- 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 2024According 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 billion211.33 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 challengesBank 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.
