Ecobank Côte d'Ivoire posted a net profit of 12.9 billion CFA francs in the first half of 2019, an increase of
9.3%, announced the leaders of this bank based in Abidjan.
The Net Banking Product (NBP) is 40.2 billion FCFA, down 3.4% compared to the first
semester 2018.
The net interest margin stood at CFAF 28.7 billion, posting a slight increase of 2.3% in
year-on-year. This increase is the result of the performance recorded on the net interest margin
generated by jobs and the securities portfolio.
According to the same source, non-interest income (net commissions) stands at 11.6 billion FCFA.
against 13.6 billion FCFA in June 2018, a decrease of 15.2%.
This decline is mainly explained by the tightening of margins on foreign currency transactions with the
customer base and lower fees from cash management activities.
The downward trajectory of costs that began in the first quarter continued in the second. The
operating expenses amounted to 21.6 billion FCFA, thus contributing to the improvement of the
cost/income ratio which fell from 54.7% in June 2018 to 53.8% in June 2019.
In connection with the continuation of the policy of cleaning up the portfolio and strict compliance with the
banking regulations in this area, the cost of risk increased by 25.6%.
Pre-tax income in the first half of 2019 amounted to 14.4 billion FCFA. It is down 7.2%
compared to that of 15.6 billion FCFA achieved in June 2018. On the other hand, the net result shows a
increase of 9.3%, rising to 12.9 billion FCFA against 11.8 billion FCFA in 2018.
Still according to the managers of Ecobank Côte D'Ivoire, the deposits collected from customers show
a decrease of 16.7% over the period, dropping to 810 billion FCFA in June 2019 against 973 billion FCFA
FCFA in June 2018.
The reduction in deposits is the consequence of the execution of large-scale structuring projects whose funds
were lodged in our books. In fact, the implementation of these projects led to the withdrawal of funds
as they progress.
A sharp increase in the level of provisions
Net loans granted to customers remained almost stable at CFAF 628 billion in June 2019.
The 73.7% increase in the level of provisions for bad debts is the corollary of the strict
application of the prudential system and constant efforts to clean up the portfolio. Wallet
investment securities grew by 10.2% to reach 539 billion FCFA as of June 30, 2019 against 489 billion
of FCFA in June 2018.