CIH Bank maintains its African ambitions, according to Lotfi Sekkat

CIH Bank has unveiled its results for the first half of 2022. It shows an increase in Net Banking Income (NBI) of 8.2%, from 1,500 million dirhams in the first half of 2021 to 1,624 million dirhams for the same period in 2022. For its expansion in Africa, the CEO of the bank, Lotfi Sekkat reiterated the group’s ambitions, which have been delayed by the health crisis.

In front of the press, this Thursday, September 15, the bank’s management disclosed the results for the group’s first half of 2022, which according to the CEO is explained by the increase in the net interest margin of 10% under the effect growth in business activity.

At the end of June, net income group share amounted to 299 million dirhams, against 264.6 million dirhams over the same period a year earlier. The consolidated result amounts to 320.3 million dirhams, an increase of 16.1% compared to the first half of 2021. The net profit amounts to 300.5 million dirhams at the end of June 2022 against 267.7 million dirhams at the same period in 2021.

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Customer deposits increased by 3.6% from December 2021 to June 2022, rising from 63 billion dirhams to 65.2 billion dirhams. For outstanding loans, the increase is 9% compared to last December, since they went from 74.4 billion dirhams in December 2021 to 81.1 billion dirhams in June 2022. amount to 65 billion dirhams, while SOFAC and UMNIA BANK contribute respectively up to 10.7 billion dirhams and 5.4 billion dirhams.

Expansion in Africa?

A few days after his appointment as CEO of CIH Bank, Lotfi Sekkat said that CIH is considering an expansion of activities on the African continent.

Facing the press yesterday, Mr. Sekkat reiterated the group’s ambitions to settle in the continent. But for the time being, the project has been “slowed down” by the various crises, in particular the Covid-19 pandemic.

Although it represents a growth opportunity for the CIH Bank group, its expansion project was announced in a context where many rating agencies, in particular Moody’s and Fitch Ratings, have identified potential risks on the expansion projects of major Moroccan banking groups such as BMCE Bank of Africa or Banque Centrale Populaire (BCP) on the African continent. But that did not prevent CIH from maintaining its ambition and promises to launch itself if the conditions allow it.

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