Consolidated net income continued its recovery, increasing by 18.6% to nearly 2.4 billion dirhams, said the BCP in a press release. Despite the economic slowdown, the consolidated cost of risk fell by nearly 18% to 1.8 billion dirhams.
Concerning the consolidated net banking income (NBI), it appreciated by 3% to almost 10.5 billion dirhams, mainly benefiting from the evolution of the interest margin and the margin on commissions which were reinforced respectively by 5.9% and 6.7%.
This performance reflects the efforts made by the group to optimize the cost of resources and the good performance of the subsidiaries both in Morocco and in sub-Saharan Africa. These achievements made it possible to offset the 16.9% drop in profit from market activities, due to the impact of the rise in interest rates on the trading portfolio.
In addition, the BCP indicates that general expenses increased by 4.4% in the first half of 2022 to 5.1 billion dirhams. Consequently, the cost/income ratio stood at 48.7%.
As for the group’s deposits, they continued to strengthen by 3.5% to stand at 353.8 billion dirhams, while gross credits firmed up by 1.3%, compared to 31/12/ 2021, at 292 billion dirhams.
In Morocco, the Bank posted, in H1-2022, a satisfactory trend in its indicators. Indeed, customer deposits continued on the same trend of the previous year with an increase of 3.8% over 6 months, to 278.5 billion dirhams. This development comes from both individuals (+5.6 billion dirhams) and companies (+4.4 billion dirhams).
Given these developments, the structure of resources is improved with an unpaid share which now amounts to almost 74%.
