CFG Bank has reported a net profit attributable to shareholders (RNPG) of 109 million dirhams (MDH) for the first half of 2024, marking a 68% increase compared to the same period in 2023.
The bank’s results account for a risk cost of 20 MDH during the first six months of 2024, representing 0.30% of its total outstanding loans. This low risk cost is attributed to CFG Bank’s focus on lower-risk client segments and the high level of collateral backing its loans, as highlighted in a statement following the Board of Directors’ meeting on Thursday. The meeting reviewed the bank’s and group’s activities and financials for the first half of the year, finalizing the accounts as of June 30, 2024.
The bank’s loan portfolio stood at 14.2 billion dirhams (MMDH) by the end of June 2024, reflecting a 44% growth compared to the same period in 2023. This increase represents a net loan production of 4.4 MMDH, driven mainly by the corporate segment.
Customer deposits also experienced a significant rise, growing by 20% year-on-year, with a net collection of 2.5 MMDH. By the end of June 2024, total deposits reached 14.9 MMDH. Notably, non-remunerated deposits accounted for an average of 47% of the total, despite the sharp increase in lending activities.
Additionally, CFG Bank reported a 37% improvement in its consolidated net banking income (PNB), which rose to 424 MDH. The recurring components of this PNB, such as interest margin (+31% to 176 MDH) and commissions (+44% to 186 MDH), totaled 362 MDH, also marking a 37% increase.
Less predictable sources of income, including stock brokerage, bond and equity trading, and corporate finance, amounted to 62 MDH, up 40%, bolstered by favorable market conditions during the first half of 2024.
Founded in 1992, CFG Bank is one of Morocco’s pioneering investment banks. Today, it relies on its historical business activities, alongside a commercial banking division launched in 2015, aimed at delivering premium services to high-demand clients.
The commercial banking segment serves two client categories: individual customers who prioritize quality service and medium to large enterprises.
