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Crédit Agricole: The Supervisory Board chaired by Akhannouch

The Supervisory Board of “Crédit Agricole du Maroc” met under the chairmanship of the Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forests, Aziz Akhannouch.

This meeting was devoted to examining the activity of Crédit Agricole du Maroc during the 2018 financial year and to the progress of the various projects of the Bank.

The Directors noted the notorious developments made by the Bank and the efforts made by the CAM on the financial inclusion of small farmers, particularly through digitalisation. They congratulated the management for this exceptional performance, especially the crossing of the symbolic thresholds of 100 billion dirhams of total. Balance sheet, 80 billion dirhams of loans distributed and savings collected, 4 billion dirhams of consolidated net income and 600 million dirhams of consolidated net income.

Thus, Tariq Sijilmassi, Chairman of the Management Board of Crédit Agricole du Maroc, presented the financial statements for the year 2018, the highlights of which are:

The Bank’s NBI increased by 2% to 3.97 billion dirhams;

Outstanding loans and customer resources rose 7% to MAD 80 billion and MAD 82 billion, respectively;

The bank’s net income amounted to 372 million dirhams as of December 31, 2018, up 6% over the previous year;

At December 31, 2018, the Bank’s regulatory capital amounted to MAD 10.6 billion, up 7%.

In addition, and as usual, the representatives of the Audit Committee, Major Risks Committee and Investment Committee (an authority emanating from the Supervisory Board) presented their reports to the Supervisory Board.

The Statutory Auditors announced the certification of the accounts without reservation and the Board validated, therefore, the financial statements for the 2018 financial year.

The Council was also briefed on the achievements made by the Crédit Agricole Group in Morocco in supporting the Green Morocco Plan and supporting the agricultural and rural world.

In fact, the Crédit Agricole Group of Morocco has strengthened its position in the sustainable development of the rural and agricultural world by putting in place financial inclusion tools to guarantee the economic and social development of this sector. The meeting was also an opportunity to present the progress of ongoing projects including the digitization project and the components of the Afak 2021 strategic plan.

The Supervisory Board also took note of the enhanced governance arrangements put in place by the Bank. The members of the Board thus welcomed the development experienced by the Crédit Agricole Group of Morocco and its positive development and pledged to support the bank in achieving these strategic objectives including the strengthening of its own funds.

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