At the end of the 2024 fiscal year, Bank Al-Maghrib (BAM), the Moroccan Central Bank, achieved a profit of 6.459 billion dirhams (710.598 million dollars), announced the leaders of this issuing institute based in Rabat. Compared to the 2023 fiscal year where it stood at 5.105 billion dirhams (561.624 million dollars), this profit saw an increase of 27%. “The increase of +1.354 billion dirhams in net income is mainly explained by the growth in results from the management of foreign exchange reserves (+1.264 billion dirhams), the conduct of monetary policy (+840.729 million dirhams) and non-recurring income (+549.853 million dirhams),” explain the BAM officials in their 2024 annual report.
However, these increases were offset by the increase of 450.807 million dirhams in general operating expenses to 2.541 billion dirhams and income tax of 840.896 million dirhams to 4.510 billion dirhams.
At the end of the 2024 fiscal year, the total balance sheet of the Bank showed a 5% increase to 554.068 billion dirhams compared to 529.313 billion dirhams in 2023. On the asset side, this evolution mainly results from a 21% increase in loans to banks at 157.010 billion dirhams compared to 129.943 billion dirhams in 2023, and a 29% increase in gold assets and investments at 18.781 billion dirhams compared to 14.532 billion dirhams in 2023, and in foreign currencies at 339.309 billion dirhams compared to 333.341 billion dirhams (+2%). However, the evolution was offset by a 64% decrease in claims on the State related to LPL repayments.
On the liability side, the evolution of BAM’s total balance sheet in 2024 notably reflects the combined effect of the increase in banknotes and coins in circulation (+8% to 444.273 billion dirhams) and deposits and commitments in dirhams (+18% to 44.789 billion dirhams), as well as the decrease in convertible dirham commitments (-63% to 7.419 billion dirhams compared to 20.222 billion dirhams in 2023).
As of December 31, 2024, BAM’s equity and similar items amounted to 6.522 billion dirhams compared to 5.117 billion dirhams as of December 31, 2023, representing an increase of 27.45%.
