The BCP group in great shape in the first quarter of 2024

The BCP group in great shape in the first quarter of 2024
The BCP group in great shape in the first quarter of 2024

At the end of the first quarter of the 2024 financial year, the Moroccan economy demonstrated resilience with overall growth of 2.9%, despite the decline in agricultural added value affected by unfavorable weather conditions. Internationally, the economies of the Group’s other countries of presence should generally experience a revival in their growth in 2024 (+3.8% in sub-Saharan Africa, compared to 3.4% in 2023), mitigated however by an economic situation and unstable politics in some countries in the region.

In terms of activity indicators at the end of March 2024, the outstanding consolidated gross loans of the Banque Centrale Populaire Group stabilized at 3,18.9 billion Dirhams, while consolidated deposits recorded an additional collection of 3. 8 billion Dirhams, to reach 375.5 billion Dirhams.

On the other hand, the Group’s Net Banking Product improved by 25.5% to reach 6.0 billion Dirhams, driven both by the appreciation of the “Core Banking Business” and by the rebound in the results of banking activities. market, in a context of stabilization of rates reflecting an easing of inflationary pressures.

Continuing its prudent provisioning policy, the Group’s cost of risk increased by 48.1% in the first quarter of 2024, reflecting a sustained and anticipatory provisioning effort deployed by the Group for several years.

Furthermore, general operating expenses show a controlled evolution of 5.7% to 2.8 billion Dirhams.

Including all of these elements, the Consolidated Net Profit increased by 47% to 1.3 billion Dirhams, while the Net Profit Share of the Group stood at 1.1 billion Dirhams, an increase of 78.2%. .

Confident in the solidity of its fundamentals, the BCP Group is starting the 2024 financial year with good momentum, thus confirming its capacity for resilience in a constantly evolving environment.

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