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Moroccan Banking Credit Surges 11.3% as Corporate Lending Powers Growth
Morocco's banking sector maintains robust momentum with outstanding credit reaching 1,292.3 billion dirhams by end-August 2026, marking an 11.3% year-on-year increase according to Bank Al-Maghrib data. Private enterprise lending drives the expansion at 11.7% growth, particularly in equipment financing which soared 17.4%, while household credit shows more moderate gains at 3.4%. Deposits mirror this upward trajectory with a 10% rise to 1,431.9 billion dirhams, reflecting strong liquidity in the banking system.
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Morocco's banking sector continues to demonstrate impressive vitality, with the latest figures from Bank Al-Maghrib revealing sustained growth across key lending segments through August 2026.
Outstanding Credit Reaches New Heights
Total outstanding bank credit climbed to 1,292.3 billion dirhams by the end of August 2026, representing an 11.3% year-over-year increase. This expansion reflects continued confidence in the Moroccan economy and robust demand for financing across multiple sectors.
In parallel, customer deposits grew by 10% to reach 1,431.9 billion dirhams, providing banks with ample liquidity to support lending activities.
Private Enterprises Lead the Charge
The corporate sector emerged as the primary growth driver, with lending to private companies surging 11.7% annually to an outstanding balance of 498.2 billion dirhams. Within this segment, distinct patterns emerged:
- Equipment financing recorded the strongest performance, soaring 17.4% to 152.7 billion dirhams
- Cash facilities expanded by 12.1%
- Real estate credit grew by 11.8%
According to Bank Al-Maghrib's Q2-2026 survey, this momentum stems from relaxed lending criteria for equipment financing combined with rising demand across all credit categories. Interest rates for new corporate loans averaged 4.81%, with larger corporations benefiting from a rate of 4.56% while micro, small, and medium enterprises paid 5.20%.
Household Credit Shows Steady but Slower Growth
Consumer lending demonstrated more moderate expansion, increasing 3.4% to 404.4 billion dirhams. Housing credit advanced by 2.3% while consumer credit accelerated slightly faster at 5.1%. Interest rates edged lower, settling at 4.53% for housing loans and 6.81% for consumer credit.
Notably, Islamic home financing through Mourabaha products continued its upward trajectory, reaching 32.3 billion dirhams compared to 27.7 billion dirhams one year earlier, reflecting growing appetite for Sharia-compliant banking solutions.
Deposit Base Strengthens
On the funding side, household deposits climbed 9% to 1,037.2 billion dirhams, including 235.5 billion dirhams held by Moroccan residents abroad. Corporate deposits from private non-financial companies increased 11.6% to 258.1 billion dirhams.
Term deposit rates showed divergent movements: the 6-month rate declined by 30 basis points to 2.15%, while the 12-month rate increased by 7 basis points to 2.65%, suggesting banks are adjusting their funding strategies based on maturity preferences.