On July 26, 2024, the Supervisory Board of Crédit du Maroc, chaired by Mohamed Hassan Bensalah, met to review the bank’s activities and financial statements as of June 30, 2024. Crédit du Maroc reported a strong performance in the first half of 2024, with a significant increase in net banking income (NBI) of 12.6% compared to the same period in 2023. This growth was driven by positive contributions across all business lines:
– The net interest margin increased by 9.6%, thanks to dynamic commercial activity and a strengthened customer base.
– The commission margin grew by 9.1%, fueled by the growth of specialized revenue streams such as electronic banking, international trade, transactional banking, and cash management.
– Market operations saw an impressive rise of 30.2%.
– Contributions from subsidiaries increased by 8.3%.
This positive development in NBI led to a 17.6% improvement in gross operating profit and a reduction in the cost-to-income ratio by 218 basis points.
Crédit du Maroc also demonstrated prudent risk management, with a 32.6% reduction in consolidated risk costs. The coverage ratio for non-performing loans improved, and the growth of these loans was contained.
Simultaneously, the bank invested 133 million dirhams in enhancing its technological platform, underscoring its commitment to innovation and continuous improvement.
The group’s net profit saw a substantial increase of 36.8%, reflecting strong commercial momentum and effective risk management.
Following agreements made in December 2022, Crédit du Maroc’s transition plan proceeded according to commitments made by Groupe Holmarcom and Crédit Agricole S.A., resulting in complete autonomy for Crédit du Maroc in its activities, operations, and information systems.
During the first half of 2024, Crédit Agricole S.A.’s planned exit from the bank’s shareholding was finalized through several key operations. On May 15, 2024, Crédit du Maroc acquired 33.33% of the capital and voting rights of Crédit du Maroc Leasing and Factoring from Crédit Agricole Leasing & Factoring, now holding 100% of its capital. On June 7, 2024, Holmarcom Group, through Holmarcom Finance Company, acquired the second tranche of Crédit Agricole S.A.’s stake in Crédit du Maroc, representing 15% of the capital and voting rights. Following this operation, Holmarcom Group holds 78.7% of Crédit du Maroc’s capital.
Under its new shareholder, Crédit du Maroc has set ambitious growth objectives within its five-year plan, aligned with Groupe Holmarcom’s strategy for sustainable and responsible development. Centered around the family, the plan aims to accelerate commercial dynamics through revamped offerings and customer journeys, digital transformation, and continuous service improvement.
To support this new dynamic, the bank continuously strengthens its operational model, governance, risk management, and compliance systems, relying on a dynamic and committed team aligned with Groupe Holmarcom’s vision, ambitions, and values.
