Bank Al-Maghrib Reports Net Profit of MAD 6.46 Billion in 2024, Showing 27% Growth
Bank Al-Maghrib concluded the year 2024 with a net profit of MAD 6.46 billion, reflecting a growth rate of 27% compared to 2023, according to its annual report on economic, monetary, and financial conditions.
The report attributes this increase to the strong performance of several core activities, particularly the management of foreign exchange reserves, which recorded positive results of MAD 8.74 billion, an increase of 17%, driven by higher bond revenues owing to improved yields on foreign currency assets.
Regarding monetary policy operations, the bank achieved a positive outcome of MAD 3.95 billion, up 27%, as a result of enhanced interventions in the context of escalating liquidity shortages, despite reducing the main interest rate to 2.5% during the year.
Other operations remained stable at MAD 1.27 billion, where a decline in commission income was offset by an increase in the sales of insured documents.
General administrative expenses rose by 22% to MAD 2.54 billion, due to increased operational costs and enhanced depreciation provisions. Nevertheless, gross operating profit improved by 17%, reaching MAD 11.42 billion.
There was also a reduction in non-recurring losses to MAD 447 million, down from MAD 997 million in 2023, thanks to the settlement of the social contribution for solidarity for the year 2023 during 2024.
