Société Ivoirienne de Banque, a 75% subsidiary of the Moroccan group Attijariwafa Bank, continued to grow less vigorously in 2020. In a context of Covid-19, the company experienced its lowest net banking product (GNP) growth, the equivalent of turnover, since 2016

At the end of December 2020, Société Ivoirienne de Banque, a 75% subsidiary of the Moroccan group Attijariwafa Bank, generated a GNP of 74.4 billion FCFA. According to data provided on the Regional Securities Exchange (BRVM) in Abidjan, GDP grew by 3.6% compared to +9% in 2019, and up to +16.2% in 2018. This performance is also below the average of the last five years (+13.3%).
“Given the effects of the pandemic, credits have remained concentrated mainly on large companies that are negotiating the conditions that lead to a reduction in average rates. Added to the strong increase in financial expenses resulting from the collection of term deposits in 2019, this led to a slight increase in customer interest margin,” the bank explained to its investors.
As for net profit, it came to 30 billion FCFA, up for the fifth time since 2015. But at +8%, its growth has broken the +21% pace in 2019, and the annual average of 18%, since 2016