Salafin Income Statement

Financials in millions MAD. Fiscal year is January - December.

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Interest and Dividend Income	227.25	234.29	250.72	257.62	265.77	249.65
Total Interest Expense	63.44	65.58	67.25	68.51	74.76	80.06
Net Interest Income	163.81	168.72	183.47	189.11	191.01	169.59
Commissions and Fees	147.72	144.38	146.03	141.31	130.92	126.27
Other Revenue	439.66	442.31	477.82	481.96	495.37	494.15
Revenue Before Loan Losses	751.2	755.41	807.31	812.38	817.31	790.01
Provision for Loan Losses	72.97	77.76	95.37	101.32	100.07	217.33
Revenue	678.23	677.66	711.94	711.06	717.24	572.68
Revenue Growth (YoY)	-2.20%	-4.82%	0.12%	-0.86%	25.24%	-31.70%
Salaries & Employee Benefits	66.91	65.8	67.45	70.57	70.11	62.96
Cost of Services Provided	426.72	435.89	475.12	479.17	489.53	483.1
Other Operating Expenses	-0.9	-0.68	0.48	1.44	8.2	23.36
Total Operating Expenses	502.93	511.88	555.03	563.73	579.88	581.02
Operating Income	175.3	165.78	156.91	147.33	137.36	-8.34
EBT Excluding Unusual Items	175.3	165.78	156.91	147.33	137.36	-8.34
Other Unusual Items	-9.88	-9.63	-7.6	-7.76	-0.4	-5.72
Pretax Income	165.42	156.14	149.31	139.57	136.95	-14.06
Income Tax Expense	67.26	63	58.73	53.82	52.23	2.31
Net Income	98.16	93.15	90.58	85.75	84.73	-16.37
Net Income to Common	98.16	93.15	90.58	85.75	84.73	-16.37
Net Income Growth	5.30%	2.84%	5.63%	1.21%	-	-
Shares Outstanding (Basic)	3	3	3	3	3	3
Shares Outstanding (Diluted)	3	3	3	3	3	3
Shares Change (YoY)	-5.17%	-0.59%	-1.66%	1.21%	-4.13%	10.47%
EPS (Basic)	32.10	30.00	29.00	27.00	27.00	-5.00
EPS (Diluted)	32.10	30.00	29.00	27.00	27.00	-5.00
EPS Growth	11.05%	3.45%	7.41%	0%	-	-
Free Cash Flow	158.07	-239.39	38.88	210.38	358.22	182.86
Free Cash Flow Per Share	51.69	-77.10	12.45	66.24	114.15	55.86
Dividend Per Share	14.750	14.750	14.250	13.500	26.550	-
Dividend Growth	3.51%	3.51%	5.56%	-49.15%	-	-
Operating Margin	25.85%	24.46%	22.04%	20.72%	19.15%	-1.46%
Profit Margin	14.47%	13.74%	12.72%	12.06%	11.81%	-2.86%
Free Cash Flow Margin	23.31%	-35.33%	5.46%	29.59%	49.94%	31.93%
Effective Tax Rate	40.66%	40.34%	39.34%	38.56%	38.13%	-
Revenue as Reported	811.52	817.65	871.24	877.49	-	-

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Financial Services template. Financial Sources.