Bank of Africa delivered a standout performance in 2024, posting a record net income attributable to the group of 3.4 billion dirhams—a 29% jump compared to the previous year. For the first time in its history, the group has crossed the symbolic threshold of 3 billion dirhams in profit, a clear sign of its strong growth momentum and long-term financial resilience.
This achievement was fueled by a 10% increase in net banking income, which reached 18.7 billion dirhams. The bank’s core operations were the driving force behind this growth, with net interest margins climbing 6% and fee-based income rising 4%. The surge was further amplified by a strong performance in market activities within Morocco, which played a critical role in boosting overall returns.
Bank of Africa also made notable strides in efficiency. Its consolidated cost-to-income ratio dropped from 52% to 46% between the end of 2023 and 2024, reflecting tighter control over expenses—which fell by 1%—and sustained growth in revenue. As a result, the bank’s gross operating income surged by 23%, hitting the landmark figure of 10 billion dirhams for the first time in the group’s history.
Despite this overwhelmingly positive financial picture, the bank did face a 15% increase in its consolidated cost of risk, which rose to 3.2 billion dirhams from 2.7 billion the previous year. This uptick is largely attributed to ongoing macroeconomic uncertainty, though it hasn’t slowed the bank’s broader growth trajectory.
The strong rise in net income was also driven by solid contributions from the group’s subsidiaries, reinforcing Bank of Africa’s standing as one of the most robust banking institutions in the region.
On the commercial front, the bank saw customer loans grow by a modest 2%, while deposits rose by a more impressive 8%, a sign of renewed customer trust and the bank’s continued ability to attract and retain savings.
Crowning a year of major achievements, Bank of Africa was named “Morocco’s Bank of the Year 2024” by The Banker, the respected publication from the Financial Times Group. This marks the tenth time the bank has received the honor since 2000—a testament to its enduring strength, consistency, and ability to evolve in a rapidly changing landscape.
