Research & Analysis

At the end of FY 2024, CFG Bank recorded operational achievements higher than our initial forecasts, particularly in terms of NBI and Cost to Income. 

At the end of this week, the EUR/USD pair depreciated by -0.8% to 1.0375. 

The EUR/USD pair depreciated by -0.32% this week to 1.0458. Negotiations regarding the end of the war in Ukraine have revived expectations of a return of economic growth in the Eurozone.

Marsa Maroc has just announced on February 18th 2025, a strategic partnership which marks a new stage in its development. This involves the signing of an agreement with Terminal Investment Limited (TIL), a subsidiary of the Mediterranean Shipping Company (MSC) Group, considered to be the leading shipowner worldwide.

Fed Rate Cut Expectations revised down The EUR/USD pair depreciated by -0.33% this week to 1.0328.

Key rate: ECB reduces its deposit facility rate to 2.75% The EUR/USD pair depreciated by -1.29% this week to 1.0362.

Following our analysis of CDM's achievements at the end of September 2024, we have revisedupwards our forecasts for 2024E-2026E, compared to those communicated by Management inthe SPO last November.

In a resilient macroeconomic context, listed banks in Morocco confirm their solid growth profile, going from an AAGR of their Net Banking Income of 3.7% during the pre-Covid period(1) to 7.5% over 2023-2026E.

Uncertainties over Trump's tariff measuresThe EUR/USD pair appreciated by +2.18% this week to 1.0497 from a more than 2 years low.