Live Bank of Africa share price on the Bourse de Casablanca. BOA, the rebranded former BMCE Bank, is one of Morocco's largest banking groups with subsidiaries across more than 20 African countries. A meaningful component of the MASI index, with the family-controlled FinanceCom group as reference shareholder.
Cours de l'action Bank of Africa en direct. BOA, anciennement BMCE Bank, est l'une des plus grandes banques marocaines avec des filiales dans plus de 20 pays africains. Composante du MASI, sous l'actionnariat de référence du groupe FinanceCom.
Bank of Africa, anciennement BMCE Bank of Africa puis BMCE Bank, est l'un des plus grands groupes bancaires marocains. Le groupe a changé de nom en 2020 pour mettre en avant son identité panafricaine, fruit d'une expansion entamée à la fin des années 2000 avec le rachat progressif du réseau Bank of Africa, présent dans une vingtaine de pays d'Afrique de l'Ouest et de l'Est. Le groupe FinanceCom de la famille Benjelloun en est l'actionnaire de référence historique.
Bank of Africa, formerly BMCE Bank of Africa and earlier BMCE Bank, is one of Morocco's largest banking groups. The group changed its name in 2020 to foreground its pan-African identity, the result of an expansion that began in the late 2000s with the gradual acquisition of the Bank of Africa network in around twenty West and East African countries. The FinanceCom group of the Benjelloun family is the historical reference shareholder.
Comme pour ATW et BCP, le taux directeur de Bank Al-Maghrib est le principal moteur de la marge d'intérêt nette de BOA sur son activité marocaine. Une hausse du taux directeur élargit la marge d'intérêt parce que les prêts à taux variable se réajustent plus vite que les dépôts. Une baisse fait l'inverse. Cette mécanique vaut surtout pour la banque de détail au Maroc; les filiales africaines opèrent dans des régimes monétaires différents avec leurs propres cycles de taux.
As with ATW and BCP, the Bank Al-Maghrib key rate is the primary driver of BOA's net interest margin on its Moroccan business. A rate hike widens the margin because variable-rate loans reprice faster than deposits; a rate cut does the opposite. The mechanic applies most directly to the Moroccan retail bank; African subsidiaries operate in different monetary regimes with their own rate cycles.
BOA est le groupe bancaire marocain le plus exposé, en pourcentage de son résultat, à l'Afrique subsaharienne. Les filiales en Côte d'Ivoire, au Sénégal, au Ghana, au Mali, au Kenya et dans une douzaine d'autres pays représentent une part significative du PNB consolidé. La qualité de cette contribution dépend des cycles économiques locaux, des conditions de change vers le franc CFA et le shilling kenyan, et du coût du risque dans chaque géographie.
BOA is the Moroccan banking group most exposed, as a percentage of group profit, to sub-Saharan Africa. Subsidiaries in Côte d'Ivoire, Senegal, Ghana, Mali, Kenya, and a dozen other countries make up a meaningful share of consolidated PNB. The quality of this contribution depends on local economic cycles, FX conditions against the CFA franc and the Kenyan shilling, and cost of risk in each geography.
Pour une banque internationale comme BOA, le coût du risque consolidé (provisions pour créances douteuses) est plus volatil que celui d'une banque purement marocaine. Une récession dans un marché subsaharien donné peut faire grimper le coût du risque local sans que l'activité marocaine ne soit affectée. Les investisseurs sérieux suivent la décomposition géographique du coût du risque dans les rapports semestriels et annuels déposés à l'AMMC.
For an international bank like BOA, group cost of risk (provisions for non-performing loans) is more volatile than that of a purely Moroccan bank. A recession in a given sub-Saharan market can push local cost of risk up without affecting the Moroccan business. Serious investors track the geographic breakdown of cost of risk in the half-year and annual reports filed with AMMC.
Banking dominates the MASI index, accounting for roughly 30 to 35% of total market capitalisation across the five listed banks (ATW, BCP, BOA, CIH, CFG, plus smaller players). Bank Al-Maghrib regulates the sector under Basel III standards and publishes solvency and liquidity ratios for the system in its annual Rapport sur la stabilité financière. BOA typically reports a Common Equity Tier 1 ratio comfortably above the regulatory minimum, with stable asset quality on its Moroccan book and more cyclical performance on its African book.
Within the listed peer group, BOA sits between Attijariwafa Bank and Banque Centrale Populaire by total balance-sheet size, and is the most diversified geographically of the three. ATW also has significant African exposure, but its franchise is concentrated in francophone West Africa and Egypt; BOA's network reaches further into anglophone East Africa and the Sahel. The two are complementary rather than identical exposures, which is why a Moroccan portfolio that wants pan-African banking exposure often holds both.
BOA is a way to take Moroccan banking exposure with a heavier overlay of sub-Saharan growth than ATW or BCP provide. The thesis is that African economies grow faster than Morocco does on average and that BOA captures part of that growth through its subsidiary network, while still offering the regulatory comfort and disclosure quality of a Moroccan-listed parent supervised by Bank Al-Maghrib. The counter-thesis is that African earnings can swing sharply with local cycles, that FX translation pressure is real, and that the dirham-reporting headline number can therefore be more volatile than for a purely Moroccan bank.
Investors who watch BOA seriously read the half-year report (RFS) and the annual report (RFA) on AMMC for two specific things: the geographic split of PNB and the geographic split of cost of risk. Together those two breakdowns explain almost everything about how the headline result lands.
Each half-year report from BOA discloses consolidated PNB, net income group share, and a geographic and sector decomposition of both. The Moroccan core typically delivers steadier results than the African subsidiaries, with subsidiaries acting as the main source of variance year on year. Cost of risk is reported in basis points of the average loan book and broken out by geography in the management commentary. Tier 1 capital and liquidity ratios are disclosed both at consolidated and Moroccan-only levels.
Dalil's company-page parser pulls only the consolidated group-share figures from each filing. The geographic and sector breakdowns visible in the management commentary, and any non-recurring items affecting a specific period, are best read directly from the original BOA filing on the AMMC website.
The price card shows BOA's last traded price, delayed 15–30 minutes via the Drahmi feed. When the upstream is unavailable or the session has closed, the card displays a reference value with an amber INDICATIVE chip; treat this as the most recent close, not as today's intraday price. The stat bar provides comparison points: MASI for the broader market, ATW and BCP for the two larger Moroccan banks, and the BAM key rate for the macro variable that most directly shapes net interest margin.
For a bank, the headline number is PNB (Produit Net Bancaire) rather than revenue in the industrial sense. Below PNB, focus on cost of risk, net income group share, and ROE; the article on what ROE means for Moroccan stocks walks through why ROE is the right ratio to read for a bank in particular. The differences between banking and telecom valuation are covered in how bank and telecom stocks differ.
AMMC - ammc.ma (BOA filings, listing approvals, regulatory disclosures)
Bourse des Valeurs de Casablanca - casablanca-bourse.com (market data, MASI methodology)
Bank Al-Maghrib - bkam.ma (banking sector solvency reports, Rapport sur la stabilité financière)
BOA group investor relations - half-year and annual financial reports
Live BOA price on Dalil refreshes every 15–30 minutes through the Drahmi feed.