Rabat - BMCE Bank posted a 58 per cent increase in 2014 net profit, reaching 1.94 billion Moroccan dirhams, new figures from the banking group have revealed on Monday.
Rabat – BMCE Bank posted a 58 per cent increase in 2014 net profit, reaching 1.94 billion Moroccan dirhams, new figures from the banking group have revealed on Monday.
The Group’s performance is due, among other things, to the growth in its domestic and sub-Saharan African markets.
BMCE’s sub-Saharan subsidiaries, La Congolaise de Banque and Banque de Developpement du Mali represent 27 per cent of the Bank’s profit.
“2014 was the year of firsts in the history of BMCE either since its founding or since privatization,” said Brahim Benjelloun Touimi, managing director of the banking group. Indeed, 2014 was the year during which the bank’s indicators have gone through the roof. “For the first time, consolidated net banking income exceeded 11.5 11.5 billion dirhams,” explained Driss Benjelloun, BMCE Bank’s General Director.
The loans distributed by BMCE hit the 100 billion dirhams mark for the first time.
The group’s total bad loans rose to 6.9 billion dirhams in 2014 from 6.3 billion at the end of 2013, while operating profit rose 27 per cent up to 5 billion.
Return on equity (ROE) rose 13.7 per cent in 2014 from 9 percent a year earlier. The bank has also proposed a 4.4 dirhams dividend per share, up from 4 dirham in 2013.
BMCE is planning to launch an Islamic subsidiary along with other Moroccan banks in the wake of the Parliament’s approval of a bill regulating Islamic banking in Morocco.