CIH is the smallest of the four listed banks on this site and the fastest-growing, a former mortgage lender turned digital-first universal bank. This is a research profile (ticker CIH): its history, who controls it, the growth-and-dilution model that defines the stock, and what moves the share price.
Why investors follow it: CIH is a growth story. It expands its loan book far faster than the Moroccan banking sector, which drives above-average profit growth but also forces repeated capital raises, so the defining tension for the stock is growth versus dilution.
CIH Bank, formally Credit Immobilier et Hotelier, is a CDG-controlled bank that has transformed from a specialist real-estate and hospitality lender into a digital-first universal bank. On FY2025 figures published in March 2026 and validated by the Board, it reported net banking income of about 5.42 billion MAD (up 14.4%) and net income group share of about 1.09 billion MAD (up 24.4%), crossing 1 billion MAD for the first time, with loans up about 16.7% and deposits up about 17.8%. Control sits with Massira Capital Management (about 55%), a CDG subsidiary.
Analysis basis: as of 24 July 2026. FY2025 figures are Board-validated: after reviewing the audit and risk committee reports and the statutory auditors' reports, the Board validated the social and consolidated accounts to 31 December 2025. Sources: the CIH and AMMC FY2025 releases and Moroccan financial media. Figures are reported values, not forecasts.
Résumé (FR) : CIH Bank (Crédit Immobilier et Hôtelier), contrôlée par la CDG via Massira Capital Management (environ 55%), est passée d'un prêteur immobilier et hôtelier spécialisé à une banque universelle digitale. Sur des chiffres provisoires publiés en mars 2026, le PNB atteint environ 5,42 milliards de dirhams (+14,4%) et le résultat net part du groupe environ 1,09 milliard (+24,4%), franchissant pour la première fois le milliard. Les crédits progressent d'environ 16,7% et les dépôts d'environ 17,8%. Dividende maintenu à 14 dirhams par action, la croissance étant financée par des augmentations de capital successives.
CIH Bank's full name, Credit Immobilier et Hotelier, is a clue to its origins. It was founded in 1920 as the Caisse de Prets Immobiliers du Maroc, a specialist lender for real estate, and was renamed Credit Immobilier et Hotelier in 1967 when its mandate widened to hotel and tourism finance. From the early 2010s it repositioned itself, and in 2014 it rebranded as CIH Bank, a universal bank with a deliberately digital-first, technology-led identity. Today it is a full-service retail and corporate bank that still carries a real-estate-finance tilt from its history. It is the smallest by balance sheet of the four listed banks profiled on this site, which is precisely why its growth rate stands out: a smaller base compounding quickly. The group reports a share capital of about 3.56 billion MAD.
Control sits with Massira Capital Management, which holds about 55% of CIH and is itself a subsidiary of the Caisse de Depot et de Gestion (CDG), Morocco's large state investment institution. That state backing is a stability and credit-quality anchor for the bank. A notable shareholder-register event occurred in July 2026, when the CDG sold its entire remaining direct stake in CIH, dropping below the disclosure threshold; crucially, this did not change control, which the CDG retains indirectly through Massira. A separate point that sometimes causes confusion: the Qatari bank QIIB is a partner in CIH's participatory-banking subsidiary Umnia, not a direct shareholder in CIH Bank itself.
The standard rate mechanics that apply to every Moroccan bank are covered on the banking sector page. What is distinctive about CIH is a two-sided dynamic that defines the stock. On one side is above-market growth: in FY2025 customer loans grew about 16.7% and deposits about 17.8%, well ahead of the sector, which drives above-average profit growth, so quarterly loan and deposit momentum and profit milestones are genuine catalysts. On the other side is dilution. Rapid loan growth consumes regulatory capital, so CIH has run repeated rights issues: a capital increase of about 350 million MAD in 2024, a larger one of about 1.47 billion MAD in mid-2025 (roughly 4.1 million new shares at 358 MAD, on a three-for-twenty-three basis), and a further public increase of up to 750 million MAD plus an employee-reserved tranche of up to 250 million MAD approved by the AMMC in July 2026.
Those raises lifted the share count from roughly 30.5 million to about 35.6 million shares, which is why strong headline profit growth is spread across more shares and why the dividend per share has been held flat at 14 MAD rather than raised. Management has repeatedly signalled that it keeps the payout stable to retain earnings for the growing loan book. For an investor, the practical read is that CIH is a compounding growth bank whose per-share progress is deliberately traded against balance-sheet expansion, so the flat dividend and the recurring issuance are features of the model, not surprises.
CIH published FY2025 results on 17 March 2026, and the headline was that net income group share crossed 1 billion MAD for the first time. On those figures, consolidated net banking income was about 5.42 billion MAD (up 14.4%), net income group share about 1.09 billion MAD (up 24.4%), and total consolidated net income about 1.22 billion MAD (up 26.3%). Cost of risk was 0.75% of loans, down about 9 basis points, for a charge of roughly 1.21 billion MAD. On the balance sheet, total assets reached about 163.7 billion MAD (up 16.1%), with customer loans about 118.1 billion (up 16.7%) and deposits about 99.5 billion (up 17.8%). CIH also closed a 1 billion MAD subordinated bond to reinforce its regulatory capital. Two cautions belong here: these are the accounts as validated by the Board on the auditors' reports, still subject to approval by the general meeting, so they should be read alongside the annual financial report; and a reported FY2025 return on equity around 12.5% is an analyst estimate, not a company-reported figure, so it is not stated as fact on this page.
CIH has held its dividend flat while profits and the share count both rose. The figures below are per share.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2022 | 14.00 | held flat |
| FY2023 | 14.00 | held flat |
| FY2024 | 14.00 | held flat |
| FY2025 | 14.00 | proposed by the Board, subject to AGM approval |
Source: Moroccan financial media and Casablanca exchange dividend records. A stable 14 MAD dividend across a growing share base is the deliberate result of retaining earnings for loan growth; earlier years are not stated here because several Moroccan banks adjusted payouts in 2020-2021 and the exact CIH figures could not be confirmed.
The first risk is serial dilution: the growth model depends on repeated equity raises, and the further issuance approved in 2026 continues to dilute per-share metrics and caps dividend-per-share growth. The second is capital-adequacy tightness: the raises exist precisely to shore up regulatory own funds, and reported core capital headroom over the minimum has been thin, which is a recurring reason for the rights issues. The third is rapid loan growth and asset quality: fast credit expansion raises the risk that a turn in the economic cycle lifts the cost of risk, which remains a material line. The fourth is the real-estate and hospitality legacy in the loan book, given the bank's origins, though its current magnitude is not clearly disclosed. Finally, the shifting shareholder register, including the CDG's direct exit, can affect free float and governance perception even when control is unchanged.
CIH is the growth bank of the Moroccan listed sector, and the whole stock can be read through one tension: it grows faster than its peers, and that growth is funded by regularly issuing shares. FY2025 crossing 1 billion MAD of net income is a real milestone, but the flat dividend and the fresh 2026 capital increase are the other half of the same story. For a reader, the discipline is to judge CIH on per-share progress, not just headline profit, to read the validated accounts alongside the full annual financial report, and to keep the recurring dilution in view rather than being surprised by it. The CDG backing is a genuine stability anchor. None of this is a recommendation; it is how to read what the bank discloses.
Company facts and figures are drawn from CIH Bank's FY2025 results (17 March 2026) and the AMMC quarterly release, together with Moroccan financial media (Medias24, Boursenews, LesEco, Morocco World News, Le Desk) and CIH corporate communications; the reported ISIN is MA0000011454. Market context is from the Bourse de Casablanca and Bank Al-Maghrib. The delayed price on this page comes from the Drahmi feed and may be up to about 90 minutes old.
CIH Bank is supervised prudentially by Bank Al-Maghrib and files market disclosures with the AMMC. FY2025 figures are the social and consolidated accounts validated by the Board on the statutory auditors' reports, still subject to approval by the general meeting. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated, including a company-reported ROE, a cost-to-income ratio and a precise per-share earnings series across the capital increases; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-26.