Bank of Africa, a multinational pan-African banking conglomerate led by Moroccan billionaire Othman Benjelloun, has announced remarkable financial results for the 2023 fiscal year, reporting a consolidated net banking income of MAD16.9 billion ($1.67 billion).
The financial statement released by the bank reveals a significant surge in net banking income, with core business operations contributing substantially to the growth. Fee income soared by 14 percent, while net interest income saw a commendable 4 percent increase. Income from market operations exhibited signs of recovery, bolstering the overall financial performance.
Bank of Africa maintains strength despite headwinds
Bank of Africa, led by Moroccan billionaire Othman Benjelloun (net worth $1.4 billion), operates across 18 African countries and maintains a representative office in Paris. A subsidiary of the Moroccan banking group BMCE (Banque Marocaine du Commerce Extérieur), the bank strengthens its position as a key player in the African banking sector.
Despite facing challenges such as the restrained growth of term deposits in Morocco and an unfavorable exchange rate in sub-Saharan Africa, the bank managed to maintain its operational strength. Parent customer loans grew by six percent to MAD134 billion ($13.24 billion), while non-interest-bearing customer deposits rose by seven percent.
Board led by Othman Benjelloun recommends $0.3952/share dividend
In light of its outstanding performance, the board of cirectors, chaired by Benjelloun, proposed a dividend of $0.3952 per share at the Annual General Meeting of Shareholders, underscoring its commitment to returning value to its shareholders.
Additionally, the board recommended a capital increase of up to MAD632 million ($62.44 million) by incorporating reserves and issuing bonus shares.
As Bank of Africa’s chairman and a major investor with a 27.4-percent stake (57,214,615 ordinary shares), Benjelloun stands to receive a substantial payout from the generous dividend. This further strengthens his prominent position in the local financial sector.