Société Générale Maroc announced robust financial results for the first quarter of 2024, showing significant growth in its NBI and a notable improvement in its overall performance.
Société Générale Maroc has been able to navigate a complex economic context, while maintaining a strong commitment to its customers and improving its results. As of March 31, 2024, the group posted net banking income (NBI) of 1.3 billion dirhams (billion dirhams), up 5.99%, and 5.21% consolidated, to reach 1. 4 billion dirhams.
This growth in revenue reflects the improvement in the performance of all of the Group’s businesses and its subsidiaries, as well as the dynamic of supporting its customers in all sectors of the national economy. Furthermore, the bank demonstrates its ability to maintain a balance between its investment initiatives and its financial discipline, posting as such a limited increase of 1.50% in corporate overheads and 0.12% on a consolidated basis.
This rigor in cost management allowed the gross operating profit (GRO) to display a notable increase of 8.44% on a corporate basis and 10.53% on a consolidated basis. The first quarter of 2024 was also marked by a continued improvement in risk management performance, resulting in a -20.22% decrease in the social net cost of risk (CNR).
On the other hand, on a consolidated basis, the CNR experienced an increase of 13.84%, reflecting the different risk management dynamics within the group. As of March 31, 2024, Société Générale Maroc presents a consolidated net income of 359 million dirhams, up 7.34% compared to the previous year. In social terms, net income stood at 347 million dirhams, up 6.80%. These solid results demonstrate the Group’s resilience and sustained performance in a constantly changing economic environment.
Remember that last April, the Société Générale group (parent company of the bank) announced that it had signed two agreements with Saham for the sale of Société Générale Marocaine de Banques and La Marocaine Vie for an amount of 745 million euros.
This transaction represents a key step in the implementation of Société Générale’s strategic roadmap, presented in September 2023, aimed at simplifying and improving the performance of the bank’s model while strengthening its capital. Note that this operation is still subject to the usual suspensive conditions, in particular the approval of the competent regulatory authorities, specified the banking group.
Sanae Raqui / ECO Inspirations
