Al Akhdar Bank confirms its return to green.
After a first profit earned in 2023 which broke with six years of successive losses, i.e. since the creation of this participatory bank, the 51% subsidiary of the Crédit Agricole du Maroc (CAM) group, has just closed a first half of 2024 marked by a significant positive result of almost 6 million dirhams.
Something to rejoice the shareholders of Al Akhdar Bank, including the minority the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank group, after nearly 200 million cumulative losses since the launch of activities in 2017. Such profitability suggests the achievement, from 2025, of an ROE (return on hard capital), a major indicator of performance in the banking sector), in line with those displayed by the best students in Morocco ( namely around 15%) results upstream from the good performance of the credit portfolio which improved by 7% over the past half-year to stand at 3.74 billion dirhams. Even the Net Banking Product reflects such an improvement with an increase of 14% to more than 50 million dirhams (for the first time in the history of the bank).
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As a reminder, Al Akhdar Bank was one of the first participatory banks to obtain approval to begin its activities in October 2017. Its initial objective was to increase the number of its branches to 40 throughout the kingdom by 2021. However, with the Covid-19 episode and the acceleration of the digitalization of banking services, the CAM subsidiary is today limited to less than 25 branches across the Kingdom.
