Morocco's CIH Bank Net Income Grew 24% in 2024

AFRICAN STOCKS AND FINANCEMarch 18, 2025 at 1:51 PM UTC

TLDR

CIH Bank has posted a solid performance for 2024, with a 6.1% increase in net banking income (NBI), reaching 4.7 billion dirhams (446.7 million euros)
The bank's consolidated net income grew by 24.3%, reaching 966 million dirhams, while outstanding loans surged 13%
As the fifth-largest Moroccan bank by balance sheet (141 billion dirhams), CIH Bank, led by CEO Lotfi Sekkat, is now aiming to expand its presence in the market

CIH Bank has posted a solid performance for 2024, with a 6.1% increase in net banking income (NBI), reaching 4.7 billion dirhams (446.7 million euros). The bank's consolidated net income grew by 24.3%, reaching 966 million dirhams, while outstanding loans surged 13% to 101.2 billion dirhams.

As the fifth-largest Moroccan bank by balance sheet (141 billion dirhams), CIH Bank, led by CEO Lotfi Sekkat, is now aiming to expand its presence in the market. The bank intends to capitalize on its strengths, particularly in banking inclusion and digitalization, while targeting small businesses (VSEs and SMEs), which have not traditionally been its core focus.

Sekkat also highlights the reconfiguration of the Moroccan banking sector, with the departure of French banks creating space for local players to grow. CIH Bank's market share has risen from 3.5% to 5.5% since 2015, and Sekkat aims to continue this gradual market share increase despite the tough competition. CIH is also looking to play a role in Morocco's social housing sector, water, and energy challenges, and the upcoming Africa Cup and 2030 World Cup, as it seeks to redefine its place in the market.

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Key Takeaways

CIH Bank's strong growth signals a changing landscape for Moroccan banks, especially as foreign players pull out. With local players like CIH increasingly eyeing small businesses and infrastructure projects, the market is likely to see heightened competition, particularly in areas like social housing and energy solutions. The bank’s focus on innovation and digital services gives it a competitive edge as it adjusts to the evolving banking environment. However, it faces a tight market with limited opportunities for rapid expansion, requiring strategic, incremental growth. The increasing concentration of market share among local players also points to a need for adaptability and long-term strategic planning in the sector.

Finance

Stocks

Banking

CIH Bank

Morocco

Lotfi Sekkat

Financial Services