Morocco: strong performance of Bank of Africa in Q3 2021

The Bank of Africa group published on November 22, 2021 on the Casablanca stock exchange, its financial results for the third quarter ended September 30, 2021. It shows a performance of its main financial indicators.

Thus, the Net Income Group Share increased by 35% to 1.7 billion DH (184 million USD) compared to the same period of the previous year. For its part, the Social Net Income recorded an increase of 40% to 1.4 billion DH (152 million USD) – excluding the exceptional contribution to the Covid-19 Donation.

In addition, consolidated net banking income stood at 10.8 billion dirhams (1.1 billion USD) in the third quarter of the year, driven by good performance in Core Business with growth in the margin on commissions. (7%) and the interest margin (+ 4%).

In social terms, Banque SA’s NBI grew by 9% to MAD 5.4 billion (USD 585 million), driven by positive growth in revenues from all business lines (+ 8% for the margin on commissions , + 4% for the interest margin, and + 6% for the result of market operations).

During the period under review, the commercial momentum continued with a good performance of consolidated customer deposits of + 3% and + 5% in terms of social security, and a strengthening of the loan portfolio growing by + 3% and + 5% for customer loans – Non-Resales – on a consolidated basis and on a social security basis, respectively.

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