At the end of June 2022, Crédit du Maroc confirmed its role as financier and supporter of the country’s economic development with customer jobs increasing by 4.7% over one year to reach 46,938 million dirhams. This growth was stimulated by short-term loans undertaken in an economic context of higher supply costs and a wait-and-see attitude for investment projects.
Outstanding loans to individuals increased by 2.6% to 19,674 million dirhams, supported by the 3.7% increase in housing loans, which offset the 2.1% decline in consumer loans. On the business market, short-term loans increased by 24.2%. For their part, equipment loans and leasing rose by 0.9%, thus showing resilience in the face of an unfavorable economic situation.
Resources
In the first half of 2022, balance sheet resources increased by 0.7% to 46,394 million dirhams, driven by the increase in sight resources of 1.8% to 33,343 million dirhams. Savings resources fell back by 1.8% to 9,822 million dirhams. With regard to off-balance sheet resources, these fell by 0.6% to 14,417 million dirhams due to the 3.0% drop in UCITS outstandings. For their part, life insurance outstandings increased by 4.8%
Bancassurance
Premiums collected in the first half of 2022 in non-life insurance were down 4.8% compared to the same period in 2021, of which -6.7% on personal protection, -5.0% on damage and -4. 6% on assistance.
PNB
At the end of June 2022, consolidated net banking income amounted to 1,284.9 million dirhams, up 6.5% compared to the first half of 2021. The net interest margin increased by 4.1% to 990.7 million dirhams benefiting, in particular, from the increase in loans and the continued optimization of collection costs.
The margin on commissions increased by 2.7% to 213.6 million dirhams thanks to the good performance of international activities and cash management. Income from market transactions rose by 36.5% to 130.7 million dirhams, benefiting from the performance of foreign exchange activity. Crédit du Maroc subsidiaries generated an overall NBI of 92.3 million dirhams in the first half of 2022, down 6.0% compared to the same period of 2021.
RBE
Gross operating income increased by 6.6% to 591.4 million dirhams, taking into account the 6.4% increase in general operating expenses, in line with the 8.6% increase in induced depreciation by the continuation of the investments made by Crédit du Maroc under the aegis of its ‘Tajdid 2022’ business plan. The cost/income ratio stands at 54.0%, identical to that of the first half of 2021.
It should be noted that Crédit du Maroc has committed in the first half of 2022 a total amount of 150.8 million dirhams of investments, most of which is concentrated on the bank’s major structuring projects.
Cost of risk
The consolidated cost of risk fell by 84.2% to 10.5 million dirhams. This change is explained by a controlled and anticipated loss experience, coupled with the statistical update of the calculation parameters generating a favorable impact on the cost of risk.
As part of its prudent and anticipatory risk management policy, Crédit du Maroc posted a coverage rate of 87.1% at the end of June 2022. Non-performing loans continued their downward trend with a decline of 4.5% to 3 712 million dirhams at the end of June 2022. Thus, the rate of doubtful and litigious debts is reduced to 7.9% at the end of June 2022 against 8.7% a year earlier.
RNPG
Crédit du Maroc group share of net income amounted to 324.7 million dirhams, up 16.9% compared to the first half of 2021, benefiting from a good commercial dynamic and a favorable evolution in the cost of risk.