Casablanca – Bank of Africa has posted solid financial results for the first half of 2024, with its consolidated net banking income (NBI) rising by 14% year-on-year, reaching over $987 million. On a social level, NBI increased by 15%, amounting to $464 million by the end of June, highlighting the bank’s continued growth trajectory.

Customer deposits also saw steady growth, climbing by 3% on a consolidated basis to $25.1 billion, and by 2% on a social level, totaling $15.9 billion. Meanwhile, the group’s total loans remained stable over the first six months of 2024, standing at $20.7 billion for the group and $12.7 billion for the bank.

One of the key achievements during this period was the successful issuance of perpetual bonds, valued at $103 million. These bonds come with a loss absorption mechanism and a coupon payment cancellation feature, showcasing the bank’s efforts to enhance its capital base and maintain financial stability.

Bank of Africa also achieved several prestigious recognitions. In June 2024, it was named the “Most Popular Moroccan Financial Services Brand” in the fifth Moroccan edition of “Brand Africa 100.” Additionally, in July 2024, the bank won four major awards at the “Euromoney Awards for Excellence,” including titles for “Best African SME Bank,” “Best Moroccan SME Bank,” “Best Moroccan Bank in Environmental, Social, and Governance Standards,” and “Best Digital Bank in Morocco” for 2023. These accolades underline the bank’s commitment to supporting small and medium-sized enterprises, as well as its focus on sustainability and digital innovation.

Moreover, Bank of Africa received the highly respected “PCI DSS” certification, an international standard that ensures the security of payment card transactions. This certification reflects the bank’s dedication to maintaining the highest levels of data security in its information systems.

In terms of human resources, the Bank of Africa Academy was recognized for its excellence in continuous training, receiving a prestigious award at the “RH Awards 2024” held during the Master Plus Exhibition. This recognition acknowledges the academy’s commitment to innovation and excellence in human resource management.