RABAT, March 21 Banque Centrale Populaire (BCP)
, one of Morocco's three biggest lenders, reported on
Tuesday a 5.3 percent rise in 2016 net profit, boosted by its
Net profit attributable to shareholders rose to 2.64 billion
dirhams ($265 million) from 2.51 billion in 2015, the bank said
in a statement.
The increase came despite higher risk provisions, or funds
set aside to cover potential future losses.
BCP's net banking income rose 2 percent to 15.65 billion
dirhams, led by gains from sub-Saharan subsidiary Atlantic
Deposits rose 4 percent to 250.3 billion dirhams,
representing a 60 percent share of Moroccan market growth and
including a 6 percent increase in remittances from Moroccans
living abroad, the bank said.
BCP is preparing to invest 400 million dirhams in an Islamic
subsidiary after the central bank gave final regulatory approval
this month for the country to launch an Islamic finance
(Reporting by Samia Errazzouki; Editing by Louise Heavens and