BMCI Group has delivered impressive financial results for the first nine months of 2024, reinforcing its position as a key player in Morocco’s banking sector. With a consolidated net profit of 315 million dirhams, representing a remarkable 31.6% year-on-year increase, the group continues to demonstrate robust growth.
Consolidated net banking income (NBI) rose to 2.87 billion dirhams, reflecting an 11.6% increase compared to the same period in 2023. This growth was driven by a 10.4% rise in market operations and a 10.3% expansion in net interest margins. On an individual basis, NBI grew even further, reaching 2.70 billion dirhams, a solid 14.9% year-on-year increase.
The group’s efficiency gains are evident in the decline of its consolidated cost-to-income ratio, which improved to 59.3%, down 5.6% from 2023. Operating expenses remained well-controlled, increasing modestly by 2.1% to 1.70 billion dirhams, highlighting effective cost management.
Consolidated gross operating profit surged by 29.3%, reaching 1.17 billion dirhams, while pre-tax profit grew by 26.5% to 603 million dirhams. These figures reflect significant improvements in the group’s operational performance.
BMCI has maintained a cautious approach to risk management, with consolidated risk costs rising by 26.4% to 542 million dirhams. This proactive strategy has resulted in an 80.46% provision coverage rate for doubtful loans, further bolstering the group’s resilience.
Customer loans remained stable at 58.83 billion dirhams, while deposits experienced a slight dip of 0.7%, totaling 47.15 billion dirhams. Notably, non-interest-bearing deposits made up 74.1% of total customer resources, ensuring a strong funding base.
Commitments by signature showed a significant jump of 21.1%, reaching 19.09 billion dirhams, underscoring BMCI’s active support for the national economy.
With a solvency ratio of 12.9% and a liquidity coverage ratio of 169%, BMCI demonstrates a solid financial foundation, reinforcing its ability to meet client needs while maintaining regulatory compliance.
These results, achieved through a strategic focus on operational efficiency and prudent risk management, solidify BMCI’s reputation as a cornerstone of Morocco’s banking sector in 2024.
