(Ecofin Agency) - Despite challenges related to the economic climate, the International Bank for Trade and Industry of Côte d'Ivoire (BICICI) expects to maintain positive momentum for the rest of 2024.

The International Bank for Trade and Industry of Côte d'Ivoire (BICICI) reported significant growth for the first half of 2024. The bank, which now has increased ownership from Ivorian public institutions following BNP Paribas's exit, recorded a net profit increase of 57.8%, reaching CFA11.4 billion ($18.2 million). BICICI holds the 9th position in Côte d'Ivoire’s banking sector, with 4.2% of the asset market.

This growth is largely due to a sharp drop in risk costs, down by 317.7% to CFA1.2 billion.

Net banking income (PNB), a key measure of operational profitability, rose by 23.4% to CFA31.9 billion, driven by enhanced commercial activity as part of the bank's new strategic focus.

BICICI’s upward trend began in previous years, showing resilience despite economic challenges and geopolitical tensions. In 2023, the bank’s PNB reached CFA55.5 billion, up from CFA47.3 billion in 2022, the year a consortium of Ivorian public entities acquired it. These entities include the Banque Nationale d'Investissement (BNI), Caisse Nationale de Prévoyance Sociale (CNPS), Institution de Prévoyance Sociale - Caisse Générale de Retraite des Agents de l'État (IPS-CGRAE), and Caisse des Dépôts et Consignations de Côte d'Ivoire (CDC-CI).

BICICI's net profits have been climbing steadily, with a notable 34.7% increase in 2023, reaching CFA16.69 billion. As of the end of the first half of 2024, net customer loans rose by 6.9%, surpassing CFA507 billion.

However, customer deposits declined by 8.6% year-over-year, contrasting with the 19.4% rise seen in the first half of 2023, when deposits had reached CFA784 billion. This decrease is attributed to tighter monetary conditions, which could impact BICICI's liquidity if the trend continues. The bank has not provided further details on its balance sheet.