Moroccan bank BMCE says H1 net profit up 24 pct

RABAT, Sept 30 (Reuters) - Moroccan bank BMCE (BMCE.CS) reported a 24 percent increase in first-half net earnings on Tuesday as deposit and loan growth boosted domestic market share and foreign expansion brought new sources of profit.

Net income was 469 million dirhams ($59.39 million) and revenues leaped 59 percent to 3.1 billion dirhams, the bank said in a statement.

BMCE consolidated results from Bank of Africa for the first time after it acquired a 32.5 percent stake in the Mali-based lender, a holding it increased to 42.5 percent in July.

In Morocco, BMCE expanded its branch network as falling interest rates allowed more Moroccans to buy homes, cars and consumer goods on credit. Moroccan economic growth accelerated to 6.5 percent in the second quarter from 2.6 percent a year earlier.

BMCE's client deposits grew 15 percent to 84 billion dirhams in the first half of the year, while client credits rose 19 percent to 45.1 billion.

BMCE aims to take control of Bank of Africa's network and expand the group's presence to include every African country within 10 years.

It said it opened 31 new branches in Morocco in the first six months of 2008. Its target for the full year is 100 new branches.

BMCE shares soared 125 percent last year, when the benchmark MASI index rose 34 percent, as the bank ploughed domestic profits into its foreign expansion.

But declines in recent months wiped out gains earlier this year and the stock is up just 2.9 percent compared to the start of January.

It was down 0.36 percent at 289 dirhams by 1358 GMT, outperforming a 3.75 percent decline by the Casablanca benchmark MASI index . (Reporting by Tom Pfeiffer; Editing by Sharon Lindores)