Stocks Market
BMCI Posts 62.4% Surge in H1 2026 Net Profit Amid Sharp Drop in Cost of Risk
BMCI's consolidated net profit jumped 62.4% year-on-year to 354 million dirhams in the first half of 2026, driven primarily by a 62.3% plunge in the cost of risk. While net banking income grew only modestly (+0.9%), the bank improved its operating efficiency, posted solid loan and deposit growth, and maintained strong solvency and liquidity ratios. Fitch affirmed its AA+ rating with a negative outlook.
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Overview
BMCI reported a consolidated net profit of 354 million dirhams (MDH) for the first half of 2026, representing a year‑on‑year increase of 62.4%. The social net profit stood at 322 MDH, up 10% from the same period in 2025.
Income Statement Highlights
The consolidated net banking income (PNB) rose modestly to 2.01 billion dirhams, a 0.9% increase versus 1.99 billion dirhams in H1 2025. The social PNB reached 1.90 billion dirhams, up 0.7%. Net interest margin improved by 3.4%, adding 45.8 MDH, while commission margins slipped 2.2% (−6.4 MDH). Market activity results declined 1.9% (−6.7 MDH), with foreign exchange gains offset by lower rates‑related revenues.
Cost of Risk Improvement
A key driver of the profit surge was the sharp fall in the cost of risk. Consolidated cost of risk dropped to 150 MDH from 397 MDH a year earlier, a decline of 62.3%. On a social basis, the cost of risk fell 21.4% to 189 MDH, and the coverage ratio rose to 82.8% at end‑June 2026 from 80.6% a year prior.
Profitability and Efficiency
Consolidated pre‑tax profit climbed 71.6% to 661 MDH, while the social pre‑tax profit increased 15.8% to 507 MDH. The operating efficiency ratio improved by 8 basis points to 59.2% from 60.0%, reflecting better cost control.
Balance Sheet Trends
Customer loans on a consolidated basis amounted to 59.37 billion dirhams, up 0.9% from 58.83 billion dirhams at end‑2025, driven mainly by higher treasury loans. Amortizable loan disbursements rose 14% to 5.35 billion dirhams. Signature‑based commitments decreased 7% to 36.51 billion dirhams. Customer deposits grew 2.2% to 51.67 billion dirhams, with non‑interest‑bearing resources representing 82% of total deposits.
Prudential Metrics and Rating
The consolidated solvency ratio stood at 14.1% (16.1% on a social basis) and the liquidity ratio at 118% (147% social). Fitch affirmed BMCI’s long‑term rating at AA+ (mar) with a negative outlook and assigned a short‑term rating of F1+ in June 2026.