Casablanca– CIH Bank, one of Morocco’s leading financial institutions, has demonstrated impressive resilience and robust performance amidst challenging market conditions. In a recent announcement, the bank revealed stellar financial results for the year 2023, showcasing significant growth and strategic initiatives to navigate unprecedented risks.

According to CIH Bank’s financial reports, the bank recorded a consolidated net banking income increase of 27% and a remarkable 9.3% growth in net profit compared to the previous year. This achievement is particularly noteworthy given the turbulent economic landscape marked by historic risk costs.

Despite facing challenges, CIH Bank’s consolidated net profit soared to 776.9 million Moroccan Dirhams (equivalent to approximately $80.21 million USD), marking a substantial increase of 9.3% over the previous year. Moreover, the net profit attributable to the group exceeded 700 million Moroccan Dirhams, reaching 710.4 million DH (approximately $73.33 million USD), reflecting a 6.7% rise.

The remarkable financial performance is a testament to CIH Bank’s resilient commercial strategy, which enabled the institution to expand its market share significantly. Throughout the year, CIH Bank attracted a staggering 460,000 new clients, underscoring its commitment to providing high-quality financial services and enhancing customer satisfaction.

Lotfi Sekkat, CEO of CIH Bank, expressed satisfaction with the bank’s performance, emphasizing the solid commercial momentum and the consolidated total balance sheet’s growth. By the end of 2023, CIH Bank’s consolidated total balance sheet reached 125.4 billion Moroccan Dirhams (approximately $12.94 billion USD), reflecting a robust 7.1% increase.

However, amidst the bank’s remarkable achievements, challenges persisted, particularly in the form of historic risk costs, primarily affecting the corporate market segment. The consolidated risk cost surged by an astounding 117% to 1.28 billion Moroccan Dirhams (approximately $131.96 million USD), highlighting CIH Bank’s proactive risk mitigation strategies amid evolving market conditions.

Furthermore, CIH Bank’s commitment to digital innovation and expanding its service network played a pivotal role in its growth trajectory. With the opening of 14 new branches and installation of 100 new ATMs, CIH Bank expanded its reach and accessibility to customers across Morocco, further solidifying its position as a leading financial institution.

The bank’s emphasis on digital services yielded remarkable results, with 460,000 new clients joining the CIH Bank group, including 200,000 through digital channels. CIH Bank has emerged as a frontrunner in electronic and digital banking, boasting a robust presence in online transactions and payments.

Looking ahead, CIH Bank remains optimistic about its future prospects despite the challenges posed by historic risk costs. The bank’s board of directors has proposed a dividend distribution of 14 Moroccan Dirhams per share ($1.44), reflecting confidence in CIH Bank’s financial strength and long-term growth potential.

CIH Bank’s resilience and strategic initiatives in navigating challenging market conditions underscore its commitment to delivering value to shareholders and customers alike, solidifying its position as a cornerstone of Morocco’s banking sector.