CIH Group has delivered strong financial results for the first nine months of 2024, showcasing significant growth across its key business and financial indicators.
Customer deposits reached 79.5 billion dirhams, reflecting a 7.2% increase compared to December 2023 and a remarkable 12.8% growth year-on-year. These deposits are primarily attributed to CIH BANK, which accounts for 70.7 billion dirhams, and UMNIA BANK, contributing 5.8 billion dirhams. By the end of September, demand deposits made up 83% of total customer resources, maintaining stability from the previous year.
Customer loans rose to a consolidated total of 96.5 billion dirhams, marking an annual increase of 8.7% and a 6.3% rise from December 2023. CIH BANK accounted for 72.4 billion dirhams, with contributions from SOFAC and UMNIA BANK reaching 15.9 billion and 8.2 billion dirhams, respectively.
The group’s consolidated balance sheet climbed to 135.6 billion dirhams, reflecting an 8.1% increase since December 2023.
Consolidated net banking income reached 3.536 billion dirhams, up by 6.3% year-on-year, driven by a 5.2% rise in net interest margins and positive market activity. On an individual basis, CIH BANK’s net banking income stood at 2.916 billion dirhams, a 5.0% increase from the same period in 2023.
The consolidated cost of risk amounted to 808.1 million dirhams, underlining a cautious approach to provisioning. On a standalone basis, this figure reached 574.1 million dirhams.
The group’s consolidated net profit surged to 711.7 million dirhams, a 19.3% increase. Net profit attributable to the group reached 657.2 million dirhams, reflecting an 18.5% rise. On a standalone level, net profit climbed to 611.6 million dirhams, compared to 510.1 million a year earlier, representing a robust 19.9% growth.
These results underscore CIH Group’s consistent performance and its ability to navigate market challenges while delivering value to its stakeholders.
