Bank of Africa (BOA) Group posted a consolidated net banking income (NBI) of over 9.58 billion dirhams (MMDH) in the first half of 2024, reflecting a 14% increase compared to the same period in the previous year. On a standalone basis, the NBI grew by 15%, reaching 4.5 billion dirhams by the end of June, according to a statement released by BOA on the Moroccan Capital Market Authority (AMMC) website.
Customer deposits and loans:
Customer deposits (excluding repos) rose by 3% on a consolidated basis to 243.6 billion dirhams and by 2% on a standalone basis to 153.9 billion dirhams. Meanwhile, loans (excluding resales) remained stable over the first six months of 2024, totaling 201 billion dirhams for the group and 123.4 billion dirhams for the standalone Bank S.A.
Strategic initiatives and achievements:
BOA also highlighted the successful issuance of perpetual bonds with a loss absorption mechanism and coupon payment cancellation, amounting to 1 billion dirhams.
The group was named “Most Admired Moroccan Financial Brand” during the 5th Moroccan edition of Brand Africa 100 – Morocco’s Best Brands, organized by Brand Africa 100 and Integrate Consulting.
In July 2024, BOA received multiple accolades at the Euromoney Awards for Excellence, including “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.
Additionally, BOA earned the PCI DSS (Payment Card Industry Data Security Standard) certification, an international benchmark for data security in payment card transactions, which sets high standards for information system security.
Bank of Africa Academy:
Bank of Africa Academy was honored with the prestigious Continuing Education Award at the 2024 HR Awards, organized on the sidelines of the Master Plus Salon, in recognition of its commitment to excellence and innovation in human resources management.
