Bank of Africa H1 2026 Profit Rises 10% to MAD 2.5B

In Short

• Bank of Africa reported H1 2026 net income attributable to shareholders up 10% to MAD 2.5 billion.
• Customer loans rose to MAD 243 billion and customer deposits increased to MAD 287 billion.
• The bank highlighted larger shareholder control and several new financing and guarantee lines.

What Happened

Bank of Africa published its half-year results for the period ending 30 June 2026, showing continued balance sheet growth alongside a profit increase.

Consolidated net income attributable to shareholders rose 10% year on year to MAD 2.5 billion. Consolidated net banking income, which is roughly the bank’s total revenue from lending, fees, and market activities, increased 1% to MAD 10.5 billion.

Customer loans excluding “resales” grew 4% between December 2025 and June 2026 to MAD 243 billion. Customer deposits excluding repos, meaning deposits excluding short-term secured funding, increased 4% to MAD 287 billion.

The group said core business drivers were stronger, with fee income up 10% and net interest income up 7%. It also reported a decline in income from market operations of 37% after what it described as an unusually strong first half of 2025.

Costs rose, too. General operating expenses increased 8%, linked to IT investments in Morocco. That pushed the cost-to-income ratio to 44.2% from 41.5% a year earlier.

The report also disclosed an increase in BOA Holding ownership to 81.82%. On the funding side, the bank said it coordinated a USD 300 million syndicated infrastructure loan. It also referenced a USD 10 million guarantee facility approved by the African Development Bank and a USD 20 million trade finance line from the EBRD.

Why It Matters

For African businesses, bigger loan books and deposit growth can translate into more available credit, especially for trade and infrastructure-linked projects.

The mix of syndicated lending, guarantees, and trade finance matters because these tools reduce risk for lenders. In practice, they help banks extend larger loans, finance imports, and support contractors without tying up as much balance sheet capacity.

The IT spend and higher cost ratio are worth watching. Banks often invest in core systems, digital channels, and risk controls to scale across markets, but they need revenue growth to keep up so efficiency does not slip over time.