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Bank Of Africa improves its results

The Bank Of Africa group (BOA) achieved a net income group share of more than 1.9 billion dirhams for the past year, up 5% compared to 2018.

The contribution of the activity in Morocco to this result amounted to 60%, while that of the international one reached 40% (33% for Africa and 7% for Europe), specifies the banking group in its activity report for the 2019 financial year. This report also reports a growth in net banking income of 5% to 13.9 billion dirhams, mainly thanks to the increase in the interest margin and the result market transactions.

With regard to gross operating income, it increased by 7% to 5.8 billion dirhams, while the cost of risk totaled 2.2 billion dirhams, up 20% compared to 2018. In addition, capital The group’s own share amounted to MAD 22.5 billion in 2019, an increase of 22%, indicates BOA which carried out a capital increase in the 2nd half of an overall amount of MAD 3.6 billion, spread over the conversion of a large proportion of dividends in shares (0.7 billion dirhams), the contribution of current shareholders of one billion dirhams and the capital increase reserved for the CDC group (1.9 billion dirhams).

The scope of consolidation remained broadly stable between 2018 and 2019, with the integration of a new entity within the scope of consolidation of BOA, namely OGS, a subsidiary created in the first half of 2019 following the spin-off of the banking processing services activities.

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