Finance

Côte d’Ivoire: Societe Generale’s net profit rose in Q1 2020, despite covid-19

Côte d’Ivoire: Societe Generale’s net profit rose in Q1 2020, despite covid-19
Wednesday, 06 May 2020 18:06

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%.

Idriss Linge

On the same topic
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
Most Read
01

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.