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SIB, Ivory Coast subsidiary of Attijariwafa Bank, presents its results and ambitions

The “Société Ivoirienne de Banque” (SIB), a subsidiary of the Moroccan group Attijariwafa Bank, recorded a total balance sheet of 1.070 billion FCFA (about 1.63 billion euros) for the year 2018, an increase of 8% compared to December 2017.

This assessment, which was presented recently in Abidjan at the last ordinary general meeting of the SIB, highlights a significant change in its main indicators, said the subsidiary of Attijariwafa Bank in a statement.

The volume of customers grew by + 6% while the bank’s resources amounted to 780 billion FCFA (+16% compared to December 2017). The trend is also upward in terms of net employment, a total of 780 billion FCFA in 2018, an increase of 12% compared to 2017, according to the same source.

The bank’s NBI grew by 16% to nearly 66 billion CFA francs, with a significant contribution from the 14% increase in customer interest margin, but above all a remarkable share of the results of market transactions: +59%, to reach more than 14 billion FCFA.

Regarding equity, the enthusiastic response by the market to the issuance of a new subordinated debt of 10 billion FCFA (like that of 2017) and the oversubscription that has been found have shown confidence in the bank and its prospects.

The resolutions proposed by the Board of Directors to the shareholders were all approved during the General Meeting. They will receive a gross dividend of 280 CFA francs per share (the SIB share was split in 2018, giving entitlement to 5 shares for 1), for a total amount of 14 billion CFA francs distributed.

The bank’s performance was achieved in a particularly difficult environment, while the growth rate of the Ivorian economy dropped to 7.4% in 2018, down 0.6 percentage points from the average of 8% in the period 2012-2016.

The bank also unveiled its strategic development plan called “Impact 2023”. This new development plan was developed with the support of the Attijariwafa bank group and the support of the international consulting firm Boston Consulting Group (BCG).

Its implementation includes the conduct of 14 projects that take into account the issues related to all types of customers of the bank, its organization and internal expertise, not to mention the necessary changes resulting from the regulation of the sector, says the same source. The Impact 2023 plan, resulting from a deep diagnosis conducted in 2018 on all of its activity, will ultimately enable the SIB “to fully exploit its potential and take its full place,” said Mrs. Georges N’dia Coffi and Daouda Coulibaly, respectively Chairman of the Board and General Manager of SIB.

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