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ABIDJAN, April 21 Ivory Coast's Societe
Ivoirienne de Banque (SIB) posted a net profit of
17.09 billion CFA francs ($28.12 million) for 2016, up 15
percent from the previous year, and said it would limit lending
to the cocoa sector amid plummeting prices.
Net banking income for SIB, controlled by Morocco's
Attijariwafa Bank and listed on the West African bourse
last year, rose 16 percent to 50.73 billion CFA francs, the bank
said in a statement late on Thursday.
A sharp drop in global cocoa prices has caused Ivory Coast,
the world's top producer, to slash its 2017 budget by a tenth,
President Alassane Ouattara said this week.
The bank will target lending toward less risky sectors in an
effort to boost its results by 10 percent in 2017, it said.
"The 2017 fiscal year began with a sharp drop in cocoa
prices and social unrest which will have an undeniable impact on
Ivory Coast's state investments," the statement said.
"In this context, SIB's financing activities will continue
with a greater focus on less sensitive sectors and a
continuation of the risk policy it has led for several years."
($1 = 607.7200 CFA francs)
(Reporting by Loucoumane Coulibaly; Writing by Nellie Peyton;
Editing by Dale Hudson and David Evans)