2023-09-25 18:14:27
“CFG Bank continues its growth dynamic and displays very good performance in the first half of 2023, with a positive net result of MAD 71 million, and a NBI of MAD 309 million driven by the good performance of all of the bank’s businesses, in particular in terms of credit production and deposit collection,” indicates the bank in a financial press release.
Consolidated gross operating income amounted to MAD 104 million for the same period, following MAD 42 million in 2022, an increase of 143% driven by the rapid growth in net banking income (NBI) and cost control. , underlines the same source.
The investment banking professions recorded a slight decline in their NBI, due to the rise in bond rates and the fall in the stock market which impacted the start of the year.
The consolidated GNP stood at MAD 309 million at the end of June 2023, compared to MAD 229 million, an increase of 35%. This progression is mainly driven by the increase in loans and the good performance of investment banking and trading room activities, specifies the bank.
Outstanding loans amounted to 9.8 billion dirhams (billion dirhams) at the end of June 2023, compared to 7.3 billion dirhams a year earlier, representing growth of 34%. Deposits stood at MAD 12.4 billion in June 2023, representing a net collection of MAD 2.7 billion between June 2022 and June 2023, with strong growth in demand deposits which increased by 41%.
“In terms of outlook, and barring an external macroeconomic shock, the year 2023 should be a new year of strong growth in activity, GNP as well as net profit,” estimates the same source.
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