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    Senegal-Banking

    SGBCI makes over CFA30 b profit in Q3 of 2017

    APA-Dakar (Senegal)

    ‘Societe Generale de Bank de la Cote d’Ivoire’ (SGBCI), a subsidiary of the French banking group of the same name, made a profit of 30.895 billion CFA francs (about US$49.432 million) in the third quarter of 2017, APA learned from the Abidjan-based banking institution.

    Compared with the third quarter of 2016, when it reached 26.743 billion CFA francs, in 2017 the bank’s profit rose by 16 percent (1 CFA francs = US$0.0016).

    “In a highly competitive environment, the bank has good commercial performance, which is reflected in increases in average loans (up 22.7 percent) and average deposits (up 20 percent),” a consolidated progress report of the bank revealed.

    The effects of these commercial performance can be seen through the net banking income (equivalent of the turnover for an ordinary business), which rose by 14 percent, compared to the third quarter of 2016, to reach 80.853 billion CFA francs, against 70.698 billion CFA francs, according to the same source.

    In the same vein, the pre-tax income increased by 14 percent, compared to September 30, 2016 with a total of 36.532 billion CFA francs, against 32.125 billion CFA francs in 2016.


    MS/of/fss/afm/APA

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