Aside from these developments, the bank continued to exhibit strong financial fundamentals. Its net profit grew 54.7% in 2007 and it managed to increase its assets by 26%. Its return on equity stood at 19% by the end of 2007, up from just 13.4% in 2006. BMCE’s percentage of non-performing loans also dropped in 2007, from 6.48% of total loan book in 2006, to 5.25%. Foreign investors have also taken an interest in the bank. Spain’s fourth biggest bank, CAM, took a 5% stake in BMCE in 2007 and French bank CIC, already a shareholder, acquired a further 5% stake in the bank.
BMCE has shown an innovative approach to banking in Morocco and last year established an investment banking arm in London called MediCapital Bank. It also bought 35% of Bank of Africa, helping BMCE cement its place as a leading regional player.
“This is an important recognition for BMCE Bank’s genuine endeavours as a steady pioneer shaping the landscape of the national banking industry,” says BMCE chief executive Othman Benjelloun. “Our group is resolutely committed to optimise value to its stakeholders, and our international expansion strategy, especially in Africa, provides promising prospects, nurturing the vision of becoming a leading continental player.”
A key plank of BMCE’s strategy in the future will be MediCapital Bank. The bank aims to build a bridge between the business community in Africa and the international capital markets.
