Crédit du Maroc (CDM) reported a net income of 391 million dirhams (MDH) for the first half of 2024, representing a substantial increase of 36.8% compared to the same period in the previous year.
“This growth is driven by strong commercial dynamics and a favorable evolution in the cost of risk,” CDM stated in a press release detailing its financial results.
The consolidated net banking income (NBI) for the first half of 2024 reached 1.606 billion dirhams (MMDH), up by 12.6% from the first half of 2023. This performance was fueled by the positive contributions across all banking business lines, notably a 9.6% rise in net interest margin to 1.186 MMDH, which benefited from continued commercial activity and a strengthened customer base. Additionally, the NBI growth reflected a 9.1% increase in commission margin to 246 MDH, driven by gains in specialized segments such as electronic payments, international trade, transactional banking, and cash management. Market operations also contributed positively, with results increasing to 219 MDH.
CDM’s subsidiaries also played a vital role, contributing 105 MDH to the overall NBI, marking an 8.3% increase from the first half of 2023. The bank reaffirmed its commitment to supporting the Kingdom’s investment development efforts, with customer loans rising by 7.9% year-on-year to 54.911 MMDH. This increase was particularly supported by business loans, which reached 32.727 MMDH by the end of June 2024, showing a significant 13.5% rise. This growth was attributed to impressive performances in real estate development loans (+40%), leasing (+33.7%), equipment loans (+27.2%), and short-term loans (+3.1%).
Household loans also saw a 4.1% increase, amounting to 21.063 MMDH, driven by the robust performance of both consumer loans, which rose by 6.7%, and housing loans, which grew by 3.6%.
By the end of June 2024, balance sheet resources had improved by 4.8% over the past twelve months, reaching 54.778 MMDH. This positive trend was driven by a 6.2% increase in demand deposits and a 2.4% rise in savings deposits, totaling 38.829 MMDH and 10.192 MMDH, respectively.
Term deposits saw a notable increase of 31.8%, reaching 4.458 MMDH.
Operating profit rose to 824 MDH, an appreciation of 17.6%, with the bank’s operating ratio improving by 218 basis points to 48.7%.
Furthermore, CDM invested a total of 133 MDH in the first half of 2024, primarily focused on enhancing the bank’s technological platform performance.
