BMCE Bank
Morocco’s second largest bank, BMCE Bank, has focused on improving its profitability rather than just size but in 2004 it managed to achieve growth on all fronts. Along with an 11.5% growth in total assets the bank achieved a 24% rise in net profits, which led to a 9.7% ROE, a slight improvement on the previous year’s figure of 8.0%.
BMCE Capital, the group’s investment banking arm, was reorganised and in 2004 income from market transactions rose 81.5%, leading to a 9.5% increase in core income.
As part of its international development strategy, and in addition to its representative offices in Europe, China and the UAE, BMCE Bank created a regional investment bank in Senegal, BMCE Capital Dakar, to strengthen its presence in sub-Saharan Africa.
BMCE chairman M Othman Benjelloun says: “BMCE Bank demonstrated during 2004 that uniting around a common vision, a strategy reflected upon and around values, allows it to exceed its capacities.
“Moreover, solid financial performances – a 66% increase in consolidated net income and a 24% increase on the aggregated basis – were recorded, reflecting a sustained growth of the banking activities as well as improved indicators of productivity and profitability.”
