BMCE bank netted USD 14.4Bn profit in 2007

BMCE one of Morocco's largest banks netted some USD 14.4Bn in 2007 against USD 11.5 billion in 2006 resulting a 25% rise.

Presenting on Wednesday the group's annual report, BMCE president, Othman Benjelloun ascribed the "exceptional" results to the sustained growth registered in Morocco property and to the fortification of the group's ranking in the international scene.

BMCE's net income increased 55% to USD 189 million in 2007 against USD 129Mn in 2006; while revenues rose to USD 607 million, posting a 24% rise.

Client credits and deposits advanced respectively 16% and 92% while transactions increased by 50%.

The report also noted that the year 2007 was particularly marked by the international expansion of the bank, especially in Europe, the Maghreb, and sub-Saharan Africa through its branches in Tunisia, and Senegal. It was also recorded by the launch of Medcapital, an investment property bank at the London stock market.

The group became the major shareholder of the Groupe Bank of Africa, third banking group of the West African Economic and Monetary Union (UEMOA), the same source said.

According to Mr. Benjelloun, French bank Credit Industriel et Commercial (CIC) would buy an additional 5 percent stake in BMCE to expand its holding to 15 percent of the Moroccan bank.

The CIC is member of the "Crédit mutuel français" and present in 39 countries servicing 3.200.000 customers.