Chairman’s Message

Titre degradé

Chairman

This past year marked a major milestone for BANK OF AFRICA in terms of growth and success. With the 30-year anniversary of its privatisation approaching, the Group solidified its status as a leading pan-African player with a long-term vision, delivering solid performances and recognised for its early and unwavering commitment to sustainability.

Vigorous efforts continued throughout 2024 to implement the Strategic Plan. The result was a steady improvement in financial indicators, consolidating the Group’s position as one of the top Moroccan and pan-African banking groups.

Indeed, the Group recorded a robust performance in 2024, delivering double-digit growth. Consolidated net banking income rose by 10% to MAD 18.7 billion, while net income attributable to shareholders of the parent company increased by 29% to MAD 3.4 billion, with profitability growing steadily. Total assets ended the year at MAD 423 billion, up by 9% from a year earlier. Business momentum also remained strong, with customer deposits rising by 8% to MAD 256 billion and customer loans advancing by 2% to MAD 223 billion.

This performance reflects the dedication and commitment of the Group and its workforce, who serve stakeholders by making customers, innovation, Africa and impact finance the focus of all their actions. In 2024, BANK OF AFRICA participated in the financing of major projects to support the energy transition, while laying out a climate roadmap that meets the highest international standards and preparing its first Climate Report.

The Board of Directors is both a driver and a reflection of these trends since it is composed of people from diverse backgrounds and career paths, with an openness to the world and a desire to proactively help the Bank move toward its goals, both on an individual and collective basis. By the same token, the Group’s human capital – with its talent, expertise, and sense of belonging – is its key lever of performance.

Three decades have passed since the privatisation, a decisive turning point in the Bank’s history. They have been years of boldness, momentum and commitment to a vision that remains intact today: be a bank that is impactful, high-performing and responsible everywhere it operates, so it can contribute to economic, social and human progress.

Since 1995, we have been working, with purpose and passion, to build a universal banking model that has both Moroccan roots and international stature. Helping ‘Banque Marocaine du Commerce Extérieur’ become ‘BANK OF AFRICA’ without ever losing sight of our original mission has been a considerable task and a gratifying one for all involved.

Between now and 2030, the Group will continue to pursue a strategic vision that plots its path and calls on it to do its share to further Africa’s development.

In the end, BANK OF AFRICA Group’s goals are straightforward: expand its footprint, grow its expertise, accelerate the digital transformation, and ensure that, now and in the future, its actions contribute to a virtuous cycle of positive impact for future generations.

The future is not to be planned for; it is to be built. Let’s build it together