Kiosk360. With the exception of one establishment, all the others posted profits up 30%, benefiting from the reduction in the cost of risk and the good performance of revenues. This article is a press review of the daily Les Inspirations ECO.
Despite a difficult context, listed companies managed to hold their own. In its May 31 edition, ECO Inspirations reports that “while their quarterly results will deliver initial lessons on the impact of the economic downturn, the precursor signals emanate from the accounts of the banks since they reflect, to a certain extent, the health of the economy”.
The newspaper notes, in this context, that the sector delivered a rather solid performance marked by a 30% increase in the profits of listed establishments (excluding BMCI), over the first three months of the year. And to detail, “Attijariwafa bank, BCP, BOA, Crédit du Maroc and CIH Bank generated a profit of 3.2 billion dirhams, including growth of 20%, 66% and 9% respectively for the three major networks”.
They are benefiting from the continued fall in the cost of risk, despite the deterioration in the economic outlook. The daily thus notes an improvement of 23% for BCP and around 9% for Attijariwafa bank and Bank Of Africa, while that of Crédit du Maroc has decreased by 77% due, in particular, to changes in calculation parameters. provisions on performing loans (Bucket 1 and 2).
Conversely, the cost of risk increased by 9% at CIH Bank. According to the newspaper, this indicator should, over the whole year, continue to improve for all listed establishments. We should not, for him, expect a return to pre-covid levels before 2023. “Sector profits would remain below their pre-pandemic level, i.e. 9.8 billion dirhams”, predicts the newspaper.
In the meantime, he let it be known that net banking income stood at 16.6 billion dirhams for the group of five, up 5.2%, thanks to the interest margin, the main component of the item which increased by 6.5%, mainly due to the influx of applications for cash loans in Morocco. Moreover, the daily notes that the outstanding balance of loans to non-financial agents increased by 2.9% at the end of March, over one year, including a growth of 4.7% in total loans granted to private companies, -even driven by the increase in liquidity facilities. In this wake, assistance to households increased by 3.5%.
The daily also notes that commissions continue to grow at a good pace for most operators after the slowdown in 2020, due to the economic situation and the customer support measures deployed by the banks. This is not the case for the results of market activities, whose growth slowed in the first quarter due to the rise in interest rates.