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Rabat – Bank Al-Maghrib (BAM), Morocco’s central bank, ended the 2024 financial year with a net profit of MAD 6.46 billion, marking a 27% increase compared to 2023.
According to the bank’s annual report, the profit rose from MAD 5.1 billion in 2023 to MAD 6.46 billion in 2024. This growth came despite higher operating costs and was driven by solid performance in several key areas, says the central bank.
One of the main contributors to this result was the management of Morocco’s foreign exchange reserves, the report argued. Income from this activity reached MAD 8.74 billion, up by 17%. The increase was mainly driven by better returns on foreign currency assets, especially bonds.
The central bank also saw a 27% jump in profits from its monetary policy operations, which totalled MAD 3.95 billion. This was linked to higher levels of monetary interventions as Moroccan banks faced more liquidity shortages, even though the bank had lowered its key interest rate to 2.5% in 2024.
Meanwhile, other operational activities remained stable, bringing in MAD 1.27 billion. Although income from commissions on foreign exchange and Treasury bills dropped, this was balanced by higher sales of secure documents, such as official papers and identification materials.
On the cost side, general operating expenses rose by 22% to MAD 2.54 billion. This increase was due to rising day-to-day running costs and higher depreciation provisions.
Despite the increase in expenses, Bank Al-Maghrib’s gross operating profit rose by 17% to MAD 11.42 billion, showing improved efficiency and overall profitability in its core activities.
The bank also reported a smaller non-recurring loss. It dropped from MAD 997 million in 2023 to MAD 447 million in 2024, largely due to the settlement of the social solidarity contribution owed from the previous year.
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