Bank Al-Maghrib (BAM) said that its net income reached MAD 937.03 million by the end of 2021, down by 44% compared to the previous year, according to the bank’s annual report.
This decline mainly reflects several factors, namely a 34% drop in the result of foreign exchange reserve management operations with over MAD 1.58 billion, mainly related to net bond income with over MAD 1.64 billion (-32%), explained the report.
Monetary policy operations also showed a decline of 27%, reaching over MAD 1.26 billion explained by the drop in the average outstanding loans to banks, following the easing of the liquidity deficit and its effect, added Morocco’s Central Bank.
This decline also reflects a 31% increase in the result of other operations to over MAD 849.46 million, reflecting mainly the sale of secured documents (+54%) and net foreign exchange commissions (+6%).
General operating expenses rose slightly by 2%, reaching over MAD 1.92 billion due to the increase in operating expenses (+2%), added BAM.
Non-current liabilities fell by 79% to over MAD -115.81 million, including the social solidarity contribution on profits amounting to MAD 106.93 million in 2021, up compared to MAD 73.39 million recorded a year earlier, according to the same source.
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