Morocco's Bank of Africa reports 26% rise in first-quarter profit
Net banking income rose 11% to 5 billion dirhams, the bank said, noting an improvement in interest and fee margins.
(Reporting by Ahmed Eljechtimi Editing by Bernadette Baum)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 hours ago
- Zawya
Arab Bank Group profits grow by 6% to $535mln for the first half of 2025
Arab Bank Group reported solid results for the first half of 2025, with 6% increase in net income after tax reaching $535.3 million as compared to $502.8 million for the same period last year. The Group maintained its strong capital base with a total equity of $12.5 billion. The Group's Assets grew by 9% to reach $75.2 billion, loans of $39.8 billion showed a net growth by 6%, and deposits grew by 9% to reach $55.3 billion. Commenting on the bank's performance, Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong results achieved in the first half of 2025 are a clear testament to the effectiveness of the bank's strategy and the resilience of its operating model. He noted that despite ongoing economic headwinds and regional geopolitical uncertainties, the bank continued to prudently grow its operations and deliver sustainable growth and healthy returns for shareholders. Looking ahead, Mr. Masri affirmed the bank's commitment to executing its integrated corporate strategy and long-term vision, with a clear focus on meeting the evolving expectations of both shareholders and clients." Mr. Masri emphasized that Arab Bank Switzerland completed the merger of Gonet & Cie SA ('Gonet') and ONE swiss bank SA ('ONE') and strengthen its presence in Switzerland and operational entities abroad. Arab Bank Switzerland Group assets under management increased to reach CHF 18 billion. Ms. Randa Sadik, Chief Executive Officer, stated that the underlying performance of the Group continues its growth trajectory with first half results recording a healthy increase of 5% in revenue while maintaining a solid balance sheet growth of 9%. Ms. Sadik emphasized that the bank remains focused on maintaining high liquidity and preserving its high asset quality. The Group's loan-to-deposit ratio stood at 72% and credit provisions held against non-performing loans continue to exceed 100%. Arab Bank Group maintains a strong capital base that is predominantly composed of common equity with a capital adequacy ratio of 17.1%. It is worth mentioning that Arab Bank has recently received the "Best Bank in the Middle East 2025" award from New York-based Global Finance magazine, a testament to its leading position in the regional banking sector.
Zawya
10 hours ago
- Zawya
Egypt Participates in Drafting and Launching the G20 Development Working Group Ministerial Declaration
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, represented the Arab Republic of Egypt at the G20 Development Working Group Ministerial Meeting held in South Africa. She also participated in drafting and launching the Ministerial Declaration at the conclusion of the meetings. The Ministerial Declaration, issued at the meetings, affirmed that development financing is at the core of shared priorities. It also highlighted the urgent need to enhance domestic resource mobilization, address illicit financial flows, and strengthen the role of multilateral and innovative financing mechanisms. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development, its pledge to leave no one behind, and its enhanced shared responsibility in confronting global challenges and interconnected crises, from debt to global inequalities, climate change, and the SDG financing gap. During her participation, H.E. Dr. Rania Al-Mashat highlighted Egypt's experience in launching the "Country Approaches for Financing Sustainable Development and Climate Action" initiative within the Seville Platform for Action, with the aim of advancing integrated financing frameworks globally. Egypt co-leads this initiative (alongside South Africa, the United Nations Development Programme, the United Nations Department of Economic and Social Affairs, the Organisation for Economic Co-operation and Development, UNICEF, regional development banks, and others). Its objectives include 100 countries implementing integrated financing programs or country financing platforms funded by public, private, and philanthropic sources by 2030. Egypt has already begun joint work with Mexico to understand the mechanism for designing and implementing national platforms. Regarding stimulating large-scale investments, H.E. Dr. Al-Mashat emphasized the importance of allowing the private sector to play an effective role in development financing, improving governance in international financial institutions, and strengthening the United Nations' role in setting global economic rules. She also stressed the significance of debt sustainability and updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries, particularly in Africa, and to support these countries with incentive tools and mechanisms to overcome ongoing debt challenges. In line with the G20 ministers' declaration, which highlights the urgent need to bridge the $4.5 trillion annual SDG financing gap, H.E. Dr. Al-Mashat affirmed the pressing need to expand blended finance and public-private partnerships, and to implement debt-for-development swap programs. She pointed to Egypt's experience, particularly with Italy, Germany, and China, in providing fiscal space for investment in high-impact projects in food security, women's empowerment, environmental protection, and climate change, making it a successful and replicable model. Furthermore, between 2020 and May 2025, Egypt successfully mobilized approximately $15.6 billion for private sector financing from international partners, with $4 billion allocated to the private sector within the Country Platform – the "NWFE" program. Despite the absence of an internationally agreed definition for Global Public Goods, the G20 Ministerial Declaration stressed the urgent need to enable the provision of these goods, along with the importance of taking action to support low-income and developing countries in implementing the 2030 Agenda in accordance with their national priorities and contributing to global well-being. This is what the Development Working Group calls for: enhancing global consensus, research, and cooperation on the protection and provision of Global Public Goods. The Minister of Planning, Economic Development and International Cooperation reiterated in her speech that development financing and investments in essential sectors represent the cornerstone of sustainable economic and social growth and have a direct impact on human well-being and long-term productivity. She confirmed the necessity of achieving a common vision in line with the G20 Ministerial Declaration, through mobilizing long-term and affordable financing and rethinking multilateral cooperation. With over $460 trillion in global assets, the potential to bridge SDG financing gaps is within reach – if countries redirect capital towards inclusive and sustainable priorities. H.E. Dr. Al-Mashat concluded her speech by stating that the outcomes of this Ministerial Meeting must represent the beginning of a practical phase – to translate commitments into tangible progress, moving from policies to practices with strong political will, while ensuring that no country is left behind in our pursuit of a more sustainable and equitable future for all. It is worth noting that the G20 is the premier forum for international economic cooperation and plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. Its membership includes 19 countries plus the European Union and the African Union. South Africa assumed the G20 presidency from December 1, 2024, to November 2025, and is committed to leading the G20 by focusing on people, development, and solutions in a complex global geopolitical landscape. This comes against the backdrop of Egypt's pioneering experience – as a middle-income country – in balancing its national priorities. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Zawya
10 hours ago
- Zawya
Seychelles: Ministry of Local Government and Community Affairs Honours Long-Serving Public Servants at Annual Awards Ceremony
The Ministry of Local Government and Community Affairs hosted its Annual Long Service Award Ceremony on Friday evening at the Savoy Resort and Spa, recognising the dedication and enduring service of its employees. The President of the Republic, Mr. Wavel Ramkalawan, accompanied by First Lady Linda Ramkalawan, attended the event as Guests of Honour, joining ministry officials and staff in celebrating the invaluable contributions of long-serving public servants to community development and local governance. The evening's proceedings honoured 17 exemplary public servants, each recognised for their unwavering dedication to national development through years of steadfast service. The awardees marked significant career milestones, ranging from five to thirty-five years of distinguished service within the public sector. The ceremony's pinnacle moment witnessed Mrs. Maryse Mederic, Records Officer in the Registry Section, receiving special recognition for her extraordinary thirty-five years of dedicated service to the Seychelles Government. She was presented with a ceremonial shield by President Ramkalawan, a commemorative floral arrangement by First Lady Linda Ramkalawan, a certificate of appreciation by the Minister for Local Government and Community Affairs Mrs. Rose-Marie Hoareau, and monetary awards by Chief Secretary Mrs. Shella Mohideen. The ceremony also recognized employees across multiple service categories, presenting certificates, commemorative shields, and monetary awards to deserving recipients. Notable recipients included: Five-year service recognition: Michael Mwaura (Facilities Officer) and Marie-Yvonne Payet (Personal Assistant to the Minister) Fifteen-year honorees: Sabrina Simeon, Fatima Marie, Merina Boniface, Samia Vinda, and Claudette Harrison, representing various district offices Twenty-year distinction: Antonia Cherry (Human Resources and Budget Management Officer) Twenty-five-year veterans: Kathleen Juliette, Marie-Antoine Radegonde, Virginie Micock, Jones Mangroo, and Nicole Agricole Thirty-year exemplars: Shirley Mussard and Marianna Adam "The ceremony of long service awards is not just a moment of recognizing our employees; rather, it is a moment of reflection, a moment of gratitude, and a moment to evaluate the journey as a team," remarked Minister Rose-Marie Hoareau during her address. Minister Hoareau seized the opportunity to thank the workforce that has been the driving force behind the success of the Ministry's mission, commending their unwavering dedication. She expressed gratitude for all they have managed to accomplish as a team and extended her best wishes for their continued service. The Ministry also celebrated three employees who successfully completed advanced professional development programs. Mrs. Elsia Maria received recognition for completing the Advanced Strategic Public Relations Management course, while Mrs. Gina Cesar and Ms. Antonia Cherry were honoured for their participation in the prestigious ITEC Programme "Innovative Leadership for Organizational Growth and Excellence" in India. The evening's entertainment exclusively featured musical performances by Ministry personnel and guest artists, demonstrating the organization's diverse talents and collaborative spirit. The Long Service Award Ceremony underscores the Ministry's commitment to recognizing excellence while reinforcing the fundamental importance of sustained public service in nation-building. Distributed by APO Group on behalf of State House Seychelles.
