Crédit Agricole du Maroc’s net income group share (RNPG) stood at 69 million dirhams (MDH) at the end of 2022, down 83% compared to the previous year.
For its part, the Consolidated Net Result stood at 55 MDH, down 86%, the Group said in a press release on its financial results, specifying that at the level of the corporate accounts, the Net Result was established to 200 MDH against 341 MDH in 2021, reports MAP.
This change is mainly linked to the treatment of consolidation of the costs of the state OPCI (Organisme de Placement Collectif Immobilier) and to the variation in the result of market activities due to the general impact of the rise in interest rates, explains the Group.
Regarding the Group’s Net Banking Income, it stood at 4 billion dirhams (MMDH) in 2022, against 4.3 billion dirhams a year earlier. This change is mainly due to the 2022 context marked by the general rise in interest rates, thus impacting downwards the valuation of market activity portfolios and the related results.
This variation was however mitigated by the growth of the interest margin and the good evolution of the margin on commissions which gained 3% and 8% respectively, notes the same source.
The Social Net Banking Product stands at 3.6 billion dirhams against 4.1 billion dirhams at the end of 2021, with a good performance of the margin on commissions which marks an increase of 11%.
With regard to the financing of the economy, the Group posted outstanding loans distributed of 108 billion dirhams in 2022, up 8% compared to the previous year.
This change is mainly due to the Group’s participation in the dynamics of economic recovery and the consolidation of its commitment to the rural world, farmers and agro-industrialists. On another note, the savings collected by the banking group grew by 7% at the end of 2022, with an outstanding amount of 107 billion dirhams. This increase is due in particular to the 9% increase in current accounts.
In terms of financial base, Crédit Agricole du Maroc recorded growth of 3% in its Tier 1 capital and 8% in its regulatory capital, which now reaches 12.8 billion dirhams.
Indeed, the bank has strengthened its regulatory capital by successfully carrying out two bond borrowing operations for a total amount of 1.5 billion dirhams, the statement recalls. Thus, the bank consolidates its financial base within the framework of its policy reconciling growth and strengthening of financial solidity in compliance with regulatory requirements.