TIDMBOAA
RNS Number : 6066A
Bank of Africa
26 September 2022
ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
HALF-YEAR RESULTS
30 JUNE 2022
FINANCIAL AND BUSINESS MOMENTUM MAINTAINED IN FIRST HALF
2022
BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr
Othman BENJELLOUN, met Friday 23 September 2022 at the Bank's head
office in Casablanca. It reviewed the business activity of the Bank
and of the Group for first half 2022 and drew up the financial
statements for the period in question.
The first half 2022 financial report is published on the website
www.ir-bankofafrica.ma .
CONSOLIDATED BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
+6.2%
June 2021: 1 195
June 2022: 1 268
Net income attributable to shareholders of the parent company
+6.2% to almost MAD 1.3 billion at 30 June 2022.
NET BANKING INCOME
+6.3%
June 2021: 7 295
June 2022: 7 754
The Group's net banking income +6.3% to MAD 7.8 billion at 30
June 2022 versus MAD 7.3 billion at 30 June 2021.
CUSTOMER LOANS
+2.7%
December 2021: 182 400
June 2022: 187 367
Consolidated loans , excluding resales, +2.7% to MAD 187.4
billion versus MAD 182.4 billion at 31 December 2021.
CUSTOMER DEPOSITS
+3.1%
December 2021: 218 973
June 2022: 225 697
The Group's customer deposits +3.1% to MAD 226 billion versus
MAD 219 billion at 31 December 2021.
PARENT BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME
+4%
June 2022: 1 137
June 2021: 1 095
BANK OF AFRICA S.A.'s net income +4% year-on-year to MAD 1.14
billion at 30 June 2022.
NET BANKING INCOME
+1%
June 2021: 3 784
June 2022: 3 809
The Bank's net banking income up almost +1% to MAD 3.8 billion
at 30 June 2022.
CUSTOMER LOANS
+4.7%
December 2021: 122 262
June 2022: 127 999
Strong growth of +4.7% in the Bank's customer loans to MAD 128
billion at 30 June 2022.
CUSTOMER DEPOSITS
+1.7%
December 2021: 139 292
June 2022: 141 620
Customer deposits in Morocco +1.9% to almost MAD 142 billion at
30 June 2022 versus MAD 139 billion at 31 December 2021.
ir-bankofafrica.ma
POSITIVE REVENUE AND PROFIT GROWTH
Consolidated net banking income +6.3% to MAD 7.7 billion at 30
June 2022, driven by positive growth across business lines with fee
income +12% and net interest income +9%.
Parent company revenue up almost +1% to MAD 3.8 billion thanks
to a solid performance by the core business with fee income +7% and
net interest income +4% despite a -7% decline in income from market
operations.
Parent company general operating expenses broadly unchanged
year-on-year at MAD 1.8 billion, resulting in a cost-to-income
ratio of 46.8% at 30 June 2022 versus 47.1% at 30 June 2021, an
improvement of 0.3 percentage points.
The rise in general operating expenses at the consolidated level
was contained at +2%, resulting in a cost-to-income ratio of 51.1%
at 30 June 2022, an improvement of 2.3 percentage points compared
to 30 June 2021.
Consolidated gross operating income +12% to MAD 3.8 billion
compared to 30 June 2021 and +4% to MAD 2 billion at the parent
level.
Consolidated cost of risk +8% year-on-year to MAD 1,384 million
in 2022 and annualised cost of risk +1.3%, broadly unchanged
compared to 2021.
Net income attributable to shareholders of the parent company
+6.2% to MAD 1,268 million with net income at the parent level +4%
to MAD 1,137 million.
BANK OF AFRICA Group's total assets +5.5% to MAD 364
billion.
Shareholders' equity bolstered in first half 2022 with MAD 1
billion of perpetual subordinated debt issued.
Strong business performance with consolidated customer loans,
excluding resales, +2.7% to MAD 187.4 billion at 30 June 2022,
driven by a 4.7% increase in lending by the Bank in Morocco.
BANK OF AFRICA's share of the overall loan market rises to
12.91% at 30 June 2022.
Consolidated customer deposits +3% to MAD 226 billion at 30 June
2022 versus MAD 219 billion at 31 December 2021.
Customer deposits at the parent level +1.7% to MAD 141.6 billion
at 30 June 2022 resulting in a 13.23% share of the market at 30
June 2022.
PRODUCT RANGE ENHANCED IN SUPPORT OF CUSTOMERS
Closer ties with the Moroccan diaspora through a bespoke range
of products and technical services, high value-added support-based
financing facilities and increased assistance in customers' country
of residence, on round trips and during their stay in Morocco.
BANK OF AFRICA has further raised its profile in the Young
Professionals segment by launching a new and competitive range
comprising an attractive package which includes mortgage and
consumer loans to meet the basic needs of Young Professionals.
'YASSIR' POSEF programme launched in partnership with the
Mohammed VI Foundation , enabling teachers to apply for an instant
regulated and subsidised loan.
New instant regulated loan launched in partnership with the
Caisse Marocaine des Retraites (CMR) for BANK OF AFRICA's retired
customers with repayments debited at source from a CMR pension.
Participation by BANK OF AFRICA in the 3(rd) Property Caravan
organised by the Mohammedia Foundation for Social Action by
Magistrates and Legal Professionals.
Ongoing strategy to digitise BANK OF AFRICA's products and
services by launching the latest version of the Agence Directe
platform, offering an enhanced customer experience.
BANK OF AFRICA's commitment to payment systems inter-connection
in Africa as a means of accelerating intra-African trade underlined
at the 14(th) US-Africa Business Summit 2022.
Two agreements signed by BANK OF AFRICA for members of the
Foundation for the Promotion of Social Action for the benefit of
Civil Servants and Agents at the Ministry of Youth and Sport and
members of the Association for Social Action at the National Agency
for the Promotion of Employment and Skills (ANAPEC), enabling BANK
OF AFRICA to extend its new civil service offer to all
customers.
SANTE LEASE , a new finance product launched by the Group's
Maghrebail subsidiary , enabling doctors and dentists to establish
or develop their medical practice.
Partnership agreement signed between BTI Bank and Wafa Takaful,
enabling the latter's products to be marketed across the BTI Bank
network.
Fintech payment service launched as a result of a partnership
between Damane Cash, a BANK OF AFRICA subsidiary specialising in
payment solutions and Paysend, a UK-based fintech company. The
venture is designed to simplify money transfers in Morocco and
enable Moroccans with a bank account to carry out instant
international transactions at discounted rates.
PROMISING PERFORMANCE BY THE GROUP'S SUBSIDIARIES
Strong performance by BOA Group in terms of revenue and profit
growth with net banking income +9% and net income attributable to
shareholders of the parent company +38%, driven primarily by the
core business, particularly net interest income and fee income.
Salafin's net production +7.1% to MAD 648 million at 30 June
2022, primarily due to a sales reorganisation, regained business
momentum and increasingly competitive financing deals. Net income
+9% à MAD 48 million at 30 June 2022.
Maghrebail's production +12.2% to MAD 1,460 million at 30 June
2022 due to strong business momentum in every region in which the
subsidiary is present. As result, Maghrebail is ranked 3(rd) within
the industry with a 23.65% share of the market at 30 June 2022. Net
income +16.5% to MAD 56.7 million at 30 June 2022 versus MAD 48.6
million at 30 June 2021.
Maroc Factoring's net banking income +12.7% to MAD 16 million at
30 June 2022 with net income +26% to MAD 1.87 million.
Strong performance by the Group's Madrid-based subsidiary with
net income +43% compared to 30 June 2021 to EUR 6.8 million. This
was due to strong business momentum by the trade finance business,
as illustrated by a steep increase in foreign trade (+34%) and
finex (+14%) transaction volumes at 30 June 2022.
GROUP'S ONGOING COMMITMENT TO A SUSTAINABLE ECONOMY
Ligne Bleue , BANK OF AFRICA's exclusive agreement with the AFD
and the EIB signed in 2017, provides assistance and up to EUR 6
million of funding to manufacturing companies for projects such as
water treatment plants.
BANK OF AFRICA continuing to market facilities launched in
partnership with the EBRD such as the EUR 13 million Green Economy
Financing Facility (GEFF II) and the EUR 10 million Green Value
Chain (GVC).
BANK OF AFRICA appointed as founder-member of the African
Business Leaders Coalition (ABLC), established in May 2022 by the
United Nations Global Compact, to advance sustainable growth,
prosperity, and development in Africa.
Funding provided to repower the Koudia El Baida wind farm in the
Tangier-Tetouan region, Africa's oldest large-scale wind farm and
Morocco's first independent renewable energy producer. At a cost of
EUR 44 million, this investment is designed to double the wind
farm's existing capacity to 100 MW.
BANK OF AFRICA's sustainable finance partnership with the World
Environment Center (WEC) , signed in March 2020, further bolstered
with the visit of the United States Department of State to the
Bank's head office in June. The partnership provides technical
assistance to businesses, including access to the WEC's Virtual
Tech Forum scheduled for November.
BANK OF AFRICA joins the Board of Directors of Cluster EnR , a
transition accelerator and non-profit organisation, which brings
together the entire renewable energy sector for the purpose of
developing a competitive industrial sector capable of meeting
national strategic goals and supporting green entrepreneurship.
Partnership agreement signed with the EBRD in social and green
bonds and a round table organised on the theme of Positive Impact
Finance in Africa. The Bank's expertise in trade finance and its
commitment to sustainable finance was again recognised in 2021.
BMCE BANK FOUNDATION REAFFIRMS ITS COMMITMENT TO SOCIAL
ISSUES
Further tribute paid to Dr Leïla MEZIAN BENJELLOUN, BMCE Bank
Foundation's Chair, by the Bouabate Fez Association, with the
former being awarded the Fez Gate Trophy and the title of 'Woman of
the Year' in the Social Action category.
16 pre-school classrooms built and equipped in state schools in
partnership with the Ministry of National Education ahead of the
start of the 2022-23 academic year with 5 Medersat.Com network
schools also renovated and refurbished.
6 new classrooms built and equipped by the BOA Foundation in the
Yama Tahoua schools district in Niger.
Success for 390 or 79% of Medersat.com network school pupils
from the 11(th) cohort sitting the high school diploma exam,
including 244 girls (62.5% of female candidates), with 59%
receiving a commendation, 28 of whom earning the highest
distinction.
Participated in the Casablanca-Settat regional conferences
organised by Casablanca's Hassan II University to discuss the ESRI
PACTE 2030, a national plan for accelerating the transformation of
the ecosystem of higher education, scientific research and
innovation, which also enabled the Bank to share its experience and
the Foundation's commitment to the education sector and to
environmental causes.
AWARDS AND DISTINCTIONS
ISO 37001 certification of BANK OF AFRICA's anti-bribery
management system successfully renewed following a comprehensive
audit by EuroCompliance, an accredited certification firm.
BMCE Capital Gestion sees its services commitments and ISO
9001:2015 certifications successfully renewed following an external
audit by Bureau Veritas Morocco.
BMCE Capital Gestion successfully complying with the ISAE 3402
Type II Standard published by the International Auditing and
Assurance Standards Board (IAASB) following an audit by Mazars.
BMCE Capital Solutions' securities operation obtains ISAE 3402
Type II certification , attesting to the reliability and quality of
BMCE Capital Solutions' internal control system.
BANK OF AFRICA named Most Active Issuing Bank in Morocco in 2021
by the EBRD in recognition of the productive partnership forged
between the two institutions in foreign trade financing and BANK OF
AFRICA's ongoing efforts at offering its customers appropriate
short-term foreign currency financing.
BANK OF AFRICA becomes the first Moroccan Bank to endorse
Women's Empowerment Principles (WEP), a partnership initiative of
the United Nations Global Compact and UN Women.
Gender Diversity Corporate Charter signed to mark International
Women's Day, underlining the Bank's commitment to joining the
African network for diversity.
BANK OF AFRICA receives the award of Best Annual Sustainability
Report within the financial services industry for the 2(nd)
consecutive year from the Casablanca Stock Exchange, with a score
of 97%.
Eurafric Information , the Group's IT subsidiary, named 'Top
Employer' for the 3(rd) consecutive year by Top Employers
Institute, a prestigious international organisation.
Eurafric Information officially approved as an Electronic
Certification Service Provider by the General Directorate for
Information Systems Security (DGSSI), which reports to the National
Defence Administration.
Eurafric Information receives the European Identity and Cloud
(EIC) 2022 award in the Identity Fabrics & IDaaS category from
KuppingerCole Analysts AG, a consulting firm.
PROFILE
15,000 EMPLOYEES
32 COUNTRIES
2,000 POINTS OF SALE
6.6 MILLION CUSTOMERS
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
AT 30 JUNE 2022 BY GEOGRAPHICAL REGION
MOROCCO -- 54%
SUB-SAHARAN AFRICA -- 38%
EUROPE -- 8%
RATINGS
MOODY'S
BA1,
STABLE OUTLOOK
Fitch Ratings
BB,
STABLE OUTLOOK
V.E
Non-financial rating
A+
BANK OF AFRICA is one of Africa's main pan-African financial
groups. With an extensive portfolio of brands and subsidiaries,
BANK OF AFRICA is a universal banking group with a variety of
business lines, including commercial banking, investment banking as
well as specialised financial services such as leasing, factoring,
consumer credit and participatory banking.
FINANCIAL COMMUNICATION website: ir-bankofafrica.ma - Tel: +212
522 462 810
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