Stocks Market
Crédit du Maroc Posts 19.4% Net Profit Surge in H1 2026
Crédit du Maroc announced a net profit attributable to the group of MAD 532 million for the first half of 2026, marking a 19.4 % increase YoY. The bank’s net banking income rose 7.8 %, while its loan portfolio grew 7.1 % and deposits climbed 10.1 %, driven by strong commercial activity, disciplined cost control and solid risk management.
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Key Financial Highlights (H1‑2026)
Net profit attributable to the group: MAD 532 million, up 19.4 % YoY.
Net banking income (NBI): MAD 1,914 million, +7.8 %.
Loan portfolio: MAD 64,276 million, +7.1 %.
Deposits (resources): MAD 63,903 million, +10.1 %.
Loan Portfolio Breakdown
- Corporate financing: MAD 41,069 million (+12.7 %). Growth driven by leasing (+34.8 %), equipment loans (+24.9 %) and real‑estate development loans (+15.8 %).
- Retail (household) loans: MAD 22,742 million (+3.9 %). Consumption credit up 10.5 %; mortgage credit up 2.3 %.
Deposit Growth
Total resources rose 10.1 % over the past 12 months, largely thanks to sight‑deposit balances up 14.6 % to MAD 47,106 million. Time‑deposit and savings balances remained flat at MAD 5,348 million and MAD 10,092 million respectively.
Profitability Drivers
The NBI increase was led by a 13.1 % rise in net interest margin (MAD 1,478 million), supported by commercial expansion, lower cost of funds and contributions from the leasing & factoring subsidiary.
Commission margin reached MAD 259 million, helped by activities of the insurance, wealth‑management and the newly launched CDM Pay platform.
Market‑related results fell 13.8 % to MAD 226 million due to weaker bond activity amid geopolitical tensions, partially offset by a robust foreign‑exchange desk.
Operating Efficiency
Gross operating profit climbed 9.9 % to MAD 1,061 million, reflecting solid NBI growth and disciplined operating expenses. The cost‑to‑income ratio improved by 104 basis points to 45 %.
Investments & Technology
CAPEX for the first half of 2026 amounted to MAD 108 million, primarily directed at strengthening the bank’s technology infrastructure.
Risk Management
Consolidated cost of risk dropped to MAD 28 million, a 78.4 % improvement YoY, indicating effective loss control and collection efforts.
Non‑performing loans (NPL) totalled MAD 4,259 million (+8.2 %). The ratio of doubtful & litigated NPL fell 50 basis points to 6.6 %, while the coverage ratio improved to 86.2 %.
Outlook
With a strong commercial pipeline, continued cost discipline and a healthy asset‑quality trajectory, Crédit du Maroc is well‑positioned to sustain earnings growth into the second half of 2026.