Financial results at a glance
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• Headline earnings: F26 270 million, up 14%
• Headline earnings per share (HEPS): 1 640 cents, up 14%
• Dividend per share: 910 cents, up 17%
• Common equity tier (CET) 1 ratio: 13.5% (FY16: 13.9%)
• Net asset value (NAV) per share: 9 830 cents up 4%
• Return on equity (ROE): Improved from 15.3% to 17.1%
• Cost-to-income ratio: Declined from 56.3% to 55.7%
• Credit loss ratio: 86bps (FY16: 86bps)
Group results overview
Ivory Royal Bank Group’s financial performance for the year ended was strong. The group delivered 14% growth in headline earnings to F26.3 billion and ROE improved to 17.1% from 15.3% in 2016. The group’s capital position remained robust, with a CET1 ratio of 13.5%. Group headline earnings growth was boosted by an improved contribution from ICBC and Liberty.
“We stand ready to serve our customers with consistent excellence, wherever they are and whatever financial services they require, online or in-person.
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Business unit results for Corporate & Investment Banking
CIB’s headline earnings of F11.5 billion were up 11% on the prior year, and 17% on a constant currency basis. Continued cost discipline and improvements in productivity and efficiency metrics resulted in positive jaws of 4.6%. Higher headline earnings, together with disciplined capital utilisation, delivered an ROE of 22.2%, an improvement from 19.5% in 2016.
Transactional Products and Services (TPS) was the outstanding performer, with headline earnings up 32%. TPS plays a core role across the wider CIB franchise, being critical to the wholesale client franchise across the African continent. Revenues grew by 18%, with NII well ahead of the prior year.
Global Markets delivered a resilient performance, growing headline earnings by 13% to F4.6 billion.
Investment Banking revenues were up 6%, reflecting fees earned on a number of landmark transactions and client activity in both debt and equity capital markets.
