Morocco's Banques Populaires 2007 net up 6 pct

RABAT, March 28 (Reuters) - Banques Populaires (BCP.CS), one of Morocco's biggest banking groups, said its net profit rose 6 percent last year, boosted by surging lending growth spurred on by low interest rates.

Net income grew to 2.372 billion dirhams ($325.8 million) from 2.238 billion, the company said in a statement. Profit growth would have been 19 percent, excluding one-time items that boosted the 2006 result, it said.

Revenues grew 14 percent to 6.94 billion dirhams as client deposits climbed 18 percent and client credits 40 percent.

Banques Populaires has been expanding its branch network rapidly to capture sharp growth in client numbers after a gradual improvement in the health of Morocco's banking sector pushed down interest rates and stimulated demand.

Only a minority of Moroccans have bank accounts, and many are taking out mortgages for the first time after the government made it easier for people on modest incomes to buy homes as it seeks to eradicate slums and improve living standards.

Banques Populaires opened 81 branches last year, taking the total to 690 -- the biggest retail network of any Moroccan bank.

The group is made up of 11 customer-owned regional lenders and Banque Centrale Populaire (BCP), a central arm that manages the regional banks' excess funds and the group's big corporate accounts.

Part of BCP is traded on the Casablanca stock exchange, where its shares are up 5.1 percent this year after climbing 18 percent in 2007. (Editing by Will Waterman)