Net income Group share (RNPG) Banque Centrale Populaire (BCP) amounted to 1.8 billion dirhams (MMDH) at the end of December 2021, up 43.6% compared to the same period of 2020.
Consolidated net income for the same period more than doubled (112.4%) to 2.7 billion dirhams, the Group said in a press release, adding that BCP’s corporate net income increased by 9.8% to 2.3 billion dirhams, benefiting in particular from the resumption of dividends and the non-recurrence of the Covid-19 donation.
Net banking income (NBI) posted an increase of 4.1% to 20.1 billion dirhams at the end of 2021, due in particular to a strong contribution from the net interest margin (+6.8% at 12.8 billion dirhams), benefiting in particular from an improvement in the cost of refinancing.
Similarly, the margin on commissions increased by 5%, driven mainly by the Bank in Morocco and the business subsidiaries, the same source said, noting that the BCP succeeded in renewing its performance in market activities, with a result of 3 billion dirhams, despite a more favorable market context in 2020 in connection with the sharp drop in BDT rates recorded.
General operating expenses fell by 9.1% to 10 billion dirhams, benefiting in particular from the non-recurrence of the Covid-19 donation and the actions taken by the Group to rationalize costs. To this end, the press release notes the stability of expenses excluding grants and the significant improvement in the operating ratio which stands at 49.9%.
Including the prolonged impacts of the health crisis, the cost of risk amounted to 5.5 billion dirhams, down 9.7% compared to 2020.
In addition, the press release underlines that following the entry into force of the amendments to the law reforming the CPM, the year 2021 saw the continuation of the disposals of the capital of the BCP operated by the Banques Populaires Régionales (BPR) in the benefit of two Moroccan institutions.
These operations, specifies the same source, had a positive impact on the Group’s consolidated shareholders’ equity and by extension on the solvency ratios, underlining that the BPR’s currently hold 41.8% of the capital of the BCP, i.e. a level largely at above the minimum threshold of 34% provided for by law.
Thus, consolidated shareholders’ equity amounted to 52 billion dirhams, up 9.1%.