Moroccan Banks Maintain Profitability Despite Economic Slowdown, Report Shows

According to this Report, the growth rate of the national economy has fallen to 3%, compared to 4.2% the previous year. The same document specifies that the activity of bank credit has only seen a limited increase of 0.7%.

But this less favorable situation, the Report points out, has not diminished the profitability of the banks. Thus, the profit of 24 Moroccan banks, including 5 participatory ones, increased in 2018, thanks to the VAT credit repayment financing operation, managed by public and private companies, on the State, through factoring. Indeed, this operation will have had the merit of allowing the sector to achieve a 6.5% growth in its financing to the economy. The amount of financing stands at 27 billion dirhams.

In addition, the banks reported a NBI of 69 billion dirhams, with a growth of 3.3%, not to mention a net profit of 14 billion dirhams.