Morocco’s Bank of Africa reports $260 mln profit in 2023

Morocco’s Bank of Africa said its 2023 profit increased 16% to 260 million dollars last year, with a net banking income of 1.7 billion dollars, up 9%.

African branches contributed by 56% in this performance while Moroccan business accounted for 42% of total earnings, the bank said.

Bank of Africa, previously known as BMCE, is the third largest universal bank in Morocco.

Moroccan banks, insurance firms, companies in telecoms, mining and construction have established a significant presence in African countries, making the kingdom a notable source of foreign direct investment in some parts of the continent.