Société Générale Maroc displays positive dynamics at the end of the third quarter of 2024, marked by a notable increase in its consolidated Net Banking Product (NBI), which stands at 4.31 billion dirhams (billion dirhams), up 4.36 % compared to the same period in 2023.
According to the bank, this performance results mainly from the growth in interest margin and commissions, supported by the positive contribution of its subsidiaries. Net banking income in the third quarter thus recorded an increase of 6.69% on a corporate basis and of 4.36% on a consolidated basis, reflecting positive dynamics across all business lines.
Cost control and efficiency improvement
At the same time, Société Générale Maroc demonstrates its ability to combine growth and financial discipline. General expenses in social experienced a limited increase of 1.32%, which reflects a balance between its investment initiatives and cost control, while on a consolidated basis, they fell by 3.22%.
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This rigor translates into a significant improvement in the operating ratio, which now stands at 46.98% in social terms, compared to 49.47% a year previously, a gain of 249 basis points.
Credits down, deposits up
In terms of customer loans, the bank recorded a contraction of 2.15% on a corporate basis, to reach 78.378 billion dirhams as of September 30, 2024, and of 1.94% on a consolidated basis, to 92.481 billion dirhams. This decrease is attributed to an exceptional base effect linked to cash credits in 2023.
Conversely, customer deposits showed robust growth: +3.37% on a corporate basis, reaching MAD 83.364 billion, and +5.02% on a consolidated basis, reaching MAD 9.661 billion. This growth is partly based on the contribution of the subsidiaries.
