Sofac: net loss of MAD 5 million at the end of 2020

Sofac’s consolidated net income stood at -5 million dirhams (MDH) at the end of December 2020, against 147 MDH a year earlier.

This result was impacted by the consolidated cost of risk which amounted to MAD 315 million, after integration of the prospective provisioning of the risk relating to the potential impacts of the health crisis, explains Sofac in a press release, published at the end of its Board meeting. administration.

Excluding this exceptional provision, the cost of risk would have been MAD 111 million, the company notes.

Sofac’s net banking income (NBI) in 2020 recorded an increase of 12% on a consolidated basis, thus amounting to MAD 483 million. This growth is the result of a combined increase in the interest margin and the commission margin.

Credit distribution amounted to 2.48 billion dirhams (billion dirhams) at the end of 2020, down 4% compared to 2019.

Regarding the gross outstanding, it reached 8.097 billion dirhams, ie an annual change of 14%. This increase was noted thanks to the combination of multiple factors, including the good performance of production over the year despite the impact of the health crisis, the control of the attrition rate and the postponement of deadlines granted to customers.

As for the outstanding debt, it increased by 18%.

On a social basis, Sofac’s net income amounted to MAD 17 million, an annual decrease of 85%, which is explained by an allocation to provisions for risks and charges amounting to MAD 96 million. NBI appreciated by 7%, standing at MAD 481 million.

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