According to AGR, the potential for CIH Bank is supported by the positive momentum observed at the end of the third quarter of 2025. The published results indicate a solid increase in net banking income, an improvement in the cost-to-income ratio, and a notable rise in the group's net profit.
In the first nine months of 2025, CIH Bank reported a net banking income (NBI) increase of 14.3%, reaching 4.041 billion MAD, which already exceeds 77% of the annual target set by AGR. The interest margin grew by 12.7%, driven by a 9% increase in credit and an enhancement in the intermediation margin.
The net profit attributable to the group (RNPG) reached 862 million MAD, reflecting a 31.2% increase, which corresponds to 79% of the annual target of 1.088 billion MAD. The cost-to-income ratio improved to 42.9%, confirming a downward trend established over several years.
AGR's forecasts still anticipate a profit growth of 24.3% in 2025 and a gradual strengthening of CIH Bank's profitability over the 2025-2027 horizon. In this context, analysts consider the current stock level attractive, justifying the maintenance of the BUY recommendation and the target price of 492 DH.
