After growth of 13.9% in 2023, the net banking income (NBI) of Crédit du Maroc should record an average annual growth rate (CAGR) of 9.4% over the period 2024-2026, explains AGR in a note research on the banking sector. This performance is based on the new commercial strategy deployed by the bank, implemented as part of the arrival of the Holmarcom group as a reference shareholder in 2023.
The operating cost (COEX), which had reached a peak of 58.4% in 2022 due to costs linked to the bank’s autonomy, should gradually normalize. Forecasts anticipate a return to levels close to the sector average, with a stabilization around 46.1% by 2026. This improvement reflects rigorous cost management, strengthening the competitiveness of Crédit du Maroc.
Normalization of costs and strong growth in profits
The cost of risk (CDR), after an increase in 2023 due to an exceptionally favorable base effect in 2022, should stabilize around 510 million dirhams in 2026, corresponding to a ratio of 70 basis points. This level remains slightly higher than the average observed in 2018-2019, but reflects prudent risk management in a still uncertain economic context.
CDM’s net profit group share (RNPG) is expected to reach 846 million dirhams by 2026, recording a robust CAGR of 13.4%. Furthermore, the stock is trading at a price/earnings ratio (P/E) estimated at 12.4x for 2026, well below the normative average of the Moroccan equity market (18.9x), thus reinforcing its attractiveness in terms of valuation.
-The most profitable banking stock?
Thanks to its ability to maintain an attractive dividend distribution policy, Crédit du Maroc offers an average dividend yield (D/Y) of 4.6% over the period 2024-2026, the best of all banks listed in Morocco.
With a positioning reinforced by the new dynamic initiated by Holmarcom, Crédit du Maroc stands out as a security that offers a solid value proposition for investors looking for growth and yield.
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