INTEGRATED ANNUAL REPORT
2022
PAGE NP/1 INTEGRATED ANNUAL REPORT 2022
C o n t e n t s | |
CHAIRMAN'S MESSAGE | 4 |
INTEGRATED REPORTING - CHOSEN METHODOLOGY | 6 |
BANK OF AFRICA GROUP | 8 |
A multi-business banking group with an international outlook | 12 |
A model for creating sustainable performance and shared value | 18 |
A Group enjoying the confidence of a diversified shareholder base | 30 |
Group's engagement recognised internationally | 34 |
THE STRATEGIC DRIVERS OF OUR PERFORMANCE | 36 |
Our governance principles and bodies | 38 |
Organisational structure driving the Group's dynamism and its strategic success | 54 |
Proactive risk governance consistent with best standards | 62 |
Regulatory compliance dependent on professional integrity | |
and responsible organisation | 66 |
Customer satisfaction the catalyst of our technology choices | |
and operational decisions | 70 |
The pan-African bank of tomorrow being built by confidence | |
in our talented employees | 72 |
Our environmental commitment- a green economy and positive impact finance | 77 |
2022, A NEW GROWTH PHASE | 80 |
A strong financial performance | 82 |
Customer-centricity a growth driver | 86 |
A banking group which is supportive of Africa's development | 89 |
An ongoing commitment to impact finance | 90 |
Creating shared value for all stakeholders | 96 |
FINANCIAL STATEMENTS | 98 |
GRI STANDARDS INDEX | 103 |
HUMAN CAPITAL & ENVIRONMENTAL INDICATORS | 106 |
PAGE 2/3 | INTEGRATED | 2022 |
BANK OF AFRICA
BANK OF AFRICA - BMCE Group, a socially responsible and engaged banking group, is a leading institution within Africa's banking industry. The Group's performance in 2022 continued to illustrate the relevance of its business model and its powerful growth trajectory.
Consolidated net banking income for the 2022 financial year rose by 7% to MAD 15.6 billion, while net income attributable to shareholders of the parent company stood at MAD 2.3 billion versus MAD 2 billion in 2021.
This growth trajectoryreflects BANK OF AFRICA's commitment to satisfying its extensive range of customers, in particular, bydigitallytransforming the Bank's entire business portfolio which is a source of productivity, high quality service and a vital driver of banking and social inclusion.
CHAIRMAN'S MESSAGE
In 2022, BANK OF AFRICA further enhanced its already strong reputation for promoting impact finance and corporate social responsibility causes in Morocco and Africa. As a recognised pioneer in this field for more than 25 years, the Group has developed a number of new positive impact services and solutions to help Moroccan and African companies transition to a green economy, help them meet the challenges of decarbonisation, mitigate the effects of climate change and prudently manage transition risk.
This year, the ongoing commitment shown by the Group and by BMCE Bank Foundation was once again hailed in some of the most demanding of international rankings.
The various initiatives and actions undertaken by BANK OF AFRICA - BMCE Group in sustainable development, detailed here in this Report, reflect its aspiration to generate, through its broad spectrum of activities, sustainable value for the benefit of all stakeholders and, ultimately, for the economic and social development of Morocco and the African continent.
Othman BENJELLOUN
Chairman & Chief Executive Officer
PAGE 4/5 INTEGRATED ANNUAL REPORT 2022
INTEGRATED REPORTING : CHOSEN METHODOLOGY
INTEGRATED REPORTING :
CHOSEN METHODOLOGY
In 2019, BANK OF AFRICA enhanced its reputation as a pioneer when it became a founding signatory to Principles for Responsible Banking, thereby underlining its commitment to strategically align its operations to the United Nations' Sustainable Development Goals and those of the Paris Agreement on Climate Change.
In formally advocating Principles for Responsible Banking, BANK OF AFRICA has underlined its support for the international banking community's commitment to sustainability, thereby maintaining its longstanding undertaking to integrate these principles and socially responsible, environmental and ethical goals into its strategy, governance rules, corporate behaviour, products and services. By choosing to issue ESG financing instruments sponsored by multilateral development institutions, the Bank aims to ensure that the financial sector is increasingly efficient, transparent and credible when it comes to protecting the environment, adapting to climate change and protecting the interests and rights of all stakeholders.
Consistent with its commitment to upholding Principles for Responsible Banking, BANK OF AFRICA's day-to-day operations comply with the directives of Bank Al-Maghrib (BAM) and the Moroccan Capital Markets Authority (AMMC). BANK OF AFRICA closely adheres to and is inspired by international best practices and frameworks such as:
The principles of the Sustainability Accounting Standards Board (SASB) and the International Sustainability Standards Board (ISSB), two initiatives which are helping to harmonise non- financial information.
The principles of the first set of draft European Union Sustainability Reporting Standards (ESRS), prepared by the European Financial Reporting Advisory (EFRAG) Project Task Force.
This report is inspired by the reference framework establishedbytheInternationalIntegratedReporting Council (IIRC) and aims to provide an integrated report of BANK OF AFRICA's strategy, means and
financial performance as well as its environmental, social and governance (ESG) indicators. Choosing this concise format enables BANK OF AFRICA to provide information which is fully intelligible by highlighting its commercial achievements and the mutual relationship that exists between its social responsibility and operational excellence on the one hand and its strategic development on the other.
Reporting scope
Non-financial data relate to social, environmental, societal and governance indicators and cover the operations of the Bank and of the Group in Morocco. Data relating to the Group's international subsidiaries are sometimes also mentioned.
Reporting period
The indicators contained in this report cover the Group's entities over the period 1 January 2022 to 31 December 2022. Reference years are provided based on the availability and completeness of the data.
Reporting framework
This report is also based on AMMC Circular No. 03/19 of 20 February 2019 relating to financial transactions and Global Reporting Initiative (GRI) standards.
This report also integrates Sustainable Development Goals (SDGs) and informs readers on how BANK OF AFRICA is contributing to the latter.
PAGE 6/7 INTEGRATED ANNUAL REPORT 2022
BANK OF AFRICA - BMCE GROUP IN FIGURES
BANK OF AFRICA - BMCE GROUP
14 825 32 2000 6.6
employees, 43.6% of | countries in which the | points of sale | million customers |
whom are women | Group has operations |
383 | 209 | 246 | 15.6 | 2.3 |
billion | billion | billion | billion | billion |
net income | ||||
total assets | total loans disbursed | total deposits | net banking income | |
attributable to | ||||
(+11% vs. 2021) | (+6% vs. 2021) | collected | (+7% vs. 2021) | |
shareholders of the | ||||
(+12% vs. 2021) | ||||
parent company | ||||
BANK OF AFRICA S.A | (+15% vs. 2021) |
247 127 148 6.6 1.5
billion | billion | billion | billion | billion |
total assets | total loans disbursed | total deposits | net banking income | net income |
(+9% vs. 2021) | (+4% vs. 2021) | collected | (-4% vs. 2021) | (+2% vs. 2021) |
(+6.6% vs. 2021) |
RATINGS
Moody's FitchRating
BA1, | BB, | A1+ |
STABLE OUTLOOK | NON-FINANCIAL RATING | |
STABLE OUTLOOK | ||
PAGE 8/9 INTEGRATED ANNUAL REPORT 2022
BANK OF AFRICA GROUP
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Bank of Africa published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 14:27:46 UTC.