Al Akhdar Bank, a participating bank of the Crédit Agricole Group of Morocco (CAM) and the Islamic Society for Private Sector Development (ICD), posted “more than positive” results for the first half of 2019 (H1 2019).
The halal bank’s net banking income amounted to 6.1 million dirhams in H1 2019, a 10-fold increase recorded for the same period of 2018.
Outstanding loans granted by Al Akhdar Bank at the end of June 2019 amounted to MAD 448 million, an increase of 135% for the same period, while deposits amounted to MAD 257 million, an increase of 130%. It should be noted that the bank’s financing commitments to customers were MAD 44.6 million in H1 2019.
However, the increase in depreciation and amortization increased the entity’s deficit, which amounted to a net of 24.5 million dirhams in H1 2019, compared with 16.4 million dirhams a year earlier.
As a reminder, Al Akhdar Bank was one of the first participating banks to obtain approval to begin operations in October 2017. The bank’s objective, of which 51% is held by CAM and 49% by ICD, is to bring the number of its agencies to 40 points across the kingdom by 2021.
As with the rest of the participatory windows, Al Akhdar Bank offers various products for individuals, professionals and companies, but also aims to develop various services and products revolving around the core business of the CAM, especially in terms of financing the agriculture and agribusiness.