The after-tax profit of Société Ivoirienne de Banque (SIB), a subsidiary of the Moroccan banking group Attijariwafa Bank, crossed the bar of 34 billion FCFA (51 million euros) at the end of the 2021 financial year, announced the leaders of this banking institution based in Abidjan. 

This profit amounted to 34.031 billion FCFA as of December 31, 2021 against 30.261 billion FCFA as of December 31, 2020, an increase of 12.5%. 

The total balance sheet of SIB increased by 7.51%, standing at 1316.459 billion FCFA against 1224.290 billion FCFA in 2020. The managers of this banking establishment explain this development mainly by "the performance in terms of collection of customer resources which increased by 14%, loans granted to customers (+4%) and activities on sovereign securities (+9%).>> 

During the period under review, the SIB saw its resources collected from its customers amount to 1,100 billion FCFA against 966 billion FCFA in 2020. At the same time, the SIB granted this same clientele credits of 890 billion FCFA against 855 billion FCFA previously. 

 
Interest and similar products are almost stable at 74.957 billion FCFA against 74.955 billion FCFA in 2020. Commissions collected on products increased by 99 million, from 19.694 billion FCFA in 2020 to 19.793 billion FCFA in 2021. 

For its part, the net banking income increased by 3% to 76.532 billion FCFA against 74.467 billion FCFA a year earlier. "This growth is mainly due to the increase in income from intermediation (+2.4%) and market activities (+109%)>>, advance the officials of the SIB. 

General operating expenses were better controlled in 2021 with an increase of 4.21% to 31.100 billion FCFA against 29.843 billion FCFA in 2020. 

The bank's general expenses were relatively controlled, increasing by only 7% to 32.650 billion FCFA against 30.581 billion FCFA in 2020. 

As for the gross operating profit, it is up by 2.40% to 42.042 billion FCFA against 41.054 billion FCFA a year earlier. 

The bank's cost of risk fell sharply by 78.66%, from 6.149 billion FCFA in 2020 to 1.312 billion FCFA during the period under review. 

For its part, the bank's operating profit increased by 17% to 40.730 billion FCFA against 34.905 billion FCFA at the end of the 2020 financial year. 

In outlook, the leaders of the SIB note that this banking establishment will continue in 2022 the commercial dynamic found in 2021. 

“Throughout this 2022 financial year, marking the celebration of the sixtieth anniversary of the creation of the SIB, they add, the bank will endeavor to continue its commitment to improving the experience and the customer journey by placing on the market new products, the inauguration of new reception points and the deployment of new solutions for the comfort and prosperity of its customers.>>