CDG Capital has delivered an outstanding performance in the first half of 2024, benefiting from favorable market conditions and robust business dynamics.
The company’s consolidated net banking income surged by an impressive 58%, reaching 177 million dirhams. This growth was primarily driven by the strong performance in market activities and asset management fees.
This significant increase translated into a group net profit of 33.6 million dirhams, a remarkable turnaround compared to the 6 million dirham loss recorded during the same period last year.
In terms of assets, both managed and custodial assets experienced solid growth. Assets under management reached 216 billion dirhams, marking a 12.2% increase, while assets under custody grew by 11.9%, totaling 537 billion dirhams by the end of June 2024.
On a standalone basis, CDG Capital’s net banking income grew by 36.1%, amounting to 147.7 million dirhams, with net profit rising sharply to 58.4 million dirhams compared to 14 million dirhams the previous year.
CDG Capital has bolstered its financial foundations in the first half of the year. The company’s prudential capital increased by 7%, reaching 1.6 billion dirhams, following a capital increase of 100 million dirhams in June 2024. The solvency ratio now stands at 17.5%, while the Tier 1 capital ratio is at 11.6%, both comfortably exceeding the regulatory requirements of 12% and 9%, respectively. Moreover, the short-term liquidity ratio (LCR) remained at a healthy level of 134% as of June 2024.
