Saham Bank has reported higher profits at the start of 2026, even as parts of its business came under pressure.
The bank made 437 million dirhams in profit in the first three months of the year. That is 7% more than the same period last year. Its total income from banking activities rose to 1.596 billion dirhams, up 8.8%.
The results were presented at a board meeting led by Moulay Hafid Elalamy. The bank said the period was marked by “bond market volatility and geopolitical uncertainties”.
Most of the growth came from its core business. Income from lending rose 7.2% to 1.052 billion dirhams. Fees and commissions brought in 467 million dirhams, a sharp rise of 17.4%.
However, income from market trading dropped heavily. It fell 60% to just 14 million dirhams due to swings in the bond market.
Even so, the bank improved its overall performance. Operating profit reached 831 million dirhams, up 11.7%. Costs were better controlled, with the cost-to-income ratio improving to 47.9%. The bank linked this to changes made after splitting from Société Générale.
Saham Bank also set aside more money to cover potential risks. It allocated 98.1 million dirhams for possible loan losses, compared with 66.6 million dirhams a year earlier. It said this was to guard against the impact of the conflict in the Middle East.
Lending to customers reached 84.8 billion dirhams by the end of March, up 7.8%. Customer deposits also grew, rising 9.9% to 85.9 billion dirhams.
The bank continues to shift towards digital services. It pointed to its MyFx app, which allows companies to trade foreign currencies, and its nabD platform, a fully online banking service for retail customers.
It also won three awards at the Global Banking & Finance Review Awards 2026, including Best Banking Transformation in Morocco.
Capital levels remained strong. The solvency ratio stood at 14.23%, while the core capital ratio stayed above 13%. Ratings agencies Fitch Ratings and Moody’s kept the bank at Ba1 with a positive outlook.
Saham Bank is entering the next quarter in line with its plans, supported by a network of 278 branches, 13 subsidiaries, and more than 3,000 employees.
