Casablanca – The Banque Centrale Populaire (BCP) has showcased robust financial performance in the first quarter of 2024, indicating a strong start to the year. With a remarkable surge in net profit attributable to the group (RNPG), reaching $113.4 million, marking a substantial increase of 78.2% compared to the same period last year. Additionally, the consolidated net profit surged by 47% to $134 million.

These outstanding financial results were disclosed following a recent board meeting chaired by Mohamed Karim Mounir. During the meeting, the progress of the bank’s activities was reviewed, and the accounts up to March 31, 2024, were finalized.

In terms of key performance indicators, the group’s gross consolidated credit remained stable at $32.9 billion, while consolidated deposits witnessed a notable increase of $390.7 million, reaching a total of $38.7 billion by the end of March 2024.

BCP’s net banking income experienced significant growth, surging by 25.5% to reach $619 million. This increase was primarily attributed to improvements in the “Core Banking Business” and a notable rebound in market activities, supported by stabilized interest rates.

Despite these positive financial results, the bank remains cautious and continues to implement a prudent provisioning policy. The cost of risk increased by 48.1% in the first quarter of 2024, reflecting the bank’s ongoing efforts to ensure financial stability.

Furthermore, operating expenses saw a controlled increase of 5.7%, amounting to $289 million. This moderate rise demonstrates the bank’s commitment to efficient resource management while investing in strategic initiatives.

In their statement, BCP expressed optimism about the future, highlighting their confidence in the group’s resilience and ability to adapt to the evolving economic landscape. As they embark on the rest of 2024, BCP aims to maintain its strong financial performance and strategic focus to navigate through potential challenges and seize opportunities in the market.