TIDMBOAA
RNS Number : 2181G
Bank of Africa
28 March 2022
ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
ANNUAL RESULTS
31 DECEMBER 2021
2021, A REMARKABLE YEAR FOR BANK OF AFRICA
BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr
Othman BENJELLOUN, met Friday 25 March 2022 at the Bank's head
office in Casablanca. It reviewed the business activity of the Bank
and of the Group for the financial year ended 31 December 2021 and
drew up the financial statements for the period in question.
The Board of Directors will propose that the forthcoming Annual
General Meeting of Shareholders reappoint the following Directors
for a further term, (i) the Caisse de Dépôt et de Gestion,
represented by Mr Abdellatif Zaghnoun, its Chief Executive Officer,
and Mr Brahim Benjelloun-Touimi, BANK OF AFRICA Group's Director
and Delegate General Manager.
The Annual General Meeting will also be asked to take note that
two independent Directors, Messrs François Henrot and Brian
Henderson, will not be reappointed for a further term. This is
because, with their 6-year term expiring, they no longer satisfy
the independence criterion defined in the last paragraph of Bank
Al-Maghrib's Circular 5/W/16 of 10 June 2016, which sets out the
terms and conditions for appointing independent directors and
members to credit institutions' administrative bodies.
The Chairman of the Board and all other Directors paid a
heartfelt and glowing tribute to both Independent Directors for the
high-quality and pertinent contributions made to the work of the
Board and of the specialised Committees.
In addition, the Board of Directors will ask the forthcoming
Annual General Meeting to authorise a bond issuance programme
consisting of (i) a subordinated bond issue amounting to MAD 1
billion overall, to be carried out, in one or more tranches, via a
domestic public offering, intended to help finance the Group's
development, and (ii) a 'social bond' issue, the first of its kind
in Morocco, amounting to MAD 500 million overall.
The Board of Directors will ask the Annual General Meeting of
Shareholders to approve a 4 dirhams per share dividend
distribution.
Similarly, it will also ask the Extraordinary General Meeting
for an operation of a capital increase by incorporating reserves
leading to the allocation of bonus shares for a maximum amount of
620 MMAD, as well as the harmonization of the articles of
association with the terms of Law 19-20 amending and completing the
Law 17-95 related to limited companies.
The brochure containing the 2021 financial statements, prepared
under IAS/IFRS, and the notes to the financial statements, is
published on the www.ir-bankofafrica.ma website.
CONSOLIDATED BUSINESS ACTIVITY
(MAD MILLIONS)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
December 2020 (Excluding donation): 1 368 (+47%)
December 2020 (Including donation): 738 (+172%)
December 2021: 2 007
Net income attributable to shareholders of the parent company
rose by +172% year-on-year to MAD 2 billion and by +47% when
restated for the impact from the COVID-19 donation.
NET BANKING INCOME
December 2020: 14 002
December 2021: 14 607 (+4%)
Consolidated net banking income grew by +4% year-on-year to MAD
14.6 billion, driven by the core business.
PARENT BUSINESS ACTIVITY
(MAD MILLIONS)
NET INCOME
December 2020 (Excluding donation): 1 354 (+11%)
December 2020 (Including donation): 724 (+107%)
December 2021: 1 501
Net income at BANK OF AFRICA S.A. rose by +107% year-on-year to
MAD 1.5 billion, a record level for the Bank and by +11% when
restated for the impact from the COVID-19 donation.
NET BANKING INCOME
December 2020: 6 301
December 2021: 6 907 (+10%)
Net banking income of the Bank in Morocco grew by +10% to MAD
6.9 billion versus MAD 6.3 billion in 2020.
FULL-YEAR FINANCIAL RESULTS SHARPLY HIGHER WITH PROFITS AT BANK
OF AFRICA S.A. AT RECORD LEVELS
Strong earnings growth with net income attributable to
shareholders of the parent company (excluding donation) up 47% at
MAD 2 billion, and parent net income 11% ahead at MAD 1.5 billion,
a record level for BANK OF AFRICA S.A.
Performance back to pre-COVID-19 levels with net income
attributable to shareholders of the parent company up 4% and parent
net income 9% ahead versus 2019.
Moroccan business contributing 51% to net income attributable to
shareholders of the parent company and international operations
49%, including 41% from Africa.
Strong commercial performance with parent net banking income up
10% and +4.3% on a consolidated basis to MAD 6.9 billion and MAD
14.6 billion respectively at 31 December 2021.
All business lines driving revenue growth, including the core
business with net interest income up 5% on a consolidated basis and
+6% at the parent level with fee income 6% higher on a consolidated
basis and 7% ahead at the parent level.
Revenues well-diversified geographically with international
operations continuing to contribute 50% to overall Group revenues
at 31 December 2021; Africa now accounts for 46% of BANK OF
AFRICA's consolidated net banking income.
Ongoing operational efficiency gains at the Group and Bank
levels in 2021, as illustrated by the downward trend in the
consolidated cost-to-income ratio in each of the past 4 financial
years, from 59.1% in 2018 to 54.5% in 2021, an improvement of 4.6
percentage points and in the parent cost-to-income ratio, from
59.7% in 2018 to 52.8% in 2021, an improvement of almost 7
percentage points.
Improvement in the cost of risk (-15%) versus 2020 to MAD 2.9
billion, resulting in a cost-of-risk ratio of 1.5% in 2021 versus
1.8% in 2020.
Total assets up 4% to MAD 345 billion on a consolidated basis
and 5.5% ahead to MAD 227 billion on a parent basis at 31 December
2021.
Strong momentum in the Group's commercial activity with customer
loans (excluding resales) at Group level up 4% to MAD 182 billion
and +5% to MAD 122 billion at BANK OF AFRICA S.A.
Customer deposits (excluding repurchases) up 6% to MAD 219
billion on a consolidated basis and +5% to MAD 141 billion at the
parent level.
25 basis points gain in the Bank's share of the loan and deposit
market to 12.73% and 13.24% respectively at 31 December 2021.
Impressive performance by BOA Holding, the Group's African
subsidiary and second largest contributor to Group revenues and
profits, with consolidated net banking income up 5% to EUR 604
million and net income attributable to shareholders of the parent
company growing by 60% to EUR 105 million.
Positive commercial and financial performance at Salafin with
overall production growing by 15.4% versus 31 December 2020 and net
banking income 6.1% higher to MAD 389.1 million at 31 December
2021.
64.6% increase to MAD 3.4 billion, exclusive of taxes, in
Maghrebail's production at 31 December 2021 with net income sharply
higher (+54.2% year-on-year) at MAD 99.1 million.
Positive trend in BANK Of AFRICA Europe's main financial
indicators with transaction volume from the trade finance business,
domiciled within the Madrid-based subsidiary, 23% higher and net
income up by 6% to almost EUR 11 million at 31 December 2021.
Decent performance by BANK OF AFRICA United Kingdom with net
banking income up 26.6% to GBP 23.7 million and net income of GBP
5.2 million at 31 December 2021, a twofold rise compared to the
level seen in 2019, with all business units contributing.
Significant growth by BANK OF AFRICA Shanghai Branch with strong
commercial momentum because of the Group's Chinese branch office's
participation in several commercial and promotional events.
DIGITAL SERVICES BOLSTERED, PROVIDING AN IMPROVED CUSTOMER
EXPERIENCE
BMCE Direct and Agence Directe's services enhanced with new
functionality, providing a simpler, more user-friendly,
comprehensive, and secure customer experience, consistent with the
Bank's ongoing digitisation strategy.
Crédit DABA, the new online loan application platform enhanced
with an entirely digital subscription process.
Crédit Business Online platform for businesses, including small
businesses, enhanced with a website that can be accessed and
adapted to any device.
DABA Transfer, BMCE EuroServices' digital platform developed,
the first mobile app in Morocco enabling customers to make online
money transfers from Europe - from three countries and in three
languages - French, Italian and Spanish.
BOOSTING FINANCING AND SUPPORT TO HELP DEVELOP THE NATION'S
ENTREPRENEURIAL ECOSYSTEM
Strongly committed to supporting entrepreneurship as seen in the
Bank's support for nearly 14,000 youngsters and would-be
entrepreneurs in 2021: entrepreneurship awareness sessions
organised for 13,000 youngsters and would-be entrepreneurs,
training provided to 900 small businesses and around 50 start-ups
incubated.
Effective partnerships formed with some of the Kingdom's main
public institutions, including nearly a dozen of Regional
Investment Centres, INDH platforms, local authorities and
ANAPEC.
More than 13,600 DAMANE OXYGENE and DAMANE RELANCE applications
processed since 2020, with a total of MAD 8 billion disbursed in
the year ended 31 December 2021.
Ongoing support for the INTELAKA programme with more than 3,700
applications approved and with a total of MAD 628 million disbursed
in the year ended 31 December 2021.
A variety of products launched for small and medium-sized
enterprises, including the Istitmar programme, the Tatwir
Croissance Verte programme, the Cap Bleu 2021 loan, Green Value
Chain by BANK OF AFRICA, a new solution, and the latest version of
the Cap Energie solution.
LEADERSHIP BOLSTERED IN CORPORATE SOCIAL RESPONSIBILITY,
ENVIRONMENTAL RESPONSIBILITY AND POSITIVE IMPACT FINANCE
Ongoing development of BMCE Bank Foundation's Medersat.Com
network with two state schools opened in Temara and one in
Djibouti, 24 pre-school classrooms built, 8 schools renovated and
refurbished, a Middle Section introduced in 48 schools, and 36
schools labelled 'Eco-Schools' under an agreement with the Mohammed
VI Foundation for Environmental Protection.
MEDERSAT.COM ACADEMY distance learning centre inaugurated to
provide ongoing teacher training in a variety of disciplines -
languages, preschool education and new information and
communication technologies.
BMCE Bank Foundation signs amendments to the special agreements
to establish 100 preschool classes in three of the Kingdom's
regions, thereby underlining its commitment to develop preschool
education.
Sustainable financing bolstered with EUR 113 million of funding
lines signed with the EBRD for energy efficiency and renewable
energy projects - Green Economy financing facility, Cap Bleu, Green
Value Chain, GCf GEff, Women in Business, Risk facility Sharing,
and cooperation with a global textiles group to promote sustainable
value chains.
Range of inclusive insurance products developed for different
socio-professional categories, including Taamine Al Aazae, Taamine
Al Abnae, Taamine Al Walidaine and Taamine Al ilaj, with simplified
subscription terms and conditions, limited exemptions, and rapid
pay-outs without binding clauses.
BANK OF AFRICA, first Moroccan Bank to endorse Women's
Empowerment Principles, a partnership initiative of the United
Nations Global Compact and UN Women, as a universal multi-business
banking group comprising a variety of business lines.
Gender Diversity Corporate Charter signed to mark International
Women's Day, developed by We4She within the framework of the Africa
CEO Forum, underlining the Bank's commitment to join the African
network for diversity.
Guide to best sustainable practices published in partnership
with the Green for Growth Fund (GGF) and Apexagri for companies
within the agri-food industry.
PROFILE
14 900 EMPLOYEES
32 COUNTRIES
2 000 POINTS OF SALE
6.6 MILLION CUSTOMERS
BANK OF AFRICA is one of Africa's main pan-African financial
groups. With an extensive portfolio of brands and subsidiaries,
BANK OF AFRICA has adopted a universal banking business model
comprising a variety of business lines, including commercial
banking, investment banking as well as specialised financial
services such as leasing, factoring, consumer credit and
participatory banking.
The corporate names of the Madrid and London subsidiaries have
recently changed to BANK OF AFRICA EUROPE and BANK OF AFRICA UNITED
KINGDOM respectively.
AWARDS AND DISTINCTIONS
BANK OF AFRICA named 'Best Bank in Morocco 2021' for the 9(th)
time since 2000 by The Banker, a prestigious Financial Times Group
publication.
BANK OF AFRICA named 'Best Trade Finance Bank in Morocco' by
Global Trade Review as part of its 'GTR+MENA2021' annual
review.
BANK OF AFRICA, first bank to be ISO 45001-certified in Morocco
and on the African continent in the areas of occupational health,
safety, and well-being, after a certification audit was carried out
by Bureau Veritas Certification.
BANK OF AFRICA named 'Third Safest Bank in Africa in 2021' by
Global Finance Magazine and ranked among the top three banks on the
African continent.
BANK OF AFRICA named 'Top Performer CSR 2021' in a Moody's
non-financial ratings survey and ranked 1(st) out of 90 banks in
emerging markets, 2(nd) out of 852 emerging market companies
(across all sectors) and 37(th) out of 4,963 companies rated
worldwide.
BANK OF AFRICA an award-winner in the MENA region's Financial
Services category for the 8(th) consecutive year at the 14(th)
Arabia CSR Awards, for its leadership in corporate social
responsibility and sustainability as well as for the high level of
resilience shown in the face of the COVID-19 crisis.
BANK OF AFRICA wins the 'Outstanding Leadership in Sustainable
Project Finance - Africa' award from Global Finance Magazine in the
context of its Sustainable finance Awards 2021.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
AT 31 DECEMBER 2021 BY GEOGRAPHICAL REGION
2021
MOROCCO -- 51%
SUB-SAHARAN AFRICA -- 41%
EUROPE -- 8%
2020
MOROCCO -- 46%
SUB-SAHARAN AFRICA -- 44%
EUROPE -- 10%
RATINGS
MOODY'S
BA1,
NEGATIVE OUTLOOK
FITCH RATINGS
BB,
STABLE OUTLOOK
VIGEO.EIRIS
Non-financial rating
A+
FINANCIAL COMMUNICATION Website: ir-bankofafrica.ma - Tel: +212
522 462 810
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