Société Générale Côte d'Ivoire (SGCI), the Ivorian subsidiary of the French banking group, recorded a net profit of 80.42 billion FCFA at the end of the first nine months of 2026, down 3.5% year-on-year. This decline occurred in a context marked by a decrease in net banking income, despite growth in customer loans and reduced operating expenses. The results were published in the third-quarter activity report on October 30, 2026.
The net profit of 80.42 billion FCFA for SGCI compares to 83.31 billion FCFA for the same period in 2025, representing a decrease of 2.89 billion FCFA. The pre-tax profit also followed the same trend, declining by 3.2% to 99.81 billion FCFA, compared to 103.06 billion FCFA a year earlier. This evolution is largely attributed to the contraction in net banking income (NBI), which is equivalent to the turnover for a bank.
The NBI for SGCI stood at 197.58 billion FCFA, against 200.99 billion FCFA at the end of September 2025, marking a 1.7% decrease. According to SGCI, this decline primarily reflects the effects of a selective investment policy for exposures, prioritizing risk management and portfolio quality, as well as the impact of exceptional adjustments made during the year.
In response to this pressure on revenues, SGCI continued its efforts to optimize its cost structure. General expenses decreased by 3.1%, from 75.09 billion FCFA at the end of September 2025 to 72.80 billion FCFA a year later. This reduction represents cost savings of 2.30 billion FCFA. The control of expenses resulted in an improvement in the expense ratio, which fell from 37.4% to 36.8%.
Despite these efforts, the operational performance did not reach the level of the previous year. The gross operating profit declined by 0.9% to 124.79 billion FCFA, compared to 125.90 billion FCFA in September 2025. Additionally, the net cost of risk remained broadly stable at 26.39 billion FCFA, compared to 26.30 billion FCFA a year earlier, representing a slight increase of 0.3%.
The stability in the net cost of risk is attributed to enhanced monitoring of commitments and recovery actions. SGCI's customer loan portfolio continued to grow, which supported the bank's commercial activity. The report highlights the bank's focus on maintaining the quality of its portfolio and managing risks effectively.
The results of SGCI for the first nine months of 2026 reflect a challenging environment for the banking sector in Côte d'Ivoire. The bank's performance was impacted by a decline in net banking income and stable operating expenses. SGCI's management of its cost structure and risk exposure will be crucial in determining its future performance.
Key points
- Société Générale Côte d'Ivoire's net profit declined by 3.5% to 80.42 billion FCFA in the first nine months of 2026.
- The bank's net banking income decreased by 1.7% to 197.58 billion FCFA, primarily due to a selective investment policy and exceptional adjustments.
- SGCI's operating expenses decreased by 3.1% to 72.80 billion FCFA, resulting in an improved expense ratio of 36.8%.
