On November 28, 2024, Crédit du Maroc’s Supervisory Board, chaired by Mohamed Hassan Bensalah, convened to assess the bank’s achievements and financial results up to September 30. The meeting revealed a year marked by transformative milestones, steady financial growth, and bold strategic decisions, setting the stage for the bank’s future ambitions.
The highlight of the year was Crédit du Maroc’s groundbreaking public offering. Between October 28 and November 1, Holmarcom Finance Company (HFC) offered 11.3% of the bank’s shares to the public. The response was nothing short of extraordinary. Investor interest surged, with the offering oversubscribed by nearly 18 times, ultimately resulting in the allocation of 1,229,577 shares worth MAD 1.03 billion. This overwhelming demand underscored investors’ confidence in Crédit du Maroc’s strategic vision and growth potential.
Following the offering, HFC and its affiliate AtlantaSanad solidified their control of 67.4% of the bank’s capital and voting rights. Simultaneously, Crédit du Maroc’s floating capital increased from 11% to 22%, aligning with global best practices and boosting its market appeal.
Another milestone of the year was the bank’s strategic partnership with Finéa, finalized in July. This collaboration aims to facilitate access for small and medium enterprises (SMEs) and very small enterprises (VSEs) to public markets. By offering tailored financing solutions, Crédit du Maroc continues to assert itself as a key partner in Morocco’s economic ecosystem.
In addition, Crédit du Maroc reaffirmed its commitment to integrity and transparency with the renewal of its ISO 37001:2016 Anti-Corruption Management System certification. This prestigious international recognition highlights the bank’s proactive approach to preventing and combating corruption across all its operations, including those of its subsidiaries.
Financially, Crédit du Maroc delivered a stellar performance. Over the past twelve months, customer loans rose by 7.6%, reaching MAD 55.17 billion by September 2024. Corporate lending experienced remarkable growth of 16.4%, driven by a surge in equipment financing and leasing activities. Personal loans also saw steady increases, supported by housing and consumer credit. Deposits followed suit, climbing 5.5% to MAD 54.75 billion, with significant contributions from both sight deposits and term accounts.
Revenue surged as well, with consolidated net banking income rising by 11.1% year-on-year to MAD 2.44 billion. This increase was bolstered by gains across all revenue streams, including interest margins, fee-based services, and market operations. Net profit saw an impressive 29% increase, reaching MAD 575 million, underscoring the bank’s ability to balance growth with financial discipline.
Risk management remained a cornerstone of Crédit du Maroc’s strategy. The cost of risk decreased by 2.5% to MAD 288 million, reflecting prudent oversight and proactive measures. Non-performing loans, while increasing slightly, were effectively managed, with a coverage ratio of 85.1%.
Another pivotal decision emerged during the recent Supervisory Board meeting. Crédit du Maroc announced a new bancassurance partnership with AtlantaSanad, set to commence on January 1, 2025. This transition concludes an eight-year collaboration with Sanlam Maroc, which ended amicably and with minimal financial impact. The new partnership aligns with the bank’s broader strategic ambitions and promises enhanced synergies moving forward.
Through a combination of bold initiatives, strong financial performance, and unwavering integrity, Crédit du Maroc has cemented its position as a leading player in Morocco’s banking sector. As it moves into 2025, the bank’s commitment to innovation and growth continues to inspire confidence among investors, partners, and customers alike.
