A decrease of 1% was recorded on Ecobank Côte d'Ivoire's 2018 balance sheet total. It stood at 1,468 billion CFA francs at 31 December 2018 compared to 1,482 billion CFA francs in December 2017.

Ecobank Côte'Ivoire's activity slowed down in 2018, compared to 2017. According to a statement received by the Journal de l'économie sénégalaise (Lejecos), the balance sheet total stood at 1468 billion FCfa at 31 December 2018 against 1,482 billion FCfa in December 2017, a decrease of 1%. "However, over the last five years, the average annual increase in the balance sheet is 16%.

On the liabilities side, resources collected from customers remained relatively stable (+1%) over the period, rising to 869 billion FCfa against 863 billion FCfa in 2017," the document reads.

In terms of assets, customer loans increased significantly from CFAF 675 billion to CFAF 755 billion in 2018, a change of 12%.

Gross outstanding receivables amounted to FCfa 53 billion, representing a gross portfolio deterioration rate of 6.8%. Provisions on doubtful and disputed loans at the end of December 2018 amounted to CFAF 26.5 billion.

This underperformance is linked to the fact that the banking sector evolved in 2018, in a more restrictive regulatory environment with the entry into force of the new accounting framework (revised PCB) and the new prudential framework.

The terms of the first applications of these reforms had an impact of -3,332 million CFA francs on the bank's equity, following the restatements carried out on the accounts closed on 31 December 2017 and approved by the Ordinary General Meeting of 04 December 2018.

In addition, banking activity experienced disruptions related to the crisis in the Coffee-Cocoa sector during the second half of 2018, with the liquidation of Safcacao, one of the main players in the sector.

Performance in the income statement was mainly driven by the 14% increase in Net Banking Income (GNP), which stood at CFAF 84.8 billion compared to CFAF 74.1 billion in 2017.

Operating expenses amounted to FCfa 45.9 billion with an improvement in the operating ratio from 55% in 2017 to 54% at the end of December 2018.

The increase of 10.9 billion CFA francs recorded in the net cost of risk is mainly related to the policy of restructuring the portfolio and the regulatory constitution of a provision for doubtful debt in the amount of 9.6 billion CFA francs covering the entire claim on the Safcacao Group put into liquidation on 18 July 2018.

Thus, the bank closes the 2018 financial year with a gross result of 21.5 billion FCfa, down 19% compared to the gross profit of 26.7 billion FCfa achieved in 2017, for a net result of 20.7 billion FCfa against 22.8 billion FCfa in 2017.

The outlook for 2019 remains well oriented. The continued implementation of the Ecobank Group's five-year strategy, which is resolutely turning the bank towards digitalisation, should result in an improvement in key performance indicators leading to a better return on equity. Ecobank Côte d'Ivoire makes this objective its priority.