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 Mdi Tlcom 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)
Abdel Galil Ayad, a senior official at BMCE Bank, said that the bank has more available loans to offer after reducing its investment portfolio. "However, the bank will keep its investments in Crdit Immobilier et Htelier as there were ongoing talks with a French financial institution to buy shares in Crdit Immobilier et Htelier," Ayad added.
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]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
