• Net profit jumps 117% to $183 million, driven by subsidiaries
• Lower credit risk and controlled costs boost earnings
• Bank strengthens balance sheet after Société Générale exit

Morocco’s Saham Bank reported a sharp rise in earnings for 2025, with net profit attributable to the group reaching 1.705 billion dirhams ($183 million), up 117% from 783 million dirhams a year earlier, according to its financial report released March 31.

Net banking income (PNB) rose 6.9% to 6.206 billion dirhams, supported by higher interest margins, increased fee income, and strong contributions from subsidiaries focused on consumer credit and leasing, including Eqdom, Sogefinancement, and Saham Leasing.

The bank’s digital activities, through nabD and its participatory finance arm Dar Al Amane, also supported performance. Saham Bank said the complementarity of its subsidiaries strengthens its integrated model, allowing it to meet a broad range of client financing and investment needs.

Strong operational and financial momentum

Operating income climbed to 2.839 billion dirhams, driven by tighter cost control and a sharp decline in the cost of risk, which fell from 911 million to 361 million dirhams. This reflects more cautious portfolio management and improved asset quality, with non-performing loans declining from 11.2 billion to 9.5 billion dirhams over the year.

On the balance sheet, the bank—formed after Moroccan businessman and former industry minister Moulay Hafid Elalamy acquired Société Générale’s local unit—continued to strengthen its fundamentals. Total consolidated assets rose 6.7% to 136.16 billion dirhams, supported by an 8.7% increase in customer lending.

Customer deposits reached 86.03 billion dirhams, while the loan-to-deposit ratio improved to 119%, pointing to a solid liquidity profile. With a capital adequacy ratio of 14.3%, the bank maintains a comfortable buffer above regulatory requirements.

Following this performance, Saham Bank increased its dividend per share to 8 dirhams, up from 7 dirhams in 2024, for a total payout of 155.8 million dirhams.

Looking ahead, the bank plans to continue its digital transformation, particularly through its fully digital subsidiary nabD and the launch of Saham Paiements, while expanding its specialized subsidiaries. The group also benefits from a Ba1 rating with a positive outlook assigned by Moody’s in 2025, reflecting confidence in its financial profile.

Sandrine Gaingne