Bank Al-Maghrib achieved a net profit of 6.46 billion dirhams in 2024, up 27% compared to 2023, driven by the performance of foreign exchange reserves and monetary transactions, according to its annual report.

“At the end of fiscal year 2024, the Bank recorded a profit of MAD 6.46 billion compared to MAD 5.1 billion a year earlier”, indicates the Central Bank in its annual report on the economic, monetary and financial situation for the financial year 2024.

In addition, the result of foreign exchange reserve management operations reached MAD 8.74 billion, up 17%, mainly driven by an improvement in bond income thanks to the increased remuneration of foreign currency assets.

In addition, monetary policy transactions generated a result of 3.95 billion dinars, an increase of 27%.

This increase is explained by an increase in monetary interventions in response to a more pronounced bank liquidity deficit, despite the reduction of the key interest rate to 2.5% in 2024.

On the other hand, the result of other transactions remained stable at 1.27 billion DH, despite a decrease in commissions on foreign exchange transactions and treasury bills, offset by the increase in sales of secure documents.

On the other hand, general operating expenses increased by 22%, to 2.54 billion dinars, due in particular to increased operating expenses and increased depreciation provisions.

Despite this increase in expenses, gross operating income thus increased by 17%, to MAD 11.42 billion, testifying to the Bank's better overall profitability thanks to its main activities.

Finally, the non-recurring result improved, the loss going from MAD 997 million to MAD 447 million, thanks to the payment in 2024 of the social solidarity contribution due over the previous financial year.