BMCE Bank of Africa: Non-Moroccan subsidiaries contributed 45% of net result over the first 9 months of the year
(Ecofin Agency) - BMCE Bank of Africa’s non-Moroccan units contributed to 45% of the net result of the group over the first nine months of 2017, a financial statement from the group revealed. This equals 714.61 million dirhams ($76.11 million), given that net result over the period was 1.58 billion dirhams.
The bank’s management welcomes the performance saying it is a “confirmation of its pan-African character”. Details regarding the contribution were not provided in the above mentioned report. However, its main branch in the region is the Bank of Africa group, which has about 20 subsidiaries.
More globally, the first three quarters of 2017 were marked by a 3.1% increase of the group’s net banking product, driven by commission margins that soared 13%, and a similar increase of the net interest margin by 6%. Moreover, the banking group has reduced its debts which were putting pressure on the total gross loans volume.