The banking group intends to increase the share capital open to its shareholders.
Rabat – The BMCE Bank Of Africa Group’s net income reached MAD 1.9 billion (nearly $189 million with the current exchange rate) at the end of 2019, a 5% increase compared to the Moroccan bank’s net income in 2018, according to a press release on its financial results.
The banking group reported 60% of the income comes from activity in Morocco, while the remaining 40% is rooted in international activity.
BMCE Bank of Africa Group also recorded a net banking income of MAD 13.9 billion (approximately $1.38 billion with the current exchange rate) in 2019, an increase of 5%, largely due to the result on market operations and the margin on commissions.
Customer loans grew by 4%, while customer deposits increased by 5.4%. The banking group’s return on equity for the year was 11%, while its return on asset ratio was 0.8%.
BMCE Bank of Africa Group’s Board of Directors is set to propose to shareholders the distribution of a dividend of MAD 5 per share, representing an “increase in the share capital open to all the shareholders of the bank, to be paid up by optional conversion into shares of the dividends for the 2019 financial year.”