Chairman’s message

2015 saw BANK OF AFRICA Group successfully complete its strategic development plan 2012-2015. Every undertaking given was honoured and the targets set were met for the most part. This can be seen in the numbers. Earnings have doubled since 2011 with net income attributable to shareholders of the parent company of almost MAD 2 billion, resulting in an average annual growth rate of +23% over the period. The operating performance has been impressive with net banking income ahead by an average +10% to reach almost MAD 12 billion. Overseas, BANK OF AFRICA Group is now the second banking group in Africa by geographical coverage with operations in 20 countries. The Group covers four of Africa’s five main economic regions.

Our DNA as a pan-African banking group is also reflected in our financial performance. One-third of the Group’s earnings is generated by BANK OF AFRICA Group, Banque de Développement du Mali and La Congolaise de Banque. We have expanded our branch network in Africa with about 50 new branch openings each year. The total number of branches now stands at 1,230. Our core business has also grown with more than 2 million new accounts opened on the African continent. To support the growth of our business, we have recruited nearly 2,000 new staff. BANK OF AFRICA’s future will be driven organically by a growing number of users of banking services with a universal banking model adopted both in Morocco and in sub-Saharan Africa. At the same time, the Group will continue to grow by acquisition with the expansion of BANK OF AFRICA Group’s overseas operations in Africa and, in particular, sub-Saharan Africa. Our Group remains committed to sustainable and social development in the various countries in which it has operations, primarily through its Foundation for the promotion of education and environmental protection. Partnerships have been entered into with a number of prestigious institutions in this regard.

In our endeavours to promote entrepreneurship and job creation across the entire continent, we are proud to have pioneered an award with annual prize money of USD 1 million for entrepreneurs in the fields of education, the environment and innovation as well as a support programme to ensure that their entrepreneurial projects are successful.

The Group will never rest on its laurels and is constantly looking to bolster its quality systems to meet the highest international standards. By adopting such an approach, it continues to enhance its reputation as a leading financial institution.

Othman Benjelloun
Chairman and Chief Executive Officer