In Africa, the Moroccan subsidiary of Societe Generale confirms its positioning as the locomotive of the French banking group. Indeed, the group’s Retail Banking and International Financial Services activity in Africa recorded net banking income (NBI) of 1.5 billion euros in 2021, almost stable over one year.
Morocco alone represents almost a third (30.3%) of the group’s turnover on the continent, with a GNP of 455 million euros (+1.5%). The Moroccan subsidiary is thus far ahead of the NBI achieved in Côte d’Ivoire (269 million euros), Algeria (138 million), Tunisia (137 million) and Cameroon (125 million) which closes the African top 5.
In terms of commercial performance, Societe Generale Morocco also maintains its regional leadership. Out of 23.1 billion euros of outstanding loans distributed on the African market, more than 8.3 billion were made in Morocco, or nearly 36%. And out of 25.6 billion euros of outstanding deposits in Africa, 7.3 billion are recorded in the Kingdom, representing a share of 28.5%.
For loans distributed by Societe Generale, Morocco does better than Côte d’Ivoire (2.7 billion euros), Tunisia (1.7 billion), Algeria (1.3 billion) and Senegal ( 1.0 billion). For deposits, Morocco is also ahead of Côte d’Ivoire (3.7 billion euros), Algeria (2.0 billion), Tunisia (1.6 billion) and Cameroon (1.5 billion). .
It should be noted that the Societe Generale group achieved a record net profit of 5.6 billion euros in 2021.