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Bank of Africa Posts 9% Net Profit Rise to DH1 bn in Q1 2026
Bank of Africa kicked off 2026 with a solid performance, posting a 9 % increase in its consolidated net profit to DH1 billion by the end of March. The bank also reported higher earnings in Morocco, improved margins, lower risk costs and steady growth in deposits and loan books, while highlighting strategic milestones such as the inauguration of the Mohammed VI Tower and new SME product launches.
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Key Financial Figures
Bank of Africa started 2026 on an upbeat note, reporting a 9% rise in its consolidated Net Profit Attributable to the Group (RNPG) to DH1 bn by the end of March, compared with DH0.9 bn a year earlier.
The bank’s Moroccan operations also saw a 6% increase in net profit, reaching DH775 million.
Core Banking Performance
Both the Moroccan and group‑wide core banking activities performed well. Net interest margin grew 7% in Morocco and 6% on a consolidated basis, while net fee income rose 4% locally and 11% group‑wide.
Revenue and Expenses
Consolidated net banking income slipped 2% to DH4.9 bn, reflecting weaker market‑related activities. The Moroccan net banking income fell 10% to DH2.3 bn.
Operating expenses increased 5%, reaching DH2.2 bn consolidated and DH963 million in Morocco, mainly due to ongoing IT investments under the group’s digital transformation programme.
Risk Cost and Credit Growth
Risk cost continued to improve, dropping 28% to DH0.7 bn consolidated and 43% to DH0.3 bn in Morocco.
Customer deposits grew 3% to DH283 bn group‑wide and 5% to DH178 bn in Morocco. Consolidated loan book and the Moroccan loan portfolio each rose 1% by the end of March.
Strategic Moves
During the quarter the group highlighted several milestones: the official inauguration of the Mohammed VI Tower in April 2026, launch of new SME‑focused products, rollout of the third edition of the STARTECH programme, and a partnership agreement with Morocco Fintech Center signed at GITEX Africa 2026.