In line with our expectations
Over 2016, BCP’s NBI amounted to MAD15.6bn, i.e. a 2.05 % y-o-y increase. This growth was triggered by a 7% progress in net commissions to MAD2.088bn. However, the bank’s net interest margin inched down by 0.78% to MAD10.407bn. The bank’s EBIT decreased by 3% to MAD4.44bn. Indeed, the operating expenses added (+5%). The bank’s cost of risk amounted to MAD3.322bn. The cost/income ratio of the bank deteriorated, adding 146 basis points to 50.36%.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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