Attijari Global Research issues buy recommendations for BMCI and CIH Bank

Attijari Global Research (AGR) has issued positive outlooks for two Moroccan banking institutions, BMCI and CIH Bank, despite varying short-term projections.

For BMCI, AGR recommends a buy with a target price of 700 dirhams, representing a 15% appreciation potential. While a 3.5% decline in net banking income is expected in 2026, the firm anticipates a return to growth between 2027 and 2028. The cost of risk is projected to decrease annually by an average of 5.9% through 2028, supported by improved credit portfolio quality.

Regarding CIH Bank, AGR suggests a buy with a target price of 492 dirhams, implying a 39% upside. The research predicts a 5% increase in net banking income for 2026, followed by an average annual growth of 12.9% through 2028. CIH Bank's net income is expected to grow at an average annual rate of 16.8% over the 2026-2028 period, with an attractive average dividend yield estimated at 5.1%.