CFG Bank shares could have room to rise, according to Attijari Global Research (AGR). AGR recommends buying the stock and has set a target price of 287 dirhams. The shares were trading at 200 dirhams on 31 August, giving the target a potential upside of 44%. The main reason is expected growth in the bank’s business. CFG Bank’s business grew by 32.5% in 2025. AGR expects it to grow by an average of 15.1% a year between 2025 and 2028.
Lending is expected to be a key driver. CFG Bank still has room to increase its loans, particularly in mortgages and loans to businesses.
The bank plans to “double total loan outstanding between 2024 and 2028 or 2029.”
More business should also help the bank control its costs. AGR expects the cost-to-income ratio to fall from 49.2% in 2025 to 42.9% in 2028.
Net banking income is expected to grow by 15.1% a year between 2026 and 2028. Operating costs are expected to grow more slowly, at 10% a year.
AGR also expects credit risks to remain under control. The cost of risk is forecast to rise from 21 basis points in 2025 to 32 basis points in 2028, or about 114m dirhams.
CFG Bank is also expected to keep growing its profits despite a higher tax bill. The bank used up its remaining tax losses in 2025, meaning it will face its normal corporate tax burden from 2026.
AGR expects net income attributable to the group to reach 597m dirhams in 2028. That would represent average annual growth of 17.2% between 2025 and 2028.
The stock also looks cheaper on future earnings. AGR expects its price-to-earnings ratio to fall from 23.2 times in 2025 to 11.7 times in 2028.
