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Economy

Al Barid Bank reports 196% profit increase for 2024

Saturday 05 - 10:45 By: Dakir Madiha

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Al Barid Bank has announced remarkable financial results for the year 2024, with its Group Net Profit reaching MAD 871.38 million ($87.14 million), reflecting a staggering 196% increase compared to 2023. This impressive performance was unveiled during a Supervisory Board meeting on March 28.

The bank's Net Banking Income rose to MAD 3.10 billion ($310 million), marking a 36% year-over-year growth. This enhancement was largely fueled by a 19% rise in net interest margin, a 10.4% increase in commission margin, and a significant 91.6% surge in market activities.

Operational efficiency saw a notable improvement as well, with Gross Operating Income soaring by 147% to MAD 1.5 billion ($150 million). Net Income also experienced a remarkable 161% year-on-year leap, reaching MAD 575.5 million ($57.55 million).

Al Barid Bank has solidified its market position in savings mobilization. Demand deposits climbed by 11% to MAD 34.3 billion ($3.43 billion), while savings accounts increased by 4.2% to MAD 36.5 billion ($3.65 billion), granting the bank a leading market share of 19.63%.

Additionally, the retail lending segment performed robustly, with housing loans rising by 8.4% and consumer loans by 9.5%, both exceeding the banking sector's average growth rates.

The Supervisory Board also announced a restructuring of the Executive Board, now chaired by Al-Amine Nejjar. 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.

In its official communication, the bank emphasized that the enhancement of governance and the Group's performance strengthens the execution of its strategic plan initiated in 2024. This strategy aims to ensure an agile organization, bolster financial stability, provide innovative solutions for diverse customer categories, and introduce new activities to diversify revenue streams.

Al Barid Bank remains committed to its role as a citizen bank accessible to all Moroccans, balancing growth with its social responsibilities. These results are a direct reflection of the bank's 2024 strategy, centered on operational efficiency and customer-focused innovation.

Established in 2010 as the banking arm of Morocco’s postal service, Al Barid Bank has effectively utilized Poste Maroc’s extensive network to become the most accessible financial institution in the country, boasting over 1,800 locations nationwide.