TIDMBOAA
RNS Number : 3286U
Bank of Africa
27 March 2023
ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
ANNUAL RESULTS
31 DECEMBER 2022
POSITIVE GROWTH IN OPERATING INDICATORS DESPITE A CHALLENGING
ENVIRONMENT
BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr
Othman BENJELLOUN, met Friday 24 March 2023 at the Bank's head
office in Casablanca. It reviewed the business activity of the Bank
and of the Group for the financial year ended 31 December 2022 and
drew up the financial statements for the period in question.
The Board of Directors will propose that the forthcoming Annual
General Meeting of Shareholders reappoint Mr Azeddine Guessous as
an intuitu personae Director, in addition to his appointment as
Royale Marocaine d'Assurance's Permanent Representative.
The Board of Directors will ask the Annual General Meeting of
Shareholders to approve a 4 dirhams per share dividend
distribution.
It will also ask an Extraordinary General Meeting of
Shareholders to approve a capital increase of up to MAD 630 million
by incorporating reserves and issuing bonus shares.
The brochure containing the 2022 financial statements, prepared
under IAS/IFRS, and the notes to the financial statements, are
published on the www.ir-bankofafrica.ma website.
CONSOLIDATED BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
+15%
December 2021
December 2022
Net income attributable to shareholders of the parent company
rose +15% year-on-year to MAD 2,305 million at 31 December
2022.
NET BANKING INCOME
+7%
December 2021
December 2022
Consolidated net banking income increased by +7% to MAD 15.6
billion.
CUSTOMER LOANS
+7.4%
December 2021
December 2022
Consolidated loans, excluding resales, grew by +7.4% from MAD
182 billion to MAD 196 billion at 31 December 2022.
CUSTOMER DEPOSITS
+12.3%
December 2021
December 2022
Customer deposits grew by +12.3% year-on-year to MAD 246 billion
at 31 December 2022 versus MAD 219 billion at 31 December 2021.
PARENT BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME
+2%
December 2021
December 2022
BANK OF AFRICA S.A.'s net income rose by +2% year-on-year to MAD
1,525 million at 31 December 2022 versus MAD 1,501 million at 31
December 2021.
NET BANKING INCOME
Unchanged (*)
December 2021
December 2022
The Bank's net banking income, restated for special dividends
from European subsidiaries in 2021, was broadly unchanged from the
previous year at MAD 6,630 million in 2022.
CUSTOMER LOANS
+4%
December 2021
December 2022
Customer loans grew by +4% to MAD 127 billion at 31 December
2022 versus MAD 122 billion in 2021.
CUSTOMER DEPOSITS
+6.6%
December 2021
December 2022
Customer deposits grew by +6.6% to MAD 148 billion at 31
December 2022 versus MAD 139 billion at 31 December 2021.
(*) 2021 net banking income restated for exceptional items
FINANCIAL INDICATORS - POSITIVE GROWTH
Consolidated net banking income rose by +7% to MAD 15.6 billion
at 31 December 2022, driven by growth of the core business - fee
income +18% and net interest income +9% - despite a drop in income
from market operations.
Net income attributable to shareholders of the parent company
grew by 15% to MAD 2.3 billion.
Parent company net banking income was broadly unchanged , after
restating exceptional items booked in 2021, at MAD 6.6 billion,
driven by the Bank's core business lines with fee income +11% and
net interest income +4%, offsetting the drop in income from market
operations.
Parent net income increased by +2% to MAD 1.5 billion.
The Group's cost base remained firmly under control in 2022 with
the increase in the parent company's operating costs contained at
+1% at MAD 3.7 billion and +4% at MAD 8.3 billion on a consolidated
basis.
Strong business performance with consolidated customer loans,
excluding resales, up +7.4% to MAD 196 billion at 31 December 2022.
In Morocco, customer loans grew by +4%, resulting in a 12.35% share
of the loan market at 31 December 2022.
Consolidated customer deposits , excluding repurchases, grew by
+10% to MAD 241 billion at 31 December 2022 versus MAD 219 billion
at 31 December 2021.
BANK OF AFRICA S.A.'s customer deposits rose by +6.6% to MAD 148
billion, resulting in a 13.31% share of the market at 31 December
2022.
Consolidated cost of risk fell by -10% to MAD 2.6 billion at 31
December 2022, resulting in a cost-of-risk ratio on customer loans
of 1.1% despite a +7% increase in the cost of risk in Morocco to
MAD 1.2 billion.
BANK OF AFRICA's shareholders' equity was bolstered to the tune
of +6% in 2022 after issuing a MAD 1 billion subordinated note and
a MAD 500 million perpetual subordinated note containing a
loss-absorption and coupon-cancellation provision.
ROBUST ECONOMIC SUPPORT INITIATIVES
Ongoing support by BANK OF AFRICA for the INTELAKA programme
with almost 3,000 applications approved and more than MAD 700
million disbursed as of 31 December 2022, up +11.3%, with the
programme benefiting from the introduction of an online application
facility via a dedicated website and mobile app.
Strategic partnerships signed between BANK OF AFRICA and SANAD
for a EUR 25 million finance line and between BANK OF AFRICA and
the International Finance Corporation (IFC) for a USD 154 million
loan facility to support small and medium-sized enterprises.
More than 12,000 young people made aware about entrepreneurship
as part of the SMART Bank Open Innovation Regional Programme
organised across the entire Kingdom and 200 hours of training given
to more than 500 entrepreneurs in 12 regions; the 2022 programme,
in its 5(th) year, focused on specific regional themes and brought
together 23 partner organisations including training
establishments, OFPPT institutes' regional divisions, regional
investment centres, regional councils and the CISE Cluster.
More than 4,000 small businesses and self-employed entrepreneurs
(auto-Entrepreneurs) supported since the Entrepreneurship Club was
launched, targeting the Kingdom's 12 regions; 10 modules on offer
and 25 partner organisations involved, helping generate 500
jobs.
Blue Space network supporting more than 120 incubated projects
since the former's launch in partnership with ISCAE Group, UEMF and
Aïn Chock's Faculty of Legal, Economic and Social Sciences, as a
function of entrepreneurs' respective goals and project status -
BlueSpace Idea Generation & Pre-incubation, BlueSpace
Incubation, BlueSpace Network, and BlueSpace Growth & Funds -
resulting in 7 company formations, 3 patents and 4 go-to-market
strategies.
Integrated programme promoting regional investment via a series
of regional investment seminars and training to improve investors'
entrepreneurial skills in addition to a series of online
conferences, 'Entrepreneurship Meetings', attended by more than
2,700 participants.
CLOSER CUSTOMER RELATIONS FOSTERED THROUGH INNOVATION
New version of BANK OF AFRICA's Agence Directe platform launched
, enabling customers to open their account remotely without having
to go into a branch.
Ties bolstered with Moroccan Citizens of the World through a
range of digital products and services, facilities for accessing
high added value financing as well as support programmes and other
local initiatives as part of the Marhaba nationwide programme.
Blockchain technology adopted by BANK OF AFRICA to facilitate
customers' international transactions with BMCE Capital launching
BK TradeChain, a pioneering blockchain-based solution for
processing OTC transactions in financial markets.
NetGuardians' fraud prevention technology adopted by BANK OF
AFRICA for trade finance operations after a tie-up with Dltledgers,
a Singaporean software company.
DabaPay Pro launched, an innovative solution for storekeepers
and professionals, which sees BANK OF AFRICA enhance its range of
mobile payment services.
Partnership agreement signed between BTI Bank and Wafa Takaful
enabling the latter's products to be marketed across the BTI Bank
network.
Damane Pay , a connected bank card , launched by Damane Cash as
well as a fintech payments service, after a tie-up with Paysend, a
UK-based fintech, to simplify money transfers to Morocco.
EXPERTISE IN IMPACT FINANCE AND SUSTAINABILITY
Cooperation agreement signed between BANK OF AFRICA and the
European Bank for Reconstruction and Development (EBRD) to develop
a sustainable finance framework for green, social and sustainable
bond issues.
EUR 13 million financing facility secured from the European Bank
for Reconstruction and Development (EBRD) with the support of the
Green Climate Fund (GCF) and the European Union (EU) to encourage
Moroccan companies to transition to a green economy and help SMEs
invest in clean technologies.
Two agreements signed by BANK OF AFRICA, one with the Moroccan
Agency for Energy Efficiency (AMEE) and the other with Cluster EnR,
aimed at helping decarbonise the Moroccan economy and promote adopt
a low carbon strategy as well as organising the 2(nd) Industrial
Decarbonisation Conference in Tangiers.
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 commitment to the African continent underlined
with it becoming a founder-member of the African Business Leaders
Coalition (ABLC) . This coalition of African business leaders ,
established by the United Nations Global Compact, aims to advance
sustainable growth, prosperity, and development in Africa. BANK OF
AFRICA's commitment evidenced with it signing the Climate Statement
in Sharm el-Sheikh as one of the 11 founding members of the African
Business Leaders Coalition.
The Bank's presence keenly felt at COP27 due to it participating
on several panels and events including (i) the Mainstreaming
Climate Action in Financial Institutions initiative, (ii) the
annual Uniting Business Africa event, and (iii) a side event to
COP27 organised by the GPBM about the challenges and opportunities
of Climate Finance and, as an adjunct to COP 27, BANK OF AFRICA
appointed co-chair of the newly established Africa bureau for
China's Green Investment Principles for the Belt & Road
initiative.
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.
The Bank's commitment to joining the African network for
diversity underlined with it signing the Gender Diversity Corporate
Charter to mark International Women's Day.
Responsible Purchasing Charter adopted by BANK OF AFRICA as part
of its anti-bribery and prevention policy, with the latter designed
to guarantee and maintain the impartiality and objectivity of the
Group's employees and partners.
16 pre-school classrooms built and equipped in state schools in
partnership with the Ministry of National Education ahead of the
2022-2023 academic year with 5 Medersat.com schools also renovated
and refurbished.
390 pupils from the Medersat.com network - from the 11(th)
cohort - obtained the high school diploma at the June 2022 sitting
with an overall pass rate of 79%, including 244 girls - 62.5% of
total candidates - with 59% receiving a commendation, 28 of whom
earning the highest distinction.
Six new classrooms built and equipped by the BOA Foundation in
Niger and two school buildings built and renovated in Ivory
Coast.
Sino-Moroccan cultural cooperation partnership agreement reached
between BMCE Bank Foundation, Rabat's Mohammed V University and the
Confucius Institute aimed at bolstering and facilitating human and
cultural exchange between the Kingdom of Morocco and the People's
Republic of China.
Cooperation agreement reached between BMCE Bank Foundation and
the ProFuturo Foundation, enabling 16 Medersat.com network schools
to obtain technological resource kits giving access to an offline
educational resource platform for teachers and pupils.
AWARDS & CERTIFICATIONS
Mr Othman Benjelloun named 'African Personality of the Year' in
2022 and BANK OF AFRICA 'Best African Bank' at the Africa
Investments Forum & Awards (AIFA) organised by Leaders
League.
Dr Leïla MEZIAN BENJELLOUN, BMCE Bank Foundation's Chair, named
'Woman of the Year' and awarded the Fez Gate Trophy in the Social
Action category by the Bouabate Fez Association as well as being
named ' Woman of the Mediterranean space' by the Three Cultures of
the Mediterranean Foundation.
BANK OF AFRICA named 'Best SME Bank in Morocco' by the
prestigious Global Finance Magazine.
BANK OF AFRICA named 'Most Active Issuing Bank in Morocco in
2021' by the European Bank for Reconstruction and Development
(EBRD) in recognition of the productive partnership forged between
the two institutions in overseas trade finance .
BANK OF AFRICA an award-winner in the MENA region's Financial
Services category for the 9(th) consecutive year at the 15(th)
Arabia CSR Awards, for its leadership in corporate social
responsibility and sustainability
BANK OF AFRICA receives the award for 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%.
SMAC ISO 37001 certification of BANK OF AFRICA's anti-bribery
management system successfully renewed.
The Bank's energy management system awarded dual certification -
NM-50001 and ISO 50001:2018 - by IMANOR and Bureau Veritas.
BOA Ghana named 'Trade Finance Bank of the Year 2022' by two
leading organisations, Innovation and Excellence Awards and Ghana
Credit Excellence Awards 2022.
BMCE Capital Gestion complying with the ISAE 3402 Type II
Standard published by the International Auditing and Assurance
Standards Board (IAASB) following an audit by Mazars, an advisory
firm, and sees its services commitments and ISO 9001:2015
certifications renewed following an external audit by Bureau
Veritas Morocco.
Eurafric Information named 'Top Employer' for the 4(th)
consecutive year and receives the European Identity and Cloud (EIC)
2022 award in the Identity Fabrics & IDaaS category from
KuppingerCole Analysts AG, a consulting firm. BANK OF AFRICA's IT
subsidiary officially approved as an Electronic Certification
Service Provider by the General Directorate for Information Systems
Security (DGSSI), which reports to the National Defence
Administration.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
AT 31 DECEMBER 2022 BY GEOGRAPHICAL REGION
MOROCCO -- 45%
SUB-SAHARAN AFRICA -- 49%
EUROPE -- 6%
PROFILE
14,825 EMPLOYEES
32 COUNTRIES
2,000 POINTS OF SALE
6.6 MILLION CUSTOMERS
RATINGS
MOODY'S
BA1,
STABLE OUTLOOK
Fitch Ratings
BB,
STABLE OUTLOOK
V.E
Non-financial rating
A+
BANK OF AFRICA, a leading pan-African financial group with an
extensive portfolio of brands and subsidiaries, is a diversified
banking group with a variety of business lines.
BANK OF AFRICA, Morocco's most internationally-oriented banking
group, has established itself as one of Africa's key economic and
financial institutions, leveraging a comprehensive network and
operations in 20 African countries.
The Bank also plays a leading role and is strongly committed to
environmental causes and sustainable development, capitalising on
its know-how in impact finance and its reputation for social and
environmental responsibility.
BANK OF AFRICA's Board of Directors pays tribute to the
engagement of its human capital and its shareholders for their
determination to ensure that our pan-African Group remains on a
solid growth trajectory and develops sustainably in each country in
which it has operations. The Board also thanks all its partners and
customers for their ongoing confidence in our Group.
FINANCIAL COMMUNICATION website: ir-bankofafrica.ma - Tel: +212
522 462 810
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