Just in:  

You are here: Home»Business»Banking & Finance»Morocco BCP's 2012 profit up 5.6pc

00095RABAT: Banque Centrale Populaire (BCP) , one of Morocco's three biggest lenders, said on Wednesday that its net profit grew 5.6 percent to 3.21 billion dirhams ($384 million) in 2012.


Deposits increased 10 percent to 201.9 billion dirhams which represented a 27.9 percent market share, the bank added in a statement.


BCP, in which the government is a shareholder, collected 74.2 billion dirhams of remittances from Moroccans living abroad during the year a 4.5 percent increase although total transfers by migrant workers to the country fell 4 percent.


The bank said it set aside an additional 300 million dirhams in provisions for non-performing loans at the end of December, so that its NPLs were 77 percent covered compared to 63 percent in 2011.


Net profit attributable to shareholders rose 2.7 percent to 1.9 billion dirhams.


Last October, credit rating agency Standard & Poor's revised its outlook for the bank to negative from stable, after taking the same decision for Morocco's sovereign outlook.


Copyright Reuters, 2013


Index Closing Chg%
Arrow DJIA 17,804.80 0.15
Arrow Nasdaq 4,765.38 0.36
Arrow S&P 2,070.65 0.46
Arrow FTSE 6,545.27 1.23
Arrow DAX 9,786.96 0.25
Arrow CAC-40 4,241.65 0.18
Arrow Nikkei 17,621.40 2.39
Arrow H.Seng 23,116.63 1.25
Arrow Sensex 27,371.84 0.90

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln