With Coris Bank Côte d’Ivoire, Idrissa NASSA celebrates the successes of its group

Idrissa NASSA, CEO and founder of the Coris Group, made an outing to celebrate the successes of Coris Bank Côte d'Ivoire, the subsidiary that completed on February 4 its eighth year of presence in the highly competitive Ivorian banking market.

"Happy birthday to Coris Bank Côte d'Ivoire which celebrates this day its eighth year on the Ivorian market. On February 4, 2013, we opened the doors of this new bank in Plateau, the business center of Abidjan. Last arrival on 25 banks we wondered if there was still room for a small bank like Coris " indicated Idrissa NASSA.

"(...) in just 8 years of activities, he added, Coris is today the 8th largest bank of the country with more than 20 agencies, almost 800 billion CFA francs of total balance sheet and the best operating coefficient on the Ivorian market with very soon a seat worthy of its ambitions."

An image of what should be the future headquarters of Coris Bank Ivory Coast

The Ivorian subsidiary of the group will therefore erect a headquarter that will show its good dynamics on the first financial place of the UEMOA. According to the information gathered by Sika Finance, the Bank started generating its first profits in its second year with a profit of 639 million CFA francs at the end of 2013. A remarkable performance that did not go unchallenged, the net result having risen to 1 billion CFA francs in 2014 before reaching just over 5 billion CFA francs in 2017 then 7.6 billion CFA francs at the end of 2018. In 5 years, the profit has increased by 660%!

It must be said that the Coris group distinguishes itself by the operational efficiency of its subsidiaries marked by an excellent control of the charges. While Coris Bank Côte d'Ivoire is considered to have the best operating coefficient (ratio of operating expenses to GNP*) of the Abidjanaise square, this is also the case for its Burkinabé counterpart Coris Bank International, which holds, with a ratio of 38.42% in 2019, the lowest operating coefficient at the level of banks listed at the BRVM.

With a profit of 27.7 billion CFA francs at the end of 2019, Coris Bank International (Burkina) should certainly achieve an excellent net result in 2020; a projection reinforced by a profit of 24.76 billion CFA francs realized in the 3rd quarter.

Like Ivorian and Burkinabe banking subsidiaries, the other Coris subsidiaries seem to be moving in the same direction. In its September 2019 rating report, WARA rated Coris Holding's (Coris Group) financial performance "very good". At the end of 2018, the group posted a consolidated net income of 36.6 billion CFA francs, up 22% annually. And the group's net contribution was 23.2 billion CFA francs, an annual increase of 24%.

* GNP is equivalent to turnover in the banking sector.

Jean Mermoz Konandi

Publié le 05/02/21 17:18