Société Générale Côte d’Ivoire (SGCI) reported CFAF80.42 billion in net profit for the first nine months of 2026, down 3.5% from CFAF83.31 billion a year earlier. The BRVM-listed bank’s activity report, dated October 30, shows earnings slipping even as its customer loan portfolio continues to expand.
Customer loans reached CFAF2,592.84 billion at the end of September, up 4.3% year on year, while deposits edged 0.8% higher to CFAF2,961.91 billion. That commercial growth contrasted with weaker revenue, as net banking income declined 1.7% to CFAF197.58 billion.
Weaker revenue, tighter cost controls
Management linked the revenue decline to a more selective approach to certain credit exposures and exceptional adjustments that weighed on interest margins. At the same time, operating expenses fell 3.1% to CFAF72.80 billion, helping the cost-to-income ratio improve from 37.4% to 36.8%.
The net cost of risk remained close to its previous-year level at CFAF26.39 billion. Despite the cost savings, pre-tax profit fell 3.2% to CFAF99.81 billion. For the remainder of 2026, SGCI plans to expand customer financing and diversify its income while maintaining its approach to risk control.