The year 2024 will be remembered as a defining chapter in the trajectory of Société Générale Maroc. A shift in majority ownership, internal restructuring, and exceptional one-off impacts could have destabilized operations. Instead, the bank demonstrated a remarkable ability to steer through change while preserving performance, continuity, and client trust.
The acquisition of Société Générale Group’s stake by the Saham Group was not merely a change in shareholders—it marked the beginning of a strategic realignment. This transition, carefully orchestrated and executed in line with a clear roadmap, enabled the progressive disengagement from legacy systems without disrupting services. On March 25, the Supervisory Board, chaired by Moulay Hafid Elalamy, reviewed the 2024 financial statements, underlining the controlled nature of this transition and the bank’s capacity to evolve without compromising its operational integrity.
Despite the complexity of the transformation underway, Société Générale Maroc reported solid commercial performance. Deposits showed a strong upward trend, and credit portfolios continued to grow. The consolidated Net Banking Income also posted a healthy year-on-year increase, reflecting the enduring trust of clients and the effectiveness of the bank’s commercial model, even in a time of institutional change.
Financial results were affected by two non-recurring items: a provision linked to an internal empowerment program and a tax inspection. These exceptional events weighed on the consolidated net income, which decreased compared to 2023. However, excluding these one-off effects, the bank’s core performance remains robust. The adjusted net income would have exceeded MAD 1.2 billion, demonstrating the institution’s strong underlying profitability and prudent management.
In terms of financial stability, Société Générale Maroc continues to rank among the most resilient players in the market. With total equity exceeding MAD 15.5 billion, a solvency ratio of 14.61%, and a Core Tier 1 ratio of 13.86%, the bank significantly surpasses regulatory requirements. These sound fundamentals are not just technical indicators—they are tangible proof of strength, reliability, and the ability to absorb shocks while continuing to support clients and the economy.
More than a financial milestone, 2024 represents a strategic inflection point. With the Saham Group now at the helm, Société Générale Maroc has entered a new phase of development. Its ambitions are no longer defined by scale alone, but by operational excellence, relational agility, and the ability to deliver high-value services in an evolving economic landscape. This repositioning reflects a deliberate choice: to be a bank that grows through efficiency, innovation, and a renewed commitment to client-centricity.
Emerging from a demanding year, Société Générale Maroc is stronger, more focused, and better equipped to move forward. This is not just a transition—it is a transformation, carried out with discipline, driven by vision, and grounded in long-term resilience.
