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Bank Credit Portfolio Grows 6% by End‑October 2025, Deposits Reach New High
Bank Al‑Maghrib reports that total bank credit in Morocco hit MAD 1.188,2 billion at the end of October 2025, a 6 % year‑on‑year rise. Corporate lending to private non‑financial firms grew modestly, while equipment financing surged 17 % and short‑term treasury lines fell 9 %. Household credit rose 3.1 % driven by higher mortgage and consumer loans, and participatory housing finance (Mourabaha) climbed to MAD 28.7 billion. Deposits expanded to MAD 1.299 billion (+7.1 % YoY), with household deposits reaching MAD 959.3 billion and term‑deposit rates nudged higher. Overall, banks see credit access as “normal” for most firms, interest rates on new loans have eased slightly, and the savings‑account floor rate was trimmed to 1.91 % for the second half of 2025.
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Overall Bank Credit Landscape
At the end of October 2025, total bank credit in Morocco reached MAD 1,188.2 billion, reflecting a 6 % year‑on‑year increase, according to Bank Al‑Maghrib’s October credit‑and‑deposit dashboard.
Corporate Credit
Loans to private non‑financial companies grew modestly by 1.4 % YoY, but the aggregate masks divergent trends:
- Equipment financing: +17 %
- Real‑estate development loans: +4.1 %
- Short‑term treasury facilities: –9 %
The Bank’s third‑quarter 2025 credit‑granting survey shows that criteria for treasury lines remained unchanged, while conditions for equipment and real‑estate loans tightened slightly. The same standards applied to both large enterprises (LE) and SMEs.
Demand rose for most credit products, except a slight dip in real‑estate development loans. Demand held steady for large firms and grew for SMEs.
According to the same survey, 87 % of firms rated access to bank financing as “normal”, while 11 % found it “difficult”. Average new‑loan rates fell by three basis points to 4.88 % (4.64 % for large firms, 5.41 % for SMEs).
Household Credit
Consumer credit to households increased 3.1 % YoY, driven by a 3.3 % rise in mortgage loans and a 4.5 % jump in consumer loans.
Participatory housing finance (Mourabaha) kept expanding, reaching MAD 28.7 billion, up from MAD 24.1 billion a year earlier.
The third‑quarter survey reports unchanged criteria for mortgage loans and looser standards for consumer credit. However, demand fell for mortgages and remained flat for consumption.
New‑loan rates for households fell overall to 5.71 %, with the mortgage rate down 4 bps to 4.64 % and the consumer rate nearly unchanged at 6.89 %.
Bank Deposits
Bank‑wide deposits stood at MAD 1,299 billion at the end of October, up 7.1 % YoY. Household deposits grew 6.6 % to MAD 959.3 billion, including MAD 219 billion held by Moroccan residents abroad (MRE). Deposits of private non‑financial companies rose 10.4 % to MAD 234 billion.
Term‑deposit rates were lifted by 21 basis points for six‑month maturities and 23 basis points for twelve‑month maturities, reaching 2.78 % and 2.71 % respectively. The minimum remuneration for savings accounts was set at 1.91 % for the second half of 2025, a 30‑basis‑point reduction from the previous semester.