Crédit du Maroc: strong profit growth in 2021

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At the end of December 2021, Crédit du Maroc’s consolidated net banking income was drachmas 2,459.9 million, up 3.3 percent year on year.

In the 4th quarter of 2021, it recorded an acceleration of 6.0% compared to the same period of 2020.

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Net interest margin increased by 5.1% to dirham 1,955.1 million, benefiting from the good performance of business activity as well as continuous optimization of resource costs.

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Commission margin increased 2.0% to Dh393.3 million, benefiting from the increase in product equipment ratio and the good performance of specialized businesses.

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Revenue from market operations fell 7.6% to Dh209.1 million. While this decline was mitigated by an improvement in foreign exchange income, it is primarily linked to the bond business, which has been affected by a negative context in the fixed income markets.

Subsidiaries of Crédit du Maroc reported a total NBI of 188.4 million dirhams in 2021, an improvement of 6.3% compared to 2020.

While maintaining its prudent policy of provisioning, Crédit du Maroc reported a consolidated cost of risk of 63.5 million dirhams, a significant decrease of 91.2% compared to 2020.

Indeed, the cost of risk has benefited from an extraordinary recovery effect on a large dossier and efforts to forecast the effects of the health crisis undertaken in 2020.

The annual cost of risk ratio was 20 basis points, down 144 basis points from 2020. The total coverage ratio stood at 91.4% at the end of 2021.

Confirming the strength of its balance sheet, the Crédit du Maroc fell 7.7% in its outstanding debts to Dh 3,802 million in 2021, thus reducing its doubtful and defendant debt ratio to 8.3%.

Net income, Crédit du Maroc group share stands at dirham 627.4 million, up 229.7% compared to 2020, benefiting from good business momentum and improved cost of risk.

Source From: Google News

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