Crédit du Maroc achieves RNPG of 159 MDH in the first quarter

Crédit du Maroc achieves RNPG of 159 MDH in the first quarter
Crédit du Maroc achieves RNPG of 159 MDH in the first quarter

Credit du Maroc. Credit: Mustapha Razi / Le Desk

The net profit group share (RNPG) of Crédit du Maroc (CDM) stood at 159 million dirhams (MDH) in the first quarter of 2024, up 16.5% compared to the same period a year earlier. . This increase is attributable to the sustained growth of commercial activity and its rigorous management of costs and risk, indicates a press release from Crédit du Maroc, whose Supervisory Board met on Thursday under the chairmanship of Mohamed Hassan Bensalah, to examine the activity and accounts closed as of March 31, 2024.

Gross operating income increased by 18.5% to MAD 400 million, thanks to the increase in consolidated net banking income (NBI) of 10% to MAD 791 million, the same Source said, adding that the operating ratio improved by 366 basis points to 49.4%.

Regarding investments, Crédit du Maroc has committed, in the first quarter of 2024, a total amount of MAD 85 million mainly for investments on the technological platform.

The consolidated cost of risk for Q1-2024 was set at MAD 65 million. The controlled increase in the cost of risk of 6.5 MDH reflects the pursuit of a prudent policy in terms of provisioning.

Overdue debts increased by 8%, or 4.1 billion dirhams (billion dirhams), with a rate of doubtful and disputed debts controlled at 7.7% and a coverage rate of overdue debts established at 86%.

Furthermore, Crédit du Maroc generated a 7.1% increase in customer employment which amounted to MAD 53.22 billion at the end of March 2024. This performance was driven by an increase in loans to individuals of 3.4% at the end of March 2024. 20.61 billion dirhams and growth in business loans of 9.4% to 31.34 billion dirhams.

As for balance sheet resources at the end of last March, they showed an improvement of 2.7% to MAD 53.06 billion compared to Q1-2023, thanks in particular to the good performance of current resources and savings resources. which increased respectively by 1.6% to MAD 37.13 billion and by 1.9% to MAD 10.15 billion.

For their part, term deposits rose to more than 4 billion dirhams, an increase of 36.4%.

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