Credit Immobilier et Hôtelier Societe Anonyme : Rapport Annuel 2021 (version anglaise)

His Majesty King Mohammed VI

/ 2021 / CIH BANK

06-07	10-13
A word from the CEO	CIH BANK
	at a glance
08-09	• Key figures 2021
• Shareholding
> Business lines
Highlight1 2021	and subsidiaries

Strategy

and governance

Harne11ing innovation for 1hared value creation

56 • A bank that creates sustainable value

58 • Facilitating banking inclusion through digitalization, accessibility and proximity

62 • Facilitating access to loans

Financial report

84 Subsidiary performance and CIH BANK's equities

88 Statutory Auditors' report

92 Parent-company financial statements

/ 2021 / CIH BANK

ANNUAL REPORT

4

Environment

16 • International economic environment

18 • National economic environment

20 • Banking market

22 • Financial market (rate market and stock market)

Stratégie

26 • Vision and presentation of the 2020-2024 Strategic Plan

28 • CSR strategy and contribution to SDGs

Governance

30 • Governing bodies 2021:

Structure and activity

1. • Risk management

1. • CSR governance

1. • Code of Ethics
   and Professional Conduct
2. • Mediation

44 • Quality Management

System and Information System

through digitalization

64 • Fair and transparent pricing and free access to basic services for all

66 • An attentive

and effective service

68 • Accelerating

and unleashing innovation 70 • Human capital

76 • Supporting culture, healthcare and communities' social development

80 • Contributing to the mitigation of climate change effects

98 Audit report

on the consolidated financial statements

102 Consolidated financial statements

28,458 mm

Annexe1

110 • New openings and branch network

ANNUAL REPORT

5

A WORD FROM THE CEO

2021 : BANKING SERVICE RENEWAL

ANNUAL REPORT / 2021 / CIH BANK

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2021 was the year of recovery in an international context marked by an unprecedented level of uncertainty. The pandemic, combined with the conflicts plaguing our world, took their toll on global value chains, which are still struggling to reorganize. At the level of the financial market, this has resulted in an increased cost of risk. Central banks are consequently facing the tough trade-off between growth and inflation and have to decide whether or not to maintain their key rate.

Like all countries, Morocco has been affected by these issues. The Moroccan economy, including the hardest hit sectors, has however demonstrated remarkable resilience in 2021. In this crucial phase of recovery, CIH BANK spared no effort to help businesses get back on their feet.

Our Bank has thus actively contributed to financing the economy, particularly through the "Damane Relance" offers intended for VSMEs and the "Intelaka" support programme for young entrepreneurs.

2021 confirmed that it has become paramount to shift towards digitalization when it comes to banking services, and we have, indeed, witnessed how offers have been renewed and how customer habits have changed.

CIH BANK has always been a pioneer in this area. During the year, we were the first in Morocco to launch a new version of the online account opening service with a fully digitized and secure process. We have also enriched our mobile banking offer,

CIH Mobile and CIH Net, with new and more advantageous features.

The CIH BANK Group was able to maintain momentum throughout these uncertain times and expanded its network with 6 new branches and 63 cash withdrawal and deposit machines.

Another notable achievement was the renewal of the ISO 9001:2015certification covering the "Electronic banking", "Real estate loans", "Bank insurance" and "Corporate financing" activities.

Combined NBI as at December 31, 2021 amounted to

MAD 2506,2 million, representing an improvement of 11.1% compared to the previous year.

Customer deposits rose by 14.4% compared to 2020 and amounted to MAD 57.3 billion, which is chiefly attributable to the increase in the outstanding amount of checking accounts and passbook accounts.

Customer loans amounted to MAD 60,9 billion at the end of the fourth quarter of 2021, which represents an increase of 14.4% compared to the end of 2020.

These commendable performances reinforce our confidence in the strategic choices we made.

CIH BANK has firmly positioned itself as a leading provider of digital banking services.

Leveraging its expertise and its culture of innovation, the Bank will continue to anticipate major changes in the market and shifts in consumption patterns to deliver the best customer service.

ANNUAL REPORT / 2021 / CIH BANK

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Chief Executive Officer

Mr. Lotfi SEKKAT

HIGHLIGHTS 2021

Active contribution to the financing of the economy:

Expansion of the branch network with the opening

ANNUAL REPORT / 2021 / CIH BANK

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MAD 1 billion

in loans granted as part of the "Damane Relance", a business revitalization programme intended mainly for VSMEs.

MAD 0,15billion

in loans granted as part of the "Intelaka" support programme for young entrepreneurs.

of 6 new branche1 in 2021 (Current network consists of 313 branches) and 63 additional cash withdrawal and deposit machines

Opening of the new regional	Renewal of the quadruple
office in Marrakech and	ISO 9001:2015 certification
of the CIH Play 40 1pace in	for the electronic banking,
Ca1ablanca, which hou1e1	real estate loans, bankinsurance
variou1 unit1 (IT, Quality,	and business financing activities
Lana Cash, Marketing, etc.).

ANNUAL REPORT / 2021 / CIH BANK

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Launch of a new ver1ion of remote account opening that i1 ba1ed on a fully digitized process, and enrichment of CIH Mobile and CIH Net with new offers and features (CIH M3ak, World Elite card, sole trader registration service, Leasing offer, etc.).

Finalization

of the corporate daycare project.

Launch of CIH PAY, a tokenized mobile payment solution.

Implementation of the

"CIH KNOWLEDGE" PROJECT BY

CIH ACADEMY

Redemption of the 1ecuritization fund

FCPT CREDILOG IV.

Closing of the Maroc

Lea1ing & Maghreb Titri1ation di1po1al operation.