Marrakech – Saham Bank closed its first full fiscal year under its new identity with a net income that more than doubled compared to 2024. The results confirm a sharp improvement in profitability as the bank completes its operational autonomization following the departure of Société Générale France.
The group’s net income reached MAD 1.705 billion ($170.5 million) in 2025, up 117.7% from MAD 783 million ($78.3 million) a year earlier. On a standalone basis, net income came in at MAD 1.4 billion ($140 million), a 266.8% increase.
Consolidated net banking income rose 6.9% to MAD 6.2 billion ($620 million). The bank attributed the growth to sustained commercial activity across both corporate and retail segments, along with stronger contributions from its specialized subsidiaries.
Credit volumes reached MAD 102.1 billion ($10.21 billion) on a consolidated basis, up 8.7%, and MAD 86.1 billion ($8.61 billion) on a standalone basis, up 8.6%. Deposits grew to MAD 86 billion ($8.6 billion) in consolidated terms, a 7.4% increase, and MAD 84.7 billion ($8.47 billion) on a standalone basis, up 7.8%.
The bank’s subsidiaries in consumer credit, leasing, bancassurance, and participative banking drove a significant share of the growth. Its digital banking arm, nabD, contributed to expanding the client base. Market activities, including brokerage and asset management, played a growing role in diversifying revenue.
Prudential ratios remained above regulatory requirements. The solvency ratio stood at 14.33%, while the Tier 1 ratio reached 13.85%.
From SGMB to Saham Bank
The 2025 results mark a turning point in Saham Bank’s separation from Société Générale France. The bank reported improvements in operational efficiency, process optimization, digital capabilities, and decision-making independence. These changes began reflecting in the cost-to-income ratio.
The story behind the numbers begins with a bank whose roots in Morocco date back to 1913, when Société Générale opened its first branches in Casablanca and Tangier shortly after the establishment of the French protectorate.
Over a century later, on April 12, 2024, the French banking group announced the sale of its 57.7% stake in Société Générale Marocaine de Banques (SGMB), along with its insurance arm La Marocaine Vie, to Saham Group, owned by Moroccan businessman Moulay Hafid Elalamy, for €745 million. The deal marked Société Générale’s exit from the Moroccan retail banking market.
The acquisition was finalized in December 2024. The rebranding to Saham Bank was made official on June 18, 2025, at a launch event held at the bank’s Casablanca headquarters.
Ahmed El Yacoubi, chairman of the executive board, outlined three strategic priorities at the time: simplifying client processes, accelerating digitalization through AI and a revamped mobile app, and maintaining the central role of human advisors alongside digital tools. Moulay Hafid Elalamy chairs the supervisory board.
The rebranding went beyond a name change. The bank undertook a comprehensive overhaul of its risk governance, IT systems, distribution strategy, product offerings, and internal operations.
In January 2026, the bank launched nabD, a fully digital banking platform replacing the former SoGé offering. The platform allows customers to open accounts entirely online, receive cards via home delivery, and manage finances through a mobile app. It includes a dedicated offering for adolescents aged 12-17 with parental monitoring.
International recognition and partnerships
In December 2025, Moody’s assigned Saham Bank its first-ever credit rating, a long-term “Ba1” with a stable outlook. The agency cited strong profitability, solid capitalization, sound governance, and the bank’s significant role in Morocco’s financial system, including domestic and international payments, foreign exchange market making, and interbank lending.
El Yacoubi called the Moody’s rating “a structuring milestone.” It was the second international rating obtained that year. In October 2025, Fitch had assigned Saham Bank a long-term “BB” rating with a stable outlook, noting its position as the fourth-largest bank by net banking income and fifth by credit market share at 7.7%.
Fitch pointed to a solid franchise and improving profitability, with net income up 31% in the first half of 2025, while flagging a still-elevated non-performing loan ratio of 12.5% at its consumer credit subsidiary.
In November 2025, Saham Bank signed a strategic partnership with the International Finance Corporation (IFC) during the Africa Financial Summit in Casablanca. Under the agreement, IFC will cover 50% of the credit risk on a $500 million loan portfolio to Moroccan businesses. The facility targets key sectors including industry, services, innovation, and infrastructure.
The IFC deal formed part of broader initiatives announced at AFIS 2025, which included $310 million in investments supporting small business growth and job creation across several African countries.
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