Bank of Africa Côte d'Ivoire (BOAC), a prominent unit of Morocco's BMCE Group listed on the BRVM, has reported robust financial results for the year ended December 31, 2025. The bank announced a net profit of 35.54 billion XOF, equivalent to approximately $62.4 million. This impressive figure was achieved after accounting for depreciation charges of 1.49 billion XOF ($2.6 million) and a tax charge of 6.13 billion XOF ($10.8 million).

These 2025 results represent a strong continuation of the growth trajectory observed at the half-year stage, where net profit stood at 18.4 billion XOF ($32.3 million), an increase from 17.6 billion XOF ($30.9 million) recorded during the same period in 2024. The full-year performance positions BOA Côte d'Ivoire as one of the most profitable listed banks on the BRVM, which serves as Ivory Coast's contribution to the West African Economic and Monetary Union (WAEMU) regional exchange.

In light of these strong earnings, the bank's board has proposed a gross dividend of 27.02 billion XOF, or about $47.5 million, for shareholder approval. Following the deduction of a 12% withholding tax on securities income, shareholders are slated to receive a net dividend of 594.5 XOF per 1,000 XOF par-value share. The payment of this dividend is scheduled to commence from May 6, 2026, facilitated through BOA Capital Securities. Furthermore, the bank has allocated a discretionary reserve of 3 billion XOF ($5.3 million) and a statutory reserve of 5.33 billion XOF ($9.4 million) from its distributable balance, signaling prudent financial management.

Key governance matters are also on the agenda for the Annual General Meeting (AGM), set for April 15, 2026. Shareholders will vote on the renewal of the 3-year mandates for three incumbent board directors: Lala Moulaye Ezzedine, Amine Bouabid, and BMCE, which is represented by Zouhair Kaissi. Their current terms are set to expire at the 2028 AGM. Additionally, the AGM will consider a proposal to replace KPMG, which resigned citing a conflict of interest, with Grant Thornton Côte d'Ivoire as the new deputy statutory auditor for a 3-year term, extending through the 2028 financial year. This change aligns with WAEMU banking regulations, which emphasize auditor independence. Board compensation has been fixed at 72.16 million XOF ($126,700) annually, effective January 1, 2026.

BOA Côte d'Ivoire's impressive 2025 results are underpinned by a favorable macroeconomic environment, particularly the structural credit expansion prevalent in the WAEMU zone's largest banking market, Ivory Coast. The country's banking system holds a significant 33.7% of the total WAEMU balance-sheet assets, supported by 28 licensed commercial banks and a growing base of over 7 million bank accounts, a substantial increase from 3.3 million in 2017. Ivory Coast's GDP growth is projected to average a robust 7% between 2024 and 2025, fueled by substantial infrastructure investments, rising cocoa prices, and increasing production from the Baleine offshore oil and gas field, estimated to hold 2.5 billion barrels of oil equivalent. This dynamic macro environment is expected to continue supporting strong loan book growth and fee income for both retail and commercial lenders. The proposed dividend distribution underscores the bank's confidence in the sustainability of its earnings, though the departure of KPMG due to a conflict of interest is a governance aspect that may draw scrutiny from shareholders and regulators, given the critical importance of auditor independence under BCEAO's circular 002-2018/CB/C.