The consolidated net result, following tax, of CFG Bank amounted to 31 million dirhams (MDH) in 2021, once morest a deficit of -43 MDH a year earlier.
“After achieving operating profitability in 2020, 5 years following the launch of commercial banking, CFG Bank achieves a positive net result in 2021, driven by strong growth in all of its businesses”, specifies the bank via its financial communication.
Moreover, for the launch of its commercial bank, the operator agreed to major investments in IT for its bank branches and in communication. These are now profitable, he says.
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Also, the consolidated gross operating income amounted to 53 million dirhams in 2021, up by +162%. A result carried, according to the bank, by the rapid growth of net banking income (NBI) and by the control of expenses.
Indeed, the consolidated NBI reached 400 MDH at the end of December 2021, up 40%. This increase is mainly due to the increase in loans and the good performance of investment banking and trading room activities.
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Outstanding loans amounted to 6.7 billion dirhams (MMDH) at the end of 2021, once morest 5.2 billion dirhams in 2020, i.e. a growth of 30% in 12 months. Deposits stood at 8.6 billion dirhams in 2021, i.e. a net inflow of 1.9 billion dirhams between December 2020 and December 2021, including 1.1 billion dirhams in sight deposits.
It should be noted that CFG Bank proceeded in 2021 to the depreciation by equity of all of its exposure in T Capital Group for an amount of 149 MDH.
