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Financials

Morocco's Bank of Africa posts 5% profit rise for 2019

RABAT, March 30 (Reuters) - Bank of Africa (BOA), one of Morocco’s biggest lenders with operations in Africa and Europe, on Monday reported a 5% rise in 2019 net profit of 1.9 billion dirhams ($193 million).

BOA, which was formerly known as BMCE, said its return on equity (ROE) for the year was 11%, while its return on asset (ROA) ratio was 0.8%.

Net banking income was up 5% to 13.9 billion dirhams, BOA said in a statement, adding that it would distribute 1 billion dirhams in an annual dividend of 5 dirhams per share. (Reporting by Ahmed Eljechtimi; Editing by Alexander Smith)

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