Message from the president

For Crédit du Maroc, 2007 was a vintage year.

    This year we have been able to forge ahead with a development policy while at the same time keeping costs under control and managing risk.
    In terms of development, the highlights of 2007 are:

    • The expansion of our network, with the addition of 30 new branches. Crédit du Maroc accounted for nearly 10% of new branch openings in Morocco last year, ranking third among retail banks for this criterion.
    • An increase of nearly 17% in customer deposits, maintaining an excellent breakdown emphasising sight deposits from all our personal, professional and business customers.
    • A 22% increase in lending, driven by:

      • an excellent performance in terms of mortgage lending in response to strong demand from individuals,
      • prestigious business lending programmes in all business areas, thus confirming the essential role that Crédit du Maroc intends to play in the Moroccan economy.
      • Growth of 9.6% in net banking income excluding exceptional items, reflecting the strength and quality of our sales and marketing activities.
      • In terms of cost control, we pursued an energetic campaign in 2007 to ensure that our expansion, which demands additional resources, did not drive up expenses. In consequence, operating expenses rose by just 9.1%. Last year's development was achieved by commercial teams that paid close attention to loan quality, thus ensuring that the bank's business remained on a firm footing. We set aside net provisions of DH 161,044k representing 0.54% of total loans. This represents a very low cost of risk.
      Consequently, net income (excluding exceptionals) for the year reached DH 310 million, up 8% on the previous year. This growth surge will continue in the coming years provide that the country's economic climate remains favourable. Crédit du Maroc will forge ahead by:

    • Opening new sales outlets to build a closer-knit nationwide network,
    • broadening its base of personal, professional and business customers,
    • innovating in terms of products and services so as to better serve its customers and help bring their plans to fruition, while paying constant attention to quality.

      • To reach those objectives, Crédit du Maroc will continue to rely on the know-how of Crédit Agricole S.A., one of the world's leading banking groups. These policies cannot be achieved without the determined efforts of our staff, who are eager to hone their professional skills in order to serve our customers in accordance with our slogan: simpler, faster and more practical.


      Chairman of the Board
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