Attijari Global Research raises target for Credit du Maroc stock to MAD 1,285.00

Published on 10/06/2026 at 07:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The target is MAD 1,285.00 for Credit du Maroc stock. First-half net income rose 19.40 percent to MAD 532.00 million.

CDM, MA0000010381, Illustration mit AI erstellt.

Attijari Global Research raised its target for Credit du Maroc from MAD 1,000.00 to MAD 1,285.00 on September 12, 2026, according to Le Matin. The research house described the target as 29.00 percent above the reference price used in its analysis.

Target reflects earnings growth

The forecast rests on an expected 8.20 percent average annual increase in net banking income between 2025 and 2028, while loans are projected to grow 9.50 percent annually from 2026 to 2028, Le Matin reported. The same analysis expects the group's net income attributable to shareholders to exceed MAD 1.00 billion in 2027.

Efficiency is another part of the case. The cost-to-income ratio declined from 58.40 percent in 2022 to 46.30 percent in 2025, with a projected level of 42.10 percent in 2028, according to Le Matin. That progression gives the target a business metric beyond the valuation multiple.

First-half figures strengthen the case

Credit du Maroc reported first-half 2026 net income attributable to the group of MAD 532.00 million, up 19.40 percent from the same period a year earlier, Industries reported on September 14, 2026. Net banking income increased 7.80 percent, while loans rose 7.10 percent to MAD 64.30 billion.

Deposits reached MAD 63.90 billion, compared with MAD 58.00 billion a year earlier, according to Medias24. The deposit increase and the loan expansion point to continued balance-sheet growth, while the lower cost-to-income ratio supports operating leverage.

CDM trades at MAD 930.00

Credit du Maroc traded at MAD 930.00 on the Casablanca Stock Exchange on October 5, 2026, with 676 shares changing hands. The latest market level leaves the AGR target at a materially higher valuation point, while the first-half figures provide the operating basis for the research view.