Salafin achieved a net banking income (NBI) of 93 million dirhams (MDH) for the first quarter (Q1-2024), a decrease of 2% compared to the same period of the previous year.
As of March 31, 2024, Salafin’s net production stood at 247 MDH, down 8.1%, the consumer credit company said in a statement on its financial indicators for the first quarter. These achievements are mainly impacted by the withdrawal from the personal credit segment, which recorded a decrease of 14.6% to 126 MDH compared to Q1-2023, while car loans performed similarly to the first quarter of the previous fiscal year, at 121 MDH.
Financial receivables, on the other hand, declined by 2.1% compared to Q4-2023 to reach 2.98 billion dirhams (MMDH), divided between an ODC (Credit Operations) receivable of 2.32 MMDH (-1.8%) and a LOA (Lease with Option to Buy) receivable of 669 MDH (-3.1%).
Moreover, Salafin confirms the continuation of its commercial activities reorganization, repositioning, and operational efficiency improvement efforts as part of the implementation of the commercial roadmap initiated during Q1-2023. These initiatives aim to support the development of targeted markets, strengthen proximity with partners, and ensure sustainable and profitable growth.
In this regard, the repositioning choices made during the year have enabled a production yield level of +200 basis points (bps) compared to the same period of the previous fiscal year.
