Bank of Africa boosts its profits at the end of September

The Bank of Africa Group recorded a sharp increase in net income (Group share) (+32%) for the 3rd quarter, to 2.7 billion DH. In Morocco, activity was marked by growth in Net Profit of +19% to 1.6 billion dirhams.

The Group achieved a consolidated Net Banking Income (NBI) of 14.1 billion DH at the end of last September, an increase of +12% year-on-year. The GNP in Morocco increased by +17%, “thanks to the favorable development of all income components”, indicates the bank. In this context, the margin on commissions increases by +4% and +10% on a consolidated and social basis respectively and the interest margin by +3% and +6%, respectively.

BoA also benefited from good commercial dynamics with increases in deposits from the Group’s customers of +2% to 243 billion DH at the end of September 2024 and of +3% to 152 billion DH in Morocco.

Furthermore, the Group has stable consolidated loans at 218 billion DH at the end of September 2024, while loans to the Bank’s customers in Morocco increased by +3% to 138 billion DH. Finally, general operating expenses remain under control, leading to a clear improvement in the consolidated operating coefficient of 4 percentage points – 4p% – to 45% and the operating coefficient of Banque SA of 5.7% to 42 .8%.

BoA also recorded the finalization of the capital increase by incorporation of reserves of 631.3 million DH through the issue of 3,220,691 new shares allocated free of charge to shareholders at the rate of one new free share for 66 shares held bringing the share capital to 2,157,863,330.