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Leading Ivorian bank Societe Generale Cote d’Ivoire has accrued XOF24.73 billion ($42.65 million) in losses for shareholders after its shares slumped by nearly seven percent in the past three days.
Societe Generale Cote d’Ivoire SA is an Ivory Coast-based bank offering banking and financial products and services to individuals and corporate institutions.
Under the leadership of its chairman, Ivorian banker Tiemoko Yade Coulibaly, the comapny operates as a subsidiary of the French multinational investment bank Societe Generale, which is headquartered in Paris, France.
As of press time, Dec. 3, shares in the bank were trading at XOF10,705 ($18.46) per share, 4.5-percent lower than their opening price this morning on the Bourse Regionale des Valeurs Mobilieres, a regional stock exchange for companies in West African countries.
Data gathered by Billionaires.Africa revealed that shares in Societe Generale Cote d’Ivoire at the opening of business and trading this month on Dec. 1 were worth XOF11,500 ($19.83) per share.
Profit-taking activities on the regional bourse, as investors trimmed down their holdings in the bank, caused its share price to slump by nearly seven percent to XOF10,705 ($18.46) per share.
As a result of the decline in the bank’s shares, its market capitalization dropped from XOF357.78 billion ($616.95 million) on Dec. 1 to close the week at XOF333.04 billion ($574.3 million).
This resulted in a total value loss of XOF24.73 billion ($42.65 million) for the bank and its shareholders in just three days.
So far this year, the valuation of Societe Generale Cote d’Ivoire is up by more than 30 percent.
In the first nine months of its current financial year, the bank reported a 40-percent hike in its net income from the XOF34.65 billion ($60 million) that it posted last year to XOF48.44 billion ($82.8 million).
The surge in earnings can be linked to a contained growth in overheads and reasonable control over the net cost of risk despite the impact of the COVID-19 pandemic on its interest-bearing assets.
