Despite the difficult and uncertain economic climate, the 2022 financial year was marked by the resilience of revenues and well-oriented customer jobs.
CDG Capital is on a solid financial footing for the 2022 financial year. The bank’s solvency ratio and Tier 1 ratio stand at 17.8 and 11.5% respectively, i.e. at a level well above the regulatory requirement set at 12% and 9%.
The short-term liquidity ratio stood at 135% at the end of 2022. Referring to CDG Capital, this rate reflects a demanding and rigorous liquidity management policy. These developments were indeed noted in a recent financial communication from CDG Capital, whose board of directors met on March 22 under the chairmanship of Khalid Safir to examine the activity and approve the accounts for the 2022 financial year. course marked by the resilience of revenues and well-oriented customer jobs despite the difficult and uncertain economic climate. In detail, the consolidated net banking income reached 346 million dirhams at the end of 2022 against 375 million dirhams a year earlier.
This development occurs in a context of unfavorable interest rates and tighter liquidity conditions on the market. With regard to general operating expenses, including depreciation allowances, they show an increase of 9.1%, thus standing at around 249 million dirhams. In this respect, the consolidated net income reached 61.5 million dirhams at the end of 2022 against 88.7 million dirhams, and this taking into account a cost of risk at a low level of 1.2 million dirhams and a tax charge of 34 million dirhams. “In social terms, net banking income fell by 8.4%, to 264.6 million dirhams, mainly due to the economic downturn and the result of the bank’s bond portfolio, affected by the unfavorable trend in interest rates. interest”, can we point out to CDG Capital. Referring to the bank, general operating expenses increased by 5.8%, thus arriving at 197.8 million dirhams, in line with the budgetary orientation.
Provisions for forecasts net of reversals amounted to 28.7 million dirhams, including 23 million dirhams as a provision for general risks intended to consolidate the bank’s resilience in the face of the uncertainties inherent in the evolution of the current situation. “Taking into account this provisioning effect, the net profit amounted to 31.3 million dirhams against 89.9 million dirhams at the end of 2021”, can we retain from CDG Capital’s financial communication. It should be noted that receivables from customers increased by 57.6%, reaching 1.8 billion dirhams at the end of 2022. They were driven by the good commercial momentum. In addition, customer resources were strengthened by 28.1%, thus climbing to 3.4 billion dirhams.