Finance

Morocco : Banque Centrale Populaire announces $302 mln net profit in 2018  

Wednesday, 20 March 2019 13:45
Morocco : Banque Centrale Populaire announces $302 mln net profit in 2018  

(Ecofin Agency) - Morrocan Banque Centrale Populaire (BCP) announced, in a release published on March 19, 2019, a net profit of MAD2.9 billion ($302 million) in 2018. Year on year, it represents a 3.5% rise.  

During the period under review, the bank’s net banking product grew by 4% year on year to reach MAD17 billion.

The group, which has more than 6 million clients in Morrocco, granted MAD15 billion credit thus improving its position by 31 basis points raising its market share on this segment to more than 24%.

As far as deposits are concerned, the bank has a 26% market share. In its release, the bank informs that the performances are mainly due to its sales performances and the rise in its brokerage activities in Morocco and at the international level.

The cumulated banking products of BCP’s African subsidiaries recorded a 14% rise thanks notably to a 12% rise in credits granted and 9% rise in deposits.

The administrative board has decided on the distribution of a MAD7.5 dividend per share representing a 15.4% growth year on year.

In October 2018, BCP announced its intention to acquire banks in Kenya, Rwanda, Ghana and Tanzania to raise 30% of its revenues from African subsidiaries by 2020 against 18% in 2017.

In September 2018, it also announced exclusive negotiations with French banking group BPCE for the acquisition of the latter’s majority stake in four banks in the continent : Banque Internationale du Cameroun pour l’Epargne et le Crédit (Cameroon), Banque malgache de l’Océan Indien (Madagascar), Banque Commerciale Internationale (Congo DR),  Banque tuniso-koweïtienne (Tunisia).



 
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