Doha – The Al Barid Bank reported extraordinary financial results for 2024, with the net profit of the group MAD MAD 871.38 million ($ 87.14 million), which indicates an increase of 196% compared to 2023. The bank’s performance was announced during the board meeting held on March 28.
The bankThe net volume rose to MAD 3.10 billion ($ 310 million), which corresponds to growth of 36% compared to the previous year. This improvement was due to an increase in the net interest rate by 19%, an increase in the commission margin by 10.4% and a remarkable 91.6% impact of market activities.
With regard to operational efficiency, the gross operating result rose by 147% to MAD 1.5 billion ($ 150 million), while the net result MAD achieved 575.5 million ($ 57.55 million), which led to a proud jump of 161% compared to the previous year.
The bank increased its market position in the mobilization of savings contracts, with demand deposits grow by 11% to MAD 34.3 billion (3.43 billion US dollars). The savings accounts rose by 4.2% to MAD 36.5 billion US dollars (3.65 billion US dollars), which has won the bank’s position as the market leader with a market share of 19.63%.
The Retail Lending segment also performed strongly, with the housing loans rising by 8.4% and consumer loans rose by 9.5% and exceeded the average growth of the banking sector.
The Supervisory Board also announced changes to the board, now led by Al-Amine Nejjar as chairman.
The new board includes M’Hamed El Moussaoui and Mohammed Kettani as managing director Mounya Dinar as deputy managing director of capital markets, finance and management control as well as Abderrahman Benhayoun Sadafyne as deputy managing director of Commercial banks.
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“The strengthening of the governance and the performance of the group strengthened the course of its strategic plan in 2024,” said the bank in its official communication.
The strategy focuses on “ensuring an agile organization, strengthening financial stability in order to provide innovative solutions for different customer categories and to use new activities to diversify sources of income”.
The bank claims its commitment to be accessible as a citizen bank for all Moroccans and to reconcile growth with its social mandate. These results are a direct result of the overarching strategy of Bank 2024, which focuses on organizational efficiency and customer -oriented innovation, added.
Al Barid Bank, founded in 2010 as a bank examination of the Moroccan postal service, works as part of a dual management and supervisory authority.
By 2019, the extensive network of Poste Maroc, with over 1,800 locations, had used it to the most widespread financial institution in the country nationwide.
