Attijari Global Research (AGR) has slightly revised its forecasts for CFG Bank for the period 2024. -2026 according to the positive results published by the bank. For the 2024 financial year, CFG Bank shows operational successes about our first forecasts, especially on PNB and COX. Thanks to persistent commercial efforts, especially in the business segment, the bank continued to increase its market share. Thus, the loans rose sharply (+22.1% in 2024 to 17.4 billion DH), while the margin rose from 52.8% to 401 million DH for commission. This service underlines analysts, “testifies to the remarkable performance of asset management”.
Despite the resumption of the investment program at the level of the agency, marketing and information system, CFG Bank was able to reduce its operating coefficients from -7.2 points to 58.8%in 2024. Specifically, the bank manages to increase its administrative fees (+27.6%) below that of its activities (+43.2%), Note Agr. And to add that the positioning of the CFG bank to relatively less risky segments, namely investment loans that are dedicated to the average and large companies as well as in real estate credit, enables the costs of the offset risk compared to the average of the sector, i.e. H. 23 PBS (2) against 120 PBS to display.
At the end of this analysis, AGR has a price target of 253 DH with an evaluation potential of +7.0% compared to the stock market price of 236 dH from 04.03.2025. In this context, analysts recommend keeping the CFG banking title.
