TIDMBOAA
RNS Number : 6721N
Bank of Africa
26 September 2023
ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
HALF-YEAR RESULTS
30 JUNE 2023
FIRST HALF 2023 - POSITIVE GROWTH IN BUSINESS ACTIVITY
BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr
Othman BENJELLOUN, met Friday 22 September 2023 at the Bank's head
office in Casablanca. It reviewed the business activity of the Bank
and of the Group for first half 2023 and drew up the financial
statements for the period in question.
In response to the terrible earthquake that struck Morocco's
Al-Haouz province, the Board of Directors, its Chairman, Mr Othman
BENJELLOUN and BANK OF AFRICA Group's entire staff wish to express
their solidarity alongside the Moroccan people and their commitment
to supporting the victims of disaster areas as part of the measures
issued by His Majesty King Mohammed VI.
The first half 2023 financial report is published on the website
www.ir-bankofafrica.ma .
CONSOLIDATED BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
+12%
June 2022
June 2023
Net income attributable to shareholders of the parent company
grew by +12% to MAD 1.4 billion at 30 June 2023.
NET BANKING INCOME
+8%
June 2022
June 2023
Consolidated net banking income rose by +8% to MAD 8.4 billion
at 30 June 2023 versus MAD 7.8 billion at 30 June 2022.
CUSTOMER LOANS
(excluding resales)
+1%
December 2022
June 2023
Consolidated customer loans , excluding resales, increased by
+1% to MAD 198 billion versus MAD 196 billion at 31 December
2022.
CUSTOMER DEPOSITS
(excluding repos)
-4%
December 2022
June 2023
Consolidated customer deposits, excluding repos, fell by -4% to
MAD 231 billion versus MAD 241 billion at 31 December 2022.
PARENT BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME
+6%
June 2022
June 2023
BANK OF AFRICA S.A.'s net income increased by +6% year-on-year
to MAD 1.2 billion at 30 June 2023.
NET BANKING INCOME
+4%
June 2022
June 2023
The Bank's net banking income rose by +4% to MAD 3.9 billion at
30 June 2023.
CUSTOMER LOANS
(excluding resales)
+3.8%
December 2022
June 2023
Continued strong business performance by the Bank in Morocco
with customer loans, excluding resales, up +3.8% to MAD 121 billion
at 30 June 2023.
CUSTOMER DEPOSITS
(excluding repos)
-3.9%
December 2022
June 2023
Customer deposits in Morocco , excluding repos, fell by -3.9% to
MAD 145 billion at 30 June 2023 versus MAD 151 billion at 31
December 2022.
ir-bankofafrica.ma
GROWTH REMAINS POSITIVE
Consolidated net banking income increased by +8% to MAD 8.4
billion at 30 June 2023, driven by growth of the core business -
fee income +25% and net interest income +9% - despite a drop in
income from market operations.
Group earnings registered double-digit growth of +12% to MAD 1.4
billion at 30 June 2023 driven by organic growth and a high level
of diversification.
Sub-Saharan African operations contributed strongly, accounting
for almost 50% of Group earnings.
General operating expenses remained firmly under control with
the increase at the consolidated level contained at +3% due to the
Bank's cost rationalisation programme, resulting in a
cost-to-income ratio of 48.6% at 30 June 2023, an improvement of
2.5 percentage points.
Consolidated gross operating income grew by +14% to MAD 4.3
billion compared to 30 June 2022.
The consolidated cost of risk increased by +9% year-on-year to
MAD 1.5 billion, resulting in a cost of customer risk ratio of 1.2%
at 30 June 2023.
Revenue from domestic banking operations increased with net
banking income up +4% to MAD 3.9 billion, driven by +5% growth in
net interest income and a +9% rise in fee income.
The Bank's net income rose by +6% to MAD 1.2 billion while
parent company gross operating income grew by +7% to MAD 2.2
billion.
Parent company general operating expenses were broadly unchanged
year-on-year at MAD 1.8 billion, resulting in an improvement in the
cost-to-income ratio to 44.9% at 30 June 2023 versus 46.8% at 30
June 2022.
Total assets rose by +3.3% to MAD 396 billion at the
consolidated level and by +6% to MAD 262 billion at the parent
level at 30 June 2023.
Consolidated customer loans, excluding resales, grew by +1% to
MAD 198 billion at 30 June 2023.
Consolidated customer deposits, excluding repurchases, fell by
-4% to MAD 231 billion versus MAD 241 billion at 31 December
2022.
Continued strong business performance in Morocco with loans to
the economy up +4.6%, resulting in an increased share of the market
at 12.66% versus 12.35% at 31 December 2022.
Customer deposits in Morocco fell by -3.7% to MAD 143 billion,
resulting in a 12.70% share of the market at 30 June 2023, although
sight deposits remained broadly unchanged in first half 2023.
BOA Afrique demonstrated a high level of resilience despite the
challenging economic and political environment in sub-Saharan
Africa with consolidated net income up +16% at EUR 124.5 million
and net banking income +10.7% higher at EUR 366 million at 30 June
2023.
BANK OF AFRICA's shareholders' equity was bolstered in 2023
after issuing a MAD 500 million perpetual subordinated note
containing a loss-absorption and coupon-cancellation provision.
ONLINE BANKING BOLSTERED
BANK OF AFRICA's range of digital and commercial services
enhanced with a number of innovative customer service solutions and
new promotional deals on the CréditDaba.ma website together with a
'welcome package' for self-employed persons and other 100% digital
packages for retail, private banking and professional banking
customers.
Range of services extended with the latest version of Agence
Directe offering tailor-made solutions for professional customers
incorporating cutting-edge biometric customer authentication
technology.
BMCE Direct app enhanced with new services better adapted to
customers' needs, such as instantaneous transfers, smoother and
more secure messaging between customers and advisors, an optimised
product subscription process and increased transparency in
transactions and management services.
Business Online portal for business customers further optimised
with the introduction of a mobile version as well as online English
language and demo versions.
SUSTAINABILITY AND VALUE CREATION
Partnership agreements bolstered between BMCE Bank Foundation
and its partners - the Ministry of National Education, Preschool
and Sports, the French Institute of Morocco, the Confucius
Institute, Teach for Morocco and the ProFuturo Foundation - with
new activities and new centres provided, an enhanced educational
offering, teacher training and an extended range of technological
equipment.
Educational robotics and artificial intelligence teaching
extended and implemented in 20 Medersat.com network schools,
benefiting 1,200 pupils.
Mohammed VI Tower Observatory created by the Bank's Chairman, Mr
Othman Benjelloun, and dedicated to His Majesty King Mohammed VI,
highlighting the important contributions made by Al-Andalus
civilisation to astronomy.
Strong ongoing efforts by BANK OF AFRICA in support of
businesses, including young entrepreneurs, through an extensive
range of financial, non-financial and support services for Moroccan
SMEs, in particular, via the Bank's Entrepreneurship Club, START
TPE, INTELAKA and other loans covering up to 60% of a project's
overall funding needs, as well as support, training and
coaching.
Positive impact loans account for nearly one-third of the Bank's
business loans in Morocco, with a strong emphasis on environmental
financing.
A series of regional conferences was organised by BANK OF AFRICA
in partnership with the Moroccan Investment & Export
Development Agency (AMDIE) to help implement the new Investment
Charter.
Memorandum of Cooperation signed by BANK OF AFRICA, the AMDIE,
the Wuhan Economic and Technological Development Zone and the
Sino-International Entrepreneurs Federation to attract Chinese
investment in Morocco.
Cap'Women , an internal innovation programme exclusively for
women, launched by BMCE Capital, to help female employees create
high value-added digital solutions.
Participation by BMCE Capital Conseil in the 2(nd)
sustainability regional caravan organised by Cluster ENR,
attracting more than one hundred industrial and financial
institutions, highlighting the main opportunities and investment
potential of eco-investing and presenting the main solar, wind and
desalination projects currently under development or to be
developed in the future.
AWARDS AND DISTINCTIONS
Dr Leïla MEZIAN BENJELLOUN , BMCE Bank Foundation's Chair, named
'Woman of the Mediterranean space' by the Regional Government of
Andalusia in partnership with the Three Cultures of the
Mediterranean Foundation.
Mohammed VI Tower recognised for engineering excellence after
winning the 'Best Performance in Engineering Projects' Award at the
annual Caminos Madrid 2022 Awards.
BANK OF AFRICA named 'Best Bank on the African Continent' by the
prestigious Global Finance Magazine.
BANK OF AFRICA named as the most admired financial brand in
Morocco and in the top 10 in Africa by Brand Africa 100, a report
published in conjunction with the 9(th) African Digital Summit
2023.
BANK OF AFRICA one of four Moroccan banking groups to be ranked
in the Forbes MENA list of '50 most valued banks'.
BMCE Capital named 'Best Investment Bank in Morocco in 2023' by
International Investor Magazine.
BANK OF AFRICA's energy management system awarded dual
certification - ISO 50001:2018 and NM-50001 - following a joint
audit by Bureau Veritas and IMANOR.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
AT 30 JUNE 2023 BY GEOGRAPHICAL REGION
MOROCCO -- 50%
SUB-SAHARAN AFRICA -- 49%
EUROPE -- 1%
NET BANKING INCOME
AT 30 JUNE 2023 BY GEOGRAPHICAL REGION
MOROCCO -- 46%
SUB-SAHARAN AFRICA -- 50%
EUROPE -- 4%
PROFILE
15,005 EMPLOYEES
32 COUNTRIES
2,000 POINTS OF SALE
6.6 MILLION CUSTOMERS
RATINGS
MOODY'S
BA1,
STABLE OUTLOOK
Fitch Ratings
BB,
STABLE OUTLOOK
V.E
Non-financial rating
A+
BANK OF AFRICA's Board of Directors pays tribute to its Human
Capital and its shareholders for their ongoing engagement and
determination to generate shareholder and societal value while
promoting the ultimate goal of sustainable socio-economic
development in Morocco and in Africa. The Board would also like to
thank its partners and customers for their ongoing confidence in
our Group.
FINANCIAL COMMUNICATION website: ir-bankofafrica.ma - Tel: +212
522 462 810
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END
IR NKABKFBKKOCB
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