Societe Generale announced financial results for the first quarter of 2024, with net banking income (NBI) amounting to more than 6.6 billion euros, marking a slight decrease of 0.4% compared to the same period of the previous year. However, these results are slightly better than what analysts expected.
The performance of the bank’s Moroccan subsidiary, in the process of transitioning to the Saham group, is particularly notable. It stands out for its financial robustness.
With a GNP of 122 million euros, Société Générale Maroc surpasses its African counterparts, notably in Ivory Coast with 93 million euros, Algeria with 48 million, Senegal with 43 million and Tunisia with 42 million.
The Moroccan subsidiary also played a key role in terms of revenues, credits distributed and deposits collected. It generated 8.2 billion euros of the 24.7 billion euros of outstanding loans distributed by Société Générale in the “Africa and others” region, representing 33% of the total. In addition, it contributed 7.2 billion euros to the 27.2 billion euros in outstanding deposits collected in this same region, or 27%.
Comparatively, the outstanding loans and deposits of the Moroccan subsidiary surpass those of the subsidiaries in Ivory Coast, Tunisia, Algeria, Senegal and Cameroon, thus underlining its predominant position in the region.
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