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Salafin Reports 7.2% Net Profit Growth in H1 2026 on Strong Leasing Performance
Moroccan financial services company Salafin delivered solid first-half 2026 results, posting net income of MAD 50.1 million, up 7.2% year-over-year from MAD 46.7 million. The growth was primarily driven by a remarkable 35.2% surge in leasing and rental operations, which offset declines in interest margins and commission income. Net banking income rose 2.2% to MAD 195.1 million despite headwinds in traditional banking activities.
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Salafin, a leading Moroccan financial services provider, announced impressive financial results for the first half of 2026, with net profit climbing 7.2% to MAD 50.1 million compared to MAD 46.7 million in the same period last year, according to its provisional financial statements as of June 30.
Net Banking Income Gains Momentum
The company's net banking income (NBI) reached MAD 195.1 million, representing a 2.2% increase from MAD 191.0 million recorded in H1 2025. This growth came despite notable pressure on traditional revenue streams, with interest margins declining from MAD 80.5 million to MAD 76.4 million and commission margins falling from MAD 69.3 million to MAD 65.2 million.
Leasing Operations Drive Performance
The standout performer was Salafin's leasing and rental operations segment, which generated results of MAD 50.5 million—a substantial 35.2% jump from MAD 37.4 million year-over-year. Revenue from these activities expanded from MAD 212.3 million to MAD 241.8 million, while associated costs increased from MAD 174.9 million to MAD 191.3 million, indicating improved operational efficiency and scale.
Cost Management and Profitability
General operating expenses rose modestly to MAD 70.2 million from MAD 68.3 million in H1 2025. Gross operating income improved to MAD 126.9 million versus MAD 124.8 million. The company benefited from lower provisioning requirements, with net provisions for non-performing loans and commitments decreasing to MAD 38.5 million from MAD 41.7 million, reflecting better credit quality.
After accounting for a non-recurring loss of MAD 3.6 million and tax expenses of MAD 35.5 million, Salafin's bottom line reached MAD 50.1 million, marking the 7.2% annual growth.
Balance Sheet Highlights
On the asset side, customer receivables stood at MAD 2.03 billion at end-June, slightly down from MAD 2.08 billion at year-end 2025. However, assets under lease and rental arrangements grew to MAD 1.33 billion from MAD 1.26 billion, underscoring the company's strategic focus on expanding its leasing portfolio.