Doha – Credit du Maroc (CDM) recorded a significant increase in its financial performance for 2024, whereby the net profit rose by 47.3% to achieve MAD 741 million ($ 74.1 million), which is due to strong commercial growth and improved risk management.
The bank’s net income (NBI) rose by 12.9% to MAD 3.3 billion (USD 330 million), which were supported by positive performance in all business areas.
CDM’s net interest rate rose by 9.1% to MAD 2.43 billion ($ 243 million), while commission income rose by 5.4% to MAD 460 million ($ 46 million).
The turnover of market businesses showed great growth of 41.7%and reached MAD 504 million ($ 50.4 million).
The total loan rose by 10.9% to MAD 56.6 billion (5.66 billion US dollars), with loans for companies to rose by 13.6% to MAD 33.3 billion ($ 3.33 billion).
The leasing segment showed a particularly strong performance with an increase of 64.4%, while the equipment loans rose by 25.1%.
The retail loans rose by 5% to MAD 21.3 billion US dollars (2.13 billion US dollars), including an increase in consumer loans by 11.7% and an increase in mortgage loans by 3.6%.
The customer deposits reached MAD 56.9 billion (5.69 billion US dollars), an increase of 10.1% compared to the previous year.
MAD made up 39.9 billion (3.99 billion US dollars), while the runtime deposits were 5.9 billion ($ 590 million).
savings The accounts amounted to $ 10.1 billion (1.01 billion US dollars) by the end of December 2024.
The bankThe gross operating result rose by 27.9% to MAD 1.7 billion ($ 170 million), which benefited from controlled operating costs, which only increased by 0.4% to MAD 1.6 billion ($ 160 million). The cost-to-income ratio improved by 603 basis points to 48.6%.
Risk management showed an improvement because the risk costs decreased by 10.5% to MAD 398 million (USD 39.8 million).
The needy credit insurance rate was 88.8%, while in need of server loans decreased by 1.6% to MAD 3.97 billion ($ 397.9 million).
Due to the requirement, CDM has set ambitious goals for 2028, including the doubling of the active customer base to 900,000 customers and the achievement of an NBI of MAD 4 billion ($ 400 million).
The bank’s board suggests paying a dividend of MAD 41.7 ($ 4.17) per share at the upcoming general assembly.
The bank, which was completely Moroccanowned At the end of 2022, the Holmarcom Group MAD 351 million (35.1 million US dollars) invested in 2024, especially in technological developments to support the strategy for digital transformations.
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