West African Bank BICICI Reports 57% Profit Jump in 2024

BREAKING NEWSApril 2, 2025 at 8:50 AM UTC

TLDR

Ivorian lender BICI (BRVM: BICC) posted a net profit of 26.2 billion FCFA ($43.3 million) for 2024, up 57% from 16.7 billion FCFA ($27.5 million) the previous year
Customer loans grew 15.5% to 564.9 billion FCFA ($932.5 million), while customer deposits rose 5.3% to 819.4 billion FCFA ($1.35 billion)
Operating expenses decreased to 34.7 billion FCFA ($57.3 million) from 35.6 billion FCFA ($58.8 million), improving the cost-to-income ratio

Ivorian lender BICI (BRVM: BICC) posted a net profit of 26.2 billion FCFA ($43.3 million) for 2024, up 57% from 16.7 billion FCFA ($27.5 million) the previous year. The Ivorian bank's financial statements show total assets reached 1.02 trillion FCFA ($1.68 billion), a 10.3% increase from 2023.

Customer loans grew 15.5% to 564.9 billion FCFA ($932.5 million), while customer deposits rose 5.3% to 819.4 billion FCFA ($1.35 billion). Net banking income climbed 22.6% to 68.1 billion FCFA ($112.4 million), driven by higher interest income and commission revenues. Operating expenses decreased to 34.7 billion FCFA ($57.3 million) from 35.6 billion FCFA ($58.8 million), improving the cost-to-income ratio. The bank strengthened its capital position with subscribed capital increasing to 25 billion FCFA ($41.3 million).

Off-balance sheet commitments showed significant changes, with guarantees given increasing to 237.5 billion FCFA ($392.1 million) while guarantees received decreased to 593 billion FCFA ($978.9 million). The bank's improved performance reflects broader growth in Ivory Coast's banking sector amid economic expansion.

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Key Takeaways

BICICI (Banque Internationale pour le Commerce et l'Industrie de la Côte d'Ivoire), listed on the regional BRVM stock exchange as BICC, is a subsidiary of France's BNP Paribas. The bank operates in Ivory Coast, West Africa's fastest-growing economy with GDP growth averaging 6-7% in recent years before the pandemic. The banking sector in Ivory Coast has been consolidating, with major international groups strengthening their positions through digital transformation and branch network expansion. BICICI's profit growth outpaced the 20-25% sector average for 2024. The bank's improved performance aligns with Ivory Coast's economic recovery, supported by strong agricultural exports, particularly cocoa, and increased public investment. However, the banking sector still faces challenges including low banking penetration rates of about 20% compared to global averages exceeding 50%.

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