(Ecofin Agency) – In its financial results, counting for the 2022 annual financial year, and published on March 31, the BMCE Group subsidiary posted a slight increase in its profit, while its income and expenses increased significantly.
The Moroccan consumer credit company Salafin declared for the year 2022, net banking income (NBI) of 399 million dirhams ($39 million), up 2.6% compared to 2021 .
This NBI was supported by the margin on commissions which increased by 9.7%, to more than 131 million dirhams. The general operating expenses of this BMCE Group subsidiary reached 153 million dirhams, up 3.4% compared to 2021. Thus, despite the improvement in its NBI, but with significant expenses, the net result of Salafin was 85.7 million dirhams, a slight increase of 1.2%.
For the consulting firm Mazars, which audited Salafin’s financial statements for the period from January to December 2022, customer loans and fixed assets leased with option to buy carry a credit risk which exposes Salafin to a potential loss if customers or counterparties are unable to meet their financial commitments.
Thus, as of December 31, 2022, outstanding customer receivables and leasing and rental transactions amounted to MAD 2,400 billion and MAD 1,272 billion respectively. However, the total amount of provisions to be set up by Salafin for credit risk amounts to 995 billion Moroccan dirhams.
Chamberlain Moko
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