Banque Populaire announces 16% profit growth

The Banque Centrale Populaire Group made a profit of about Dh1.8 billion in the first quarter of this year, an increase of 16.6 percent compared to the same period last year.

The banking group indicated, in its statement of financial results, that the net result of the group’s participation amounted to 1,800 million dirhams, while the consolidated net result reached 2,400 million dirhams, a growth of almost 18.6 percent. hundred.

The data showed the group’s deposits grew by around 3.5 percent to AED353.8 billion, and loans rose 1.3 percent to AED292 billion.

At the level of the consolidated net banking product, it improved by 3 percent to reach 10.5 billion dirhams, benefiting from the evolution of interest margins, which improved by 6.7 percent.

The data indicated that the good performance of the group, which has about 9.3 million clients, is due to the improvement in the cost of resources and the performance of the branches in Morocco and Sub-Saharan Africa.

At the level of the group’s activities in Morocco, customer deposits continued to grow, registering an increase of 3.8 percent in the first half of the current year, reaching 278.5 billion dirhams.

The banking group contributed to the financing of the national economy; So outstanding loans amounted to about AED 202 billion at the end of the first quarter of this year.