Bank of Africa is the listed Moroccan bank whose results carry the most sub-Saharan African exposure. This is a research profile of the group formerly known as BMCE Bank: what it is, who owns it, how it earns, and the geography-led factors that move the share price.
Why investors follow it: among the listed Moroccan banks, Bank of Africa has the widest sub-Saharan African footprint, so its earnings carry more African-cycle and currency exposure than Attijariwafa Bank or Banque Centrale Populaire.
Bank of Africa (the former BMCE Bank, rebranded in 2020) is a pan-African group present in 32 countries and around 20 in Africa, serving about 6.6 million customers. For FY2025, published in March 2026, it reported net banking income of 20.3 billion MAD (up about 9%) and net income group share of 3.8 billion MAD (up about 11%), with the Moroccan core the main growth engine that year. Its reference shareholder is the Benjelloun family sphere (the insurer RMA and O Capital Group, together around 35%), alongside France's Credit Mutuel (about 26%).
Analysis basis: as of 23 July 2026. Sources: Bank of Africa investor relations and the FY2025 results release (March 2026), the group's 2024 reference document filed with the AMMC, and Moroccan financial media cited inline. Figures are reported values, not forecasts.
Résumé (FR) : Bank of Africa, ex-BMCE Bank (renommée en 2020), est un groupe bancaire panafricain présent dans 32 pays, dont une vingtaine en Afrique. Pour l'exercice 2025, le PNB consolidé atteint 20,3 milliards de dirhams (environ +9%) et le résultat net part du groupe atteint 3,8 milliards (environ +11%). Actionnariat de référence : la sphère Benjelloun (RMA et groupe O Capital, environ 35%) aux côtés du Crédit Mutuel (environ 26%).
Bank of Africa describes itself as a multi-business, multi-brand, multinational banking group. Underneath the group sit three broad activities: commercial banking, investment banking, and specialised finance (leasing, factoring, consumer credit, and participatory or Islamic banking). What makes it different from its listed Moroccan peers is not the product menu, which is broadly similar across the large banks, but the geography. The group reports a presence in 32 countries, roughly 20 of them in Africa across five economic zones, alongside representation in Europe and Asia (France, the United Kingdom, and Shanghai). It serves about 6.6 million customers with roughly 14,800 employees and around 2,000 sales points.
The name is worth clearing up first, because it confuses newcomers. Bank of Africa is the rebranded former BMCE Bank. In 2020 the commercial activities were unified under the "Bank of Africa" name to foreground the pan-African identity built up since the late 2000s, when the group progressively acquired the west and east African Bank of Africa network. The "BMCE Group" corporate identity is retained above the brand, which is why filings and older sources still use both names. In FY2025 the Moroccan activity alone generated net banking income of about 9.43 billion MAD, a reminder that despite the African branding, Morocco remains the single largest engine.
Control sits with the sphere of businessman Othman Benjelloun, the group's long-serving chairman and CEO. Per the group's 2024 reference document, the largest declared holders were the insurer RMA (Royale Marocaine d'Assurance) at 27.41%, France's Credit Mutuel at 26.20%, the Caisse de Depot et de Gestion (CDG) at 8.32%, O Capital Group at 7.22%, and British International Investment at 5.38%. Because RMA and O Capital both sit inside the Benjelloun sphere, the family is generally described as controlling just over 35% of the capital, with Credit Mutuel close to a quarter as the anchoring international partner. Credit Mutuel first entered in 2004 with a 10% stake and built its position over the following years.
Two caveats a careful reader should keep. First, the most recent published free-float figure Dalil could source is from December 2021 (about 16%); a current free float is not clearly disclosed, so treat older percentages as indicative of structure rather than precise present-day weights. Second, the exact figures above are read from the group's 2024 reference document as relayed by market-data providers; the primary filing is on the AMMC issuers space and is the version to check before relying on any single decimal.
The generic mechanics of how Bank Al-Maghrib's key rate flows into a Moroccan bank's net interest margin are the same for every listed bank, and are explained once on the banking sector page rather than repeated here. What is specific to Bank of Africa is the second engine sitting on top of that: the African subsidiary network.
The FY2025 numbers show why that engine matters and why it cuts both ways. In FY2025 the Moroccan activity did the heavy lifting, with Morocco net banking income up about 13.5% and Morocco net income up about 15%, while on a constant-perimeter basis the African loan portfolio declined roughly 3% and African deposits rose about 4%. The consolidated headline (PNB of 20.3 billion MAD, net income group share of 3.8 billion) blends the two, which is exactly why the geographic split inside the filing is more informative than the headline. When Africa is growing, BOA can outrun a domestically focused peer; when an African market turns, the drag shows up here first.
The second BOA-specific line to watch is cost of risk by geography. Group cost of risk was 3.3 billion MAD in FY2025, a ratio of about 1.3% held broadly stable versus 2024. For an international bank this line is structurally more volatile than for a purely Moroccan lender, because a downturn in any single African market can lift the local provision without touching the Moroccan book. Third is currency: African earnings are translated back into dirhams, so a move in local African currencies can flatter or dent the reported group result independently of the underlying business.
Bank of Africa published its FY2025 results at the end of March 2026. As reported by Moroccan financial media citing the group's release, consolidated net banking income came in at 20.3 billion MAD (about +9%), net income group share at 3.8 billion MAD (about +11%), cost of risk at 3.3 billion MAD (ratio 1.3%), and the cost-to-income ratio improved to about 45.8%. Consolidated customer loans stood near 233 billion MAD and deposits near 275 billion MAD. At the half-year stage (H1 2025, published around late September 2025), the group had reported net banking income of about 10.3 billion MAD, net income group share of about 2.3 billion, and total consolidated assets of roughly 423 billion MAD.
When a new BOA filing lands, the two lines worth opening the document for are the geographic breakdown of net banking income and the geographic breakdown of cost of risk. Together they explain almost everything about how the consolidated number landed. The official results brochure is published on the group's investor-relations site; the primary regulatory filings are archived on the AMMC issuers space.
Bank of Africa has paid a steady and recently rising dividend. The figures below are per share, from the group's investor-relations dividend history.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2021 | 4.00 | ex-date Jul 2022 |
| FY2022 | 4.00 | ex-date Jul 2023 |
| FY2023 | 4.00 | ex-date Jul 2024 |
| FY2024 | 5.00 | paid Jul 2025 |
| FY2025 | 5.00 | proposed by the Board, subject to AGM approval |
Source: Bank of Africa investor relations, ownership-structure and dividends page. The FY2025 figure is a Board proposal and was not yet approved at the time of writing.
Three risks are more pronounced for BOA than for a purely Moroccan bank. The first is sub-Saharan concentration and currency exposure: a meaningful part of the group operates across roughly 20 African countries in multiple currencies, and regional cycles can diverge from Morocco, as FY2025 illustrated when the African book softened while Morocco grew. The second is cost-of-risk volatility across those geographies, since one weak market can lift provisions without warning. The third is governance and succession: Moroccan media reported through 2025 and into 2026 an unresolved succession question around the long-tenured chairman, an overhang for a group so identified with a single figure.
A note on how the bank ranks: Bank of Africa's own profile describes it as first in Morocco on loan and deposit market share, while financial media often describe it as the country's third-largest bank by assets. Those are different metrics, so this page avoids a bare "largest" claim in either direction and simply calls it one of Morocco's major banking groups.
Bank of Africa is the listed Moroccan bank whose results depend most on the continent beyond Morocco's borders, and that is simultaneously the appeal and the risk. FY2025 made the pattern legible: the Moroccan core carried the growth while the African book was flat to soft, and the consolidated headline hid which engine did the work. For a reader, that argues for a simple discipline: in each BOA release, go straight to the geographic split of net banking income and the geographic split of cost of risk before reacting to the group number. The succession question is a genuine, if unquantifiable, overhang. None of this is a recommendation; it is how to read the disclosures the group actually publishes.
Company facts and figures are drawn from Bank of Africa's investor-relations publications (group profile, FY2025 results brochure, dividend history), the group's 2024 reference document filed with the AMMC, and Moroccan financial media (LesEco, Maroc Hebdo, Financial Afrik, Le Matin, Medias24) quoting the group's results releases. Market context is from the Bourse de Casablanca and Bank Al-Maghrib. The delayed price on this page comes from the Drahmi feed and may be up to about 90 minutes old.
Bank of Africa is supervised prudentially by Bank Al-Maghrib and files market disclosures with the AMMC. Results are published semiannually (H1) and annually. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-26.