Morocco state owned Al Barid Bank reported a sharp rise in deposits lending and profits after its supervisory board met on Nov. 28 to review accounts as of Sept. 30.
Customer deposits reached 79.5 billion dirhams, up 6.6 billion from a year earlier, driven by household savings. The bank said this lifted its savings market share to nearly 20 percent and widened its customer base.
Housing and consumer loans rose 47 percent by end September, reflecting stronger retail demand and expansion of credit products.
Net banking income climbed to 2.9 billion dirhams, up 21 percent, supported by higher bond income interest margins and fees. Net profit reached 853.3 million dirhams, a rise of more than 70 percent from last year.
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