Bank of Africa has reported a remarkable net income attributable to the group (RNPG) of 1.9 billion dirhams by the end of June 2024, marking a robust 37% increase compared to the same period last year. This surge highlights the bank’s strong performance across key financial activities.
The consolidated net banking income (PNB) also rose significantly, up by 14% to 9.6 billion dirhams. This impressive growth was driven by two main factors: the bank’s thriving market activities and solid revenue from its core business, particularly interest margins and commissions, according to a statement from the group.
The first half of 2024 has been defined by increased operational efficiency within the group. Expenses have been kept under tight control, rising by just 2%, resulting in an improved cost-to-income ratio of 43.6% as of June 2024. This efficiency reflects the group’s continued focus on maintaining operational discipline while growing its core business.
In terms of credit, the bank’s consolidated loan portfolio, including Resales, grew by 1.2%, reaching 215 billion dirhams by the end of June 2024. On the deposit side, customer deposits—including Repos—rose by 2.2% to stand at 244 billion dirhams, compared to 238 billion at the close of 2023.
However, the cost of risk for the group also increased, reaching 1.8 billion dirhams, a 19% rise. Despite this, the bank’s overall financial health remains solid, supported by its strong earnings growth and careful cost management.
Bank of Africa’s latest financial results showcase its ability to navigate a dynamic market environment while continuing to expand both its market and core business activities. This performance highlights the bank’s focus on sustainable growth and its position as a key player in Morocco’s financial landscape.
