Société Générale Morocco : 2024 marked by shareholder change and mixed results
The Supervisory Board of Société Générale Maroc, chaired by Moulay Hafid Elalamy, met on March 25 to finalize the accounts for the 2024 fiscal year. This year marks a strategic turning point: the bank's acquisition by the Saham Group, bringing an end to Société Générale's presence in Morocco.
The transition to Saham ownership was executed smoothly, ensuring service quality remained unaffected. A well-managed separation from the French group allowed for a seamless shift in operations. This acquisition opens a new chapter for the institution, which now seeks to strengthen its autonomy and tailor its business model to the Moroccan market.
Despite this structural shift, business activity remained strong. Deposits grew by 8.94%, reaching 80.1 billion dirhams, while outstanding loans totaled 93.9 billion dirhams. Net Banking Income (NBI) increased by 4.17% to 5.8 billion dirhams.
However, financial performance was impacted by two exceptional charges: a provision related to the empowerment program and a tax audit, amounting to 800 million dirhams. Without these costs, consolidated net income would have stood at 1.4 billion dirhams. After accounting for them, it declined to 795 million dirhams, reflecting a 41.61% drop.
Despite the decline in profits, the bank maintains some of the strongest prudential ratios in the market, with a solvency ratio of 14.61% and a Core Tier 1 ratio of 13.86%. With a solid financial foundation and a strategy focused on efficiency and growth, the bank looks to the future with confidence under its new shareholder.
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