Moroccan Central Popular Bank (BCP) has recorded, in 2015, a net profit of 2.51 billion dirham ($255.2 million), 14% up from 2014, a statement the group published on March 10 reports.

The increase results from the group’s share in capital of each of the 10 Regional Popular Banks (BRP) rising to 52%, added to good performances of its subsidiary, Atlantic Bank International, which operates in 10 African countries.

Atlantic Bank International, in which BCP detains a 65% stake, has generated 14.4% of the group’s net banking product (NBP). At 15.3 billion dirhams, NBP in 2015 rose 4% against 2014.

BCP also reported that customer deposits last year surged 8.9%, compared to the previous year, to 250.3 billion dirham, thus representing 27% of Moroccan market.

Loans to customers reached 210.1 billion dirham, thus increasing 2.1% when compared to 2014.

However, with Morocco’s economy slowing down and risks rising in Africa, bad debts increased to 11.87 billion dirham at December 31, 2015 against 10.4 billion dirham the year before.