Rabat – Morocco’s Bank of Africa (BMCE) recorded a net banking income of MAD 7 billion ($768 million) at the end of June 2020, representing a stagnation compared to the same period a year earlier.

The group’s net banking income increased by 5%, to MAD 3.8 billion ($417 million), specifically for the second quarter of this year, according to a company press release on quarterly figures.

Customer loans amounted to MAD 195.7 billion ($21.5 billion) at the end of June, representing an increase of 4.8% compared to the end of 2019.

Excluding resales, Morocco’s Bank of Africa customer loans increased by 2.9%, to MAD 178.4 billion ($19.6 billion).

Regarding customer deposits, the bank recorded a slight increase, of 0.8%, compared to the end of 2019. The figure stands at MAD 204.5 billion ($22.5 billion).

The bank’s net banking income increased on a social basis by 3.4%, to MAD 3.6 billion ($395 million), as of June 30.

Customer loans stood at MAD 125.9 billion ($13.8 billion), up 7.9% compared to the end of 2019. Meanwhile, deposits declined slightly, by 1.3%, to MAD 132.8 billion ($14.6 billion).

In March, Morocco’s Bank of Africa reported a net income of MAD 1.9 billion ($208.6 million) at the end of 2019, a 5%  increase compared to a year earlier.

The 2019 bank activity report revealed that 60% of the income comes from activity in Morocco, while the remaining 40% is rooted in international activity.

In 2019, customer loans grew by 4%, while customer deposits increased by 5.4%.

The banking group’s return on equity for the year was 11%, while its return on asset ratio was 0.8%.