Salafin: Automotive Financing Supports Activity in the First Half of 2026

08:53

Salafin generally maintains its course in the first half of 2026, despite a slight decline in its net production. The subsidiary of Bank of Africa, specialized in consumer credit, has particularly benefited from the dynamism of automotive financing, which partially offsets the slowdown observed in personal loans.

The consumer credit market shows contrasting developments at Salafin. At the end of the first six months of 2026, the company reports a net production of 602 million dirhams, representing a limited decrease of 0.3% compared to the same period in 2025.

Behind this near-stability, however, a change in the composition of activity is emerging. Automotive financing is gaining ground, while personal loans are experiencing a more marked decline.

Automotive Financing Gains More Weight

Automotive financing constitutes the main driver of activity during the period. They reach 359 million dirhams in the first half, up 9.5% year-on-year.

Conversely, personal loans decreased by 11.8%, to 243 million dirhams. This development largely explains the slight contraction in overall production, despite the strong performance of the automotive segment.

The trend even intensified in the second quarter. Between April and June, Salafin's net production increased by 4.3% year-on-year, supported by a 12.2% rise in automotive financing, which reached 208 million dirhams.

Personal loans, on the other hand, decreased by 5.4% during the quarter, to 141 million dirhams.

Net Banking Income Continues to Progress

Despite this contrasting evolution of volumes, Salafin continues to improve its net banking income. It stood at 101 million dirhams in the second quarter, showing growth of 4.1% compared to Q2 2025.

In the first six months of the year, net banking income reached 195 million dirhams, marking a 2.2% year-on-year increase.

This evolution reflects an activity that remains generally resilient, even if the dynamics now differ significantly by credit category.

Financial Outstanding Amounts on the Rise

As of the end of June 2026, Salafin's financial outstanding amounts stand at 3.13 billion dirhams, an increase of 1.4% compared to December 2025.

This growth is particularly fueled by Lease with Option to Buy (LOA) operations. The corresponding outstanding amounts reach 992 million dirhams, after a 7.3% increase since the end of the previous year.

The outstanding amounts of Credit Operations (ODC) follow a different trajectory. They amount to 2.14 billion dirhams, showing a limited decrease of 1.1% over the same period.

A Changing Activity Driver

The figures for the first half thus highlight an evolution in the structure of Salafin's activity. While personal credit is slowing down, automotive financing shows a more sustained dynamic and contributes to stabilizing overall production.

This reconfiguration is also reflected in the outstanding amounts, with a particularly visible increase in LOA. For Salafin, the second half of the year will allow for assessing whether this orientation is confirmed and if the strength of automotive financing can continue to compensate for the relative weakness of other segments.