Secteur bancaire : La production de prêts s'accélérera de 8 % en 2025

The latest monetary statistics released by Bank Al-Maghrib reveal a period of strategic credit expansion within the Moroccan economy, characterized by a significant acceleration in public sector financing alongside a steady consolidation of private sector lending. This upward trajectory is primarily underpinned by a robust 10.9 percent surge in credit to the public sector, which has emerged as the principal engine of growth. While the private sector exhibited more tempered progress, its growth rate nevertheless climbed to 3.9 percent, surpassing the 3.7 percent recorded in the preceding period, signaling a resilient underlying demand for capital despite broader macroeconomic headwinds. A more granular analysis of the data unveils a remarkable transformation in the financing of local administrations, which witnessed an unprecedented growth rate of 56.8 percent, a stark contrast to the marginal 0.6 percent increase previously observed. This surge is intrinsically linked to the mobilization of capital for large-scale national infrastructure initiatives. Specifically, the financing requirements for ambitious seawater desalination projects and the strategic extension of the high-speed rail network have acted as a powerful catalyst for credit demand. These capital-intensive projects represent a cornerstone of the national development strategy, necessitating substantial financial commitments that are now clearly reflected in the central bank’s balance sheet aggregates. In the private sphere, the momentum was sustained by a diversified appetite for credit from both corporate entities and individual households. Lending to private enterprises accelerated to a 3 percent growth rate, up from 2.3 percent, suggesting a renewed confidence in industrial and commercial investment. Simultaneously, credit to households maintained its upward trend, reaching 3.6 percent compared to 3.4 percent previously. This dual growth highlights a stabilized domestic consumption environment and a gradual recovery in corporate investment cycles, further reinforcing the systemic liquidity circulating within the non-financial sector. When examining the data by economic purpose, the trends suggest a qualitative shift in how credit is being utilized. Equipment loans experienced a particularly aggressive expansion, jumping from 16.2 percent to 20.4 percent, which underscores a significant push toward industrial modernization and capacity building. Real estate lending and consumer credit followed suit, posting growth rates of 3.4 percent and 5 percent respectively. However, this general expansion was not universal; treasury facilities continued their contraction, with the decline deepening to 4.9 percent. This divergence suggests that while long-term investment and consumption remain healthy, businesses may be optimizing their short-term liquidity management or increasingly relying on internal cash flows for operational requirements. Perhaps most encouraging for institutional investors and financial analysts is the notable improvement in the banking sector’s risk profile. The annual growth of non-performing loans saw a significant deceleration, cooling to 3.1 percent from a previous 5.8 percent. Furthermore, the overall non-performing loan ratio improved to 8 percent, down from 8.7 percent in the prior period. This cooling of distressed debt growth, coupled with an improving ratio relative to total credit, indicates a strengthening of asset quality across the Moroccan banking landscape, providing a more stable foundation for continued monetary expansion and economic growth in the coming quarters.