The Bank of Africa Group has just published its results for the year 2022. In a turbulent context, between inflation and poor financial market performance, the group is posting solid results for all of its indicators.
On a consolidated basis, the Net Income Group Share amounted to 2.3 billion dirhams (MMDH), up 15%, and the Net Income gained +2% to 1.5 billion MAD. We note the evolution of the weight of Africa in the composition of the RNPG (+9% to 49%), and the withdrawal of Morocco (-6% to 45%) and Europe (-3% to 6% ). Consolidated net banking income amounted to 15.6 billion dirhams (+7%), the negative effects of market transactions (-94%) having been largely offset by the good performance of the margin on commissions (+18%) and the interest margin (+9%) .
Consolidated loans benefited from a good commercial dynamic with an increase in outstandings – excluding Resales – of +7.4% to 196 billion dirhams. For their part, consolidated customer deposits -Excluding Repos- posted an increase of +10%, standing at 241 billion dirhams. Thus, the total consolidated balance sheet gained 11% to 383 billion dirhams.
Another reason for satisfaction for the group, the consolidated cost of risk is down 10%, standing at 2.6 billion dirhams, ie a customer cost of risk ratio of 1.1%. BoA’s Group Share Equity increases by 6% in 2022 following the issuance of a subordinated debt of 1 billion dirhams, and a perpetual subordinated issue with a loss absorption and coupon payment cancellation mechanism of 500 MDH.
On the social side, the NBI remains stable at 6,630 MDH (restated for the exceptional dividends of 2021) due to the increase in commissions of +11% and the interest margin of +4%, which compensates for the drop in the valuation of assets investment following the -20% drop in the stock market, and the 100bp increase in the key rate impacting the BDT yield curve. The result of market operations is down -43% to 535 million dirhams.
Loans increased by +4%, benefiting from the good performance of cash loans (+9.6%), and the group thus posted a market share of customer loans of 12.35% at the end of December 2022. , customer deposits gained +6.6% to 148 billion dirhams, driven by current accounts, resulting in a resources market share of 13.31% at the end of 2022. General operating expenses rose slightly to 3.7 billion dirhams, with a cost/income ratio of 55.8%. It should be noted that the cost of risk rose by 7% in Morocco, to 1 billion dirhams, but the group qualifies this increase as “controlled”.
2022 will also have been eventful in terms of the group’s sustainable development policy, with in particular a cooperation agreement between BoA and the EBRD for the development of a sustainable finance framework in favor of green, social and or even two agreements with the Moroccan Agency for Energy Efficiency -AMEE- and the EnR Cluster to contribute to the decarbonisation of the economy and the implementation of the low carbon strategy adopted by Morocco.
On the digital side, we note the launch of a new version of BoA’s “Direct Agency” platform, which allows customers to open their account remotely without having to travel to a branch, as well as the adoption of Blockchain technology. to facilitate international transactions through the launch by BMCE Capital of “BK TradeChain”.
Finally, it should be noted that the Board of Directors will propose to the Ordinary Annual General Meeting the distribution of a dividend of 4 DH per share. Similarly, it will propose to the Extraordinary General Meeting a capital increase operation by incorporation of reserves giving rise to the allocation of free shares, for a maximum amount of 630 million dirhams.
Selim Benabdelkhalek
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