Morocco's BMCE Bank Reports Record Net Profit For 2016Source: www.export-egypt.com 3/30/2017, Location: Africa |
|
|
|
|
|
Moroccan lender BMCE Bank of Africa said its 2016 net profit rose 4 percent to a record 2 billion dirhams ($204 million) thanks to rising margins and commission income.
Consolidated net income rose 10 percent to 12.99 billion dirhams last year, the bank said in a statement published by L'Economiste newspaper. Income from interest and commissions made up 87 percent of the bank's income, BMCE said, while costs to cover risks rose 12 percent to 1.6 billion dirhams. It did not give details. BMCE, like other big lenders in Morocco, has faced higher risks in sub-Saharan Africa where it has been expanding aggressively, as well as bad loans in its home market after years of economic turmoil following the financial crisis and Arab spring. Total bad loans rose to 8.8 billion dirhams from 7.3 billion dirhams at the end of 2015, data from the bank showed. BMCE's return on equity (ROE) was 12.6 percent in 2016, down from 13 percent in 2015. Total assets jumped 9.5 percent to 305.92 billion dirhams, the bank said. Sub-Saharan subsidiaries Bank of Africa, La Congolaise de Banque and Banque de Developpement du Mali contributed 32 percent to BMCE's profit, the bank said. Last month, Moody's changed BMCE's outlook to stable from negative. Along with other Moroccan banks, BMCE is preparing to launch an Islamic subsidiary after the authorities gave the go-ahead to establish Islamic banks and issue sukuk, or Islamic bonds. BMCE Bank has picked Bahrain-based Al Baraka Banking Group as its Islamic banking partner.???? |
|
|
Financials and Investment News in Morocco >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Morocco Oil & Gas 1 >> |
