BMCI records gross operation results of MAD 800 million in 2004

The Moroccan bank "Banque Marocaine pour le Commerce et l'Industrie" (BMCI) recorded gross operation results of MAD 800 million, around 80 million euros, in 2004, which is a 14.1 percent rise compared to the previous year.

At a press briefing in Casablanca on Tuesday, BMCI-BNP Paribas group directory chairman, Joel Sibrac, said the good result was achieved thanks to the progression of the net banking product (NBP) and the mastering of general fees.

Customers deposits rose 16.7 percent reaching 25.9 MAD billion, while the NBP increased 8.3 percent with MAD 1.5 billion thanks to the good performance of the interest margin, commissions and market activities.

Loans also progressed 13.7 percent reaching MAD 20.1 billion by the end of December 2004, while commitments stood at MAD 7.3 billion. The BMCI also managed to limit its operation general charges, which amounted to MAD 733 million and a 2.7 percent increase.

Net contributions to commitment provisions amounted to MAD 193 million, while the rate of pending instalments recorded a slight decrease of 11.3 percent compared to 11.7 percent in 2003 at a time the cover rate went up from 71 percent to 73 pc.

The current result progressed 17.2 percent to the previous year standing at MAD 596 million.

Meanwhile, the BMCI has enhanced its presence in the leasing sector with a 13 percent rise of the activity.