The Crédit Agricole Group of Morocco announced a consolidated net banking income of 1.9 billion dirhams at the end of the first half of 2023, which represents a decrease of 13% compared to the same period of the previous year. This decrease is mainly due to the impact of the rise in the yield curve.
Social net banking income, which excludes non-group operations, stood at 1.7 billion dirhams, down 17% compared to June last year. This decrease can be attributed to several factors, including the rise in interest rates which led to a reduction in the net interest margin for the group.
Despite this decline, the Crédit Agricole Group in Morocco maintained a solid performance with regard to its credit activities. The total outstanding amount of loans distributed amounted to 108 billion dirhams at the end of June 2023, recording a slight increase compared to the previous year. This growth is mainly due to the financing of the agricultural and agro-industrial sector, as well as imports of cereals and food products, within the framework of a program aimed at combating the effects of drought, for an amount of 10 billion of dirhams.
The group has also shown good results in terms of mobilizing savings. The outstanding amount of savings mobilized by the Group amounted to 105 billion dirhams, recording an increase of 5% compared to June 2022. This demonstrates the confidence of customers in the savings products offered by the banking group. .
Despite the challenges posed by rising interest rates, Crédit Agricole du Maroc Group continues to position itself as a key player in the Moroccan banking sector. By continuing its commitment to the agricultural sector and adapting its strategies to meet the changing needs of its customers, the group is positioning itself for stable long-term growth.