Bank of Africa (BOA) delivered remarkable results for the third quarter of 2024, reflecting its robust growth and strategic vision. The group reported a substantial 32% increase in net profit, reaching 2.7 billion dirhams. This success extended to the bank’s operations in Morocco, which saw net profits grow by 19% to 1.6 billion dirhams. Consolidated net banking income also showed a significant 12% rise, amounting to 14.1 billion dirhams, while income generated in Morocco climbed an impressive 17%.
These achievements were fueled by favorable performance across all revenue streams. Commission margins rose by 4% on a consolidated level and by 10% in Morocco, while interest margins improved by 3% and 6%, respectively. This dynamic commercial momentum was further demonstrated through increased client deposits, which grew by 2% to 243 billion dirhams across the group. In Morocco alone, deposits increased by 3% to reach 152 billion dirhams. Lending activity remained stable at 218 billion dirhams overall, with loans to Moroccan clients advancing by 3% to 138 billion dirhams.
Bank of Africa also enhanced operational efficiency, significantly lowering its consolidated cost-to-income ratio by four percentage points to 45%, while Moroccan operations achieved a five-point improvement to 42.8%. Meanwhile, enhanced provisioning efforts improved coverage rates, with the consolidated coverage ratio rising to 69.5% and the Moroccan ratio improving to 63.5%.
Beyond its financial performance, BOA launched several client-focused initiatives to reinforce its position as a leading financial institution. In October 2024, the bank unveiled the “Cap Hospitality” program, designed to support hotel operators in their preparations for major international events such as the Africa Cup of Nations (CAN) 2025 and the 2030 FIFA World Cup. This was accompanied by the rollout of new payment technologies, including Google Pay and Apple Pay, offering customers secure, contactless payment options. Furthermore, the Youth Campus Pack was introduced to cater to students with a tailored banking experience, supporting them throughout their academic journey.
In November 2024, BOA expanded its physical footprint by opening its first branch in Casablanca Finance City. This new branch aims to cater to the financial needs of the continental business hub’s growing clientele, offering specialized services and exclusive packages for new customers. On the digital front, BOA Capital launched an innovative chatbot dedicated to asset management and brokerage, ensuring quick and efficient support for its clients.
The bank’s commitment to social and environmental responsibility remained a cornerstone of its strategy. In partnership with ProFuturo, BOA organized the inaugural “Robotics Medersat.com” competition, bringing together 30 schools, and hosted the second regional meeting on digital education in Fès. To further champion sustainability, BOA’s Pan-African Chair on Sustainability and Finance launched the “CapacityImpact” program in collaboration with six higher education institutions, providing businesses with the tools to integrate sustainability and positive impact strategies into their operations.
Additionally, BOA’s inclusive approach extended to insurance services through a partnership between its subsidiary, Damane Cash, and the Royal Moroccan Insurance Company. This collaboration introduced “Taaminate Damane,” an affordable insurance solution targeting vulnerable populations.
Finally, the bank earned significant industry recognition during this period. BMCE Capital Gestion renewed its ISAE 3402 Type II certification, reaffirming its robust internal controls and secure work environment. AfricTrust, BOA’s IT subsidiary, became the first certified provider of qualified electronic signature and seal certificates in Morocco, a milestone approved by the General Directorate of Information System Security (DGSSI).
As Bank of Africa closes the third quarter on a high note, its strategic investments and focus on innovation are paving the way for a more dynamic, inclusive, and sustainable future in financial services.
