Banque Populaire Reports Mixed Results: Income Up, Profits Down Amid Pandemic

This income is driven by the combined effect of the change in scope following the integration of the new African subsidiaries acquired in Q4-2019 and the recovery of market activities in Q2-2020. This is due to the favorable evolution of the yield curve, the bank explains in a press release. Excluding the scope effect, the growth in NBI stands at +6%.

As for the consolidated net income, it shows a decline of 48% to 1.03 billion dirhams, while the group’s net income (RNPG) fell by 38% to 1.01 billion dirhams, the same source said. BCP’s deposits continued to strengthen by 5.7% to reach 327 billion dirhams, while loans strengthened by 1% compared to December 31, 2019, to 261 billion dirhams.

The BCP Group also specifies that the credit repayment deferral operations decided during the health crisis have benefited nearly 85,000 Banque Populaire customers.

As for support loans to businesses, a total amount of 3.5 billion dirhams has been released by the Banque Populaire network for the benefit of very small businesses (VSEs), it notes.

Both Individuals and Businesses have been taken into account by the Group as part of the relaunch of the national economy. We also note the marketing of products dedicated to the recovery, in particular "Damane Relance", bringing its total outstanding loans to the economy to nearly 225 billion dirhams.

During the first six months of 2020, the BCP Group also managed to strengthen its leadership in the Kingdom on deposits, which increased by 4.7% compared to the end of 2019, to 259 billion dirhams, i.e. an additional collection of 11.7 billion dirhams.