Bank of Africa : Integrated Annual Report 2022

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