Stocks Market
Moroccan Listed Banks Post Strong H1 2026 Results with Net Profit Climbing 6.7% to MAD 13.3 Billion
Morocco's publicly traded banking sector demonstrated resilience in the first half of 2026, with group net profit reaching MAD 13.3 billion, marking a 6.7% year-over-year increase according to M.S.IN research bureau. The positive performance was driven by robust growth in interest margins and commission income, which successfully offset declining market activity revenues amid challenging international conditions. The sector also benefited from a significant 34.7% reduction in risk costs, contributing to improved profitability despite geopolitical headwinds.
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Morocco's listed banking sector has delivered solid financial results for the first half of 2026, with consolidated group net profit reaching MAD 13.3 billion, representing a 6.7% increase compared to the same period last year, according to a comprehensive analysis by research firm M.S.IN.
Revenue Growth Driven by Core Banking Activities
The cumulative net banking income for the sector rose 1.34% to MAD 49.7 billion during the six-month period. This growth was primarily fueled by two key revenue streams: interest margin expanded by 8.1% while commission margin increased by 6.6%. These gains successfully compensated for a sharp 22.7% decline in market activity revenues, which were negatively affected by unfavorable international geopolitical conditions.
Strong Lending Activity Supports Interest Income
M.S.IN's analysis attributes the robust interest margin growth to strong momentum in credit activity across the banking sector. The expansion in commission income reflects the ongoing development and diversification of banking service offerings. Conversely, market activity revenues faced headwinds from the combined effects of rising interest rates and underperforming equity markets during the period.
Operating Results Show Healthy Improvement
Against this backdrop, the sector's operating income increased by 7.7% to reach MAD 24.3 billion. Group net profit climbed 6.7% to settle at MAD 13.3 billion, demonstrating the sector's ability to maintain profitability growth despite challenging market conditions.
Risk Costs Decline Significantly
A notable contributor to the improved bottom line was the substantial reduction in risk costs, which decreased by 34.7% to MAD 4.5 billion, down from MAD 6.9 billion in the first half of 2025. This decline suggests improved asset quality and more favorable credit conditions across the banking portfolio.
BCP Leads Profit Growth Contributions
In terms of individual bank contributions to sector profit growth, Banque Centrale Populaire (BCP) topped the list with an additional MAD 302.8 million in net profit, representing a 10.4% increase. Bank of Africa followed closely with a contribution of MAD 230.2 million, corresponding to a 10.2% rise. BMCI added MAD 129.8 million in incremental profit, posting an impressive 58.2% growth rate.
The first-half performance underscores the Moroccan banking sector's resilience and its ability to navigate a complex operating environment marked by geopolitical uncertainty and volatile financial markets while maintaining growth in core banking operations.