April 20, 2017 / 4:06 PM / in 9 months

Ivory Coast banks' assets up 11 pct in 2016

ABIDJAN, April 20 (Reuters) - Ivory Coast banking assets rose over 11 percent in 2016 to reach 7,684 billion CFA francs ($12.6 billion), thanks to strong economic growth, the Professional Association of Banks and Financial Institutions said on Thursday.

Guy Koizan, president of the association, revealed the figures at a news conference in the capital Abidjan.

He said the association forecast total banking assets by the end of October 2017 at 9,111 billion CFA francs, compared with 7,409 billion CFA francs at the same point last year.

Ivory Coast, French-speaking West Africa’s largest economy, has 26 banks and two other financial institutions.

The economy grew by about 8 percent in 2016, despite the impact of drought and the current account deficit, according to the latest IMF figures released this month.

But this year, the world’s top cocoa-growing nation has been hit by falling cocoa prices, which has forced the government to slash its 2017 budget.

$1 = 609.3400 CFA francs Reporting by Loucoumane Coulibaly; Editing by Tim Cocks and Mark Trevelyan

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