Banque Centrale Populaire group (BCP) published its financial results at the end of the second half of 2020 on Tuesday, September 22, on the Casablanca stock exchange. Thus, the main indicator showed green, despite the lockdown of populations to stem the spread of the COVID-19 pandemic in Morocco.
Despite this context, the consolidated Net Banking Income improved by 13.9% to 10 billion Dirhams (around 1 billion euros). This increase is mainly explained by the combined effect of the change in scope following the integration of the new African subsidiaries acquired at the end of December 2019. As for the total consolidated balance sheet and shareholders’ equity, they amounted respectively to 448.4 billion Dirhams (45 billion euros) and 46.6 billion Dirhams (4.9 billion euros) during the same period.
The group has also succeeded in strengthening its leadership in Morocco on deposits which increased by 4.7%, compared to the end of 2019, to 259 billion Dirhams (26 billion euros), an additional collection of 11.7 billion of Dirhams. This performance was achieved both with local individuals (+4.5 billion Dirhams) and MDM (+1.4 billion Dirhams), as well as companies (+5.8 billion Dirhams).
Despite the impact of the lockdown measures decided by the authorities in the countries where the Group operates, the international subsidiaries of the BCP Group are maintaining their growth momentum. Thus and taking advantage of a scope effect linked to the acquisition of three new banks in Q4-2019, NBI grew by 52% and now represents 25% of consolidated NBI. Excluding this change in scope, growth remains strong at + 8.5%. The international subsidiaries also saw their financial profitability improve significantly on a like-for-like basis to + 11%, in line with the evolution of their activity indicators and cost control despite a difficult international context. In Morocco, the specialized subsidiaries were impacted by the health crisis during this first half. They continue, however, to make a strong contribution to the Group’s net banking income with a rate of 22%.
However, the Consolidated Net Income fell by 48% to 1034 million Dirhams (103 million euros), while the Net Income Group Share fell 38% to stand at 1,015 million Dirhams (101 million Dirhams). euros). If we rely on the other main indicators of the group, the size of the network reached 6007 distribution points for a number of bank customers of 6.5 million.
Ibrahima Dia Junior