Elalamy’s Saham Bank lifts first half profit 15.5%

Moroccan billionaire Moulay Hafid Elalamy’s Saham Bank increased its first-half 2026 net profit attributable to shareholders by 15.5%, as stronger lending and fee income helped drive growth across the banking group.

The bank reported consolidated net income attributable to shareholders of 927 million Moroccan dirhams ($86 million) for the six months ended June 30, up from the same period a year earlier. Consolidated net banking income rose 8.5% to MAD3.36 billion, according to results reviewed by the bank’s supervisory board on September 24.

Elalamy, founder of Saham Group, chairs the supervisory board of Saham Bank and remains one of its largest shareholders. Morocco’s capital-market regulator lists him as holding a direct 18.2% stake, while Saham Finances holds 51% of the bank. Saham Finances is owned directly and indirectly by Elalamy at nearly 100%.

Saham Bank’s interest margin increased 6.5% to MAD2.13 billion, supported by the expansion of financing activity and resilience in its commercial margin.

Commission income provided another major source of growth, increasing 12.9% to MAD962 million. Revenue from market operations reached MAD131 million, up 4.8% despite pressure from interest rates.

At the standalone bank level, net banking income increased 10.3% to MAD2.94 billion. Customer loans, excluding repurchase agreements, rose 8.1% to MAD88.7 billion, while deposits excluding certificates of deposit increased 4.4% to MAD88 billion.

The bank’s standalone net income rose nearly 24.3% to MAD974 million, compared with MAD784 million in the first half of 2025.

Saham Bank also improved its operating efficiency, with its cost-to-income ratio falling 1.4 percentage points to 47.8%. Consolidated shareholders’ equity reached MAD17.27 billion, up 2% year on year.

The latest results come as Elalamy continues to build Saham Group around financial services following its acquisition of Société Générale Maroc.

Saham acquired Société Générale’s Moroccan banking business in 2024, with the bank later rebranded as Saham Bank. The transaction positioned banking as a central part of the investment group’s expansion after Saham previously built a major African insurance business.

Saham Bank is now focusing heavily on small and medium-sized enterprises, with the group introducing a faster digital account-opening process, its MyBusiness mobile application and a dedicated telephone channel for SME customers.

The bank has also launched Green by Saham Bank, which provides financing and advisory solutions aimed at helping companies with energy-transition and decarbonisation projects. 

The group reported a 14.10% solvency ratio and a 13.72% CET1 ratio at the end of June, both above regulatory requirements.

For the second half of 2026, Saham Bank plans to continue investing in digitalisation, innovation and customer experience while expanding its support for businesses.

The bank operates a network of nearly 170 branches, 31 subsidiaries and more than 3,000 employees in Morocco, according to the latest results disclosure.

The first-half performance gives Elalamy’s banking business a stronger earnings base as Saham continues developing the financial-services arm of its broader investment group.