Moroccan bank reports 23 per cent growth in profits

30 September 2008
Banque Marocain du Commerce Exterieur (BMCE) has reported a 23 per cent increase in first-half profits on the back of increased lending.

The bank is the country’s second largest lender.

BMCE’s net income in the six months up to 30 June grew to MD469.1m ($59m), up from MD379.9m for the same period in the previous year.

Revenue increased by 54 per cent to MD3.06bn as the value of loans reached MD45.1bn, marking a 19 per cent rise on the same time last year.

Deposits increased 15 per cent to reach MD84bn at the end of June.

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