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Moroccan billionaire Othman Benjelloun’s Bank of Africa reported a 10% increase in first-half 2026 net income attributable to shareholders, supported by stronger lending and fee income and a lower cost of risk.
The Casablanca-listed banking group posted MAD2.5 billion ($273 million) in net income attributable to shareholders for the six months ended June 30, up from MAD2.25 billion a year earlier. At constant scope, profit increased 5%.
Benjelloun is the chairman of Bank of Africa and a major shareholder in the group. His business interests span banking, insurance and other sectors across Africa. Billionaires.Africa has previously reported his family’s estimated fortune at about $1.7 billion.
Bank of Africa’s consolidated net banking income increased 1% to MAD10.5 billion, despite a 37% decline in revenue from market activities following an exceptionally strong performance a year earlier.
The decline was partly offset by a 7% increase in net interest income and a 10% rise in fee income.
The bank’s consolidated cost of risk fell 16% to MAD1.4 billion, helping support profitability. Operating expenses, however, increased 8%, partly because of investments in information technology in Morocco.
The group’s total assets rose 5% to MAD460 billion, while customer loans increased 4% to MAD243 billion and customer deposits rose 4% to MAD287 billion.
Bank of Africa’s African banking network also delivered growth during the period.
BOA Holding’s net banking income across Africa reached €445 million, up 6% from €421 million a year earlier. The increase was driven mainly by an 11% rise in fee income.
In Morocco, the bank’s standalone net income increased 4% to MAD1.9 billion, despite a 3% decline in net banking income as market-related revenue fell from the unusually strong level recorded in the first half of 2025.
The latest performance gives Benjelloun’s banking group a stronger first-half earnings base as it continues to expand its pan-African operations.
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