(Ecofin Agency) - Over the first quarter this year, the Ivorian arm of Societe Generale achieved a net profit after tax of CFA14.1 billion. The leader of the Ivorian banking sector and the WAEMU space has thus achieved its best Q1 profit since 2016, despite the coronavirus pandemic. Performance is also up 41.4% compared to the same period last year.
The company said its result was spurred by the good progression of the net banking income and the good management of the general spending and the cost of risk for the bank. The CFA40 billion net banking income achieved in Q1 2020 is the highest Q1 result since 2016 and the strongest growth on an annual comparison basis. The Bank announces that its interest margin increased by 32% and that fee income was up 8% vs. Q1 2019, driven in particular by service fees.
Let’s note that taken as a whole, the banking sector listed on the Abidjan Regional Stock Exchange performed well during the first quarter of 2020. Overall net banking income reached CFA197.8 billion, up by 8.6% compared to that of 2019, and cumulative net income for the period was CFA56.5 billion, up by 8.2%.