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Bank of Africa Reports 1.5% Growth in H1 2026 Net Banking Income Amid Rising Loan Activity
Bank of Africa has posted moderate growth in its consolidated net banking income during the first half of 2026, reaching 10.5 billion dirhams, representing a 1.5% year-over-year increase. The financial institution's commercial momentum remains strong, with customer loans advancing 4.3% and deposits climbing 4.1%, signaling healthy underlying business activity despite mixed standalone performance.
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Bank of Africa has delivered solid operational performance in the first half of 2026, with consolidated net banking income reaching 10.502 billion dirhams compared to 10.349 billion in the same period last year, marking a 1.5% increase.
Accelerating Momentum in Q2
The second quarter showed particularly strong dynamics, with consolidated net banking income hitting 5.642 billion dirhams, a notable 4.9% jump from the 5.381 billion recorded in Q2 2025. This acceleration suggests improving business conditions as the year progressed.
Mixed Standalone Performance
On a standalone basis, the picture was more nuanced. The bank's standalone net banking income stood at 5.313 billion dirhams for the six-month period, representing a 2.6% decline from the 5.456 billion posted at end-June 2025. However, the second quarter alone showed recovery with 4% growth to 2.978 billion dirhams.
Robust Lending Activity
Credit operations continued their upward trajectory throughout the period. Consolidated customer loans, excluding Resales, reached 243.5 billion dirhams by end-June, advancing 4.3% compared to December 2025. At the standalone level, loans grew even faster at 5.6%, totaling 157.7 billion dirhams.
Strong Deposit Growth
The deposit side mirrored the lending momentum. Consolidated customer deposits, excluding Repos, increased 4.1% to 286.5 billion dirhams. Domestic deposits at the Moroccan operations climbed 5% to reach 178.1 billion dirhams.
Industry Recognition
The first half also brought significant accolades for the banking group. Bank of Africa was named "Best North African Bank 2026" by The African Banker, marking the second time since 2023 the institution has received this honor. Additionally, the bank secured two distinctions from the EBRD at the TFP Awards and received recognition for its sustainability reporting.
Looking at the overall trajectory, Bank of Africa's first-half performance reflects steady growth in core banking operations, with loan and deposit volumes expanding solidly even as consolidated revenue growth remained moderate across the six-month period.