CFG Bank has unveiled outstanding financial results for the first half of 2024, reflecting remarkable growth dynamics and increased profitability. This impressive performance is the result of a solid strategy and rigorous execution, which have strengthened the bank’s market position.
Key financial highlights:
- Loan portfolio growth: The bank’s loan portfolio saw a dramatic 45% year-on-year increase, reaching 14.2 billion dirhams. This growth was primarily driven by the corporate segment, indicating growing business confidence in CFG Bank.
- Deposit collection: Deposits also grew dynamically, rising by 20% to 14.8 billion dirhams, further bolstering the bank’s financial foundation.
- Net banking income (NBI): CFG Bank’s consolidated NBI surged by 38% to 424 million dirhams, driven by balanced growth across both recurring activities and market operations. The interest margin increased by 31% to 176 million dirhams, while commissions grew by 44% to 186 million dirhams. Market-related NBI also experienced significant growth of 81%, reaching 62 million dirhams, benefiting from favorable conditions in equity markets.
Thanks to strict cost management, the Gross Operating Income (GOI) increased by 54%, totaling 160 million dirhams. This reflects CFG Bank’s ability to control operating expenses, which grew by only 29%, compared to a 38% rise in NBI.
CFG Bank has set ambitious targets for the remainder of 2024. The bank plans to continue its expansion by focusing on its priority customer segments and leveraging its two strategic pillars: investment banking and commercial banking. The financial outlook remains highly positive.
- NBI growth: CFG Bank anticipates significant NBI growth of between 20% and 24%, supported by continued loan portfolio growth, improved margins, and rising commissions.
- GOI increase: The GOI is expected to rise substantially, with growth projected between 28% and 38%, thanks to stringent cost control measures.
- Net income growth: The bank’s Net Income Group Share (NIGS) is forecasted to see an impressive increase of 40% to 50%, reflecting the bank’s strong financial health and profit-generating capabilities. These optimistic forecasts will be reassessed when the full H1 2024 results are published.
