Table of Contents
Key Points
- Bank of Africa's profit surged by 31.4% in H1 2024, reaching MAD 2.73 billion ($277.76 million), driven by growth in core business operations.
- Net banking income surged to $977.36 million, driven by the strength of market operations and improvements in key banking activities.
- Bank of Africa's total assets grew by 2.98% to MAD399.74 billion ($40.67 billion), bolstered by its solid financial performance and expansion into new markets position.
Bank of Africa, a multinational pan-African banking conglomerate led by Moroccan billionaire Othman Benjelloun, has announced remarkable financial results for the first half of 2024, reporting a profit of 277.8 million. The growth was driven by gains in net interest income and fee income, despite tough economic conditions.
Bank of Africa's profit up 31.44% in H1 2024
According to figures contained in its interim financial statements for the six months ended June 30, 2024, the multinational pan-African banking conglomerate reported a 31.44 percent increase in profit, rising from MAD2.08 billion($211.33 million) in the first half of 2023 to MAD 2.73 billion ($277.76 million) in the corresponding period of 2024.
Customer loans rise amid economic challenges
Bank of Africa's net banking income rose 14 percent to MAD9.6 billion ($977 million) in the first half of 2024, driven by gains in net interest and fee income, highlighting its strategy in lending and customer services.
Customer loans grew 1.2 percent to MAD215 billion ($22 billion) as of June, while deposits increased 2.2 percent to MAD244 billion ($25 billion), reflecting its expansion across Africa.
However, the bank's cost of risk climbed 19 percent to MAD1.8 billion ($183 million), amid higher credit risks in a challenging economy. Its coverage ratio improved to 69.1 percent from 67.6 percent in 2023, underscoring its focus on risk management.
Othman Benjelloun's Bank of Africa strengthens financial position
Bank of Africa, led by Moroccan billionaire Othman Benjelloun, operates in 18 African countries and has a Paris office. A subsidiary of BMCE, it plays a key role in the African banking sector. Benjelloun, the bank's chairman, holds a 27.4-percent stake, further solidifying his influence in the local financial industry. His net worth is $1.5 billion.
The bank's balance sheet grew stronger, with total assets rising 2.98 percent to MAD399.74 billion ($40.7 billion) by June 30, 2024, from MAD388.19 billion ($39.5 billion) at the end of 2023. Net income attributable to shareholders jumped 37 percent to MAD1.9 billion ($193.5 million) in H1 2024, up from MAD1.4 billion ($143 million) a year earlier.
Under Othman Benjelloun, the Bank of Africa is poised for growth amid current economic challenges. Its strong financial performance and expansion into new markets support its strategic objectives and contribution to the African economy.
