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RABAT, July 28 (Reuters) - Banque Centrale Populaire (BCP) , one of Morocco's three biggest lenders, said half-year net profit attributable to shareholders rose 13 percent to 1.4 billion dirhams ($143.48 million), due to structural changes in the company.
BCP has become the major stakeholder in its regional subsidiaries after the government adopted a bill allowing it to take control of the 10 lenders. It has also absorbed El Jadida-Safi regional bank.
Net banking income rose 5.5 percent to 8.1 billion dirhams, the bank said in a statement on Thursday, thanks to its sub-Saharan subsidiary Atlantic Business International, which contributed 13 percent.
The bank collected an additional 7 billion dirhams in deposits while total loans fell to 205 billion dirhams from 211 billion, the statement said.
But it has faced a rise in bad loans because of an economic slowdown in Morocco, its main and domestic market, along with other risks in Africa. Bad loans fell to 16.3 billion dirhams at the end of the first six months of 2016, from 17.02 billion in the same period last year.
The bank said it had set aside 314 million dirhams of additional provisions, taking total risk costs to 1.5 billion dirhams.
BCP is preparing to invest 400 million dirhams in an Islamic subsidiary as Islamic banks and insurers are being established in Morocco after the government adopted legislation allowing Islamic financing in its domestic market. ($1 = 9.7572 Moroccan dirham)
(Reporting By Aziz El Yaakoubi; editing by Susan Thomas) ((aziz.elyaakoubi@thomsonreuters.com; +212623934595)(;))
RABAT, July 28 (Reuters) - Banque Centrale Populaire (BCP) , one of Morocco's three biggest lenders, said half-year net profit attributable to shareholders rose 13 percent to 1.4 billion dirhams ($143.48 million), due to structural changes in the company.
BCP has become the major stakeholder in its regional subsidiaries after the government adopted a bill allowing it to take control of the 10 lenders. It has also absorbed El Jadida-Safi regional bank.
Net banking income rose 5.5 percent to 8.1 billion dirhams, the bank said in a statement on Thursday, thanks to its sub-Saharan subsidiary Atlantic Business International, which contributed 13 percent.
The bank collected an additional 7 billion dirhams in deposits while total loans fell to 205 billion dirhams from 211 billion, the statement said.
But it has faced a rise in bad loans because of an economic slowdown in Morocco, its main and domestic market, along with other risks in Africa. Bad loans fell to 16.3 billion dirhams at the end of the first six months of 2016, from 17.02 billion in the same period last year.
The bank said it had set aside 314 million dirhams of additional provisions, taking total risk costs to 1.5 billion dirhams.
BCP is preparing to invest 400 million dirhams in an Islamic subsidiary as Islamic banks and insurers are being established in Morocco after the government adopted legislation allowing Islamic financing in its domestic market. ($1 = 9.7572 Moroccan dirham)
(Reporting By Aziz El Yaakoubi; editing by Susan Thomas) ((aziz.elyaakoubi@thomsonreuters.com; +212623934595)(;))
