Casablanca – CIH Bank, one of Morocco’s leading financial institutions, has announced impressive financial results for the first quarter of 2024, showcasing robust growth and resilience in the face of economic challenges. According to the bank’s recent report, CIH Bank achieved significant milestones across various financial indicators, reflecting its solid performance and strategic initiatives.

Key highlights:

1. Consolidated net banking income (NBI):

   CIH Bank recorded a consolidated NBI of $115.65 million at the end of March 2024, marking a notable 13.8% increase compared to the same period in 2023. This growth was primarily driven by strong results in market activities, contributing to the bank’s overall revenue.

2. Customer deposits:

   Despite a slight decrease of 0.7% compared to December 2023, consolidated customer deposits reached $7.49 billion, reflecting a 7.8% annual growth. Demand deposits, particularly from CIH Bank and Umnia Bank, constituted the majority of these deposits, indicating continued confidence from customers.

3. Customer loans:

   Consolidated customer loan balances amounted to $8.39 billion, showing a 4.4% annual growth. CIH Bank’s significant contribution to this portfolio, totaling $6.94 billion, underscored the bank’s commitment to supporting various sectors through lending activities.

4. Financial performance:

   The bank’s financial performance remained strong, with the cost of risk increasing by 24.5% compared to March 2023. However, the cost of risk rate decreased slightly to 1.0% on an annual basis, reflecting effective risk management strategies.

5. Net income:

   CIH Bank reported a consolidated net income of $21.87 million, representing a notable 19.4% increase compared to the first quarter of 2023. The net income attributable to the group surged by 21.0%, reaching $20.53 million, indicating sustained profitability and value creation.

6. Total balance sheet:

   The bank’s total consolidated balance sheet stood at $12.68 billion, underscoring its solid financial foundation and significant role in the Moroccan banking sector.

Commenting on the performance, CIH Bank’s management expressed satisfaction with the results, emphasizing the bank’s commitment to delivering value to its customers, shareholders, and the broader economy. They highlighted ongoing efforts to enhance digital services, expand market presence, and strengthen risk management practices to ensure sustainable growth and resilience amidst evolving market dynamics.

The positive performance in the first quarter of 2024 positions CIH Bank for continued success and underscores its role as a key contributor to Morocco’s financial stability and economic development.