Investor Presentaiton
Results resilient despite the global pandemic
BANK OF AFRICA Group's business activity proved resilient with consolidated net banking income up by a
modest 1% at 31 December 2020, driven by 5% growth in net interest income and a 3% rise in income from
market operations; this was due to a combination of: (i) strong momentum by market operations in 2020
against a backdrop of lower interest rates and (ii) a reduction in the cost of funding
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Strong commercial performance with 4% growth in outstanding consolidated loans to MAD 194.2 billion at
31 December 2019, driven by a 4.4% increase in loans from Banking in Morocco (vs. +1.4%) to MAD 117
billion. Consolidated customer deposits also performing strongly, up 2% to MAD 207.1 billion at 31 December
2020
Contraction in Group earnings with net income attributable to shareholders of the parent company down
by 29% (excluding donation) and net income at parent level down by 1% (excluding donation) after factoring
in (i) a MAD 1 billion overall contribution to the COVID-19 special fund (ii) a 57% increase in the consolidated
cost of risk; including the donation, net income attributable to shareholders of the parent company fell by 62%
and the Bank's net income by 47%
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