BCP Group: the result exceeds the billion mark

BCP Group: the result exceeds the billion mark
BCP Group: the result exceeds the billion mark

The Banque Centrale Populaire (BCP) is starting 2024 with remarkable financial results, recording an increase of 78.2% in its net profit group share (RNPG) and an increase of 47% in its consolidated net profit, compared to to the previous year.

The Banque Centrale Populaire (BCP) started 2024 on a positive note, posting robust financial results for the first quarter. The group has indeed announced a net profit, group share (RNPG) of 1.1 billion dirhams (billion dirhams), marking a spectacular increase of 78.2% compared to the same period in 2023.

For its part, the consolidated net profit of the BCP amounts to 1.3 billion dirhams, thus recording an increase of 47% compared to the first quarter of the previous year. The BCP’s net banking income (NBI) saw a significant improvement of 25.5%, reaching MAD 6 billion. This performance is attributable to an increase in the “Core banking business”, which includes the net interest margin and the commission margin, as well as a rebound in the results of market activities. This favorable environment is partly due to the stabilization of interest rates, which has helped to alleviate inflationary pressures. At the end of March, the group’s outstanding consolidated gross credits stabilized at MAD 318.9 billion.

At the same time, consolidated deposits saw an additional collection of 3.8 billion dirhams, bringing the total to 375.5 billion dirhams. These figures reflect the stability and confidence of clients in BCP, despite a generally uncertain economic environment. BCP continues to follow a prudent provisioning policy. The cost of risk thus increased by 48.1% in the first quarter of 2024, reflecting a sustained and anticipatory effort in terms of provisioning.

This strategy aims to strengthen the group’s resilience in the face of possible future economic shocks. At the same time, general operating expenses were controlled, recording a moderate increase of 5.7% to reach MAD 2.8 billion. This control of operational costs demonstrates the rigor of the BCP in the management of its resources, while continuing to invest in strategic initiatives.

In its financial communication, the group concludes on an optimistic note, affirming the bank’s confidence in the solidity of its fundamentals. By starting the 2024 financial year with positive momentum, the group confirms its capacity for resilience and its continued adaptation to a constantly changing economic environment.

Sanae Raqui / ECO Inspirations

-

-

NEXT Have you ever noticed this little detail when you buy bread at Colruyt?