Moroccan billionaire Othman Benjelloun’s Bank of Africa posts $247 million first-half profit

Bank of Africa, the multinational banking group led by Moroccan billionaire Othman Benjelloun, reported stronger earnings in the first half of 2025 as profit climbed to $247.5 million, reflecting growth in its core banking business and continued strength across its markets.

Loans, deposits grow as profit hits $247 million

According to figures from the Casablanca-based group’s half-year report, profit rose 16 percent to MAD2.25 billion ($247.5 million) in the first half of 2025, compared with the same period in 2024, when it posted MAD1.94 billion ($213.4 million).

Growth was broad-based, with Morocco contributing 54 percent of earnings, sub-Saharan Africa accounting for 43 percent, and Europe adding 3 percent. The gains underscore the bank’s diversified footprint and the resilience of its regional network.

The profit gain was supported by a rise in net banking income, which grew 8 percent to MAD10.35 billion ($1.14 billion) from MAD9.57 billion ($1.05 billion) a year earlier.

Lending activity also remained solid with customer loans (excluding resales) up 2 percent to MAD226.75 billion ($24.95 billion) while Customer deposits (excluding repos) increased by 2 percent to MAD261.47 billion ($28.76 billion) as of June 30, 2025.

$46 billion in assets, millions served

Bank of Africa remains one of Morocco’s banking groups, with a footprint that extends across 32 countries in Africa, Europe, Asia and North America. The group oversees assets of about $46 billion and serves nearly 6.6 million customers through more than 2,000 branches.

Its chairman, Othman Benjelloun, holds a 27.4 percent stake in the lender. At 93, he still plays an active role in the institution he has shaped over decades. Forbes places his fortune at $1.9 billion, making him the country’s richest individual.

Recent results reflect the bank’s ability to grow while maintaining stability, reinforcing its position at home and in its overseas markets. Consolidated assets stood at MAD423 billion ($46.5 billion), supported by a rise in loans and deposits.

Shareholders’ equity increased 4 percent to MAD30.2 billion ($3.32 billion), helped by the issuance of a MAD1 billion ($110 million) perpetual subordinated bond.