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Crédit du Maroc posts 37% profit surge in Q1 2026 driven by strong credit growth
Crédit du Maroc (CDM) delivered a robust first‑quarter performance, with net profit up 37.2% YoY to MAD 272 million. The bank’s loan book grew 6.7% to MAD 60.5 billion, led by corporate leasing, real‑estate financing and equipment loans. Deposits rose 9.8% to MAD 62.6 billion, driven mainly by a 14.8% jump in current‑account balances. Strong net banking income and disciplined cost‑of‑risk management underpin the results, signalling a solid commercial trajectory for the Moroccan lender.
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Credit Portfolio Expands 6.7%
By the end of March 2026, Crédit du Maroc’s loan book reached MAD 60.5 billion, up 6.7 % year‑over‑year. Corporate financing grew 8.2 % to MAD 37.0 billion, propelled by a 37.9 % surge in leasing, a 16.1 % rise in real‑estate development loans, and a 16.9 % increase in equipment financing.
Consumer lending climbed 4.1 % to MAD 22.4 billion, supported by modest gains in mortgage credit (+2.6 %) and a stronger 10.5 % rise in consumption loans.
Deposits Jump 9.8%
Total customer resources totaled MAD 62.6 billion, a 9.8 % increase over the prior twelve months. Current‑account balances were the main driver, up 14.8 % to MAD 46.2 billion. Savings and term deposits reached MAD 10.2 billion and MAD 5.0 billion respectively.
Net Banking Income Up 4.2%
The consolidated net banking product (PNB) stood at MAD 928 million in Q1 2026, a 4.2 % rise from the same period last year. The improvement reflects solid net interest margin (NIM) and fee income.
Net interest margin amounted to MAD 739 million, up 12.7 % YoY, thanks to higher loan volumes, cost‑of‑fund optimisation, and contributions from CDM Leasing & Factoring. Commission income grew 7.0 % to MAD 143 million, driven by the performance of CDM Patrimoine, CDM Assurances, and specialised businesses such as international trade and cash‑management.
Market‑related earnings fell 43.4 % to MAD 72 million, mainly due to weaker bond trading amid an unfavourable geopolitical backdrop. This dip was partially offset by stronger foreign‑exchange activity.
Operating Profit Rises 6.4%
Operating profit (EBIT) reached MAD 509 million, up 6.4 % YoY. The gain stems from higher net banking income and disciplined operating expense control, improving the cost‑to‑income ratio by 113 basis points to 45.1 %.
Investments in the quarter totalled MAD 50 million, primarily allocated to the bank’s ongoing digital transformation.
Risk Cost Remains Under Control
The consolidated cost of risk posted a net provision of MAD 69 million for Q1 2026, compared with MAD 62 million a year earlier, reflecting proactive risk management and effective collections.
Non‑performing loans (NPL) stood at MAD 4.5 billion, with the ratio of doubtful and litigated loans stable at 7.1 %. The coverage ratio for NPLs was 85.1 %.
Net Profit Climbs 37.2%
Group‑share net profit surged to MAD 272 million in the first quarter of 2026, a 37.2 % increase over Q1 2025, driven by commercial growth, cost discipline, and solid risk management.