Hibapress
The net profit of Bank Al-Maghrib (BAM) stood at more than 5.1 billion dirhams (MMDH) in 2023, after a loss of 412.85 million dirhams (MDH) a year earlier, according to the recent annual report of the Central Bank on the economic, monetary and financial situation.
This development is mainly explained by the increase in the result of foreign exchange reserve management operations to 7.47 billion dirhams and the result of monetary policy management operations to 3.1 billion dirhams, mitigated by the decrease in non-recurring income to -996.69 million dirhams following the granting of a donation of 1 billion dirhams for the management of the effects of the Al Haouz earthquake, as well as by the increase in income tax to -3.7 billion dirhams, BAM specifies in this report. The increase in the result of foreign exchange reserve management operations is mainly due to the increase in net bond income (+6.9 billion dirhams), linked mainly to the increase in net reversals of provisions for depreciation of investment securities (net reversal of 1.81 billion dirhams in 2023, compared to a net allocation of 2.88 billion dirhams in 2022) and interest generated by monetary and bond investments (+2.36 billion dirhams), particularly reflecting the improvement in returns on assets in dollars and euros, the same source said.
Concerning the increase in the result of monetary policy operations, it is essentially attributable to increases in the key rate and to the increase in the average outstanding amount of loans to banks on the money market due to the accentuation of the liquidity deficit.
The report also indicates that the decline in the result of other operations to 1.28 billion dirhams mainly reflects the decline in net commissions from foreign exchange operations to 982.16 million dirhams, linked to the drop in the volume of sales of foreign banknotes (BBE), and the increase in the remuneration of customer accounts.
This decline was mitigated by the observation of the contribution for on-site control costs for more than 57.39 MDH. As for sales of secure documents, they remained almost stable at 376.82 MDH.
Regarding the increase in general operating expenses to 2.09 billion dirhams, it results from the combined effect of the increase in net allocations to depreciation and provisions for risks and charges (+140.18 million dirhams) and the decrease in operating expenses (-60.02 million dirhams).
