CFG Bank has recorded a consolidated net banking income (NBI) of 424 million dirhams (MDH) for the first half of 2024, marking a 38% increase compared to the same period in the previous year.
The bank’s recurring NBI, which includes interest margin and commissions, reached 362 million dirhams, up by 37%. According to a statement published on the Moroccan Capital Market Authority (AMMC) website, the interest margin rose by 31% to 176 million dirhams, while commissions—including both banking and asset management fees—grew by 44% to 186 million dirhams.
The less predictable components of the NBI, which include brokerage, bond and equity trading, and corporate finance, amounted to 62 million dirhams, reflecting an impressive 81% increase. This surge was driven by favorable equity market conditions in the first half of 2024.
CFG Bank also reported a significant growth in its loan portfolio, which reached 14.2 billion dirhams by the end of June 2024, representing a 45% year-on-year increase. This growth corresponds to a net production of 4.4 billion dirhams, primarily driven by the “Corporate” segment.
Customer deposits saw an annual increase of 20%, with net deposits rising by nearly 2.5 billion dirhams, bringing the total to 14.8 billion dirhams as of June 2024. Non-remunerated deposits accounted for an average of 47% of all deposits, despite the strong credit growth.
CFG Bank’s gross operating income grew at a faster pace than its NBI, thanks to effective cost management, with expenses increasing by 29%.
