The Moroccan banking sector is on track for remarkable financial growth, according to a report by Attijari Global Research titled “Listed Banks: Toward New Records in 2025.” The document highlights significant improvements in profits and key performance indicators for listed banks in Morocco during the 2024-2026 period.
Profits for listed banks are projected to grow at an annual average rate of 13.5%, exceeding 22 billion dirhams by 2026. This reflects the sector’s resilience in a favorable macroeconomic environment. Net banking income is expected to grow at an annual rate of 7.5%, a significant improvement compared to the 3.7% recorded before the COVID-19 pandemic.
This performance is largely driven by a dynamic recovery in equipment loans, which increased by 14.2% by the end of October 2024, reflecting a surge in investments across Morocco. The anticipated revival of housing loans in 2025, bolstered by a 32.1% rise in housing starts in the first half of 2024 under the Direct Housing Aid Program, will also play a major role. Market activities have benefited from a more accommodating monetary policy and the growing use of financial hedging products among small and medium-sized enterprises. Additionally, the optimization of non-interest-bearing deposits continues to reduce funding costs, further enhancing profitability.
Operational efficiency is another key area of improvement, with the sector’s cost-to-income ratio expected to decrease from 47.3% in 2023 to 41.7% by 2026. This shift is largely attributed to the increasing adoption of digital platforms by clients, which not only reduces operational costs but also enhances competitiveness.
On the stock market, the report projects a target market capitalization of 312 billion dirhams for the listed banking sector, representing a 13% potential increase over the next 12 months. The price-to-earnings ratio for 2026 is estimated at 14.0x, indicating strong valuation levels that reflect the sector’s growth potential.
The report emphasizes that these promising perspectives are underpinned by both structural and cyclical factors, showcasing the robustness of the Moroccan banking sector. With a clear growth trajectory, the sector remains a cornerstone of the national economy, attracting investors seeking stability and solid returns.
