BMCI Group: Positive Momentum Confirmed in 2024

The BMCI Group posted a Consolidated Net Profit of 326 million dirhams as of December 31, 2024, a significant increase of +91% compared to the end of 2023.

Consolidated Net Banking Income amounted to 3.79 billion dirhams, marking a 10% increase compared to the previous year. This development was supported by a growth in the net interest margin of 9.1% (2.65 billion MAD), a 3.6% increase in the result of market operations (626 million MAD), as well as a 13.8% BMCI Groups’ increase in commissions (528 million MAD).

BMCI Consolidated Management Fees reached 2.24 billion dirhams

The Consolidated Operating Ratio continues to improve and stands at 59%, down 4.6 points compared to the end of December 2023.

Consolidated Gross Operating Profit increased by 24.1% to reach 1.55 billion dirhams.

The Consolidated Cost of Risk stood at 810 million dirhams, an increase of 28% compared to December 31, 2023, reflecting in particular a provisioning effort intended to strengthen the coverage rate of receivables held in the portfolio. In the company accounts, the coverage rate of receivables by provisions reached 80.1%.

Consolidated Net Income Before Tax (NNIT) reached 716 million dirhams, an increase of 17% compared to the previous year (+35% excluding non-recurring items). For the company accounts, Net Income Before Tax increased by 28% (+14% excluding non-recurring items).

Consolidated Net Income amounted to 326 million dirhams, up 90.7% (+48% excluding non-recurring items) compared to the previous year. In the statutory accounts, it reached 292 million dirhams, up 50.5% (+25% excluding non-recurring items).

In terms of commercial activity, Consolidated Customer Loans by Cashier reached 59.19 billion dirhams at the end of December 2024, a slight increase compared to the 58.85 billion recorded during the same period in 2023, driven mainly by the “Corporate” segment.

BMCI’s Consolidated Customer Deposits recorded a 2% increase, reaching 48.39 billion dirhams compared to 47.46 billion as of December 31, 2023. Non-interest-bearing resources continue to increase and represent 77% at the end of 2024 compared to 75.7% in 2023.

Consolidated Signature Commitments reached 19.27 billion dirhams, an increase of 22.3% compared to the end of 2023.

Furthermore, the international rating agency Fitch confirmed the BMCI Group’s ratings in January 2025, reflecting its solid financial position. These ratings are the highest awarded at the national level:

Long-term rating: AAA (mar)
Growth outlook: Stable
Short-term rating: F1+ (mar)

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(Featured image by Mabel Amber via Pexels)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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