CFG Bank reports 22% increase in recurring revenue for Q1 2026

CFG Bank saw its recurring revenue grow by 22% in the first quarter of 2026, driven by an increase in its recurring activities and the evolution of outstanding loans and deposits. The recurring net banking income, comprising interest margin and commissions, reached 273 million dirhams, representing 88% of the total net banking income. The interest margin alone grew by 33% to 155 million dirhams, while commissions increased by 9% to 118 million dirhams. Outstanding loans stood at 19.2 billion dirhams at the end of March 2026, a 20% year-on-year increase, with net production of 3.1 billion dirhams, primarily from the "Corporate" and "Private Banking" segments. Customer deposits rose by 10% over twelve months to 20 billion dirhams, with non-remunerated deposits accounting for nearly 50% despite credit growth. The bank also noted two subordinated debt issuances in 2025 totaling one billion dirhams, bringing the total outstanding subordinated debt to 1.4 billion dirhams. However, net banking income from financial markets decreased by 53% to 37 million dirhams due to an unfavorable market context. Overall, consolidated net banking income increased by 3% to 311 million dirhams, and consolidated gross operating income rose by 4% to 178 million dirhams. CFG Bank has revised its medium-term guidance upwards, now targeting a net income attributable to the group of around 600 million dirhams by 2029, up from an initial forecast of 500 million dirhams. For 2026, the bank anticipates a 25%