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Morocco-based Bank of Africa Group has grown its net profits by 29% in 2024, reaching 2.7 billion dirhams ($353 million) in net bank revenue in 2023, reaching 3.4 billion dirhams ($353 million), increasing 10% to 18.7 billion dirhams. Repos) rose 8% to 256 billion dirhams
Morocco-based Bank of Africa Group reported that its net profit for 2024 increased by 29%, reaching 3.4 billion dirhams ($353 million) from 2023 adirhams. The bank said growth in Morocco and sub-Saharan Africa, which contributed to profits of 49% and 45%, respectively.
Net bank revenues rose 10% to Dirhams of 18.7 billion, supported by a 6% increase in interest margin and a 4% increase in fee revenue. Operating profit rose 23% to AED 10 billion, but the integrated operating rate rose to 52%.
Customer loans, excluding resale, rose 2% to AED 223.2 billion, while customer deposits (excluding repos) rose 8% to AED 256 billion. Total assets increased by 9%. The cost of risk rose 15% to 3.2 billion adirham. The stock rose 9%, but the debt coverage rate improved from 62.3% to 64%. The bank expects to maintain growth momentum across key markets in 2025.
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Key takeout
The performance of the African Bank in 2024 reflects a balanced contribution from Morocco and sub-Saharan Africa. Net bank revenue growth and improved cost management helped offset the provisional rise. The increased cost of risk to Dirhams of 3.2 billion indicates a more cautious approach to lending amidst economic pressures in certain markets. A 2% increase in customer loans and an 8% increase in deposits suggests ongoing demand for credit and improved liquidity. 9% asset growth and improved debt compensation rates will improve the strength of the balance sheet. The group continues to rely on a diverse presence across its highly grown African market and its Morocco home base. With 94% of profits coming from Morocco and sub-Saharan Africa, the group’s geographic focus remains focused on expanding regional banks. Bank of Africa is expected to focus on digital expansion, loan book quality and regional synergies as it targets further market growth in 2025.
