Finance

WAEMU: BRVM-listed SIB posts XOF26.6 bln interim net profit for end Q3-2022

Monday, 19 December 2022 16:41
WAEMU: BRVM-listed SIB posts XOF26.6 bln interim net profit for end Q3-2022

(Ecofin Agency) - This is the best performance recorded by the bank since 2020. 

Société Ivoirienne de Banque recently posted XOF26.6 billion (US$43 million) as its interim net profit for the nine months ending September 30, 2022.  Year-on-year, the performance is up by 17%. It is also the best performance since 2020 when the global economy was affected by the coronavirus pandemic. During the same period in 2020, it was up 11% year-on-year and up by 14.8% year-on-year in 2021. 

The bank owes this performance to its strategy aimed at attracting new clients while seeking additional resources to grant loans at affordable rates. During the period, the loans it granted grew by 14%, the strongest in two years. Deposits followed the same route.

All through 2022, on the West African stock exchange (BRVM), the bank’s shares have been actively traded. According to data from the African Markets platform, it recorded more than XOF6 billion worth of transactions. On the exchange, its share is up by 12%. The progression is lower than the 47.5% recorded in 2021 but, it is the second-best since 2017. Also, it is a sound gain, higher than inflation in the region.  



 
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