Crédit Agricole du Maroc (CAM) has achieved remarkable financial results for the first half of 2024, with an impressive surge in its net profits. The bank’s consolidated net income soared by 178% compared to the same period last year, reaching 116 million dirhams, while the social net income surged even higher by 194%, totaling 104 million dirhams.
According to the bank’s statement, by the end of June 2024, Crédit Agricole du Maroc reported a consolidated net income of 116 million dirhams and a net income attributable to the group of 106 million dirhams, representing respective increases of 247% and 178% compared to June 30, 2023.
On a social level, the net income stood at 104 million dirhams, marking a 194% increase compared to the same period in 2023, confirming the exceptional growth achieved by the bank.
CAM also reported a significant rise in its net banking income (NBI), which increased by 21% to 2.3 billion dirhams on a consolidated basis. Socially, the NBI reached 2.2 billion dirhams in the first half of 2024, reflecting a year-on-year growth of 29%.
These outstanding results, both in consolidated and social accounts, can be attributed primarily to the growth in market activities and the increase in commission margins.
As for loans distributed by CAM, the outstanding balance rose to 113 billion dirhams by the end of June, an increase of over 5 billion dirhams. This growth aligns with the bank’s ongoing efforts to finance key sectors of the economy, especially agriculture, which has been particularly challenging due to water shortages.
Additionally, the bank’s total mobilized savings reached 108 billion dirhams, reflecting a 4% increase compared to the first half of 2023. This rise was supported by a strong performance in current account collections, which grew by 7%, despite a decline in term deposits, thus improving the structure of the bank’s deposits.
