In the third quarter of 2024, BOA Côte d’Ivoire reported a 16.23% increase in Net Banking Income to 53,371 million FCFA, driven by higher commissions. Operating profit appreciated 21.44% to 34,460 million FCFA, while net profit modestly grew by 4.93% to 26,293 million FCFA, affected by a significant rise in risk costs. Collected resources rose by 11.67%, and net customer loans increased by 5.51%. Management remains optimistic about future growth despite challenges from escalating risk costs.
Bank of Africa – Côte d’Ivoire (BOAC) demonstrated robust financial performance for the third quarter of 2024, with a notable year-on-year increase in Net Banking Income (PNB) of 16.23%, totaling 53,371 million FCFA. This growth was primarily driven by enhanced commission income and improved margins. Furthermore, the operating profit rose by 21.44%, reaching 34,460 million FCFA, although the net profit saw a modest increase of only 4.93% to 26,293 million FCFA due to a significant 143.65% hike in net risk costs.
Additionally, the bank reported an 11.67% growth in collected resources and a 5.51% rise in net customer loans. These figures indicate strong customer confidence and operational efficiency within BOA CI. The management is optimistic about sustaining growth trends in forthcoming quarters, despite the pressing challenges posed by rising risk costs.
In summary, BOA Côte d’Ivoire’s third-quarter results reflect its resilience and growth potential within the Ivorian financial sector. The bank’s solid revenue and operational growth signal investor confidence in its strategic direction. However, the sharp increase in risk costs necessitates a thorough evaluation of the bank’s long-term risk management strategies to ensure sustained investor confidence and profitability moving forward.
Original Source: dabafinance.com
