCFA ($27.4 million).
Customer deposits grew 6% to 1.37 trillion FCFA ($2.37 billion), reflecting "proactive commercial policy and increased customer confidence," the bank said in its quarterly report. Loans to customers decreased slightly by 1% to 1.04 trillion FCFA ($1.8 billion).
Management credited Ivory Coast's continued economic growth, supported by ambitious economic reforms and a forward-looking 2025 budget, for the favorable results. The bank maintains a positive outlook for the remainder of 2025 and remains "fully committed to strengthening its role as a trusted partner in service of development."
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Key Takeaways
SIB, a subsidiary of Morocco's Attijariwafa Bank Group, has established itself as a key player in Ivory Coast's banking sector. The bank's performance stands in contrast to some regional competitors who have faced headwinds from global economic pressures. Ivory Coast's economy is projected to grow 6.5% in 2025, according to the IMF, outpacing the regional average for West Africa. The country's relatively stable political environment has supported banking sector growth, with financial inclusion initiatives expanding the potential customer base. Attijariwafa Bank Group has leveraged its pan-African presence to implement standardized risk management practices across its subsidiaries, allowing SIB to maintain asset quality while growing its loan portfolio more selectively than in previous years.
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