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Morocco’s Bank Profits Exceeded $1.1 Bn by End of September

Morocco’s Bank Profits Exceeded $1.1 Bn by End of September

Monday, 9 December, 2019 - 11:45
Man carrying Moroccan dirhams and US dollars (File photo: Reuters)
Casablanca - Lahcen Mokena

The profits of eight main Moroccan banks reached $1.1 billion at the end of September, a 0.96 percent increase compared to the same period last year, while the total net banking income increased 6.6 percent to reach $5.62 billion, according to financial data released by Moroccan banks for the third quarter of 2019.


The performance of the eight banks had uneven profit growth during this period. The net profits of the Moroccan Bank of Foreign Commerce (BMCE) decreased 16.7 percent, and CIH Bank S.A. dropped 28.6 percent.


The net profits of the rest of the banks varied between 2.17 percent for the Morocco Bank of Commerce and Industry (BMCI), and 29.41 percent for Credit Agricole Group of Morocco.


Meanwhile, the profits of the two largest Moroccan banks, Attijariwafa bank and Banque Populaire of Morocco (GBP), both increased 4.76 percent, while those of Societe Generale grew 6.27 percent.


During this period, the banks strengthened their capital in the context of the gradual implementation of the new precautionary measures for the banking sector.


The capital of the eight Moroccan banks at the end of September was $16.7 billion, an increase of 6.33 percent compared to the same period last year.


The capital of the Banque Populaire of Morocco saw the largest increase with about 9.95 percent, and BMCE’s capital rose during this period about 8.4 percent. As for CIH Bank S.A, its capital rose 7.03 percent, preceding Credit Agricole Group of Morocco which had a 6.27 percent growth. Attijariwafa bank and Banque Populaire of Morocco (GBP) came in last with 5.77 percent and 4.02 percent respectively.


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