Listed banks: Positive outlook for 2026
According to a report by Attijari Global Research (AGR), listed banks in Morocco would achieve record performance between 2024 and 2026.
AGR analysts estimate that the banking sector in Morocco is expected to record record performances in the period 2024E-2026E. They therefore revised their earnings growth forecasts upward, going from an initial average annual growth of 8.3% to 13.5% over DH22.0 billion at the end of the period under review,” Equity Research said in its January report AGR balance sheet and prospects of the banking sector.
Banks listed in Morocco confirm, in a generally robust macroeconomic environment, the improvement of their growth profile, starting from a compound annual growth rate (CAGR) of their net banking income (NBI) from 3.7% in the pre-Covid period to 7.5%. Analysts also point out this for the forecast phase 2023-2026. And it should be noted that this scenario is supported by a number of factors, including the new investment dynamics in Morocco, which has a positive impact on the development of equipment loans (+14.2% at the end of October 2024).
Furthermore, the solid 32.1% recovery in housing starts in the first half of 2024 under the impetus of the Direct Housing Assistance Program is a harbinger of the big return in housing credit from 2025, AGR adds. It is also about the positive direction of market activity thanks, on the one hand, to the start of a new accommodative monetary cycle in Morocco and, on the other hand, to the accelerated democratization of hedging products within small and medium-sized enterprises (SMEs). and the continuous optimization of the average cost of the resource through sustainable growth of the unremunerated deposits in Morocco.
