Finance

12 Banks listed on BRVM posted a cumulative net income of CFA56bln for Q1 2020, up 8.6% YoY

12 Banks listed on BRVM posted a cumulative net income of CFA56bln for Q1 2020, up 8.6% YoY
Thursday, 07 May 2020 13:20

Over the first quarter of this year, 12 banks listed on the regional stock market BRVM posted a cumulative net income of CFA56.5 billion (about $93.14 million), 8% higher than the first quarter last year. The good performance was supported by a cumulative net banking income of CFA197.8 billion over the period.

The result does not include Ecobank Transnational Incorporated, which has a different status, and BICI CI, which has not published its results so far.
This 8% increase hides a disparity since 5 of these 12 banks saw their quarterly net margins decline but none of them reported a loss. Except for Coris Bank, NSIA Banque CI and BOA Senegal, the Net Banking Income of the 9 other banks listed on the BRVM and which published their first-quarter results increased significantly, as did BOA Côte d'Ivoire which posted a 27% increase in its NBI over the period, and Societe Generale Côte d'Ivoire which reached CFA40 billion.

Several banks that published their results reported pressure on commission income due in particular to a decline in foreign exchange operations. However, the majority reported strong interest income on loans placed with their respective customers.

In this sub-region where banks already benefit from tax exemptions on the returns they receive from government securities, no restrictions on dividend distribution for the 2019 fiscal year have been taken, as is the case in Ghana, South Africa, and Uganda. The majority of banks say they are still in the process of assessing the economic impacts of covid-19 on their activities, as some countries have been more affected than others.

In almost all WAEMU countries, containment measures are gradually being loosened. This initial news from the banking sector on the WAEMU stock exchange indicates that the resistance to covid-19 of financial enterprises in the sub-region will be almost as strong as the health response in the region.

The second-quarter results will provide more perspectives for the various analyses.

Idriss Linge

On the same topic
Bank exits non-sovereign shareholders to protect multilateral status Move aims to avoid losses in future sovereign debt restructurings Institution...
Awash Bank becomes fourth company listed on Addis exchange Move adds depth to a market launched in 2025 Listing reflects broader financial sector...
New agency aims to mobilize public savings for business financing Initiative targets key sectors including agriculture and mining Move...
Norfund and Ghanaian pension manager Axis Pension Trust commit a combined $20 million to Growth Investment Partners, BII's SME platform in...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Mobile phones have become essential tools for work, education, payments and staying connected across...

EU Mandates Removable Phone Batteries. What It Means for Africa’s Device Market 
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
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


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.