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.”