Ivorian Unit of Société Générale Sees 8.5% Profit Jump in First Half

Daba Finance/Société Générale CI Reports 8.5% Profit Jump in First Half 2024

AFRICAN STOCKS AND FINANCESeptember 12, 2024 at 8:16 AM UTC

TLDR

Société Générale CI (SGBC) reports a 8.5% increase in net profit, reaching 48.23 billion FCFA in the first half of 2024.
Despite a 5.4% rise in general expenses and a 1.5% increase in the net cost of risk, SGBC's success is attributed to improved commercial dynamics and effective risk management.
Net banking income grew by 7.4% to 130.71 billion FCFA, with an improved operating ratio of 40.9% showcasing the bank's operational efficiency.

BRVM-listed Société Générale CI (SGBC) reported a net profit of 48.23 billion FCFA ($81 million) for the first six months of 2024, reflecting an 8.5% increase compared to the same period in 2023.

This performance comes despite a 5.4% rise in general expenses to 53.45 billion FCFA and a 1.5% increase in the net cost of risk to 17.15 billion FCFA.

Net banking income grew by 7.4%, reaching 130.71 billion FCFA, supported by strong intermediation activity. The operating ratio improved by 80 basis points to 40.9%, demonstrating the bank’s operational efficiency. Year

Key Takeaways

A leading bank in Ivory Coast, Société Générale CI continues to demonstrate solid financial performance in the first half of 2024, driven by better commercial dynamics and strong risk management. The bank’s operational efficiency, coupled with growth in both customer receivables and deposits, positions it well for continued success. Its stock has since the year started gained 26.4%, ranking it 12th on the BRVM in terms of year-to-date performance.

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