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Rabat — CIH Bank is preparing a major financial move. The bank announced plans to increase capital up to MAD 1.5 billion ($161 million), according to the latest notice for an extraordinary general meeting scheduled for June 11.
The operation will involve issuing new shares through cash contributions, while maintaining subscription rights for current shareholders.
Company officials can implement this capital increase in one or multiple phases over the next three years, based on decisions from the board of directors and the CEO.
This announcement comes after a strong financial performance in 2024.
CIH Bank has reported a consolidated net profit of MAD 966 million ($96.6 million), marking a 24.3% increase from the previous year.
The Bank also reported a 6.1% growth in net banking income compared to 2023, reaching MAD 4.74 billion ($474 million).
The bank also demonstrated careful risk management. Consolidated risk costs decreased by 16.3% to MAD 1.07 billion ($107 million).
As a result, the group’s net profit totaled MAD 875.9 million ($87.59 million), showing a significant improvement of 23.3%.
The upcoming extraordinary general meeting will allow shareholders to vote on this proposed capital increase plan, which could substantially strengthen the bank’s financial position.
In its efforts to engage Moroccans residing abroad, CIH BANK recently introduced CODE 212 to simplify its remote banking services.
The service aims to meet the needs of Moroccan expatriates, allowing them to open and manage bank accounts online, as well as conduct quick money transfers.
CIH Bank also partnered with Google to provide Google Pay to its clients in Morocco, allowing MasterCard cardholders to use the contactless payment method.
Read also: CIH Bank Reports 24.3% Profit Growth, Surpasses MAD 100 Billion Credit Mark
