Rédaction Africa Links 24 with ALM
Published on 2024-03-29 21:04:19
The Credit Agricole du Maroc (CAM) achieved a consolidated net profit of 45 million dirhams (MDH) for the fiscal year 2023, compared to 55 MDH the previous year. At the end of the 2023 fiscal year, the group’s net profit and social net profit were 42 MDH and 33 MDH respectively, as indicated by CAM in a financial statement. These results take into account the bank’s participation in the solidarity efforts for the victims of the Al Haouz earthquake, as well as the general increase in interest rates which impacted intermediation margins, particularly in the agricultural sector.
On the other hand, the social net banking income (PNB) stood at 3.4 billion dirhams (MMDH), compared to 3.6 billion dirhams at the end of December 2022, while the consolidated PNB is at 3.7 MMDH, compared to 3.9 MMDH. The variations recorded in both the consolidated and social accounts are mainly due to the general increase in interest rates which impacted intermediation margins, especially in the agricultural sector which has also been greatly affected by the consequences of the poly-crisis.
In terms of economy financing and savings mobilization, CAM shows a consolidated outstanding of distributed loans of 113 MMDH compared to 108 MMDH as of December 31, 2022, showing a 5% increase.
Thus, the bank reaffirms its commitment to support the national economic recovery dynamics, while providing support to small-scale agriculture and rural areas to combat the effects of drought.
Furthermore, the consolidated amount of savings mobilized by CAM stands at 108 MMDH, a 0.1% variation compared to the end of 2022. On an annual basis, the net collection of sight resources increased by 4%, alongside a -7% variation in term deposits, thus improving the bank’s deposit structure.
In terms of strengthening financial resources, CAM recorded a 15% growth in its Consolidated Category 1 Equity and a 6% growth in its Consolidated Regulatory Equity, now reaching 13.5 MMDH.
Indeed, the bank bolstered its Regulatory Equity through a capital increase of 1.3 MMDH. This capital increase will enable the bank to expand its activities, including economic financing and particularly supporting national strategies in terms of agricultural sector support, agro-industry, and rural areas, while complying with regulatory requirements in terms of prudential ratios.
As for the outlook, CAM is starting the 2024 fiscal year with ambitious goals based on productivity enhancement and operational efficiency optimization.
Furthermore, the bank confirms its commitment and continues to mobilize support for government development strategies, especially in the agricultural dimension through supporting small-scale agriculture and rural areas to contribute to alleviating the impacts of water shortage on the agricultural sector.
Read the original article(French) on Aujourdhui.ma
