All banks operating in Morocco increased their capital in the first three quarters of 2019.
Rabat – The profits of Moroccan banks exceeded $1.1 billion at the end of September, increasing by 0.96% compared to the same period in 2018. The total net banking income also increased by 6.6%, reaching $5.62 billion.
Bank Al-Maghrib, Morocco’s central bank, released the data in a recent report about banks’ transactions for the third quarter of 2019.
The performance of the major banks operating in Morocco had uneven profit growth. The Moroccan Bank of Foreign Commerce (BMCE) and CIH Bank saw negative growth, with BMCE’s profits decreasing by 16.7% compared to last year and CIH’s profits dropping by 28.6%.
The net profits of the remaining banks operating in Morocco varied between a minimal increase of 2.17%, for the Moroccan Bank of Commerce and Industry (BMCI), and 29.41% for Credit Agricole.
The capital of Moroccan banks at the end of September stood at $16.7 billion, representing a 6.33% increase from the previous year.
GBP had the largest capital increase with about 9.95%, followed by BMCE (8.4%), CIH (7.03%), and Credit Agricole (6.27%).