BANK OF AFRICA ANNUAL RESULTS
31 DECEMBER 2023
CONTENTS
01
03
05
Highlights 2023
Macroeconomic Environment in Morocco
Financial Performance 2023
02
04
06
Macroeconomic Environment around the world & in Africa
Moroccan Banking Industry
A Socially Responsible Bank
BANK OF AFRICA's 2023 Results Presentation
Highlights 2023
01
BANK OF AFRICA's 2023 Results Presentation
Highlights 2023
Ongoing Innovation Benefiting Customers
Tie-up between BANK OF AFRICA and Royal Air Maroc, the Moroccan member airline of the One world alliance, with the launch of Pay&Fly in 2024, an innovative digital payments offer giving customers several exclusive benefits with each transaction as well as bolstering synergies between the airline and banking services industries.
Custody Direct, a vehicle for managing mutual fund portfolios, integrated with BANK OF AFRICA's Business Online platform as part of a process of digitising business services. As a result, business customers are able to manage their assets online and carry out a series of transactions while enjoying a novel, seamless and secure customer experience.
BANK OF AFRICA to launch 'CapAccess by BOA' in 2024, a bank loan tied to a subordinated loan, after agreements were signed by the Professional Association of Moroccan Banks, the Mohammed VI Fund for Investment and Tamwilcom to enhance the role played by banks in financing the domestic economy.
BMCE Capital Investments, the Group's private equity subsidiary, launched 'Capital Croissance', its second private equity fund, to support Moroccan companies' development.
Introduction of a 100% online process for opening brokerage accounts by BMCE Capital Bourse, the first brokerage firm to offer this innovative service, offering clients a seamless and hands-oninvestor experience.
Bank Al Karam, BANK OF AFRICA Group's participatory banking subsidiary given a new identity while expanding its branch network with the opening of a new branch in El Jadida. Additional branch openings are scheduled across the Kingdom in 2024.
Eurafric Information, BANK OF AFRICA's IT subsidiary, introduced trust platform services which meet current regulatory standards under the AfricTrust brand, in response to the national digital strategy for businesses.
BANK OF AFRICA's 2023 Results Presentation | 4 |
Highlights 2023
Key Initiatives to stimulate the economy and encourage Investment
EUR 50 million credit line extended to BANK OF1 AFRICA in 2023 from the European Bank for Reconstruction and Development (EBRD) to increase financing for small- and medium sized enterprises.
1
Tie-upbetween BANK OF AFRICA and the Export1 -Import Bank of China to mark the 2023 World Bank Group-InternationalMonetary Fund (IMF) Annual Meetings in Marrakech, aimed at bolstering trade between China and Africa and stimulating the African continent's economic development.
BANK OF AFRICA, in partnership with the Moroccan Agency for
Investment and Export Development (AMDIE), hosted a series of
meetings in Rabat, Agadir and Tangier about the new Investment Charter.
Partnership bolstered between BANK OF AFRICA and the IFC to support SMEs in Africa with the latter extending a USD
171.2 million financing facility to nine BOA subsidiaries in Benin, Burkina Faso, Côte d'Ivoire, Kenya, Mali, Niger, Senegal, Togo and Uganda.
BOA Togo's commitment to female entrepreneurship underlined by signing a strategic partnership agreement with Togo's Association of Women Business Leaders (AFCET), making it easier for women-ownedSMEs to access financing, thereby catalysing female entrepreneurial potential in Togo.
Trade finance transaction guarantee issued by the African Development Bank (AfDB) to BOA Tanzania, thereby contributing to the growth of Tanzanian businesses by providing easier access to financing and enabling them to develop their overseas business activities.
BANK OF AFRICA's 2023 Results Presentation | 5 |
02 | Macroeconomic |
environment around | |
the world and in |
Africa
BANK OF AFRICA's 2023 Results Presentation
GLOBAL MACROECONOMIC ENVIRONMENT,
GLOBAL ECONOMY RESILIENT DESPITE
HEADWINDS
BANK OF AFRICA's 2023 Results Presentation
Global economy, growth stable despite a highly uncertain environment
Global economic growth 2023-2024 (%)
5.2 | 2023e | 2024p | |||||||||||
4.1 | 4.1 | 4.6 | |||||||||||
3.8 | |||||||||||||
3.3 | |||||||||||||
3.1 | 3.1 | ||||||||||||
2.5 | |||||||||||||
2.1 | |||||||||||||
0.5 | 0.9 | ||||||||||||
world | Euro Area | United States | Emerging Countries | China | Sub-saharan Africa |
2023e 2024p
Source: IMF, January 2024
Global economic growth is likely to stabilise at +3.1% in 2024 and in line with the trend seen in 2023, underpinned by a resilient US economy and the dynamism of major emerging economies, particularly India, which is likely to register GDP growth of +6.5% in 2023 versus +6.7% the previous year.
The Euro Area is expected to see growth pick up from +0.5% in 2023 to +0.9% in 2024 and to +1.7% in 2025. China's struggling real estate market together with falling domestic and external demand are proving to be a brake on the economy with the latter forecast to grow by +4.6% in 2024 and +4.1% in 2025 versus +5.2% in 2023.
Headline inflation is expected to retreat to +5.8% in 2024 compared to +6.8% the previous year, with the result that major central banks are maintaining a hawkish monetary stance ahead of a sustained fall in prices.
BANK OF AFRICA's 2023 Results Presentation | 8 |
SUB-SAHARAN AFRICA, ECONOMIC PROSPECTS IMPROVE
BANK OF AFRICA's 2023 results presentation
Sub-Saharan Africa - towards a gradual economic recovery
Real GDP growth in sub-Saharan Africa (%)
5.3 | 5.1 | 4.8 | |||||||||
3.9 | 3.3 | 3.8 | |||||||||
2.9 | |||||||||||
3.2 | 3.3 | ||||||||||
3.2 | |||||||||||
1.5 | |||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023e | 2024p |
-1.7 |
Source: IMF, January 2024
After two consecutive years of economic slowdown, growth in sub-Saharan Africa is set to pick up to +3.8% in 2024 versus +3.3% in 2023, before accelerating to +4.1% in 2025, with several countries within the region returning to international capital markets.
Growth is likely to be underpinned by improved economic prospects for the continent's main economies, Nigeria and South Africa, a solid performance by non-resource-intensive countries and the easing of inflationary pressures (+13.1% in 2024 vs. +15.8% in 2023).
Public finances across the region are gradually recovering although public debt levels remain higher than before the pandemic, exacerbated by the rise in interest rates and currency devaluations.
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Bank of Africa published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 10:34:06 UTC.
