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Ecobank CI sets record dividend payouts amid financial performance boost in 2023

Friday, 29 March 2024 20:10
Ecobank CI sets record dividend payouts amid financial performance boost in 2023

(Ecofin Agency) - Ecobank Côte d'Ivoire remains committed to its generous dividend distribution policy, backed by improved financial indicators in 2023.

The bank has increased the overall dividend amount proposed to shareholders by firms listed on the Abidjan Regional Securities Exchange (BRVM) to 433 billion CFA, after ten companies disclosed their results for 2023 thus far. Ecobank has recommended a gross dividend of CFA660 per share, translating to CFA594 net per share for shareholders, after a 10% statutory withholding tax deduction.

This amounts to a total net dividend value of CFA32.7 billion (around $53.8 million) to be distributed, representing about 68.7% of the net profit declared for FY2023. In gross terms, the proposed dividend corresponds to 75.6% of the final net profit. This means that Ecobank CI continues to follow its dividend policy, aiming to redistribute the maximum profits earned to shareholders.

Although a slight decrease in dividend yield to 8.7% is observed (compared to 9.98% in 2022), this marks the highest dividend level the bank has offered since its stock market debut in 2017. Even adjusted for the share split in 2018, this payment stands at CFA2,970.

The bank has maintained its shareholder remuneration policy, supported by the improvement of all performance indicators, including exceeding the CFA100 billion mark in net banking income for the first time (CFA110.2 billion). Net profit continued its upward trend, albeit more modestly than in 2022, reaching a record CFA48 billion for the 2023 fiscal year.

There is also an improvement in indicators such as the cost-to-income ratio, which measures the proportion of expenses in generated revenues and reached a historically low level of 45.26% in 2023. Notably, the bank has expanded its balance sheet, particularly through an increase in activities, including a significant rise of nearly CFA100 billion in loan outstandings to the economy, now exceeding CFA1,000 billion.



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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