Oct 01 2005 |
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Net Profits of Morocco's BMCE Bank Rise 28% in 1H 2005
Cairo (APD) - Net profits of BMCE Bank rose 28% during the first half of 2005 to reach MAD 370 million ($41 million) by the end of last June, the pan Arab daily, Asharq al-Awsat, reported Saturday.As for its market share, the bank dominated 15% of total deposits in the Moroccan banking industry and dominated 15% of total loans in the market. The bank's consumer loans increased almost 38%, while its housing loans increased 65%.
In accordance with Basel 2 regulations, the bank reduced its investment portfolio during first half of 2005. BMCE Bank sold its stake in Médi Télécom in a deal worth MAD 507 million ($56 million) and also sold its stake in Banque Centrale Populaire in a deal worth MAD 62.6 million ($6.96)
On the other hand, the prices of the bank's shares trading on Casablanca Stock Exchange, La Bourse de Casablanca, rose 33.5% during first half of 2005, compared to the second half of 2004. On Sept. 30, shares in BMCRE Bank traded on the Bourse rose 1.15% to close at MAD 703. [FC]
© APD (Arab Press Digest) 2005
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