REG - Bank of Africa - Half-year Report

Bank of Africa SAAnnouncement

29/09/2025 09:30

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RNS Number : 1957B  Bank of Africa  29 September 2025

HALF-YEAR RESULTS

30 JUNE 2025

 

STEADY IMPROVEMENT IN FINANCIAL AND BUSINESS PERFORMANCE

 

BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr Othman
BENJELLOUN, met Friday 26 September 2025 at the Bank's head office in
Casablanca. It reviewed the business activity of the Bank and of the Group for
first half 2025 and drew up the financial statements for the period in
question.

 

The first half 2025 financial report is published on the website
www.ir-bankofafrica.ma (http://www.ir-bankofafrica.ma)

 

 

CONSOLIDATED BUSINESS ACTIVITY

-MAD MILLIONS-

 

NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY

 

June 2024: 1 942

June 2025: 2 251

+16%

 

Net income attributable to shareholders of the parent company grew by 16% to
MAD 2.3 billion at 30 June 2025.

 

NET BANKING INCOME

 

June 2024: 9 572

June 2025: 10 349

+8%

 

Consolidated net banking income increased by 8% to MAD 10.3 billion at 30 June
2025.

 

CUSTOMER LOANS

-excluding resales-

 

Dec 2024: 223 291

June 2025: 226 746

+2%

 

Consolidated customer loans, excluding resales, rose by 2% to MAD 227 billion.

 

CUSTOMER DEPOSITS

-excluding repos-

 

Dec 2024: 256 445

June 2025: 261 477

+2%

 

Consolidated customer deposits, excluding repos, increased by 2% to MAD 261
billion from MAD 256 billion at 31 December 2024.

 

PARENT BUSINESS ACTIVITY

-MAD MILLIONS-

 

NET INCOME

 

June 2024: 1 400

June 2025: 1 789

+28%

 

Notable 28% increase in BANK OF AFRICA S.A.'s net income to MAD 1.8 billion at
30 June 2025.

 

NET BANKING INCOME

 

June 2024: 4 538

June 2025: 5 456

+20%

 

Significant rise in the Bank's net banking income, which reached MAD 5.5
billion, for a year-on-year increase of 20%.

 

CUSTOMER LOANS

-excluding resales-

 

Dec 2024: 141 693

June 2025: 144 893

+2.3%

 

BANK OF AFRICA S.A.'s customer loans, excluding resales, rose by 2.3% to MAD
145 billion in first half 2025.

 

CUSTOMER DEPOSITS

-excluding repos-

 

Dec 2024: 159 350

June 2025: 165 291

+4%

 

Business momentum remained solid with customer deposits at the parent level,
excluding repos, rising by 4% to MAD 165 billion, driven by a 6% increase in
non-interest-bearing deposits at 30 June 2025.

 

 

BANK OF AFRICA's Board of Directors paid tribute to its Management and Human
Capital for their ongoing determination, under Chairman Othman Benjelloun's
leadership, to ensure that the pan-African group remains on a solid growth
trajectory in every country in which it has operations. The Board would also
like to thank its shareholders, customers and stakeholders for their ongoing
trust.

 

 

ROBUST EARNINGS GROWTH DRIVEN BY SUSTAINED BUSINESS MOMENTUM

 

THE GROUP:

 

Consolidated net banking income rose by 8% to MAD 10.3 billion, fuelled by
growth at the core business (net interest income +8%, fee income +2.3%) as
well as a very robust 54.2% increase in income from market operations.

 

Gross operating income grew by 12% to MAD 6.1 billion at 30 June 2025.

 

Double-digit growth in net income attributable to shareholders of the parent
company, rising by 16% on a rolling year basis to MAD 2.3 billion at end-June
2025, with all components contributing improved performances.

 

 

NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY

AT 30 JUNE 2025 BY GEOGRAPHICAL REGION

EUROPE 3%, SUB-SAHARAN AFRICA 43%, MOROCCO 54%

 

The consolidated cost-to-income ratio improved from 43.6% at 30 June 2024 to
41.5% in June 2025, in keeping with a downward trend that has accelerated in
the past six years.

 

Consolidated total assets held stable at MAD 423 billion, buoyed by a 2% rise
in consolidated customer loans (excluding resales) to MAD 227 billion and a 2%
increase in customer deposits (excluding repos) to MAD 261 billion.

 

Rise of 4% in shareholders' equity, Group share to MAD 30.2 billion, with the
issuance of a MAD 1 billion perpetual subordinated bond with a loss-absorption
and coupon payment cancellation provision.

 

Consolidated cost of risk down by 8% to MAD 1.6 billion at 30 June 2025.

 

Increase in the Group coverage ratio to 69.7% at 30 June 2025 from 68.5% in
December 2024.

 

MOROCCO:

 

Significant 20% rise in net banking income at BANK OF AFRICA S.A. to MAD 5.5
billion, driven by the core business, which saw an 18% jump in net interest
income and a 13% rise in fee income, in addition to 17% growth in income from
market operations.

 

NET BANKING INCOME

AT 30 JUNE 2025 BY BUSINESS LINE

INCOME FROM MARKET OPERATIONS 23%, FEE INCOME 13%, NET INTEREST INCOME 49%,
MISCELLANEOUS 15%

 

Net income saw double-digit growth of +28% to MAD 1.8 billion.

 

The Group continued to work to keep costs in check, with general operating
expenses at BANK OF AFRICA S.A. rising by a relatively modest 5% to MAD 1.9
billion. The cost-to-income ratio improved considerably, from 40.1% at 30 June
2024 to 35.1% at 30 June 2025, with robust revenue growth also contributing to
that result.

 

Customer loans in Morocco, excluding resales, were up 2.3% relative to 31
December 2024, reaching MAD 145 billion at 30 June 2025, mainly on the back of
equipment loans (+13%), at a time when financing granted to businesses was
seeing dynamic growth.

 

Sharp improvement in the coverage ratio to 65% at 30 June 2025, compared with
64.1% at 31 December 2024 and 63% in June 2024.

 

Rise in the digital adoption rate among BANK OF AFRICA customers to 70.4%
versus 63.7% at 30 June 2024. In all, 93% of simple transactions (transfers,
cash availability and bill payment) were conducted via this channel.

 

Overall transfers by Moroccans living abroad conducted through BANK OF AFRICA
up by 21% to MAD 2.8 billion at 30 June 2025, versus MAD 2.3 billion a year
earlier, and growth of 17% in accounts opened by Moroccans living abroad
relative to first half 2024.

 

New business relations with SMEs up by 19.3% relative to the same period of
2024, with a net 114% increase in new financing packages granted.

 

AFRICA:

 

Net banking income at BOA Holding rose by 9% to EUR 422 million in first half
2025, up from EUR 388 million in June 2024, notably thanks to a 13% increase
in net interest income.

 

Limited growth of +7% in general operating expenses to EUR 189 million,
allowing the BOA Holding cost-to-income ratio to improve to 44.7% at 30 June
2025 from 45.5% in June 2024.

 

The cost of risk rose by 26% versus June 2024 to EUR 35 million, putting the
cost-of-risk ratio at 1.3%.

 

Sharp increase in net income attributable to shareholders of the parent
company, which rose by 16% to EUR 119 million at 30 June 2025.

 

GREATER PROXIMITY TO CUSTOMERS AND SOLID SUPPORT PROVIDED TO THE MOROCCAN AND
AFRICAN ECONOMIES

 

Contribution to the financing of the Kenitra-Marrakech High-Speed Rail line, a
MAD 48 billion strategic project that has mobilised a number of financial
players in Morocco.

 

Launch by BANK OF AFRICA of 'Damane Mandat Express', a multichannel solution
for making cash available quickly, intended to expand access to transfers
across the country.

 

Adoption by BANK OF AFRICA of Kyriba's platform, Kyriba being a global leader
in liquidity management, to digitalise and harmonise the financing of supply
chains across the 20 African countries in which the Group operates.

 

Rollout of a new version of the platform dedicated to expatriate Moroccans
featuring an optimised customer onboarding process.

 

In partnership with Mastercard, launch in July 2025 of the 'Elevator Pitch'
programme offering those with projects in Morocco a space for visibility,
valorisation and acceleration, in keeping with BANK OF AFRICA's commitment to
supporting innovation and entrepreneurship.

 

Organisation by BANK OF AFRICA and its subsidiaries of a series of regional
business meetings in Fez, Tangier and Agadir to help give SMEs easier access
to credit and risk-sharing instruments as well as technical assistance adapted
to the specific issues companies face in each region.

Organisation by BANK OF AFRICA, in coordination with the Fez Regional
Investment Centre, of a forum specifically for customers who are Moroccan
expatriates from the Saidia region, one of a series of events organised to
promote 'MDM Invest' in different regions. This tour is part of a broader
effort to make Moroccans living abroad more aware of local investment
opportunities, to present the advantages of the new Investment Charter, and to
provide financial support adapted to their projects.

 

Significant impact of BlueSpace incubators, a BANK OF AFRICA initiative
designed to bring a variety of leading actors together through partnerships to
promote entrepreneurship and create a point of convergence between academia,
institutions and entrepreneurial undertakings. A total of 15,500 young people
have been educated about the initiative and 150 projects incubated.

 

Wrap-up of BMCE Capital's 'Cap'AI by BK' programme with the announcement of
the award winners supported through this initiative dedicated to innovation in
the field of artificial intelligence.

 

Organisation by BMCE Capital of the 4(th) edition of its Annual Investor
Conference, a flagship event designed to create connections between African
markets and international institutional investors.

 

Signature by BOA Benin and BOA Madagascar of guarantee agreements with the
African Development Bank, respectively: a EUR 15 million guarantee to
strengthen trade finance activities and support Beninese enterprises, and a
USD 25 million guarantee to bolster industrialisation and food security in
Madagascar.

 

Organisation of the 3(rd) edition of the 'BOA x Femmes Entrepreneures'
meetings by BOA Togo, highlighting women's contributions to the economy and
the central role they play in African entrepreneurship.

 

ONGOING COMMITMENT TO PROMOTING THE DEVELOPMENT OF COMMUNITIES AND EDUCATION

 

Tribute paid to the late Dr Leila Mezian Benjelloun at the Alhambra in Grenada
during the inauguration of the Amazigh Space, a cultural centre devoted to
preserving and showcasing Amazigh heritage in a venue dedicated to
intercultural dialogue, keeping her work and influence alive. Dr Leila Mezian
Benjelloun was also honoured in Brussels by Belgian NGO Actions@Village at a
ceremony that brought together emblematic figures from the worlds of culture
and education.

 

Continued support from BMCE Bank Foundation for education through its
Medersat.com programme, which benefited 11,559 students during the 2024-2025
school year. A total of 35,800 pupils across the Medersat.com network have
benefited from the programme since it was launched, with a pass rate of
99.65%. Meanwhile, the 14(th) academic year of the Medersat.com baccalaureate
(high school) programme was completed with a pass rate of 91%. Within this
cohort, 65.65% were female.

Major BMCE Bank Foundation projects were renewed, particularly the
'Bibliotobiss' cultural caravan, a digital mobile library that has reached
14,867 students since it was launched, a feat that has drawn the attention of
prestigious media outlets in Morocco and abroad, as well as the teaching of
robotics programming and artificial intelligence, which remains a pillar of
the Foundation's strategy for educational innovation.

 

Two additional schools obtained 'Eco Ecole' accreditation in 2024-2025,
lifting the total number of schools that have earned the label to 42.

 

BMCE BANK FOUNDATION

KEY FIGURES

 

69

Medersat.com schools, including 6 in sub-Saharan Africa: 2 in Senegal, 1 in
Congo Brazzaville, 1 in Mali, 1 in Rwanda and 1 in Djibouti

 

42

Schools awarded the 'Eco-Ecole' label

 

535

Teachers and educators, 52% of whom are women

 

17

Educational supervisors

35,800

Benefiting pupils, 50% of whom are girls

 

3,780

Students benefiting from robotics teaching

 

4,179

High school graduates from Medersat.com network schools

 

14,867

Pupils who have benefited from the 'Bibliotobiss' cultural caravan

 

CLIMATE TRANSITION AND FINANCIAL INCLUSION AT THE HEART OF THE GROUP'S
SUSTAINABILITY STRATEGY

 

Development of a robust climate strategy organised around major projects,
notably the updating of the carbon footprint, the mapping of climate risks and
their integration into credit management, which turns regulatory requirements
into bona fide levers of performance.

 

Implementation, through BANK OF AFRICA Academy and in partnership with Bureau
Veritas, of a certification training programme designed for the sales team.
This initiative is part of the broader strategy of building competences and
operational excellence in order to better assist businesses, notably SMEs,
with their low-carbon transition plans.

 

Expansion of financial inclusion to include new groups, notably persons with
disabilities, in accordance with Bank Al-Maghrib guidelines. A total of 114
branches have been made accessible and a gradual integration of digital access
functionalities is envisaged for the ATM network.

 

Series of strategic partnerships forged by BANK OF AFRICA Group subsidiary
Damane Cash with Orange Maroc, Mastercard, Express Relais and a variety of
Fintech specialists to expand access to payment services thanks to network
interoperability and the development of an offering that is more inclusive and
accessible, leveraging both Damane Cash's extensive network across the country
and the expertise of these strategic partners. Such close cooperation with
Fintech operators also furthers financial inclusion, supports the digital
transition and improves customers' e-commerce experience in Morocco.

 

AWARDS AND CERTIFICATIONS

 

Double award for BANK OF AFRICA, which was named 'Morocco's Best Bank' and
'Morocco's Best Bank for SMEs' at the Euromoney Awards for Excellence.

 

BANK OF AFRICA recognised as the 'Most Active Partner Bank in Morocco' in 2024
by the European Bank for Reconstruction and Development (EBRD) in the context
of the latter's Trade Facilitation Program.

 

ISO 9001:2015 certification awarded by Bureau Veritas to BANK OF AFRICA for
its Global Transaction Banking services, a first for a Moroccan bank, covering
the cash management, trade finance and digital operations conducted under the
'GTB-CIB by BOA' brand, which takes a proactive approach to offering large
enterprises and SMEs a structured and digitalised transactional services
offering.

 

Successful renewal of BANK OF AFRICA's ISO 37001 certification, 2025 version,
for its Anti-Corruption Management System (ACMS), reflecting its ongoing
commitment to making integrity, transparency and exemplarity central to all
banking activities as well as to its trust-based relations with partners.

 

Double award for BMCE Capital Gestion in the 'MENA Markets Fund' and 'MENA
Markets Domestic Funds' categories during the London Stock Exchange Group
(LSEG) Lipper MENA Markets 2025 Fund Awards, recognising the quality of its
asset management in markets in the MENA region.

 

BANK OF AFRICA UK recognised in July 2025, during the Business Chamber Awards
2025, as the African Business of the Year in recognition of the key role it
plays in financing African economies, its commitment to operational
excellence, and its growing influence beyond the United Kingdom.

 

GROUP PROFILE

BANK OF AFRICA

 

~15,000

EMPLOYEES

 

32

COUNTRIES

 

~6.6

MILLION CUSTOMERS

 

~2,000

POINTS OF SALE

 

BANK OF AFRICA is a leading pan-African financial group. With an extensive
portfolio of brands and subsidiaries, BANK OF AFRICA's universal banking
business model encompasses a range of business lines including commercial
banking, investment banking and specialised financial services such as
leasing, factoring, consumer credit and participatory banking.

 

 

RATINGS

 

MOODY'S :

BA1,

STABLE OUTLOOK

 

LSEG DATA & ANALYTICS:

ESG Score

B+

74/100

 

FITCH RATINGS:

BB,

STABLE OUTLOOK

 

 

BANK OF AFRICA

 

Public limited company with a share capital of MAD 2,157,863,330 - Head
office: 140, Avenue Hassan II

 

Approved credit institution by decree of the Minister of Finance and
Investment No. 2348-94 of 23 August 1994 - Casablanca Trade Register No. 27129

 

 

FINANCIAL COMMUNICATION

website: ir-bankofafrica.ma - Tel.: +212 522 462 810

 

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