SOFAC has wrapped up 2024 with significant financial growth, reaffirming the effectiveness of its expansion and diversification strategy. Amid an improving economic climate, the company has strengthened its market position in household and business financing, while bolstering its financial capabilities.
2024 was a year of strong development for SOFAC, with net loan production reaching 6.89 billion dirhams, marking a 10% increase compared to 2023. This growth was driven by the rise in auto financing and the expansion of key segments such as leasing.
At the same time, gross outstanding loans surged by 21%, from 15.65 billion dirhams in 2023 to 18.87 billion dirhams in 2024. This remarkable increase underscores SOFAC’s expanding activities and highlights its solid positioning in the credit and structured finance markets.
SOFAC reinforced its financial structure, with net debt increasing by 13% in line with higher loan volumes. The group also continued its capital optimization strategy, issuing a 250 million dirham subordinated bond and securitizing loans and future lease payments, totaling 1.43 billion dirhams.
SOFAC’s Net Banking Income (NBI) continued to grow, rising by 11% in its standalone accounts to 793 million dirhams and by 10% in consolidated terms, reaching 811 million dirhams. This increase was fueled by the growth of outstanding loans in the Auto and Leasing sectors, as well as the integration of BADEEL, a subsidiary contributing significantly to the group’s momentum.
The standalone net profit stood at 160 million dirhams. When adjusted for a one-time gain in 2023 related to the release of a general risk provision, SOFAC’s underlying net profit growth reached 5.4%. Meanwhile, the consolidated net profit remained stable at 224 million dirhams.
A tax audit covering corporate income tax and personal income tax (for 2020-2023) and VAT (for 2017-2023) had no significant impact on SOFAC’s results, reflecting the efficiency of its internal controls.
Looking ahead, SOFAC aims to strengthen its position as a leading financing platform for households, professionals, and businesses. The group is focused on expanding its expertise in structured finance and playing a key role in supporting Morocco’s major economic projects.
