Casablanca – Crédit Agricole du Maroc (CAM) has showcased impressive financial results for the first half of 2024, reflecting a robust performance amid challenging economic conditions. The bank reported a net profit attributable to the group of $10.93 million, marking a remarkable increase of 178% compared to the same period last year.

According to a statement released by CAM, the consolidated net profit reached $11.97 million, which represents a staggering rise of 247% from June 2023. This surge in profitability can be largely attributed to a significant boost in revenue from market activities, which soared from $7.73 million in the first half of 2023 to $47.92 million in 2024.

On a social level, the bank’s net profit was recorded at $10.70 million, reflecting a growth of 194% year-on-year. The increase in net banking income (NBI) also contributed to this positive trend, with total NBI reaching $236 million, up 21% from $195 million in the previous year. The social NBI saw a 29% rise, amounting to $226 million.

Additionally, CAM’s loan portfolio expanded to $11.65 billion, representing an increase of over $500 million from the previous year. This growth highlights the bank’s commitment to financing various economic sectors, particularly agriculture, amidst ongoing challenges, including water scarcity.

In terms of savings, the total amount mobilized by the bank reached $11.12 billion, marking a 4% increase compared to last year. This growth was bolstered by a 7% rise in demand deposits, even as term deposits experienced a slight decline.

Overall, the results for the first half of 2024 underscore the resilience and strength of Crédit Agricole du Maroc, as well as its vital role in supporting essential sectors of the Moroccan economy during a complex and evolving financial landscape.