Crédit du Maroc : AGR réitère sa recommandation d’achat après des résultats 2025 conformes

Crédit du Maroc has delivered a robust financial performance, characterized by structural resilience and a notable acceleration in its core intermediation activities. The institution’s Net Banking Income climbed 8% to reach 3,568 million MAD, a figure that aligns almost perfectly with the estimations provided by Attijari Global Research. This expansion was predominantly fueled by a 10.4% surge in interest margins, a vertical that alone accounted for approximately 95% of the total revenue growth. Such a heavy reliance on interest-related income highlights the bank's successful navigation of the current rate environment and its ability to monetize its lending activities effectively. This revenue momentum is deeply rooted in an unprecedented expansion of the bank’s credit portfolio, which increased by 11% to hit 62.9 billion MAD. This represents the most significant lending growth observed in the last decade, signaling a strategic pivot toward aggressive balance sheet deployment. The corporate sector emerged as the primary engine of this growth, with equipment loans rising by 16.6% and leasing activities experiencing a remarkable 42.2% jump. These figures suggest that the bank is successfully capturing a larger share of the capital expenditure cycle within the Moroccan business ecosystem, positioning itself as a vital partner for corporate expansion. Operational efficiency remains a cornerstone of the bank’s current narrative, as evidenced by the 2.3-point improvement in its efficiency ratio, which now stands at 46.3%. This optimization of the cost-to-income structure outperformed market expectations, reflecting a disciplined approach to overhead management even amidst rapid commercial growth. Simultaneously, the bank’s risk profile appears increasingly well-contained. The cost of risk contracted by 3.8% to 383 million MAD, while the non-performing loan ratio improved to 6.6%. This combination of operational leverage and prudent risk management allowed the Group’s Net Income to reach 864 million MAD, a 16.5% year-on-year increase that slightly exceeded initial forecasts. Looking ahead, the bank presents a compelling investment case defined by a sophisticated balance between growth and yield. As of mid-February 2026, the stock trades at 14.3 times its 2025 estimated earnings with a price-to-book ratio of 1.47x. The institution’s profitability is on an upward trajectory, with Return on Equity projected to climb from 10.5% in 2025 to 11.3% by 2027. This gradual ramp-up in profitability is expected to be mirrored in shareholder returns, with dividend yields estimated at 4.5% for 2025, potentially rising toward 4.9% as the payout ratio stabilizes between 65% and 66%. The medium-term outlook remains decidedly optimistic, with analysts projecting a compounded annual growth rate in earnings of 10.3% through 2027. By then, the Net Income is expected to approach the 1 billion MAD threshold, which would likely trigger a compression of valuation multiples as the market begins to fully price in the bank’s consistent growth delivery. For institutional investors, Crédit du Maroc currently offers one of the most reliable growth-to-yield profiles in the regional banking sector, underpinned by disciplined execution and a clear strategic focus on high-value corporate segments.