Net banking income up 26% at the end of 2020

In a context marked by the health crisis in this year 2020, CFG Bank has succeeded in adapting the organization and functioning of its branches and the various activities of the group, by relying in particular on its digital and multi-channel system, to better serve customers and support them in this difficult period.

In addition, faithful to its strategy focused on technological innovation and the digitization of banking services for customers, CFG Bank has launched fully digital account opening, allowing customers to open their accounts remotely in 20 minutes. and receive their bank card at home within 24 hours.

The 4th quarter was also marked by the continued rebound in the distribution of mortgage loans, which began in the 3rdth quarter of 2020, thus exceeding pre-containment levels.

Outstanding credits stood at MAD 5.15 billion as of December 31, 2020 and recorded growth of 32% compared to 2019, i.e. a net production of more than 1.2 billion DH.

The deposits of customers believed 18% in 12 months, or one net collection of 1 billion DH, to settle at the end of December 2020 at 6.69 billion DH. These resources are in addition to the capital increase of March 2020 to finance credit growth.

The PNB consolidated amounted to MAD 285 million at the end of December 2020 against MAD 227 million in 2019, i.e. a 26% increase. This increase is mainly driven by the increase in loans and the good performance of investment banking and trading room activities, despite the drop in stock prices linked to the health crisis.

The positioning of CFG Bank through the situation of its customers, companies or individuals, as well as the diversity of the group’s businesses, make it possible to contain the effects of the health crisis on the growth of the bank’s various financial indicators.

The year 2021, barring any further deterioration in the health situation, should be another year of solid growth in GNP and improvement in results.

.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.