BMCI : An exercise in mixed

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				BMCI : Un exercice mitigé

BMCI, which was received in may 2016 a notice of tax audit for the fiscal years 2012 to 2015, has seen its financial achievements 2016 to be strongly impacted by the outcome of the tax audit.

 

As expected, the results 2016 of BMCI have been impacted by a tax adjustment. The Group displays a consolidated income before tax of 897 million DH in December 2016, an increase of 10.5% compared to the end of December 2015. Except that the fisc has almost everything away in its path, since the net result of the group amounted to 431 million dirhams, a decrease of 13.8% compared to 2015.

The management, who did not want to disclose the exact amount which resulted the control, has made a clarification : “We came to an amicable agreement with the tax authority, and you can refer to the certificate the certificate of the auditors, which stipulates that the provisions listed in 2016 largely cover the expense of the tax inspection,” explains the financial director of the Group.

2016, which corresponds to the first year of implementation of the strategic plan BMCI 2020, was also marked by a new drop (-4,5%) of GDP consolidated to 3.1 billion dirhams at the end of December 2016. The group justifies this decline primarily to the decrease of the interest margin-consolidated (-4,6%), as a consequence of low interest rates, and the outcome of the market operations (-15,8%).

On the other hand, the new production of credits subject to amortization for the year 2016 has recorded a strong growth ( 28%) compared to the year 2015, including appropriations to the equipment ( 58%). “The production of the credit to the equipment has increased

58%, and this in a market that is sluggish in absolute terms. We have been dynamic and proactive in relation to our colleagues. It is a commitment to long-term we have undertaken, since 50% of credits on equipment for a period more than 7 years, and 50% have a duration of 2 to 5 years”, informs Idriss Bensmail, director of Corporate Banking.

The bank’s participatory as of the third quarter

The activity of bank participatory BMCI will be deployed under the brand name Najmah, ad the management of the Bank, at the press conference on the annual results. The launch is planned for the third quarter of 2017. There will be 15 agencies spread on the territory as a whole, or almost 4% of the agencies of the banking group. ■

Y. Seddik

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