Strategic Vision and Performance Overview
Ali Benkirane, the Chairman of the Executive Board, outlined the bank's trajectory since the entry of its major shareholder, Holmarcom. He emphasized that the bank has nearly achieved two-thirds of its strategic goals set for 2028, affirming the relevance of its roadmap and the robustness of its business model.
Benkirane highlighted the sustainability of the bank's performance, attributing it to three years of dedicated effort and balanced growth across all business lines.
Commercial Growth and Loan Performance
As of December 2025, Crédit du Maroc reported an 11% increase in loans, reaching 62.86 billion dirhams. Corporate financing rose by 12.2% to 37.38 billion dirhams, primarily driven by strong demand for equipment loans and financing for developers, both of which grew by 16.6%.
The bank also continued to support household financing, with total outstanding loans increasing by 4.8% to 22.28 billion dirhams, fueled by an 11.2% rise in consumer credit and a 3.3% increase in housing loans.
Client Credit Growth and Deposit Trends
Moncef Alaoui, a member of the Executive Board responsible for Commercial Banking, noted that client credit grew by 10% from 2023 to 2024 and by 11% from 2024 to 2025. This growth is linked to consistent commercial efforts and an expanding customer base.
He emphasized the ongoing support for housing financing under the 'family bank' strategy, with outstanding loans increasing from 16.6 billion to 17.2 billion dirhams, reflecting a 3.3% growth between 2024 and 2025.
Financial Results and Operational Efficiency
The bank reported a consolidated net banking income growth of 8.0%, reaching 3.56 billion dirhams, driven by all business activities. The net interest margin increased by 10.4% to 2.68 billion dirhams, supported by commercial momentum, resource cost optimization, and positive contributions from Crédit du Maroc Leasing and Factoring.
Commission income rose to 494 million dirhams, a 7.3% increase, bolstered by the development of subsidiaries such as Crédit du Maroc Patrimoine and CDM Capital Bourse, as well as strong performance in specialized sectors like international trade and bancassurance.
Market operations yielded a result of 499 million dirhams, benefiting from favorable currency trading conditions. The contribution of subsidiaries to net banking income grew by 28.2%, with total revenue around 259 million dirhams.
Investment and Risk Management
The increase in net banking income and effective cost management resulted in a gross operating profit of 1.91 billion dirhams, up 12.8%. The efficiency ratio improved by 228 basis points to 46.3%. During the fiscal year, the bank invested 248 million dirhams, primarily in technological transformation and operational capacity enhancement.
Benkirane characterized 2025 as a pivotal year for consolidation and affirmation, focusing on strengthening fundamentals, enhancing teams, and stabilizing operational frameworks.
Prudent Risk Management and Financial Stability
On risk management, Crédit du Maroc continues to adopt a proactive and cautious approach. The cost of risk decreased by 3.8% to 383 million dirhams, with the coverage ratio for non-performing loans improving to 89.5%, up 206 basis points from 2024.
The outstanding amount of non-performing loans stands at 4.43 billion dirhams, with a 38 basis point improvement in the rate of doubtful and litigated claims.
Net Profit and Shareholder Returns
At the end of the fiscal year, the group's net profit increased by 16.5% to 864 million dirhams. On a prudential level, the bank reported ratios exceeding regulatory thresholds, with a Tier 1 ratio of 12.16% and a total solvency ratio of 14.85%. Consolidated equity rose by 13.5% to 8.39 billion dirhams.
The Executive Board will propose a gross dividend of 48 dirhams per share at the upcoming Annual General Meeting, representing a 15% increase from 2024 and a payout ratio of 65%.
Future Priorities and Strategic Focus
Looking ahead, Benkirane outlined key priorities aimed at enhancing execution and service quality. He stated, 'Our priority is to accelerate. We have laid the foundations in governance, HR frameworks, operational models, and technological infrastructure, and now we must convert our progress into sustainable performance by strengthening our offerings, simplifying processes, and further enhancing the customer experience.'
