Morocco’s Popular Bank Group said that it made a profit of about MAD 1.8 billion in the first quarter of this year, an increase of 16.6% compared to the same period last year.
The banking group said in a recent statement on financial data, that the net result of the group’s share amounted to MAD 1.8 billion dirhams, while the consolidated net result reached MAD 2.4 billion, representing a growth of nearly 18.6%.
The data indicated that the group’s deposits grew by about 3.5%, reaching MAD 353.8 billion, and loans increased by 1.3%, totaling MAD 292 billion.
Regarding the consolidated net bank product, it rose by 3% with a total of MAD 10.5 billion, benefiting from the development of interest margins, which improved by 6.7%.
The data also showed that the banking group has achieved good performance, which has about 9.3 million customers, following the rise in the cost of resources and the performance of branches, both in Morocco and sub-Saharan Africa.
Additionally, customer deposits continued to grow, an increase of 3.8% in the first half of the current year, reaching MAD 278.5 billion, said the same source.
The banking group contributed to financing the national economy, noting that the outstanding loans reached MAD 202 billion by the end of the first quarter of this year, according to the same source.
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