Bank of Africa (BOA) – BMCE Group reported a significant increase in its financial performance with consolidated net banking income (NBI) rising 11% year-on-year to MAD 12.6 billion as of the end of September 2023. The growth was attributed to an 18% rise in commission margin and an 8% increase in interest margin. On a standalone basis, the Bank in Morocco achieved a 10% increase in NBI.

According to Africa News Agency, The group’s earnings capacity also showed robust growth. The net income, Group share (RNPG), experienced a double-digit growth of 15%, amounting to over MAD 2 billion as of September 30, 2023. This figure includes the impact of an exceptional donation for earthquake relief. Excluding this item, the adjusted net income increased by 22%, as reported by the Group during the announcement of its quarterly results.