Casablanca – Morocco’s banking sector demonstrated remarkable resilience and growth in 2024, with major institutions including Bank of Africa, CIH Bank, BMCI, and Banque Populaire reporting impressive results across key financial indicators. These banks not only expanded their customer deposit bases and loan portfolios but also managed to enhance their profitability and optimize operational efficiency, positioning themselves strongly for future growth.

Bank of Africa: Strong growth across the board

Bank of Africa recorded a solid 9.6% increase in its consolidated Net Banking Income (NBI), reaching $1.92 billion by the end of 2024. This growth reflects the bank’s continued commercial expansion and robust market activity. The bank’s customer deposits (excluding repos) grew by 8.2%, totaling $26.45 billion, highlighting a strong ability to attract deposits from both individuals and businesses.

Loans to customers, excluding resale transactions, rose by 2.1%, reaching $21.23 billion. This growth underscores the bank’s commitment to financing both personal and business needs in an evolving market. The positive performance of Bank of Africa demonstrates its solid market presence and strategic initiatives to drive sustained growth.

CIH Bank: Resilient performance with strong deposit growth

CIH Bank’s financial performance in 2024 was marked by a 6.1% increase in its consolidated Net Banking Income (NBI), which reached $484 million. A standout feature was the strong contribution of $123 million from the fourth quarter, signaling a robust finish to the year. The bank’s customer deposits grew by 13.9%, amounting to $8.7 billion, driven by strong demand from both individual and corporate clients.

CIH Bank also saw a 11.5% increase in customer loans, reaching $10.43 billion, demonstrating a significant boost in financing activity. The total balance sheet expanded to $14.5 billion, marking a 12.4% increase from the previous year. This growth is indicative of the bank’s strategic expansion in financing and deposit gathering, positioning it well for continued success.

BMCI: Operational efficiency and profitability boost

BMCI delivered impressive results in 2024, posting a 10.2% increase in its consolidated Net Banking Income (NBI), which reached $390 million. The growth was driven by a 9.1% increase in interest margin, as well as strong market operations and commission income. Customer deposits grew by 2%, totaling $4.99 billion, while customer loans expanded to $6.1 billion, reflecting a solid commitment to supporting businesses and individuals.

Notably, BMCI focused heavily on cost optimization, leading to a reduction in its operating cost ratio from 63.7% in 2023 to 59.1% in 2024. This strategic focus on improving efficiency enabled the bank to boost its profitability, and the bank is expected to maintain this positive momentum in the coming years.

Banque Populaire: Continued profit growth and strong customer engagement

Banque Populaire’s performance in 2024 was marked by a 12.3% increase in its consolidated Net Banking Income (NBI), which reached $2.64 billion. This increase was driven by a 4.3% rise in the interest margin and a 4.1% increase in commission income. The bank’s customer deposits grew by 4.7%, totaling $40.16 billion, while its customer loan portfolio expanded by 10%, reaching $21.23 billion, excluding resale transactions.

The bank’s operating costs were well-controlled, rising by just 3% to $1.2 billion, contributing to a reduction in the cost-to-income ratio to 45.1% from 49.2% in 2023. Banque Populaire also saw a 20.2% increase in consolidated net profit, reaching $515 million, while the Group’s net profit rose by 19.3%, amounting to $423 million.

A positive outlook for Morocco’s banking sector

The results from Bank of Africa, CIH Bank, BMCI, and Banque Populaire in 2024 showcase a thriving banking sector in Morocco, underpinned by steady growth in deposits, loan portfolios, and profitability. Each bank has demonstrated strong resilience in the face of a competitive market, optimizing their cost structures and enhancing operational efficiency.

As Morocco’s economy continues to develop, these banks are well-positioned to support further economic expansion through robust lending activities, effective financial services, and customer-centric strategies. With a focus on innovation and maintaining a strong presence in both domestic and international markets, Morocco’s leading banks are set for continued success in 2025 and beyond.