CIH Bank: AGR Maintains Buy Recommendation with Target Price of 492 DH

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.