Bank of Africa: Profits soar by 32% at the end of September 2024

The net banking income (NBI) consolidated recorded an increase of 12%, reaching 14.1 billion dirhams (billion dirhams) at the end of September 2024. Moroccothis progression is even more marked with an increase of 17%, driven by favorable dynamics in all revenue components. Margin on commissions increased by 4% on a consolidated basis and by 10% on a social basis, while interest margin increased by 3% on a consolidated basis and by 6% on a social basis.

The banque continues to strengthen its commercial momentum. THE customer deposits of the group increased by 2% to reach 243 billion dirhams. In Morocco, this increase amounts to 3%, totaling 152 billion dirhams. Regarding creditsthe consolidated volume remained stable at 218 billion dirhams. However, in Morocco, customer loans increased by 3%, reaching MAD 138 billion.

BOA has succeeded in improving its operational efficiency by controlling its general operating expenses. This allowed a clear improvement in coefficient d’exploitationwhich fell by 4 points to 45% on a consolidated basis and by 5.7 points to 42.8% for the Bank.

Provisioning was strengthened, which made it possible to improve coverage rate which stood, in consolidated terms, at 69.5%, an increase of 2.1 points, while in social terms, this rate increased by 1.3 points to reach 63.5%.

Bank of Africa has finalized a capital increase by incorporation of reserves amounting to 631.3 million dirhams. This operation enabled the issue of 3,220,691 new shares, allocated free of charge to shareholders at the rate of one share for every 66 held, thus bringing the share capital to MAD 2.16 billion.