Doha – CIH Bank has reported strong financial results for 2024, with the consolidated net win MAD reaching 966 million ($ 96.6 million), which corresponds to an increase of 24.3% compared to the previous year.
The groupThe proportion of net profit rose by 23.3% to MAD 875.9 million ($ 87.59 million), while the independent net profit rose by 21% to MAD 750 million (75 million US dollars).
The bank’s consolidated net income (NBI) rose by 6.1% to MAD 4.74 billion ($ 474 million), which has increased by 6.8% and an increase in the net interest rate by 17.9%.
The NBI structure remained stable, whereby the net interest rate saving 63%, the market activities of 21%and the net provision margin 9%.
Customer deposits rose by 13.9%and increased by MAD by $ 10.3 billion ($ 1.03 billion) to reach MAD 84.5 billion ($ 8.45 billion).
These deposits are mainly distributed between CIH Bank with $ 73.6 billion ($ 7.36 billion) and Umnia Bank with MAD 6.3 billion ($ 630 million). Need deposits that made 84% of the total customer deposits grew by 14.9%.
The bank’s consolidated credit portfolio exceeded MAD 100 billion for the first time and reached MAD 101.2 billion (10.12 billion US dollars), an increase of 11.5%.
This portfolio is distributed under CIH Bank (MAD 75.8 billion), SOFAC (MAD 16.5 billion) and Umnia Bank (MAD 8.8 billion). The overall consolidated balance sheet rose by 12.4% to MAD 141 billion ($ 14.1 billion).
Risk management improved, with consolidated risk costs declining by 16.3% to MAD 1.07 billion (USD 107 million). The risk cost rate improved from 1.15% in 2023 to 0.85%.
In 2024, CIH Bank expanded its network by adding 19 new ones Twigs and 228 ATMs that bring its total amount to 427 branches and 1,072 ATMs. The bank has retained its position as a digital banking business LeaderWith around 2 million users of mobile apps and up to 2 million daily connections.
The Board of Directors proposed a dividend of MAD 14 (1.4 USD) per share. In order to support growth and strengthen capital, the bank increased its capital by 350 million (35 million US dollars) and emphasized subordinate bonds worth 1 billion US dollar ($ 100 million) for CIH Bank and MAD 250 million (25 million US dollar) for Sofac.
With a view to 2025, CIH Bank expects further growth, especially in infrastructure financing in connection with important sporting events such as the 2025 Africa Cup of Nations and the World Cup 2030.
The bank also adapts to the changes in payment market, whereby its subsidiary Lana Cash is operated over 1,400 sales points.
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