Doha – Credit du Maroc (CDM) reported a substantial increase in its financial performance for 2024, with net profit rising 47.3% to reach MAD 741 million ($74.1 million), driven by strong commercial growth and improved risk management.
The bank’s net banking income (NBI) grew by 12.9% to MAD 3.3 billion ($330 million), supported by positive performance across all business lines.
CDM’s net interest margin rose by 9.1% to MAD 2.43 billion ($243 million), while commission income increased by 5.4% to MAD 460 million ($46 million).
Market operations revenue showed major growth of 41.7%, reaching MAD 504 million ($50.4 million).
Total loans increased by 10.9% to MAD 56.6 billion ($5.66 billion), with corporate lending growing by 13.6% to MAD 33.3 billion ($3.33 billion).
The leasing segment demonstrated particularly strong performance with a 64.4% increase, while equipment loans rose by 25.1%.
Retail loans grew by 5% to MAD 21.3 billion ($2.13 billion), including an 11.7% increase in consumer loans and a 3.6% rise in mortgage lending.
Customer deposits reached MAD 56.9 billion ($5.69 billion), up 10.1% from the previous year.
Demand deposits accounted for MAD 39.9 billion ($3.99 billion), while term deposits stood at MAD 5.9 billion ($590 million).
Savings accounts totaled MAD 10.1 billion ($1.01 billion) by the end of December 2024.
The bank’s gross operating income increased by 27.9% to MAD 1.7 billion ($170 million), benefiting from controlled operating expenses which rose only 0.4% to MAD 1.6 billion ($160 million). The cost-to-income ratio improved by 603 basis points to 48.6%.
Risk management displayed improvement with the cost of risk declining by 10.5% to MAD 398 million ($39.8 million).
The non-performing loan coverage ratio stood at 88.8%, while non-performing loans decreased by 1.6% to MAD 3.97 billion ($397.9 million).
Moving ahead, CDM has set ambitious targets for 2028, including doubling its active customer base to 900,000 clients and achieving an NBI of MAD 4 billion ($400 million).
The bank’s board will propose paying a dividend of MAD 41.7 ($4.17) per share at the upcoming general assembly.
The bank, which became fully Moroccan-owned in late 2022 following Holmarcom Group’s acquisition of Credit Agricole’s majority stake, invested MAD 351 million ($35.1 million) in 2024, primarily in technological developments to support its digital transformation strategy.
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