Bank of Africa reports 10% rise in first-half net income

Casablanca - Bank of Africa announced a 10% increase in net income attributable to shareholders to MAD 2.5 billion for the six months ending June 30, 2026, as highlighted in a press release. The bank's consolidated net banking income saw a 1% growth, reaching MAD 10.5 billion during the same period. Fee income experienced a 10% rise, while net interest income expanded by 7%.

However, market operations income saw a significant 37% decline following a strong performance in the previous year. Customer loans, excluding resales, increased by 4% to MAD 243 billion, while customer deposits, excluding repos, grew 4% to MAD 286 billion. General operating expenses rose by 8% due to IT investments in Morocco, raising the cost-to-income ratio to 44.2% from 41.5% in June 2025.

The consolidated cost of risk decreased by 16% to MAD 1.4 billion, improving the cost-of-risk ratio to 1% from 1.5% the previous year. At the parent company level, Bank of Africa S.A.'s net income grew by 4% to MAD 1.9 billion, while market operations income fell by 3% to MAD 5.3 billion. Customer loans at the parent level increased by 5.6% to MAD 157 billion, with customer deposits up by 5% to MAD 178 billion.

Total assets of the group grew by 5% to MAD 460 billion. The bank's coverage ratio improved to 70.5% from 69.5% in December 2025, and shareholders' equity increased by 6% to MAD 33.7 billion. The bank's board of directors reviewed these results in a meeting held on September 25, 2026, at its Casablanca headquarters. Bank of Africa operates across 32 countries, employing around 15,300 people and serving approximately 6.6 million customers.