The bank plans to increase its revenue from other African countries and expand into Kenya, Rwanda, Ghana, and Tanzania.
Rabat – Morocco’s Banque Centrale Populaire (BCP) announced that its annual net profits in 2018 “attributable to shareholders” rose to MAD 2.9 billion, Reuters reported.
The figure is a 3.5 percent increase from 2017.
In a statement on March 19, BCP published its results for 2018 and asserted that its activities in Morocco and African branches recorded “significant” improvement.
BCP took on 260,000 new customers in 2018. BCP already had 6 million customers across Morocco, Europe, and the Gulf, the press agency noted. The bank made loans of MAD 15 billion in 2018 and increased its market share to more than 24 percent of the Moroccan banking sector.
“Net banking income grew 4 percent to 17 billion dirhams on the back of an improvement in the commercial segment while general risk provisions rose to 4.1 billion dirhams,” Reuters reported.
BCP’s African branches also increased both their loans and deposits.
BCP increased its loans to Moroccan companies by 9.4 over 2017. “This evolution is mainly driven by commercial performance as well as the good progress of intermediation activities, in Morocco and abroad,” said the BCP group in a statement.
In October 2018, the Moroccan bank announced its intention to acquire banks in Kenya, Rwanda, Ghana, and Tanzania with a goal to derive 30 percent of its revenues from the rest of Africa by 2020. BCP received only 18 percent of its revenue from its African branches in 2017.
BCP also holds overseas offices in Spain, England, Germany, France, Gibraltar, the Netherlands, Canada, and Belgium.