CFG Bank: a consolidated net profit of 21 million dirhams

CFG Bank’s consolidated net income stood at 21 million dirhams (MDH) for the first six months of this year, against 3 MDH at the end of June 2021.

Consolidated gross operating income amounted to 42 MDH for the same period, after 22 MDH in 2021, an increase of 94% driven by the rapid growth of net banking income (NBI) and the control of expenses , the bank said in a financial statement.

“After crossing the net breakeven point in 2021, CFG Bank is posting good performances in the 1st half of 2022, with a sharply rising positive net result, and significant growth in the group’s various financial indicators over 12 months, particularly in terms of production of credits and collection of deposits”, underlines the same source.

Investment banking businesses also recorded double-digit growth, impacted in particular by the consolidation of REIM Partners, a management company that manages several rental property funds, including Aradei.

Indeed, the consolidated NBI amounted to 229 MDH at the end of June 2022, against 161 MDH in June 2021, an increase of 42%. This growth is mainly driven by the increase in loans and the good performance of investment banking and trading room activities, specifies the bank.

Outstanding loans amounted to 7.3 billion dirhams (MMDH) at the end of June 2022, up 21% in 12 months. Deposits stood at 9.6 billion dirhams in June 2022, i.e. a net inflow of 1.3 billion dirhams between June 2021 and June 2022 (mainly in sight deposits).

On the outlook side, and barring an external macroeconomic shock, and due to the bank’s specific positioning, CFG Bank should continue to grow its NBI and improve its net income in 2022, the statement said.

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