CFG Bank reported consolidated net banking income (NBI) of 678 million dirhams (MDH) at the end of September 2024, marking a solid 36% increase compared to the same period in 2023. The bank’s core NBI—which includes net interest margin and commissions—rose by 35%, reaching 561 MDH. Specifically, net interest income climbed by 36% to 285 MDH, while commissions grew by 34% to 277 MDH, according to a statement released on the Moroccan Capital Market Authority (AMMC) website.
Strong performance in market-linked revenue
CFG Bank’s less predictable revenue sources—spanning stock brokerage, bond and equity trading, and corporate finance—saw an impressive 41% increase, reaching 116 MDH. This growth was buoyed by favorable equity markets in 2024, which have positively influenced CFG Bank’s investment-related income streams.
Operating income surges 50% on controlled expenses
The bank’s consolidated gross operating income (GOI) hit 280 MDH by September 30, reflecting a sharp 50% increase over the previous year. This accelerated growth in GOI outpaced the rise in net banking income, driven by CFG Bank’s efficient cost management.
Lending and deposits surge as business demand expands
CFG Bank’s outstanding loan portfolio reached 14.5 billion dirhams by the end of September, a 33% increase year-over-year. This expansion represents a net production of 3.6 billion dirhams, predominantly fueled by corporate lending.
Meanwhile, customer deposits grew by 24% annually, with a net intake of nearly 2.9 billion dirhams, bringing total deposits to 15.2 billion dirhams. Remarkably, despite the high growth in loans, 46% of CFG Bank’s deposits remain non-interest-bearing.
Positive outlook for the year ahead
The strong third-quarter results reinforce CFG Bank’s revised upward annual guidance, announced last September. With robust growth across core and market-linked revenues, coupled with an expanding loan portfolio and steady deposit intake, CFG Bank looks poised for continued momentum as 2024 comes to a close.
