'Credit du Maroc' totals MAD 627.4 million by end of 2021, a growth of 229.7%

‘Credit du Maroc‘, Morocco’s loans bank, reported the net output of the group’s share increased by 229.7%, reaching about MAD 627.4 million by the end of 2021, bank officials stated in the digital meeting held this Friday.

The Bank officials say that this increase is primarily due to the increase in profits and current loans.

These good results have been attributed to both increased business activity and reduced risk costs, bank officials explained.

In 2021, the outstanding loans granted by the bank amounted to about MAD 46 billion, an increase of nearly 5% compared to 2020, including MAD15.6 billion for loans directed to real estate, which also recorded an increase of 6.8%.

On the other hand, consumer loans recorded a slight decrease of about 2.3%, moving from MAD 3.68 billion to MAD 3.60 billion.

In the contracting market, the bank recorded a good performance in short-term loans, with an increase of 5.9%. By the end of 2022, equipment and rental loans experienced declines of 1.1% and 2.5%, respectively, due to a slowdown in investment.

The consolidated net banking recorded about MAD 2.4 billion, representing an increase of 3.3% year on year.

The bank’s subsidiaries recorded a total net banking income of MAD188.4 million by the end of 2021, an increase of 6.3% compared to 2020.

Morocco’s loans bank also allocated in 2021 an amount of nearly MAD359 million for investments, most of which were allocated to the development of information insight.

The consolidated risk cost of the bank totaled about MAD63.5 million, representing a significant drop of 91.2% compared to 2020.

According to bank officials, the good performance in financial results was also reflected in a 7.7% decrease in the percentage of outstanding loans, reaching MAD3.8 billion.

The consolidated private capital of the bank amounted to about MAD6.7 billion, while the total solvency achieved 15.47%, and the liquidity ratio was 160.8%, which are important indicators for financial health.

As for debt, it amounted to about MAD1.49 billion by the end of 2021, a decline of 27.9%, following the repayment of a conditional debt of MAD500 million.

Credit du Maroc is set to speed up its process for development within the framework of its “Renewal 2022” project by improving the terms of agreements and releasing loans, diversifying savings solutions, and enriching electronic banking solutions that provide more functionality and independence for customers.

The Renewal 2022 project aims mainly to meet the expectations of customers as well as improve customer relationship management (CRM).

The bank’s vision comes in line with the new development model, part of the government’s strategy to evolve in the energy transition, and digitization fields.

Bank officials set to consolidate profits distribution at MAD25.90 rather than MAD4.55 in 2020, stabilizing distribution rates at 41%.