...Higher Net Income as Macroeconomic Conditions Improve in 2017 Key Message on 2017 Results: Most large banks reported higher net income in 2017, reflecting improved macroeconomic conditions, with GDP expanding by 4.6% (2016: 1.2%). Sector growth continued, with credit and deposits rising by 3% and 5%, respectively. BNP Paribas' subsidiary, Banque Marocaine pour le Commerce et l'Industrie (BMCI) was the only large bank to report a small contraction in lending. Stability is one of the sector's strengths and there were no surprises in key financial metrics reported by Morocco's banks in 2017. A reduction in loan impairment charges was the only notable change. Pricing Pressure Eases: Competition on pricing for standardised products, notably retail mortgages, eased in 2H17 and net interest margins, which had been under pressure, held steady at about 3.5% in 2017. Margins are wide, even by developing market standards. French-owned SociTtT GTnTrale Marocaine de Banques and BMCI continue to report...
