Moroccan Billionaire Moulay Hafid Elalamy's Saham Bank Achieves $95 Million Profit
Saham Bank, under the ownership of renowned Moroccan billionaire Moulay Hafid Elalamy, has recorded a remarkable 15.5% increase in its net profit for the first half of 2026, amounting to $95 million. This surge in profitability is attributed to a robust growth in lending, fee income, and overall revenue, reflecting the bank's solid performance in the competitive financial landscape. The bank's consolidated net income attributable to shareholders reached 927 million Moroccan dirhams (approximately $86 million) for the six-month period ending June 30, marking a substantial rise from the previous year. Furthermore, consolidated net banking income also experienced a notable uptick of 8.5%, reaching MAD3.36 billion, as revealed in the financial results reviewed by the bank’s supervisory board on September 24.
Moulay Hafid Elalamy, the founder of Saham Group, not only chairs the supervisory board of Saham Bank but also holds a significant stake in the institution, with regulatory filings indicating a direct ownership of 18.2%. Additionally, Saham Finances, which he controls, owns 51% of the bank. The bank's interest margin has shown impressive growth, increasing by 6.5% to MAD2.13 billion, bolstered by a rise in financing activities and a strong commercial margin. Moreover, commission income surged by 12.9% to MAD962 million, while revenue from market operations climbed to MAD131 million, despite external pressures from fluctuating interest rates.
At the standalone level, Saham Bank's net banking income increased by 10.3% to MAD2.94 billion. The bank's customer loans, excluding repurchase agreements, grew by 8.1%, reaching MAD88.7 billion, while deposits, excluding certificates of deposit, rose by 4.4% to MAD88 billion. The standalone net income saw an impressive increase of nearly 24.3%, rising to MAD974 million compared to MAD784 million in the first half of 2025. In terms of operational efficiency, Saham Bank has achieved a reduction in its cost-to-income ratio, decreasing by 1.4 percentage points to 47.8%. Shareholders’ equity for the bank stood at MAD17.27 billion, reflecting a year-on-year growth of 2%.
The latest financial results come in tandem with Elalamy’s strategy to strengthen the Saham Group’s footprint in the financial services sector, particularly following its acquisition of Société Générale Maroc. This acquisition, completed in 2024 and subsequently rebranded to Saham Bank, has strategically positioned banking at the core of the group's expansion plans, which previously centered around building a substantial insurance business across Africa.
With a strong focus on small and medium-sized enterprises (SMEs), Saham Bank has introduced enhancements such as a streamlined digital account-opening process, a mobile application named MyBusiness, and a dedicated telephone support channel for SME clients. Additionally, the launch of Green by Saham Bank signifies the institution’s commitment to supporting companies involved in energy transition and decarbonization projects through tailored financing and advisory services.
As of June's end, the group reported a solvency ratio of 14.10% and a Common Equity Tier 1 (CET1) ratio of 13.72%, both exceeding regulatory requirements. Looking ahead to the latter half of 2026, Saham Bank is poised to continue its investment in digitalization, innovation, and enhancing customer experiences while furthering its support for businesses across Morocco. With nearly 170 branches, 31 subsidiaries, and a workforce exceeding 3,000 employees, the bank is well-positioned to capitalize on the growing opportunities in the financial sector, solidifying Moulay Hafid Elalamy's vision for Saham Group as a leader in African financial services.
As reported by billionaires.africa.
