ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
HALF-YEAR RESULTS
30 JUNE
2024
ROBUST
PERFORMANCE
IN FIRST HALF
2024
BANK OF AFRICA
- BMCE Group's Board of Directors, chaired by Mr Othman BENJELLOUN,
met Friday 27 September 2024 at the Bank's head office in
Casablanca. It reviewed the business activity of the Bank and of
the Group for first half 2024 and drew up the financial statements
for the period in question.
The Board paid
a heartfelt tribute to the memory of the late Doctor Leila MEZIAN
BENJELLOUN, BMCE Bank Foundation's Chair, for her tireless
commitment and exceptional contribution, throughout her life, to
promoting art and culture, preserving this country's tangible and
intangible heritage, protecting the environment and enabling
children in disadvantaged rural areas in Morocco and elsewhere in
Africa to have access to education.
The first half
2024 financial report is published on the website
www.ir-bankofafrica.ma.
CONSOLIDATED BUSINESS ACTIVITY (MAD
MILLIONS)
NET
INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
+37%
June 2023: 1 414
June 2024: 1 942
Double-digit growth (+37%) in net income
attributable to shareholders of the parent company to MAD 1.9 billion at 30 June
2024.
NET BANKING
INCOME
+14%
June 2023: 8 377
June 2024: 9 572
Consolidated net banking income rose by +14% to
MAD 9.6 billion at 30 June
2024 versus MAD 8.4 billion at 30 June 2023.
CUSTOMER
LOANS
+1.2%
December 2023: 212 196
June 2024: 214 850
Consolidated customer loans, including resales,
increased by +1.2% to MAD 215
billion.
CUSTOMER
DEPOSITS
+2.2%
December 2023: 238 681
June 2024: 243 915
Consolidated customer deposits, including
repos, grew by +2.2% to MAD 243.9 billion versus MAD 238.7 billion
at 31 December 2023, underlining
the Group's strong business performance.
PARENT BUSINESS ACTIVITY (MAD MILLIONS)
NET
INCOME
+17%
June 2023: 1 201
June 2024: 1 400
BANK OF AFRICA SA's net income increased by
+17% year-on-year to MAD 1.4
billion at 30 June 2024.
NET BANKING
INCOME
+15%
June 2023: 3 953
June 2024: 4 538
Double-digit
growth in income from domestic banking operations
in first half 2024 with parent net banking income up +15% to
MAD 4.5 billion.
CUSTOMER
LOANS
+2.4%
December 2023: 134 038
June 2024: 137 273
BANK OF AFRICA
SA's customer loans, including resales, rose by
+2.4% to MAD 137 billion at
30 June 2024.
CUSTOMER
DEPOSITS
+1.4%
December 2023: 152 215
June 2024: 154 345
Customer
deposits at parent level, including resales,
increased by +1.4% to MAD 154
billion at 30 June 2024. Non-interest-bearing deposits grew
by +4% to MAD 112 billion.
BANK OF AFRICA's Board of Directors
paid tribute to the efforts of its human capital for its
determination to ensure that our pan-African Group continues to
deliver sustainable and solid growth in the countries and regions
in which it has operations. The Board would also like to thank its
shareholders, partners and customers for their ongoing
confidence.
SOLID
PERFORMANCE IN MOROCCO AND INTERNATIONALLY
BANK OF AFRICA GROUP
Substantial increase (+37%) in the Group's
earnings with net
income attributable to shareholders of the parent company reaching
MAD 1.9 billion at 30 June 2024 versus MAD 1.4
billion at 30 June 2023.
Consolidated
net banking income rose by +14% to MAD 9.6 billion
at 30 June 2024, driven by an increase in income from market
operations as well as a strong performance by the core business -
net interest income and fee income.
Improvement in
operational efficiency at Group level with growth in expenses
contained at +2%, resulting in a cost-to-income ratio of 43.6% at 30
June 2024.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS
OF THE PARENT COMPANY
AT 30 JUNE 2024 BY GEOGRAPHICAL
REGION
MOROCCO •
52%
SUB-SAHARAN AFRICA •
42%
EUROPE • 6%
Consolidated
customer loans, including resales, rose by
+1.2% to MAD 215 billion at
30 June 2024.
Consolidated
customer deposits, including repos, grew by
+2.2% to MAD 244 billion at
30 June 2024 versus MAD 238 billion at 31 December 2023.
The consolidated cost of risk increased by
+19% to MAD 1.8 billion.
Improvement in the coverage ratio to 69.1% at 30 June 2024
versus 67.6% at 31 December 2023.
Shareholders'
equity bolstered after issuing a MAD 1 billion perpetual subordinated bond with
loss-absorption and coupon payment cancellation
mechanism.
BANK OF AFRICA SA
Significant
growth (+17%) in the Bank's net income to MAD 1.4
billion.
Net banking
income rose by +15% to MAD 4.5 billion, driven
by net interest income and fee
income, up +6% respectively, in addition to growth in income
from market operations.
Growth in the
Bank's general operating expenses
well-contained at +2% to MAD
1.8 billion.
NET BANKING INCOME
AT 30 JUNE 2024 BY BUSINESS
LINE
NET INTEREST INCOME •
50%
FEE INCOME •
14%
INCOME FROM MARKET OPERATIONS
• 24%
MISCELLANEOUS •
11%
Deposit growth
in the Moroccan business of +1.4% to MAD 154
billion with loans up +2.4%
to MAD 137 billion.
Conservative risk strategy adopted with the
Bank's cost of risk up +54.1% to
MAD 879 million at 30 June 2024, including provisions
write-backs totalling MAD 205 million, up sharply
(+44%).
Improvement in
the coverage ratio to 63% in first half 2024
versus 62.2% at 31 December 2023.
BOA
AFRIQUE
BOA Afrique's
net banking income rose by +6% to EUR 388
million at 30 June 2024, driven by an improvement in net interest
income.
BOA Afrique's
general expenses fell by -0.5% to EUR 176
million, resulting in a cost-to-income ratio of 45.5% at 30 June
2024.
Improvement in BOA Afrique's cost of risk in first
half 2024, down -18% to EUR
28 million.
Significant
growth (+24%) in BOA Afrique's net income attributable to
shareholders of the parent company to EUR 102 million
at 30 June 2024.
Strong
performance by BOA Afrique's business portfolio with loans up +1%
and deposits +6% ahead.
Capital bolstered at BANK OF AFRICA Group's
WAEMU-based subsidiaries as part of an overall strategy to bolster capital at
subsidiary level to be able to meet customers' growing
funding needs.
AWARDS AND
CERTIFICATIONS
Quadruple award for BANK OF AFRICA -
'Africa's Best Bank for SMEs',
'Morocco's Best Bank for SMEs', 'Morocco's Best Bank for ESG' and
'Morocco's Best Digital Bank' for 2023 - at the Euromoney Awards for
Excellence.
BANK OF AFRICA named 'Most Admired Moroccan Financial Brand'
at the 5th 'Brand
Africa 100 - Morocco's Best Brands' event organised by Brand
Africa 100 and Integrate Consulting.
BANK OF AFRICA recognised as the 'Most Active Partner Bank in 2023' by
the European Bank for Reconstruction and Development (EBRD) in the context of the latter's
Trade Facilitation
Programme, aimed at boosting trade.
BANK OF AFRICA presented with the Best Sustainable Development Report within the
Financial Sector award by the Casablanca Stock Exchange for the
3rd consecutive year based on the new international
standards for sustainability reporting.
BANK OF AFRICA awarded Payment Card Industry Data Security Standard
certification (PCI DSS) which sets high information security
standards, underlining the Bank's
rigorous approach to data security for payment card
transactions.
'Professional
Training Award' presented to the BANK OF AFRICA Academy at
the HR Awards 2024, held as
an adjunct to 'Salon Master
Plus', highlighting the Bank's excellence in human resources management and
innovation.
PROFILE
15,000
EMPLOYEES
6.6
MILLION CUSTOMERS
2,000
POINTS OF SALE
32
COUNTRIES
BANK OF AFRICA is a leading
pan-African financial group. With an extensive portfolio of brands
and subsidiaries, BANK OF AFRICA's universal banking business model
encompasses a range of business lines including commercial banking,
investment banking and specialised financial services such as
leasing, factoring, consumer credit and participatory
banking.
RATINGS
MOODY'S
BA1,
STABLE
OUTLOOK
V.E
Non-financial
rating
A+
Fitch
Ratings
BB,
STABLE
OUTLOOK
THE GROUP'S
SERVICE OFFERING BOLSTERED AND DIVERSIFIED
BANK OF AFRICA has launched its new Dima
Kayn L'hal brand platform, focusing on proximity, expertise and enhanced customer
experience while offering a broad portfolio of innovative
products and services.
New version of
the www.agencedirecte.ma online account opening platform
launched, with a more
user-friendly interface and customer experience as well as improved
website visibility, now available in 7 languages including Spanish, Italian,
Dutch and German, in addition to Arabic, French and
English.
BMCE Direct
further enhanced with
a new bilingual version, a
full digital subscription enabling customers to open a passbook
savings account and to subscribe for a payment card, a secure
messaging service between customers and their account manager, the
ability to consult miles collected via the Pay&Fly card, a dedicated section
for Moroccan customers living
abroad and simplified online access to the Crédit Habitat application
process.
Long-term strategic partnership entered into in
July 2024 between BANK OF AFRICA
and Mastercard to accelerate the development of innovative
payment solutions and promote financial inclusion in
Morocco.
BANK OF AFRICA
participating in the national Direct Aid housing support scheme
2024-2028 to support citizens by offering them
sufficient additional
funding in addition to direct aid in the form of housing
support.
Strategic
partnership entered into in August 2024 between
Damane Cash and Bank Al
Karam, BANK OF AFRICA Group's payment institution and
participatory bank, aimed at pooling and facilitating access to a variety
of financial products, thereby providing customers in the
country's most remote regions with unprecedented accessibility,
underlining the Group's commitment
to financial inclusion.
SUPPORTING AND
FACILITATING INVESTMENT IN MOROCCO AND SUB-SAHARAN
AFRICA
Multilateral partnership bolstered between BANK
OF AFRICA and the European Bank for Reconstruction and Development
(EBRD) with the latter
extending an additional EUR 10
million credit facility under the Green Value Chain programme for
projects which improve businesses' environmental
footprint.
Memorandum of
Understanding signed between BANK OF AFRICA and Saudi National
Bank, Saudi Arabia's largest bank and a global
pioneer in Islamic finance, aimed at bolstering commercial
cooperation and economic ties
between Morocco and Saudi Arabia and facilitating
cross-border transactions and remittances between the two
countries.
INTELAKA
programme's services range enhanced as
part of the review of the Integrated Business Support and Financing
Programme (PIAFE), including extending the loan repayment period to
12 years instead of 7 years and raising the Tamwilcom funding commitment to 85%
for women entrepreneurs and
expatriate Moroccans.
Tie-up between BANK OF AFRICA and the
African Development Bank
within the framework of its Trade
Finance Program through a UAD 50 million risk-sharing
programme and a EUR 20 million trade finance credit
line.
Regional meetings launched on the theme of
'SMEs, boost investment with CapAccess by BANK
OF AFRICA'. The meetings aim to present the
new Investment Charter and
engineer an investment recovery
among SMEs as intended by this national strategy.
Closure of the
Entrepreneurship Club session for the
Casablanca region with 11
Technopark entrepreneurs and about ten entrepreneurs from the Entrepreneurship
Observatory ecosystem participating.
Agreement
signed between BOA Togo, Sunu Bank and the Togolese Ministry of
Agriculture, Livestock and Rural Development to
promote agricultural
projects by facilitating farmers' access to credit on
preferential terms.
3rd
Moroccan Equity Summit organised by BMCE
Capital, the Group's investment banking arm,
attracting nearly 40 domestic and international investors and more
than 28 listed companies from Morocco, Tunisia and the WAEMU
region.
ACTIVELY
COMMITTED TO SUSTAINABILITY AND SOCIAL AND COMMUNITY
PROGRESS
IMPACT FINANCE
Process
completed to account for greenhouse gas emissions
generated directly by BANK OF AFRICA and by its corporate
loan portfolio. This initial analysis covered 90% of the
portfolio's total exposure by value, including exposure to SMEs and
Large Enterprises, in addition to that of the investment banking
arm. The preliminary results revealed that 63% of GHG emissions are
attributable to the SME portfolio. Similarly, the property and
construction sector accounts for 37% of emissions.
Integrated
Annual Report 2023 reviewed by an Independent
Third Party Expert resulting in an Independent Third Party Expert
opinion being issued. For the first time, this report was prepared
based on the requirements and best practices recommended by the
European Union's Corporate Sustainability Reporting Directive
(CSRD).
BMCE BANK FOUNDATION
BMCE Bank Foundation remains committed to
education through its Medersat.com
programme, with 11,784 students benefiting during the 2023-2024
academic year. A total of 34,400 pupils across the entire
Medersat.com network have benefited since the programme's launch,
with a 98.6% pass
rate.
Medersat.com programme's 13th
academic year successfully completed, with the cohort, 67.4% of whom are girls, achieving a
high school diploma pass rate of
88%.
Educational
robotics and artificial intelligence teaching extended to a further
30 network schools, thereby bringing the total
number of beneficiaries of educational robotics teaching to
3,000 pupils.
A further two
Medersat.com network schools awarded the 'Eco-School'
label from the Mohammed VI Foundation for
Environmental Protection, taking the total number of network schools awarded the label to
40. This programme recognises establishments which have
adopted healthy eco-friendly practices and initiatives.
69
Schools, including 6 in sub-Saharan Africa - 2
in Senegal, 1 in Congo Brazzaville, 1 in Mali, 1 in Rwanda and 1 in
Djibouti
34,400
Children benefiting from Medersat.com network
services, 50% of whom are girls
573
Teachers and educators, 52% of whom are
women
10,300
Pupils benefiting from the cultural
caravan
40
Schools awarded the 'Eco-School'
label
3,000
Pupils benefiting from robotics teaching
(across 50 schools)
1,836
Pupils learning Mandarin Chinese
17
Educational supervisors across the network i.e.
1 supervisor for 4 schools
3,718
High school graduates from Medersat.com network
schools
FINANCIAL COMMUNICATION website:
ir-bankofafrica.ma - Tel: +212 522 462 810
BANK OF
AFRICA
Public
limited company with a share capital of MAD 2,125,656,420 - Head
office: 140, Avenue Hassan II
Approved
credit institution by decree of the Minister of Finance and
Investment No. 2348-94 of 23 August 1994
Casablanca Trade Register No. 27129