Crédit Agricole du Maroc achieves a net profit of MAD 45 billion in 2023

Hibapress

Crédit Agricole du Maroc (CAM) achieved a consolidated net profit of 45 million dirhams (MDH) for the 2023 financial year, compared to 55 million dirhams (MDH) the previous year. At the end of the 2023 financial year, the group's net profit and the social net profit stand at MAD 42 million and MAD 33 million respectively, indicates the CAM in a financial press release.

These results take into account the bank's participation in the outpouring of solidarity for the victims of the Al Haouz earthquake, as well as the general increase in rates which impacted intermediation margins, particularly that of the agricultural sector.

For its part, the social net banking income (NBI) stood at 3.4 billion dirhams (billion dirhams), compared to 3.6 billion dirhams at the end of December 2022, while consolidated PNB stood at , at 3.7 billion dirhams, against 3.9 billion dirhams. The variations recorded both at the level of the consolidated accounts and at the level of the corporate accounts are essentially linked to the general increase in rates which impacted intermediation margins, in particular that of the agricultural sector which was, moreover, strongly affected by the consequences of the polycrisis.

In terms of financing the economy and mobilizing savings, the CAM displays a consolidated outstanding balance of distributed credits of MAD 113 billion compared to MAD 108 billion as of December 31, 2022, marking an increase of 5%.

Thus, the bank reaffirms its commitment to supporting the dynamic of national economic recovery, while providing support to small agriculture and the rural world to combat the effects of drought.

Furthermore, the consolidated outstanding savings mobilized by the CAM stands at MAD 108 billion, i.e. a variation of +0.1% compared to the end of 2022. Year-on-year, the net collection of demand resources increased by 4 %, alongside a -7% variation in term deposits, marking an improvement in the bank's deposit structure.

In terms of strengthening the financial base, the CAM recorded growth of 15% in its Category 1 Consolidated Own Funds and 6% in its Consolidated Regulatory Own Funds which now reach MAD 13.5 billion.

Indeed, the bank has strengthened its Regulatory Capital by carrying out a capital increase amounting to MAD 1.3 billion.

This capital increase will allow the bank to develop its activity, including financing the economy and more particularly supporting national strategies in terms of supporting the agricultural sector, agro-industry and the rural world in general and this, in compliance with regulatory requirements in terms of prudential ratios.

Concerning the outlook, the CAM is starting the 2024 financial year with ambitious objectives based on strengthening productivity and optimizing operational efficiency.

Furthermore, the bank confirms its commitment and continues its mobilization to support government development strategies, particularly in their agricultural dimension through support for small agriculture and the rural world with a view to contributing to mitigating the effects of water deficit in the agricultural sector.

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