Banks: BICICI returns to profitability in 2020

After a loss of 3.612 billion FCFA (5.418 million euros) at the end of the 2019 financial year, the International Bank for Trade and Industry of Côte d’Ivoire (BICICI), a subsidiary of the French banking group BNP Paribas, returned to profitability, achieving at the end of fiscal year 2020 an after-tax profit of 4.672 billion FCFA (7.008 million euros), announced the managers of this banking establishment based in Abidjan.

However, it should be noted that BICICI is still struggling to achieve the profit for the 2018 financial year with an achievement of CFAF 9.793 billion.

The performance of the banking institution stems mainly from the good control of the cost of risk which fell from 17.492 billion FCFA as of December 31, 2019 to only 5.526 billion FCFA as of December 31, 2021 (-68.40%).

Taking into account this cost of risk on gross operating income (10.190 billion FCFA) allowed to generate a surplus operating income of 4.664 billion FCFA against -3.612 billion FCFA in 2019.

The bank’s balance sheet total increased by 82.525 billion, reaching 831.386 billion FCFA against 748.861 billion FCFA in 2019.

During the period under review, BICICI collected from its customers resources of CFAF 715.561 billion against CFAF 631.614 billion a year earlier (+ 13.29%). As for the receivables it holds on these customers, they are established at 481.680 billion FCFA against 442.032 billion FCFA a year earlier (+ 8.96%).

Interest and similar products fell by 4.39%, standing at 35.212 billion FCFA against 36.829 billion FCFA in 2019. For their part, interest and similar charges decreased by 424 million FCFA, with a realization of 10.172 billion FCFA against 10.596 billion FCFA in 2019.

The bank’s commissions saw their level decline sharply by 7.079 billion, going from 19.609 billion FCFA as of December 31, 2019 to 12.530 billion FCFA at the end of the year under review.

As for BICICI’s net banking income, it decreased from 622 million to 45.315 billion FCFA against 45.937 billion FCFA in 2019.

For their part, general operating expenses increased by 10.66% to 32.191 billion FCFA against 29.088 billion FCFA previously.

Equity and similar resources stood at CFAF 62.819 billion against CFAF 58.147 billion as of December 31, 2019 (+ 8.03%).

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