(Ecofin Agency) - The strong performance of Attijariwafa Bank’s Ivorian subsidiary was mainly fueled by a 10% rise in operating profit and a 7% increase in net banking revenue.

Société Ivoirienne de Banque (SIB), the seventh largest bank in the West African Economic and Monetary Union (WAEMU) based on total assets and deposits, reported a net profit of CFA25.6 billion ($43.1 million) for the first half of 2024. This marks a 6% increase compared to the same period last year.

The bank’s performance is tied to a 10% rise in operating income, reaching CFA31 billion. SIB, a local subsidiary of Morocco's Attijariwafa Bank, generated significant income from its operations and day-to-day activities during the first six months of the year.

SIB also kept its costs under control and maintained a stable risk profile. Its net banking income, equivalent to revenue, reached CFA50 billion as of June 30, 2024, up 7% from the same period in 2023.

During this first half, the bank continued its commercial growth, increasing its customer loans by 8%, from CFA998 billion on June 30, 2023, to CFA1,082 billion ($1.82 billion) by June 30, 2024. However, customer deposits slightly dipped by 1%, from CFA1,287 billion to CFA1,273 billion.

SIB plans to strengthen its position in the Ivorian banking market by addressing the growing needs of its clients and improving service quality. The bank expects promising growth in the second half of the year, despite challenging economic conditions.

As of December 31, 2023, Côte d'Ivoire had 32 licensed credit institutions, including 28 banks and four financial institutions.