Saham Bank has reported net income of 1.7bn dirhams for 2025, up 117% on the previous year, in its first full year following separation from Société Générale.
The lender said the results reflect its transition to an independent Moroccan group and a major push into digital banking.
Net banking income reached 6.2bn dirhams, rising 6.9%. Consolidated loans increased to 102bn dirhams, up 8.7%, driven by corporate and retail demand. Customer deposits climbed to 86bn dirhams, a rise of 7.4%. The solvency ratio stood at 14.33%, above regulatory requirements.
Moody’s assigned the bank a first-time long-term credit rating of Ba1 with a stable outlook, citing strong fundamentals and governance. Fitch issued similar recognition, positioning the bank as a credible international player.
The performance follows the 2024 acquisition of Société Générale Marocaine de Banques by Saham Group, led by businessman and former industry minister Moulay Hafid Elalamy. The deal formed part of a wider trend of French banks reducing their presence in Africa, allowing local investors to take control of major financial institutions.
The separation required a full IT migration from French systems to Moroccan infrastructure, a rebrand to the Saham identity and a shift to independent governance and decision-making.
Analysts say the sharp profit rise partly reflects the removal of management fees previously paid to the former parent and improvements to organisational efficiency and digital capability. The bank also improved its cost-to-income ratio.
Moody’s Ba1 rating places the bank one notch below investment grade, a level often constrained by Morocco’s sovereign ceiling. The group reported a Tier 1 ratio of 13.85%, indicating strong capital buffers.
