BCP Group H1 2026: Net Profit Rises 10.4% to MAD 3.2 Billion Despite Market Normalisation

BCP Group has posted a solid set of results for the first half of 2026, with the net result attributable to the group reaching MAD 3.2 billion, up 10.4% from the same period last year. The double-digit profit growth came as a sharp reduction in the cost of risk offset the impact of lower revenues from market activities.

Key financial highlights

• Consolidated net income: MAD 3.8 billion, up 8.7% year-on-year
• Group share of net income: MAD 3.2 billion, +10.4%
• Cost of risk: MAD 1.1 billion, down 60%
• Consolidated net banking income (NBI): MAD 13.5 billion, down 3.2%
• Core Banking Business: up 6.6%

The decline in consolidated NBI was mainly attributed by the group to the return to a normative level of market revenues, following an exceptional year in 2025. However, the underlying banking franchise continued to expand. The interest margin rose 5.9%, while commission income grew 9.1%, pushing the Core Banking Business up 6.6%.

Operating expenses increased 6.2% to MAD 6 billion, reflecting the integration of AMIFA into the consolidation scope. At constant scope, expense growth was limited to 3.6%, and the cost-to-income ratio remained controlled at 44.7%.

Strong balance-sheet expansion

Consolidated resources increased by 9% year-on-year to MAD 429.5 billion at the end of June 2026, meaning the group collected more than MAD 35 billion in additional deposits over twelve months. Gross customer loans rose 5.7% to MAD 337.5 billion.

In Morocco, the bank's loan book exceeded MAD 248 billion, up 7.9%, driven mainly by corporate financing. Deposits collected by the Bank in Morocco increased 6.5% to MAD 336.2 billion, supported by resident households and Moroccans living abroad. The share of non-remunerated deposits improved to 79.6% from 78.4% a year earlier.

The Bank in Morocco's Core Banking Business grew 3%, although its net banking income contracted 11.1% to MAD 8.7 billion, again due to the normalisation of market-related income.

International and specialised subsidiaries

International subsidiaries accounted for 21% of consolidated net banking income, with their aggregate NBI expanding 8.1%. In Morocco, specialised business lines contributed 13%, led by Maroc Leasing, Bank Al Yousr, M2T and BCP2S.

At the end of June 2026, BCP Group also maintained a support fund of MAD 4.4 billion dedicated to its cooperative model, alongside a general risk provision of MAD 6.6 billion.