(BIIC) – BIIC consolidated its position as the leading bank in Benin in the first half of 2024 for several indicators. It stands out in the West African banking sector.
The International Bank for Industry and Commerce (BIIC) ranks sixth among national banking entities (operating in a single country) active within the West African Economic and Monetary Union (UEMOA), according to a recently published ranking by Young Africa. The only bank with 100% Beninese capital, continues to stand out while recent data from the APBEF (for the first half of 2024) had already made it the leader of the banking sector in Benin for several parameters such as the balance sheet total. , credits, titles, or even resources.
The new ranking is based on indicators measuring the competitiveness of banks, their ability to generate profits, their financial solidity, how they manage the risks linked to loans and investments, or their ability to meet their payment obligations. For all of these criteria, the BIIC is positioned 6e in the UEMOA, which testifies to its solidity and its competitiveness compared to the subsidiaries of international groups, it occupies 125e on the continental level (out of 200 entities).
Only Ecobank Guinea (63rd), UBA Benin (85th), Ecobank Mali (92nd), UBA Burkina Faso (95th) and UBA Côte d’Ivoire (112th) are better ranked in the UEMOA region.
According to the results published by BIIC for its 2023 financial year, its net income recorded growth of more than 155% to reach 27,270 million FCFA. At the same time, the balance sheet total increased by 34%, reaching 1,340.710 billion FCFA, while resources collected from customers increased by 30%. Customer loans increased by 68%, and equity increased by 40%.
Founded in June 2020, BIIC stands out for the interest it gives to SMEs/SMIs operating in various sectors of activity. In June 2024, it was part of the consortium of banks that allocated financing of $86 million (52.3 billion FCFA) to the Société des Textiles du Bénin (STB). The agreement was to make it possible to process Beninese cotton to produce a range of finished products which will be exported to the European and American markets.
