Chairman's Message

BANK OF AFRICA – BMCE Group is publishing its first Integrated Report in respect of the 2019 financial year, in accordance with the International Integrated Reporting Council's globally accepted integrated reporting framework. As its name would suggest, this reporting format provides an integrated framework for reporting financial as well as nonfinancial performance. It also allows us to scrutinise more closely the various Environmental, Social and Governance (ESG) challenges that we face, consistent with our approach in recent years regarding corporate social and environmental responsibility.

In terms of performance, the highlights of the 2019 financial year include:
  • The Group's financial position was significantly bolstered with shareholders’ equity attributable to shareholders of the parent company rising by 22%. 2019 was marked by a large-scale transaction which resulted in a considerable increase in the Group’s capital, with CDC Group Plc, a UK investor, acquiring a stake in the company.
  • A positive financial performance with consolidated net banking income rising by 5% year-on-year to MAD 13.9 billion while net income attributable to shareholders of the parent company increased by 5% to MAD 1.9 billion.
  • Geographic expansion, resulting in (i) an increased contribution from African operations to the Group’s operational and financial performance, (ii) an expansion of European operations and (iii) the opening of the first branch office by an African Bank in Shanghai.
  • Lastly, our Group continued to implement its digital transformation process aimed at offering our retail and corporate customers a more straightforward banking experience via remote banking platforms.
This 2019 annual report is published in what are unprecedented times around the world due to the COVID-19-related health crisis in 2020. Despite the fact that this crisis has brought about major economic and social upheaval, a world order is perhaps beginning to emerge. We are committed to leveraging the opportunity presented by this exceptional global situation to accelerate change across our Group’s various businesses. Our aim is to generate even more shortand long-term value for our shareholders, customers and other stakeholders in Morocco and in those countries in which we have operations.
Othman BENJELLOUN
Chairman & Chief Executive Officer
othman-benjelloun_

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