(Ecofin Agency) - NSIA Bank Côte d'Ivoire unveiled a summary of its financial results for the year 2023 on March 29, 2024, showcasing total gross receivables (including non-performing loans) from clients of CFA1,307.4 billion. This performance sets a new record with a growth of CFA166 billion (or +14.54%), surpassing the growth rates of the years 2021 and 2022, which were +7.3% and +10.6% respectively.

While the Bank did not provide explicit commentary on these results, several factors seem to contribute to this achievement. The year 2023 focused on improving customer relationships, notably through the opening of new branches, bringing the total network to 85 units. Also, the bank enhanced its partnerships to facilitate credit provision to businesses of various sizes, especially SMEs and very small enterprises.

A notable example is the renewal of a €20 million credit line with the African Agriculture and Trade Investment Fund, aimed at supporting economic actors. Another significant commitment is CFA5 billion with the Ivorian SME Development Single Window.

The increase in the volume of credits allocated to clients was achieved while controlling expenses. The cost of risk decreased for the third consecutive year since the Covid-19 crisis, reaching its lowest point since 2017 at the end of 2023, amounting to CFA3.37 billion.

Giving customers more confidence proved to be a wise move, as they generated CFA14.8 billion in interest margin out of a total of CFA64.1 billion over the period under review. Moreover, an increase in commission income and efficient cost management, resulting in a reduction to 58.3% of the total expenses relative to net banking income, contributed to the growth of NSIA Bank CI's net profit. This profit increased by 7.5% in 2023, reaching a historic high of CFA34.8 billion.

The bank's shareholders now eagerly await the announcement of dividend distribution plans to see if the 2017 record (CFA466.1 net) will be matched or even exceeded.