Al Barid Bank Posts 196% Spike in Net Profit for 2024
The bank's Net Banking Income rose to MAD 3.10 billion ($310 million), representing a 36% year-over-year growth. This improvement was driven by a 19% increase in net interest margin, a 10.4% rise in commission margin, and a remarkable 91.6% jump in market activities.
In terms of operational efficiency, the Gross Operating Income surged by 147% to MAD 1.5 billion ($150 million), while Net Income reached MAD 575.5 million ($57.55 million), translating to a staggering 161% leap year-on-year.
The bank strengthened its market position in savings mobilization, with demand deposits growing by 11% to MAD 34.3 billion ($3.43 billion). Savings accounts increased by 4.2% to MAD 36.5 billion ($3.65 billion), securing the bank's position as the market leader with a 19.63% market share.
The retail lending segment also showed strong performance, with housing loans increasing by 8.4% and consumer loans rising by 9.5%, surpassing the banking sector's average growth.
The Supervisory Board also announced changes to the Executive Board, now led by Al-Amine Nejjar as Chairman.
The new board includes M'hamed El Moussaoui and Mohammed Kettani as Managing Directors, Mounya Dinar as Deputy Managing Director of Capital Markets, Finance and Management Control, and Abderrahmane Benhayoun Sadafyne as Deputy Managing Director of Commercial Banking.
Read also: Al Barid Bank Inaugurates New Branch in Guerguerat
'The strengthening of governance and the Group's performance reinforce the execution trajectory of its strategic plan launched in 2024,' the bank stated in its official communication.
The strategy focuses on 'ensuring an agile organization, strengthening financial stability to provide innovative solutions to different customer categories, and deploying new activities to diversify revenue sources.'
The bank maintains its commitment to serving as a citizen bank accessible to all Moroccans, balancing growth with its social mandate. These results are a direct outcome of the bank's overarching 2024 strategy, centered on organizational efficiency and customer-focused innovation, it added.
Al Barid Bank, established in 2010 as the banking subsidiary of Morocco's postal service, operates under a dual management and supervisory board structure.
By 2019, it had leveraged Poste Maroc's extensive network to become the country's most widely accessible financial institution with over 1,800 locations nationwide.
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