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Societe Generale Morocco posts record NBI in 2021

2021 was also marked by good risk management. Moreover, the net cost of risk fell by 13.34% in social.

In 2021, the Societe Generale Morocco group achieved record net banking income (NBI) of MAD 5.12 billion on a consolidated basis. That is an increase of 2.6% compared to 2020. According to the Institution, this success resulted in a strong contribution from all of 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 posted record revenues in 2021. Its consolidated net banking income (GNP) exceeded the 5 billion DH mark for the first time, reaching 5.12 billion. That is an increase of 2.6% compared to 2020. Growth driven 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, up 5.08% in social terms, thanks to the increase in the product equipment rate, the increase in customer base and the good performance of the investment bank and subsidiaries. “The group is posting a good financial performance. This success is the result of a strong contribution from all the Societe Generale Morocco group’s business lines and illustrates the quality of its business, the solidity of the risk profile and the relevance of the new strategies put in place”, welcomes the Institution.

2021 was also marked by good risk management. Moreover, the net cost of risk (CNR) fell by 13.34% in social. Under IFRS, the CNR increased by 7.29%, “an increase which is explained by the exceptional allocations made at the level of the subsidiaries”, specifies the group. On the commercial side, the bank shows its resilience in a difficult context marked by a strong economic recovery, but also by many socio-economic and health uncertainties. Outstanding loans reached 88.32 billion dirhams (-0.76%), including 73.11 billion in social (-1.24%). It should be noted that in 2021, the production of loans fell by 46.06% in social terms to 2.41 billion dirhams. 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 the Damane loans, the bank’s production would be up by 47.80% in social and 37.50% in consolidated. With regard to deposits, outstandings amounted to 84.52 billion DH (+0.07%) including 76.11 billion in social (-1.65%).

“This downward trend (in social terms) is due to the significant decrease in outstanding certificates of deposit offset by the continued dynamic collection of customer deposits, which is still 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 out of the 4,000 available to the Moroccan banking group. In 2021, Societe Generale Morocco confirmed its positioning as the locomotive of the French group Societe Generale on the scale of Africa. As we announced 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 Maroc also weighs 36% in loans and 28.5% in deposits recorded last year by the French group in Africa.

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