Bridge Bank Group Côte d'Ivoire's net profit rose 41% to 23.8bn FCFA (€36.3mn) in the first nine months of 2026, the lender said in its third-quarter report filed with the regional stock exchange BRVM on October 28. Net banking income climbed 28% to 59.3bn FCFA (€90.4mn), while operating costs rose 23%. Customer loans increased 39% to 924.4bn FCFA (€1.41bn), and deposits grew 40%.
Analysis: Revenue outpaced operating expenses, lowering the cost-to-income ratio to 41.7% from 43.3%. Provisions for credit risk rose 28%, slower than the 39% expansion in lending. Investors have rewarded the growth: shares closed at 9,880 FCFA (€15.1) on October 30, about 46% above July's offering price of 6,750 FCFA (€10.3), by our calculation. But newly issued loans have had limited time to reveal repayment problems. Audited full-year accounts, expected in 2027, will offer a stronger test of whether asset quality has kept pace with balance-sheet growth.
Source: BRVM, Bridge Bank Group Côte d'Ivoire, Rapport d'activité troisième trimestre 2026 (filed on BRVM October 28, 2026), January–September 2026 and January–September 2025 and September 30, 2026 and Offer closed July 20, 2026; BRVM, BRVM website ticker (session of Friday October 30, 2026, shown October 31), October 30, 2026
NSIA Banque Côte d'Ivoire arranged a €100mn syndicated loan led by Citibank, with FinDev Canada contributing €40mn alongside KEXIM Global (Singapore), and will lend half of it to small and medium-sized firms, financial news site Sika Finance reported on October 29. The bank's first-half net profit fell 11% to 14.5bn FCFA (€22.1mn) as its cost of risk rose to 6.5bn FCFA (€9.9mn) from 4.2bn FCFA, its filing with the regional stock exchange BRVM showed.
Analysis: The facility is worth approximately 65.6bn FCFA (€100mn), or 2.9% of the bank's 2,225bn FCFA (€3.39bn) in customer deposits, by our calculation. It adds longer-term funding without materially changing the size of the balance sheet. About €50mn is directed toward small and medium-sized enterprises, with €30mn for women-owned or women-led firms. FinDev Canada's €40mn contribution had already been announced in August. Customer lending declined 7% in the first half as cocoa financing was repaid, but could recover with the next crop cycle. The bank has not announced when third-quarter results will be published.
Source: BRVM, NSIA Banque Côte d'Ivoire, communiqué résultats du premier semestre 2026 (filed on BRVM October 23, 2026; limited review), January–June 2026 and January–June 2025 and June 30, 2026; Sika Finance (Abidjan), Sika Finance, 'NSIA Banque Côte d’Ivoire mobilise 100 millions d’euros…' (October 29, 2026), Announced October 2026; Sika Finance (Abidjan), Sika Finance (October 29, 2026), October 2026
Net profit at Ivorian rubber and palm oil producer SOGB fell 34% to 7.62bn FCFA (€11.6mn) in the first nine months of 2026, the company said in a third-quarter report filed with the regional stock exchange BRVM on October 30. Revenue declined 11% to 67.3bn FCFA (€103mn) as the volume of rubber sold fell 18%, while crude palm oil sales rose 11% in volume.
Analysis: Profit fell much faster than revenue, compressing the net margin to 11% from 15%. SOGB cited competition for raw rubber and weaker Singapore benchmark prices, although it reported some price recovery in the third quarter. Higher palm oil sales volumes could not offset the rubber business's decline, while average palm oil prices were 1% lower. Fellow palm oil producer PALMCI also reported weaker earnings, with nine-month profit down 12%. SOGB's full-year results will show whether the recovery in rubber prices is sufficient to improve margins.
Source: BRVM, SOGB (Société des Caoutchoucs de Grand-Béréby), Rapport d'activités – 3e trimestre 2026 (dated October 28, 2026; filed on BRVM October 30, 2026), January–September 2026 and January–September 2025; BRVM, PALMCI, Rapport d'activité du 3ème trimestre 2026 (filed on BRVM October 27, 2026; thousands of FCFA), January–September 2026 and January–September 2025
Ivorian palm oil producer PALMCI's net profit fell 12% to 15.9bn FCFA (€24.2mn) in the first nine months of 2026, although revenue rose 4% to 174.9bn FCFA (€267mn), the company said in its third-quarter report filed with the regional stock exchange BRVM. It attributed the decline to higher costs of supplies.
Analysis: Revenue increased, but supply costs rose faster, reducing PALMCI's net margin to 9.1% from 10.7%, by our calculation. Profit from ordinary activities fell 16%. The annual comparison is complicated by a weak final quarter in 2025: nine-month profit in 2026 already exceeds the 15.5bn FCFA (€23.6mn) earned in all of last year, implying a fourth-quarter 2025 loss of roughly 2.5bn FCFA (€3.8mn), by our calculation. Management expects this year's pattern to resemble 2025 but gave no numerical forecast. Full-year accounts should clarify whether the previous year-end downturn recurs.
Source: BRVM, PALMCI, Rapport d'activité du 3ème trimestre 2026 (filed on BRVM October 27, 2026; thousands of FCFA), January–September 2026 and January–September 2025 and 2025
Ivorian water utility SODECI's net profit rose 12.1% to 2.13bn FCFA (€3.3mn) in the first nine months of 2026, the company said in a report filed with the regional stock exchange BRVM on October 30. Revenue increased 1.5% to 126.5bn FCFA (€193mn), but the third quarter alone produced an operating loss of 677mn FCFA (€1.0mn).
Analysis: The quarterly loss reduced cumulative operating earnings to 3.68bn FCFA (€5.6mn) at the end of September from 4.36bn FCFA (€6.6mn) in June. The nine-month operating margin nevertheless edged up to 2.9% from 2.7% a year earlier. SODECI attributed revenue growth to water sales and sanitation services, partly offset by fewer connection projects. Uncertainty also surrounds its new urban water lease, whose terms have not been formally notified and remain under discussion with the contracting authority. Those terms could affect financing requirements and future earnings. The company has not set a date for an updated outlook.
Source: BRVM, SODECI (SODE CI), Rapport d'activités au 30 septembre 2026 – 3e trimestre 2026 (filed on BRVM October 30, 2026), January–September 2026 and January–September 2025 and July–September 2026 and January–June 2026
Chart of the week
Ivory Coast cocoa farmgate price, FCFA per kilogram, October 2023–September 2026
1,000
1,500
1,800
2,200
2,800
1,200
1,200
2023/24 main crop (from October 2023)2023/24 mid-crop (April to September 2024)2024/25 main crop (from 1 October 2024)2024/25 mid-crop (from 1 April 2025)2025/26 main crop (from 1 October 2025)March 20262026/27 main crop (from 1 September 2026)
Minimum guaranteed farmgate price for each main crop and mid-crop, as reported from government and Coffee-Cocoa Council announcements (AllAfrica, Europe 1, the economy ministry portal, RFI via AllAfrica, Afrik.com). The current 1,200 FCFA equals €1.83 a kilogram. No date has been set for the 2026/27 mid-crop price.. Source: Various, AllAfrica (byline Bamba Moussa), 'Commercialisation du cacao et du café 2023-2024 - Voici les prix du kilogramme aux producteurs' (1 Oct 2023), 2023/24 main crop (from October 2023); Various, Europe 1 (with AFP), 'Cacao : hausse record de 50% du prix d'achat aux producteurs de Côte d'Ivoire' (2 Apr 2024), 2023/24 mid-crop (April to September 2024); Various, AllAfrica (byline Bamba Moussa), 'Campagne principale de commercialisation du cacao et du café - Les prix sont fixés' (30 Sep 2024), 2024/25 main crop (from 1 October 2024); Direction Générale de l'Économie, Ministère de l'Économie / MEPD, Portail de l'économie ivoirienne (DGE), 'Cacao : la Côte d'Ivoire fixe un prix record à 2 200 FCFA/kg' (5 Apr 2025), 2024/25 mid-crop (from 1 April 2025); Afrik.com (Paris-based African news site), Afrik.com, 'Cacao en Côte d'Ivoire : grève et concurrence du Ghana' (2 Oct 2026), 2025/26 main crop (from 1 October 2025) and 2026/27 main crop (from 1 September 2026); Various, Ministry of Agriculture press conference 4 March 2026 (RFI via AllAfrica), March 2026.
Tender of the week
Drinking water supply works for Vavoua, Zuénoula and nearby localities, phase 1 (two lots)
Buyer
National drinking water office ONEP, for the water ministry's PASEA program
Scope
Lot 1: floating pumping station of 280 cubic meters an hour with 800 meters of DN 300 polyethylene pipe; lot 2: treatment plant of 250 cubic meters an hour, 500-cubic-meter ground tank and booster station; World Bank request for bids open to eligible firms and consortiums.
Value
Not published
Funding
World Bank (IDA credit 7562-CI)
Closes
Friday, November 27, 2026
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In Alama Pro this week
Deep dive: Ivory Coast cocoa farmers receive just over half Ghana's price
15 stories with workings, from macro and prices, agriculture, projects and infrastructure, mining, construction and industry, telecoms, regulation and policy, energy, and ports and shipping
Four key figures (inflation, the five-year bond yield, the cocoa farmgate price, Abidjan airport passengers) and every open tender we track, with deadlines
Euro equivalents use the fixed parity of 655.957 FCFA per euro. Every figure comes from the official source named under it. Spotted an error? Write to info@alamareport.com; corrections run in the next issue.
