Real estate and hotels bank posts net profit of $ 15.4 million

Moroccan real estate credit bank "CIH" says it posted in 1997 a net profit of 141.9 million DH ($ 15.4 Mln) and disbursed four billion dh ($ 434.7 Mln) for the building of 27,648 houses and purchase of 4,953 land plots.

In its annual report, the bank said in 1997, it approved five billion dh (usd 543 Mln) in loans and disbursed four billions ($ 434.7 Mln)

Regarding loans granted to hotels, CIH said it earmarked 6 loans of a total amount of 26 million dh (usd 2.8 mln) out of 127.8 million dh (usd 13.8 mln) in commitments.

However, loans granted to hotels only covered refurbishment and regressed by 33 percent in comparison with last year while there was not a single loan for the building of a new hotel.

The bank says it will carry on in the coming years its firm policy of recovering arrears due to hotels.