Crédit du Maroc continues to demonstrate a strong capacity for growth and innovation, supported by a clear and effective development strategy. The complete acquisition of Crédit du Maroc Leasing and Factoring, the creation of CDM Capital Bourse and the enrichment of the MyCDM application illustrate the bank’s efforts to strengthen its position in the financial market and meet the needs of its customers.
The Crédit du Maroc group continues its rise, the result of an active development strategy which is illustrated by several major actions and solid financial performance. In accordance with the agreements concluded in December 2022, CDM has just finalized a new strategic acquisition.
This operation, which is part of the repurchase of Crédit Agricole SA’s shares in the bank by Holmarcom, enabled CDM to acquire 33.33% of the share capital and voting rights of Crédit du Maroc Leasing and Factoring. . This share, held by Crédit Agricole Leasing & Factoring (100% subsidiary of Crédit Agricole SA), was acquired for an amount of 51.387 million dirhams.
With this acquisition, CDM now holds 100% of the capital of Crédit du Maroc Leasing et Factoring. The transaction, subject to various suspensive conditions, was carried out with obtaining authorizations from Bank Al-Maghrib and the Office des Changes, and will be reflected in the accounts of Crédit du Maroc as of June 30, 2024. In terms of governance, the current structure with a Supervisory Board and a Management Board is maintained, while integrating new appointments to strengthen the management team.
Expansion in the financial market
As part of its development strategy, Crédit du Maroc has also created a new subsidiary dedicated to the capital market: CDM Capital Bourse. This new entity consolidates the bank’s position in the financial market by offering advanced expertise in advice, execution and intermediation regarding financial instruments.
CDM Capital Bourse embodies Crédit du Maroc’s ambition to become a key player in investment banking. Always at the forefront of innovation, the bank has enriched its MyCDM banking application with new features, including CDM Secure.
This improved version offers an optimized customer journey and enhanced security, demonstrating the bank’s commitment to continually improving the user experience. During the first quarter of 2024, Crédit du Maroc launched a vast multi-channel communication campaign, focused on its new positioning as a family bank.
This strategic positioning results in a new everyday banking offering, clearly priced and competitive, as well as financing solutions adapted to the needs of families. The bank supports its customers in their life projects with smoother journeys and a high-quality digital experience.
Strong financial performance
Crédit du Maroc has strengthened its commercial dynamic and supported the development of the Moroccan economy by intensifying financing for households and businesses. Over the last twelve months, customer employment increased by 7.1%, reaching 53,222 million dirhams (MDH).
This performance is due to a 3.4% increase in loans to individuals, with an increase of 3.2% for home loans and 4.0% for consumer loans, as well as to a growth of 9.4% in business loans, stimulated by an increase of 22.6% in equipment loans, 14.4% in leasing and 2.6% in short-term loans.
Improved Resources Assessment
At the end of March 2024, balance sheet resources increased by 2.7% to reach MAD 53,061 million, compared to the first quarter of 2023. This improvement is attributed to the increase in current resources (+1.6%) and savings resources. (+1.9%) which reached 37,137 MDH and 10,152 MDH respectively. Term deposits also experienced strong growth of 36.4%, amounting to 4,091 MDH.
Consolidated net banking income (NBI) reached MAD 791 million, marking an increase of 10% compared to the first quarter of 2023, thanks to the positive contribution of all the bank’s activities.
The net interest margin increased by 7.1%, amounting to MAD 583 million, supported by the expansion of the goodwill and commercial dynamics. The margin on commissions increased by 5.4% to reach MAD 131 million, benefiting from the performance of specialized sectors such as transactional banking, foreign trade, electronic banking, cash management and digital. The result of market operations increased by 28.2%, reaching MAD 101 million, thanks to the positive direction of bond activity.
Contribution of subsidiaries
The subsidiaries of Crédit du Maroc also contributed positively to the overall NBI, with an income of 59 MDH, an improvement of 8.7% compared to the first quarter of 2023. Thanks to the sustained growth of commercial activity and rigorous management charges and risk, Crédit du Maroc posted a net profit share of the group of 159 MDH, an increase of 16.5%. With a solid financial performance in the first quarter of 2024, Crédit du Maroc is well positioned to continue to support the Moroccan economy and offer quality banking solutions to its customers.
Sanae Raqui / ECO Inspirations
