The Supervisory Board of Société Générale Maroc, chaired by Jean-Luc Parer, convened on November 20, 2024, to review the bank’s financial statements as of September 30, 2024. The results reaffirm the institution’s resilience and ability to thrive amid a challenging global economic landscape.
The bank’s net banking income showed a notable uptick, driven by a boost in interest margins and commissions. Subsidiaries played a key role in this performance, underscoring the effectiveness of Société Générale Maroc’s diversified business model. This growth reflects the robust health of the bank’s core operations as well as its consolidated entities.
Société Générale Maroc’s cost-control efforts have yielded impressive results. While general expenses saw a modest increase in standalone accounts, they declined in consolidated financial statements, indicating successful expense optimization. This rigorous cost management contributed to an improved cost-to-income ratio, positioning the bank more competitively compared to last year.
Although customer loans experienced a slight dip due to an exceptional base effect, they remain fundamentally strong. Meanwhile, deposits surged significantly, bolstered by contributions from the bank’s subsidiaries. This balance highlights the bank’s capacity to sustain growth while maintaining financial stability.
These results showcase Société Générale Maroc’s well-calibrated strategy, balancing growth initiatives with tight cost controls. The bank continues to cement its status as a key player in Morocco’s banking sector, demonstrating adaptability and strength in a rapidly evolving environment.
