M.S.IN raises BCP to Buy and keeps Attijariwafa Bank as Hold – Outlook suggests 22% upside for BCP

M.S.IN’s research desk has refreshed its outlook on Morocco’s leading listed banks after two tough years of inflation shock and monetary tightening. While Attijariwafa Bank remains a "Hold" with modest upside, Banque Centrale Populaire (BCP) is upgraded to "Buy" with an expected price target that implies a 22.5% gain. The analysts cite a softer monetary stance, improving asset quality and a revival in credit demand as the main drivers of the sector’s renewed optimism. Key metrics show BCP offering a higher dividend yield (around 4%) and a more attractive valuation (P/E 12.6, P/B 1.36) compared with Attijariwafa, which trades at a P/E of 14.9 and a dividend yield of 2.5%. Both banks are projected to grow net banking income and net profit at compound annual rates above 6% through 2030.

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