Mixed results at BMCE Bank Of Africa

The BMCE Bank Of Africa Group posted a Net Profit for the year (2018), down 10% to MAD 1.8 billion (166 million euros) compared with just over MAD 2 billion in the first half of the year. 2018 (187 million euros), announced Othman Benjelloun, chairman and CEO of BMCE Bank of Africa, Tuesday, April 2 at the group headquarters in the margins of the presentation of the results.

The BMCE reports a virtual stagnation of consolidated net banking income (net banking income), amounting to 13.23 billion dirhams (1.22 billion euros) at the end of December 2018 due to the reduction of wings on Assets under management.In addition, we note an increase of 11% of the stock of Provisions on receivables to reach 13.9 billion dirhams (1.28 billion euros) at the end of 2018, including 10.4 billion dirhams. dirhams (960 million euros) on outstanding debts. The outstanding debt coverage ratio reached 66.1% in December 2018, up from December 2017.

On the continent excluding Morocco, the group continued its sales drive with customer deposits up + 3% to 5.4 billion euros. Customer loans amounted to 4.1 billion euros, an increase of 5% thanks to the opening of 369,000 accounts in 2018. To date, the group has more than 3 , 9 million.

Regarding the outlook, Othman Benjelloun said the BMCE has “by 2021, exceed the mark of 3 billion dirhams (277 million euros) Net Profit Share Group and maintain a return on own funds, ROE, above 12%. This level will be achieved in a context where the base of our capital will be broadened “.

The Moroccan banking group is present in thirty countries around the world. It has more than 15,000 employees, nearly 1,700 branches and more than 6 million customers.

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