Bill Gross warns on gold momentum as regional bank stocks tumble
CASABLANCA - Bank of Africa - BMCE Group reported a 16% increase in net income attributable to shareholders to MAD 2.3 billion ($230 million) for the first half of 2025, driven by growth across its core business segments.
The Moroccan banking group’s consolidated net banking income rose 8% to MAD 10.3 billion, according to a press release statement. The growth was fueled by an 8% increase in net interest income, a 2.3% rise in fee income, and a substantial 54.2% jump in income from market operations.
The bank’s gross operating income grew by 12% to MAD 6.1 billion, while its cost-to-income ratio improved to 41.5% from 43.6% in the same period last year.
Bank of Africa’s parent company results showed even stronger performance, with net income increasing 28% to MAD 1.8 billion and net banking income rising 20% to MAD 5.5 billion.
Customer loans excluding resales increased 2% to MAD 227 billion, while customer deposits excluding repos rose 2% to MAD 261 billion. The bank’s shareholders’ equity grew 4% to MAD 30.2 billion, supported by a MAD 1 billion perpetual subordinated bond issuance.
The group’s cost of risk decreased by 8% to MAD 1.6 billion, while its coverage ratio improved to 69.7% from 68.5% in December 2024.
In Morocco, the bank reported a 2.3% increase in customer loans to MAD 145 billion, primarily driven by equipment loans which grew 13%. Digital adoption among customers reached 70.4%, up from 63.7% a year earlier, with 93% of simple transactions conducted digitally.
Bank of Africa’s African operations also showed strong results, with BOA Holding’s net banking income increasing 9% to EUR 422 million, while its net income rose 16% to EUR 119 million.
The bank maintained its credit ratings with Moody’s (Ba1, stable outlook) and Fitch Ratings (BB, stable outlook).
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