CFG Bank has delivered a watershed performance for the 2025 fiscal year, cementing its transition from a niche investment house into a formidable high-growth commercial banking powerhouse. The institution’s year-end results reveal a balance sheet that has effectively doubled in size over a mere twenty-four-month period, a feat underpinned by aggressive market share acquisition and a robust diversification of revenue streams. At the heart of this expansion is a 21% surge in outstanding loans, which reached 19.0 billion MAD by December 31, 2025. This net production of 3.3 billion MAD was primarily catalyzed by the corporate banking segment, signaling the bank’s increasing influence in financing the real economy.
On the liability side of the ledger, customer deposits grew by 11% to reach 20.3 billion MAD. Crucially for the bank’s cost of funding, non-interest-bearing deposits have remained resilient at approximately 50% of the total pool. This high proportion of "free" resources provides a significant competitive advantage in a fluctuating interest rate environment, allowing the bank to maintain healthy margins even as it scales. To support this rapid balance sheet inflation, CFG Bank tapped the debt markets twice in 2025, raising 1 billion MAD in subordinated debt. These maneuvers increased the total subordinated debt stock to 1.4 billion MAD, providing the necessary capital buffers to sustain its trajectory without immediate recourse to equity dilution.
The bank’s top-line performance was equally compelling, with consolidated Net Banking Income (NBI) climbing 32% to 1.247 billion MAD. While recurring revenues—comprising interest margins and commissions—rose by a solid 27% to 990 million MAD, the institution also capitalized on favorable equity and bond market conditions. Income from more volatile activities, such as brokerage and corporate finance, leaped by 60% to 258 million MAD. This dual-engine growth highlights a sophisticated revenue mix that balances stability with opportunistic market gains.
Operational efficiency emerged as a standout theme in 2025. The bank demonstrated significant operating leverage as consolidated Gross Operating Profit (GOP) soared by 63% to 633 million MAD. This was achieved through rigorous cost discipline, with operating expenses rising by only 11% against the 32% growth in NBI. It is worth noting that these expenses included a one-off 30 million MAD impairment charge related to the bank’s upcoming headquarters relocation; stripping out this exceptional item, GOP growth would have reached an impressive 70%.
The bottom-line narrative reflects a maturing fiscal profile. While Pre-tax Profit grew by 65% to 561 million MAD—buffered by a disciplined cost of risk at just 0.26%—the Group Net Income grew by a more moderate 41% to 370 million MAD. This delta is explained by a structural shift in the bank's tax position, as the exhaustion of historical tax loss carryforwards pushed the effective tax rate from 19% to 33%. Despite this fiscal normalization, the bank delivered a premium Return on Equity (ROE) of 21%, significantly outperforming industry averages.
Looking ahead, management remains decidedly bullish. Following its inaugural Capital Markets Day, the bank has signaled its intent to double in size again by 2028 or 2029, targeting an NBI of 2 billion MAD. With the board proposing a 21% increase in dividends to 4 MAD per share and an upward revision of the 2026 guidance looming, CFG Bank appears to be entering a new era of institutional maturity characterized by both high growth and sustainable profitability.
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Mercredi 18 Fevrier 2026