Credit du Maroc’s 2025 Earnings Meet Expectations – AGR Keeps Buy Rating

Credit du Maroc (CDM) posted 2025 results that closely match the forecasts of Attijari Global Research (AGR). Net banking profit rose 8% to MAD 3.57 bn, driven primarily by a 10.4% increase in interest margin, while credit growth hit a decade‑high of 11%. AGR reaffirmed its “Buy” stance with a target price of MAD 1,285, implying a potential upside of around 15% from the current level. The bank improved its cost efficiency, trimmed risk provisions, and projects a solid ROE above 10% through 2027. With a dividend yield near 4.5% and a forward P/E of roughly 12×, CDM offers an attractive blend of stability and growth for investors seeking exposure to Morocco’s banking sector.

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