Income Statement SALAFIN Casablanca S.E.

Stocks

SLF

Consumer Lending

End-of-day quote Casablanca S.E.			5-day change	1st Jan Change
- ^MAD	-.--%		-.--%	-

03-30	Salafin S.A. announces Annual dividend, payable on June 12, 2026	CI
03-29	Salafin S.A. Reports Earnings Results for the Full Year Ended December 31, 2025	CI

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Published financial data: SALAFIN

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (MAD)	2022 (MAD)	2023 (MAD)	2024 (MAD)	2025 (MAD)
Interest and Dividend Income, Total	266M	258M	251M	234M	223M
Interest Expense, Total	74.76M	68.51M	67.25M	65.58M	63.98M
Net Interest Income	191M	189M	183M	169M	160M
Commission and Fees	131M	141M	146M	144M	146M
Other Revenues, Total	495M	482M	478M	442M	447M
Revenues Before Provison For Loan Losses	817M	812M	807M	755M	753M
Provision For Loan Losses	100M	101M	95.37M	77.76M	63.14M
Total Revenues	717M	711M	712M	678M	690M
Salaries And Other Employee Benefits	70.11M	70.57M	67.45M	65.8M	79.22M
Cost of Services Provided, Total	490M	479M	475M	436M	427M
Depreciation & Amortization - (IS) - (Collected)	12.04M	12.55M	11.98M	10.87M	9.47M
Other Operating Expenses	8.2M	1.44M	478K	-683K	-26.16M
Total Operating Expenses	580M	564M	555M	512M	489M
Operating Income	137M	147M	157M	166M	200M
Other Non Operating Income (Expenses)	1K	-2K	1K	-1K	-4K
EBT, Excl. Unusual Items	137M	147M	157M	166M	200M
Other Unusual Items	-404K	-7.76M	-7.6M	-9.63M	-8.89M
EBT, Incl. Unusual Items	137M	140M	149M	156M	191M
Income Tax Expense	52.22M	53.82M	58.73M	63M	95.33M
Earnings From Continuing Operations	84.73M	85.75M	90.58M	93.15M	96.12M
Net Income to Company	84.73M	85.75M	90.58M	93.15M	96.12M
Net Income - (IS)	84.73M	85.75M	90.58M	93.15M	96.12M
Net Income to Common Incl Extra Items	84.73M	85.75M	90.58M	93.15M	96.12M
Net Income to Common Excl. Extra Items	84.73M	85.75M	90.58M	93.15M	96.12M
Per Share Items
Net EPS - Basic	27	27	29	30	31
Basic EPS - Continuing Operations	27	27	29	30	31
Basic Weighted Average Shares Outstanding	3.14M	3.18M	3.12M	3.1M	3.1M
Net EPS - Diluted	27	27	29	30	31
Diluted EPS - Continuing Operations	27	27	29	30	31
Diluted Weighted Average Shares Outstanding	3.14M	3.18M	3.12M	3.1M	3.1M
Normalized Basic EPS	27.36	28.99	31.4	33.37	40.38
Normalized Diluted EPS	27.36	28.99	31.4	33.37	40.38
Dividend Per Share	26.55	13.5	14.25	14.75	30
Payout Ratio	191.55	96.73	43.98	95.59	95.89
Supplemental Items
Total Revenues (As Reported)	-	-	871M	818M	814M
Effective Tax Rate - (Ratio)	38.13	38.56	39.34	40.35	49.79
Normalized Net Income	85.85M	92.08M	98.07M	104M	125M

Fiscal Period: December	2021 (MAD)	2022 (MAD)	2023 (MAD)	2024 (MAD)	2025 (MAD)
Assets
Cash And Equivalents	69K	80K	77K	74K	70K
Long-Term Investments - (FS Template)	401K	401K	401K	401K	401K
Loans and Lease Receivables - (FS Template)	2.8B	2.81B	2.73B	2.58B	2.54B
Other Receivables	197M	197M	225M	217M	162M
Gross Property Plant And Equipment	9.99B	10.33B	10.43B	10.67B	11.12B
Accumulated Depreciation	-9.01B	-9.38B	-9.73B	-9.99B	-10.26B
Net Property Plant And Equipment	982M	948M	700M	680M	866M
Other Intangibles, Total	254M	254M	251M	247M	246M
Other Long-Term Assets, Total	861K	860K	861K	861K	860K
Total Assets	4.24B	4.21B	3.91B	3.73B	3.81B
Liabilities
Interest Bearing Deposits	364M	528M	450M	146M	145M
Non-Interest Bearing Deposits	164M	114M	156M	483M	341M
Deposits	528M	642M	607M	629M	486M
Accounts Payable, Total	261M	280M	281M	307M	294M
Accrued Expenses, Total	542M	625M	598M	255M	282M
Current Portion of Long-Term Debt	231M	308M	1.04B	1.33B	1.15B
Long-Term Debt	1.68B	1.44B	460M	-	429M
Other Non Current Liabilities	58.03M	58.68M	57.99M	334M	300M
Total Liabilities	3.3B	3.35B	3.04B	2.86B	2.94B
Common Stock, Total	312M	312M	312M	312M	312M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	84.73M	85.75M	90.58M	93.15M	96.12M
Comprehensive Income and Other	536M	458M	460M	461M	462M
Total Common Equity	933M	857M	863M	867M	871M
Total Equity	933M	857M	863M	867M	871M
Total Liabilities And Equity	4.24B	4.21B	3.91B	3.73B	3.81B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.12M	3.12M	3.12M	3.12M	3.12M
ECS Total Common Shares Outstanding	3.12M	3.12M	3.12M	3.12M	3.12M
Book Value / Share	298.72	274.17	276.16	277.48	278.75
Tangible Book Value	679M	603M	612M	620M	625M
Tangible Book Value Per Share	217.46	192.97	195.83	198.47	200.02
Total Debt	1.91B	1.74B	1.5B	1.33B	1.58B
Net Debt	1.91B	1.74B	1.5B	1.33B	1.58B
Full Time Employees	330	338	320	303	300
Assets on Operating Lease - Gross	9.91B	10.25B	10.35B	10.59B	11.05B
Assets on Operating Lease - Accumulated Depreciation	-9.01B	-9.38B	-9.73B	-9.99B	-10.26B

Fiscal Period: December	2021 (MAD)	2022 (MAD)	2023 (MAD)	2024 (MAD)	2025 (MAD)
Net Income	84.73M	85.75M	90.58M	93.15M	96.12M
Depreciation, Depletion & Amortization	12.04M	12.55M	11.98M	10.87M	9.47M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	12.04M	12.55M	11.98M	10.87M	9.47M
Change in Trading Asset Securities	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-260M	-394M	-564M	-794M	88.01M
Other Operating Activities	528M	514M	505M	455M	42.74M
Cash from Operations	365M	219M	44.42M	-236M	236M
Capital Expenditure	-6.66M	-8.43M	-5.54M	-3.68M	-4.04M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	2.41M	2.59M	2.72M	2M	1.7M
Cash from Investing	-4.25M	-5.84M	-2.82M	-1.68M	-2.34M
Common Dividends Paid	-162M	-82.94M	-39.83M	-89.04M	-92.16M
Common & Preferred Stock Dividends Paid	-162M	-82.94M	-39.83M	-89.04M	-92.16M
Special Dividend Paid	-	-79.51M	-44.52M	-	-
Cash from Financing	-162M	-162M	-84.35M	-89.04M	-92.16M
Miscellaneous Cash Flow Adjustments	-	-	-	-	1K
Net Change in Cash	198M	50.51M	-42.75M	-326M	142M
Supplemental Items
Cash Income Tax Paid (Refund)	52.22M	53.82M	58.73M	63M	104M

Fiscal Period: December	2021 (MAD)	2022 (MAD)	2023 (MAD)	2024 (MAD)	2025 (MAD)
Profitability
Return on Assets	1.93	2.03	2.23	2.44	2.55
Return On Equity %	8.72	9.58	10.54	10.77	11.06
Return on Common Equity	8.72	9.58	10.54	10.77	11.06
Margin Analysis
Gross Profit Margin %	31.75	32.61	33.26	35.68	38.11
SG&A Margin	9.78	9.92	9.47	9.71	11.49
Income From Continuing Operations Margin %	11.81	12.06	12.72	13.75	13.94
Net Income Margin %	11.81	12.06	12.72	13.75	13.94
Net Avail. For Common Margin %	11.81	12.06	12.72	13.75	13.94
Normalized Net Income Margin	11.97	12.95	13.78	15.29	18.15
Asset Turnover
Asset Turnover	0.16	0.17	0.18	0.18	0.18
Short Term Liquidity
Current Ratio	1.92	1.62	1.17	1.11	1.22
Quick Ratio	1.92	1.62	1.17	1.11	1.22
Operating Cash Flow to Current Liabilities	0.23	0.12	0.02	-0.09	0.11
Long Term Solvency
Total Debt/Equity	205.05	203.63	173.65	153.93	181.44
Total Debt / Total Capital	67.22	67.07	63.46	60.62	64.47
LT Debt/Equity	180.34	167.65	53.32	-	49.26
Long-Term Debt / Total Capital	59.12	55.21	19.48	-	17.5
Total Liabilities / Total Assets	77.97	79.63	77.91	76.74	77.16
Total Capital Ratio %	-	-	-	-	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	25.24	-0.86	0.12	-4.82	1.78
Gross Profit, 1 Yr. Growth %	154.17	1.84	2.12	2.09	8.73
Earnings From Cont. Operations, 1 Yr. Growth %	-617.68	1.21	5.63	2.84	3.19
Net Income, 1 Yr. Growth %	-617.68	1.21	5.63	2.84	3.19
Normalized Net Income, 1 Yr. Growth %	-1.75K	7.26	6.51	5.65	20.85
Diluted EPS Before Extra, 1 Yr. Growth %	-640	0	7.41	3.45	3.33
Common Equity, 1 Yr. Growth %	-7.67	-8.22	0.73	0.48	0.46
Total Assets, 1 Yr. Growth %	-7.12	-0.71	-7.15	-4.58	2.34
Tangible Book Value, 1 Yr. Growth %	-10.1	-11.26	1.48	1.35	0.78
Cash From Operations, 1 Yr. Growth %	92.65	-40.03	-79.7	-630.64	-200.26
Capital Expenditures, 1 Yr. Growth %	1.74	26.64	-34.35	-33.56	9.95
Dividend Per Share, 1 Yr. Growth %	-	-49.15	5.56	3.51	103.39
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-7.51	11.43	-0.37	-2.38	-1.57
Gross Profit, 2 Yr. CAGR %	-9.05	60.89	1.98	2.11	5.36
Earnings From Cont. Operations, 2 Yr. CAGR %	-19.39	128.89	3.39	4.22	3.01
Net Income, 2 Yr. CAGR %	-19.39	128.89	3.39	4.22	3.01
Normalized Net Income, 2 Yr. CAGR %	-18.27	320.35	6.88	6.08	12.99
Diluted EPS Before Extra, 2 Yr. CAGR %	-21.67	132.38	3.64	5.41	3.39
Common Equity, 2 Yr. CAGR %	-6.16	-7.95	-3.85	0.6	0.47
Total Assets, 2 Yr. CAGR %	-6.74	-3.97	-3.98	-5.87	-1.18
Tangible Book Value, 2 Yr. CAGR %	-7.98	-10.68	-5.1	1.42	1.07
Cash From Operations, 2 Yr. CAGR %	60.2	7.48	-65.11	3.79	130.66
Capital Expenditures, 2 Yr. CAGR %	-16.52	13.51	-8.82	-33.95	-14.53
Dividend Per Share, 2 Yr. CAGR %	-22.32	-	-26.74	4.53	45.1
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-5.55	-5.35	7.53	-1.87	-1.01
Gross Profit, 3 Yr. CAGR %	-4.81	-5.56	38.27	2.02	4.27
Earnings From Cont. Operations, 3 Yr. CAGR %	-12.64	-13.04	76.88	3.21	3.88
Net Income, 3 Yr. CAGR %	-12.64	-13.04	76.88	3.21	3.88
Normalized Net Income, 3 Yr. CAGR %	-8.7	-10.52	165.99	6.47	10.79
Diluted EPS Before Extra, 3 Yr. CAGR %	-14.37	-15.02	79.67	3.57	4.71
Common Equity, 3 Yr. CAGR %	-5.38	-6.85	-5.14	-2.43	0.55
Total Assets, 3 Yr. CAGR %	-5	-4.77	-5.04	-4.18	-3.21
Tangible Book Value, 3 Yr. CAGR %	-7.06	-9.09	-6.8	-3	1.2
Cash From Operations, 3 Yr. CAGR %	2.02	15.45	-38.33	-13.55	2.6
Capital Expenditures, 3 Yr. CAGR %	-73.16	-4.08	-5.43	-17.95	-21.72
Dividend Per Share, 3 Yr. CAGR %	-	-32.55	-	-17.79	30.5
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.99	-3.05	-3.51	-4.17	3.79
Gross Profit, 5 Yr. CAGR %	-4.51	-3.53	-2.15	-2.56	24.02
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.36	-9.36	-6.55	-6.5	42.48
Net Income, 5 Yr. CAGR %	-9.36	-9.36	-6.55	-6.5	42.48
Normalized Net Income, 5 Yr. CAGR %	-9.11	-7.65	-2.76	-4.22	88.86
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.13	-14.34	-7.58	-7.37	44.04
Common Equity, 5 Yr. CAGR %	7.75	5.85	-4.77	-3.94	-2.94
Total Assets, 5 Yr. CAGR %	3.88	4.9	-4.6	-5.21	-3.52
Tangible Book Value, 5 Yr. CAGR %	1.37	-0.95	-6.28	-5.03	-3.73
Cash From Operations, 5 Yr. CAGR %	18.7	11.9	-33.58	10.64	4.53
Capital Expenditures, 5 Yr. CAGR %	4.75	-18.33	-56.22	-17.38	-9.18
Dividend Per Share, 5 Yr. CAGR %	-14.41	-25.42	-	-19.63	-