TIDMBOAA
RNS Number : 0451N
Bank of Africa
27 September 2021
Ir-bankofafrica.ma
BANK OF AFRICA
BMCE GROUP
HALF-YEAR RESULTS
30 JUNE 2021
FINANCIAL AND COMMERCIAL PERFORMANCE REBOUNDS
BANK OF AFRICA - BMCE Group's Board of Directors, chaired by Mr
Othman BENJELLOUN, met Friday 24 September 2021 at the Bank's head
office in Casablanca. It reviewed the business activity of the Bank
and of the Group for first half 2021 and drew up the financial
statements for the period in question.
The first half 2021 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
June 2020: 373
June 2021: 1 195
June 2020 - excluding donation: 1 003
+220% jump in net income attributable to shareholders of the
parent company to MAD 1.2 billion; excluding the impact from the
Covid-19 donation, net income rose by +19% to MAD 1 billion.
NET BANKING INCOME
June 2020: 7 040
June 2021: 7 295
+4% growth in consolidated net banking income to MAD 7.3 billion
at 30 June 2021.
CUSTOMER LOANS
December 2020: 174 937
June 2021: 178 929
+2.3% increase in consolidated customer loans, excluding
resales, to MAD 179 billion versus MAD 175 billion at 31 December
2020
CUSTOMER DEPOSITS
December 2020: 207 087
June 2021: 213 024
+3% rise in consolidated customer deposits to MAD 213 billion
versus MAD 207 billion at 31 December 2020.
PARENT BUSINESS ACTIVITY (MAD MILLIONS)
NET INCOME
June 2020: 476
June 2021: 1 095
June 2020 - excluding donation: 940
+130% increase in BANK OF AFRICA S.A.'s net income to MAD 1.1
billion; excluding the impact from the donation, net income rose by
16% to MAD 940 million.
NET BANKING INCOME
June 2020: 3 582
June 2021: 3 784
+6% growth in the Bank's net banking income.
CUSTOMER LOANS
December 2020: 110 360
June 2021: 114 448
+3.7% increase in the Bank's customer loans in Morocco to MAD
114.5 billion.
CUSTOMER DEPOSITS
December 2020: 128 757
June 2021: 133 062
+3.3% rise in customer deposits to MAD 133 billion versus MAD
129 billion at 31 December 2020.
GRADUAL RECOVERY UNDERWAY IN FINANCIAL RESULTS
After excluding the impact from the COVID-19 donation, net
income attributable to shareholders of the parent company rose by
19% to MAD 1,195 million in first half 2021 whilst parent net
income was 16% ahead at MAD 1,095 million.
Despite the uncertain operating environment, rebound in Group
revenues with consolidated net banking income up 4% to MAD 7.3
billion at 30 June 2021, driven by positive growth across business
lines (fee income +9% and net interest income +4%, whilst income
from market operations fell by 15%).
Parent company net banking income up 6% to MAD 3.8 billion,
driven by a healthy performance from the core business, with fee
income +5% and net interest income +4% with strong growth (+22%) in
dividend income. By contrast, income from market operations fell by
a modest 2% given the exceptional performance in 2020.
General operating expenses +4% year-on-year to MAD 1.8 billion
at the parent company, resulting in a cost-to-income ratio of 47.1%
at 30 June 2021 versus 47.6% at 30 June 2020, an improvement of 0.5
percentage points.
At the consolidated level, expenses declined by 18% on the basis
of the Group's contribution to the COVID-19 Fund in 2020 being
excluded; after factoring in this contribution, the Group's
expenses rose by 3% at 30 June 2021.
Improvement in the consolidated cost of risk (-12%) to MAD 1.3
billion at 30 June 2021 versus MAD 1.5 billion at 30 June 2020. The
cost of risk at the parent company declined by 5% to MAD 562
million at 30 June 2021 versus MAD 594 million.
Strong commercial performance in first half 2021 with
consolidated outstanding loans, excluding resales, +2.3% to MAD 179
billion at 30 June 2021 with +3.7% loan growth at the parent
company.
A decent performance by consolidated customer deposits which
grew by +3% to MAD 213 billion at 30 June 2021 versus MAD 207
billion at 31 December. Parent company customer deposits +3.3% to
MAD 133 billion at 30 June 2021.
ONGOING DIGITAL TRANSFORMATION AND NEW PRODUCTS LAUNCHED
BANK OF AFRICA's digital offering further enhanced with
additional services on BMCE Direct and Agence Directe , providing a
more straightforward, user-friendly, comprehensive and secure
customer experience.
Crédit DABA, a new online credit platform enhanced with an
entirely digital subscription process.
New online version of Crédit Business Online introduced for
businesses, including small businesses, which includes a website
that can be accessed on any device.
Business Online portal's functionality enhanced with improved
services to meet the needs of business customers.
DABA Transfer, BMCE EuroServices' digital platform launched, a
solution enabling customers to remotely open money transfer
accounts and transfer money in three countries and three languages
- French, Italian and Portuguese.
SMART pilot launched across the BANK OF AFRICA ATM network and
currently being extended to the entire ATM network.
Remote sales service introduced for retirement and educational
savings products on BMCE Direct Web and Mobile.
Digital consulting service launched on WhatsApp Business to
provide out-of-hours assistance.
LEADERSHIP BOLSTERED IN SUSTAINABLE DEVELOPMENT AND POSITIVE
IMPACT FINANCE
Positive impact financing highlighted, particularly in areas
related to society, education, health and smart cities, through a
partial analysis of the Bank's loan portfolio using UNEP FI's
Portfolio Impact Analysis Tool for Banks. Loans categorised as
Positive impact loans now account for 30.46% of total loans
disbursed to the Bank's Moroccan corporate customers.
Women's Empowerment Principles endorsed, a partnership
initiative established by UN Women and the UN Global Compact. These
principles are a set of ideas designed to offer guidance to the
private sector on how to promote gender equality and women's
empowerment at every level within the workplace as well as women's
economic empowerment through programmes and products.
4(th) carbon assessment carried out in respect of 2020,
resulting in a significant improvement in the Bank's carbon
footprint, underlining its efforts to protect the environment as
part of the environmental and energy programme implemented in the
context of the pandemic.
Sustainable agribusiness webinar organised in partnership with
the Green for Growth Fund (GGF), aimed at raising awareness among
Moroccan companies along the agribusiness sector's value chain
about energy efficiency and resource optimisation.
Contributions made to international publications such as the
first Progress Report from a Moroccan bank in line with the UNEP
FI's Principles for Responsible Banking (PRB), the Network for
Greening the Financial System's 2020 report and the China's Belt
and Road initiative's Green Investment Principles' (GIP) annual
report.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT
COMPANY
AT 30 JUNE 2021 BY GEOGRAPHICAL REGION
MOROCCO 53%
SUB-SAHARAN AFRICA 40%
EUROPE 7%
HIGHLIGHTS
BANK OF AFRICA successfully completed a MAD 1 billion issue of
perpetual subordinated bonds with a loss absorption and a coupon
payment cancellation mechanism. The issue was 232% oversubscribed
by institutional investors, with mutual funds, in particular,
showing a high level of interest in the issue, thereby underlining
their confidence in BANK OF AFRICA Group.
Major institutional communications campaign launched as part of
Bank's rebranding exercise, with a brand film and a brand content
website - www.21ressourcespourlavenir.com - rolled out across all
channels, with content adapted to the Bank's different
audiences.
Change in the corporate name of the Group's Madrid subsidiary to
BANK OF AFRICA EUROPE.
BMCE Capital Investments authorised to conduct business as a
private equity investment management company (OPCC) by order of the
Minister of the Economy, Finance and Administrative Reform after
consultation with the Moroccan Capital Markets Authority
(AMMC).
Partnership bolstered with the European Bank for Reconstruction
and Development (EBRD) as part of the green financing programme for
small and medium-sized enterprises with a new collaborative
agreement within the framework of the Green Economy Financing
Facility (GEFF) programme, with the support of the Green Climate
Fund (GCF).
Authorisation completed by which BANK OF AFRICA and Interbank
Electronic Banking Centre (CMI) enabling the Bank to provide an
interoperability service between the Bank's cash withdrawal
facilities across its ATM network and M-Wallets.
AWARDS
BANK OF AFRICA wins the 'Outstanding Leadership in Sustainable
Project Finance - Africa' award from Global Finance Magazine in the
context of its Sustainable Finance Awards 2021.
BANK OF AFRICA Group named 'Best Bank in Africa 2020' after
being awarded the Golden Award trophy at the Africa Investments
Forum & Awards (AIFA) by Leaders League.
BANK OF AFRICA named 'Third Safest Bank in Africa in 2021' by
Global Finance Magazine and now ranked among the top three banks on
the African continent.
RATINGS
MOODY'S
BA1,
NEGATIVE OUTLOOK
Fitch Ratings
BB,
STABLE OUTLOOK
V.E
Non-financial rating
A+
PROFILE
14,691 EMPLOYEES
32 COUNTRIES
1,956 POINTS OF SALE
6.6 MILLION CUSTOMERS
BANK OF AFRICA is one of Africa's main pan-African financial
groups. With an extensive portfolio of brands and subsidiaries,
BANK OF AFRICA has adopted a universal banking business model
comprising 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
522 462 806
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