The management team of Société Générale de Côte d’Ivoire (SGCI) was in front of the press this Wednesday, October 14 by videoconference to present the report of the bank’s financial results for the financial year of the first half of 2020.
A double-digit performance despite the vagaries of the global Covid-19 health crisis. This is how the balance sheet of SGCI’s financial results for the first half of 2020 is presented, presented to the press by the general management held by Aymeric Villebrun during a videoconference on October 14, 2020.
The dashboard indicators are as follows: a dynamic business fund, growing revenues with a 10% increase in net banking income supported by the IM (+ 17%) in line with the evolution of average outstanding loans ( + 12%) in the line of Push Retail / SMEs coupled with a relatively low cost and ” controlled ” of its resources. Restated for the sectoral provision, the growth dynamic in Net income should stand at + 9%. We also note the contained growth in General Expenses which remain almost stable (+ 1%) resulting from cost rationalization measures in the context of the health crisis and digitization initiatives. The favorable liquidity position on Q2-20, the L / D ratio at 76% in June 2020, compliance with regulatory liquidity ratios (LT and CT), as well as the completion of interbank transactions on the calendar market prudential adjustment, the one-year delay in the prudential calendar and compliance with requirements (solvency ratio, leverage), unaffected distribution path are also the elements of this balance sheet which confirm this good performance of the SGCI. With an almost stable Net income (+ 2% vs. 06/2019) under the effect of a strong growth in CNR including a sectoral provision of 2.2 GXOF; A solvency ratio up from nearly 231 bps to 13% as of June 30, 2020 in connection with the strengthening of prudential requirements (convergence of the Ivorian banking sector towards Basel 2/3 standards). The risk profile remains cautious with <4% exposure to sensitive sectors (automotive, tourism, air transport and other transport) and sector diversification: no sector represents more than 15%, with wholesale trade in the first sector, followed by the agro-food industry (12%) and telecommunications (11%).
With a rate of + 8% of active clients in the SGCI business assets vs S1-19, an achievement of the C / I target which improved by + 400 bps vs S1-19 and 34% of the physical network in Province vs 29% at the end of 2018, we can estimate with DG Aymeric Villebrun that the SGCI presents for this first half of 2020, in any case, “a solid balance sheet and a quality portfolio”. But on the financial market, since the start of 2020, SGCI shares have fallen by -15% to 6,515 FCFA (vs. -19% for the BRVM C index and -13% for the BRVM FINANCE index. ).
