The International Bank for Industry and Commerce of Benin (BIIC), now listed on the BRVM under the symbol BICB, continues its momentum. According to the financial results for the year 2024, the institution recorded a net profit of 30.3 billion FCFA, an increase of 11% compared to the 27.3 billion FCFA achieved in 2023. This performance confirms the growth momentum initiated by the bank, which reached a decisive milestone in April 2025 with its resounding introduction to the regional financial market.
The analysis of the income statement for the year ended December 31, 2024 reveals a banking activity in clear expansion. The net banking income (NBI) reached 45.2 billion FCFA, up 15.6% year-on-year, driven by strong growth in interest and similar income (+20.8%) as well as by a nearly doubling of commissions received, from 5.9 billion to 11.1 billion FCFA.
However, this increase in activity is accompanied by a marked increase in operating expenses. General expenses increased by 23.5%, while depreciation allowances surged by 51.9%, reflecting a sustained investment effort and the expansion of the operational scope.
Despite a significant increase in risk costs, from -586 million to -2.41 billion FCFA, operating income increased by 15.9%, reaching 32.7 billion FCFA compared to 28 billion a year earlier. These figures reflect a controlled management of profitability in a context of strategic expansion.
This annual report strengthens BIIC’s positioning as a leading player in the Beninese and regional banking landscape. The bank’s listing on the stock exchange, carried out on April 28, 2025 in Cotonou, made a lasting impression. By raising 100.45 billion FCFA, it marked the largest banking operation on the BRVM, behind Orange CI (2022), and ahead of Oragroup (2019) or Ecobank Côte d’Ivoire (2017).
With an initial market capitalization of 323.45 billion FCFA, BIIC, formerly a public institution, now stands as a symbol of the success of privatization and the upgrading of the Beninese financial sector.
