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{"id":6953,"date":"2024-10-16T19:52:12","date_gmt":"2024-10-16T19:52:12","guid":{"rendered":"https:\/\/en.7news.ma\/?p=6953"},"modified":"2024-10-16T19:52:12","modified_gmt":"2024-10-16T19:52:12","slug":"bank-of-africa-reports-37-profit-surge-in-first-half-of-2024","status":"publish","type":"post","link":"https:\/\/en.7news.ma\/bank-of-africa-reports-37-profit-surge-in-first-half-of-2024\/","title":{"rendered":"Bank of Africa reports 37% profit surge in first half of 2024"},"content":{"rendered":"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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
In terms of credit, the bank\u2019s 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\u2014including Repos\u2014rose by 2.2% to stand at 244 billion dirhams, compared to 238 billion at the close of 2023.<\/p>\n
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.<\/p>\n
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\u2019s focus on sustainable growth and its position as a key player in Morocco\u2019s financial landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":1,"featured_media":4029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[21,23],"tags":[],"class_list":{"0":"post-6953","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-business","8":"category-news"},"yoast_head":"\n
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