BMCI has released its financial results for the first half of 2024, showing a mixed performance across its key indicators. The bank’s net banking income (PNB) grew by 11.4%, reaching 1.89 billion dirhams, driven by strong results in both lending and market activities. The interest margin rose by 9.6%, while the result from market operations surged by 21.4%.
However, these positive commercial performances did not fully translate into bottom-line profitability. The bank’s consolidated net profit fell by 2.6%, settling at 212 million dirhams. This decline may be attributed to an increase in the cost of risk, likely reflecting higher provisions for doubtful loans due to the current economic uncertainties, which are impacting some borrowers’ repayment capacity.
On a brighter note, BMCI’s standalone financials, which focus solely on its activities in Morocco, showed a significant 22.1% increase in net profit, reaching 262 million dirhams. This improvement could be due to the strong performance of specific business areas in the Moroccan market.
However, the bank reported a decline in both credit and deposit volumes. Customer loans fell by 4.7% to 56.07 billion dirhams, while customer deposits decreased by 3.9% to 45.62 billion dirhams. This drop could be linked to factors such as a slowdown in economic activity, which is dampening credit demand, or increased competition in Morocco’s banking sector.
