Morocco's Bank of Africa Group Profit Hits Record $312m in 2024

28 March 2025
Daba Finance (Abidjan)

TLDR

  • Morocco-based Bank of Africa Group reported a 29% increase in net profit for 2024, reaching 3.4 billion dirhams ($353 million), up from 2.7 billion dirhams in 2023
  • Net banking income rose 10% to 18.7 billion dirhams, supported by a 6% rise in interest margin and 4% growth in commission income
  • Customer loans excluding resales increased 2% to 223.2 billion dirhams, and customer deposits (excluding repos) rose 8% to 256 billion dirhams

Morocco-based Bank of Africa Group reported a 29% increase in net profit for 2024, reaching 3.4 billion dirhams ($353 million), up from 2.7 billion dirhams in 2023. The bank said growth came from improved performance in Morocco and sub-Saharan Africa, which contributed 49% and 45% of total profit, respectively.

Net banking income rose 10% to 18.7 billion dirhams, supported by a 6% rise in interest margin and 4% growth in commission income. Operating income increased 23% to 10 billion dirhams, while the consolidated operating ratio improved to 52%.

Customer loans excluding resales increased 2% to 223.2 billion dirhams, and customer deposits (excluding repos) rose 8% to 256 billion dirhams. Total assets grew 9%. The cost of risk rose 15% to 3.2 billion dirhams. Equity rose 9%, while the debt coverage ratio improved to 64% from 62.3%. The bank expects to maintain growth momentum across key markets in 2025.

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Key Takeaways

Bank of Africa's performance in 2024 reflects balanced contributions from Morocco and sub-Saharan Africa. Net banking income growth and improved cost controls helped offset a rise in provisions. The 15% increase in the cost of risk to 3.2 billion dirhams signals a more cautious lending approach amid economic pressures in certain markets. The 2% increase in customer loans and 8% growth in deposits suggest continued demand for credit and improved liquidity. Asset growth of 9% and an improved debt coverage ratio show enhanced balance sheet strength. The group continues to rely on its diversified presence across high-growth African markets and its home base in Morocco. With 94% of profits coming from Morocco and sub-Saharan Africa, the group's geographic focus remains centered on regional banking expansion. Bank of Africa is expected to focus on digital expansion, loan book quality, and regional synergies as it targets further growth across its markets in 2025.

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