ABIDJAN, April 25 (Reuters) - Ivory Coast’s banking assets reached 12.76 trillion CFA francs($21.84 billion) by the end of 2018, up 15 percent from a year before due to strong economic growth, an industry group said on Thursday.
Gross domestic product (GDP) in francophone Africa’s largest economy and the world’s top cocoa producer grew 7.7 percent in 2018 and 7.6 percent the previous year.
Guy Koizan, president of the Professional Association of Banks and Financial Institutions, said bank deposits reached 8.35 billion CFA francs in 2018, up from 7.48 trillion CFA during the previous year.
Bank credits stood at 7.06 trillion in 2018, up from 6.28 trillion CFA in 2017.
“The banking industry is doing well,” Koizan told reporters in Ivory Coast’s commercial capital Abidjan, adding that digital technology would boost the sector.
Figures for 2018 remain provisional and subject to revision by the Central Bank. ($1 = 584.1700 CFA francs) (Reporting by Loucoumane Coulibaly; Editing by Sofia Christensen and Jan Harvey)