Société Générale Morocco records record NBI in 2021

2021 was also marked by good risk management. In addition, the net cost of risk is reduced by 13.34% in social.

In 2021, the Société Générale Morocco group achieved a record net banking income (NBI) of 5.12 billion dirhams on a consolidated basis. This is an increase of 2.6% compared to 2020. According to the Institution, this success is due to a strong contribution from all the group’s businesses and illustrates the quality of its goodwill, the solidity of the risk profile and the relevance of the new strategies. put in place

The Societe Generale Morocco group recorded record revenues in 2021. Its consolidated net banking income (GNP) exceeded the 5 billion dirham mark for the first time, reaching 5.12 billion. That is an increase of 2.6% compared to 2020. Growth fueled by the social NBI (the SGMB bank) which amounted to 4.35 billion DH, an increase of 2.77%. According to the group, this change in NBI is mainly driven by an improvement in commissions, 5.08% more in social, thanks to the increase in the rate of product equipment, the intensification of clients and the good performance of the investment bank and subsidiaries. . “The group is registering a good financial performance. This success is the result of a strong contribution from all the businesses of the Société Générale Morocco group and illustrates the quality of its goodwill, the solidity of the risk profile and the relevance of the new strategies implemented”, celebrates the Institution.

2021 was also marked by good risk control. In addition, the net cost of risk (CNR) was reduced by 13.34% in social. Under IFRS, the CNR increased by 7.29%, “an increase that is explained by the exceptional provisions made at the subsidiary level,” the group specifies. On the commercial side, the bank shows its resilience in a difficult context marked by a strong economic recovery, but also by numerous socio-economic and health uncertainties. Outstanding loans reached 88,320 million dirhams (-0.76%), including 73,110 million in social (-1.24%). It should be noted that in 2021, loan production fell by 46.06% in social terms to AED2.41 billion. This situation is explained by the base effect of the production of Damane (Oxygen & Recovery) loans granted in 2020 to professionals, VSEs and Companies in the context of the crisis. By neutralizing the impact of Damane’s loans, the bank’s production would increase by 47.80% on a social basis and 37.50% on a consolidated basis. Regarding deposits, outstanding balances amounted to DH84,520 million (+0.07%), including DH76,110 million in social deposits (-1.65%).

“This downward trend (in social terms) is due to the significant decrease in certificates of deposit in circulation, offset by the continued dynamism in attracting customer deposits, which continues to be favorable,” explains the bank. It should be noted that the Société Générale Maroc group is made up of 15 subsidiaries (including Sogepaiement and Sogefoncière created in the first half of 2021) in addition to Société Générale Marocaine de Banques (SGMB) which has more than 420 branches 3,200 employees of the 4,000 of which has the Moroccan banking group. In 2021, Societe Generale Morocco confirmed its position as the locomotive of the French group Societe Generale on the African scale. As we anticipated exclusively last February, the Moroccan subsidiary alone represents 30.3% of the net banking income generated by the group on the continent in 2021. Société Générale Morocco also weighs 36% in loans and 28 .5% in the deposits registered last year by the French group in Africa.





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