Economy & Politics

Morocco: Despite the Covid-19, CIH Bank on the rise

Despite a difficult coronavirus context, the main indicators of the CIH Bank group showed green during the first 9 months of 2020.

According to the financial report for the 3rd quarter of 2020 published on November 30, 2020 on the Casablanca stock exchange, the consolidated net banking income (NBI) stands at MAD 2,053.1 million ($ 226.3 million), an increase of 13.2% compared to the same period of the previous year.

On a consolidated basis, the total balance sheet reached MAD 88 billion ($ 9.7 billion) at the end of the third 2020, up 17.1% compared to the end of December 2019.

As for customer deposits, they stood at 49.4 billion dirhams ($ 5.4 billion) at the end of September 2020, up 10.8% compared to the end of 2019. With regard to customer loans, the figures show 59.5 billion dirhams ($ 6.5 billion) in September 2020, up 12.0% compared to the end of 2019.

In addition, CIH BANK underlined that it adopted a cautious and proactive approach to risk management both at the consolidated and social levels, in a context marked by the impacts of the Covid-19 pandemic. On this, the establishment thus noted a cost of risk of 771.0 million MAD (85 million dollars) of which a part is constituted prospectively in order to prevent the impacts of the pandemic, thus showing an increase of 202.7% compared to September 2019.

In social terms, the cost of risk amounts to MAD 461.1 million ($ 50.8 million), an increase of + 67.2%.

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