Moroccan banks are poised to benefit from robust economic growth in 2026, driven by spending on large-scale infrastructure projects and supportive government policies, says Standard & Poors Global Ratings agency.
In its projection for Moroccan banks in 2026, the American rating agency anticipates an acceleration in lending activity, improvements in asset quality, and stabilized profitability over 2026.
Morocco’s infrastructure projects and economic growth should drive the banks’ lending, says S&P report, noting that Morocco’s economy is expected to maintain robust GDP growth, averaging 4% through 2026.
Further ambitious infrastructure projects-including preparations for the 2030 FIFA World Cup, transport network expansion, and investments in energy and health care-are generating significant lending opportunities for banks, particularly through public-private partnerships.
Pro-business government reforms and interest rate reductions should also bolster investment activity in 2026, says S&P agency, forecasting an acceleration in lending growth to 3.5%-4% in 2026, compared to an estimated 3.1% in 2025, primarily driven by growth in corporate investment loans.
Rising disposable incomes, underpinned by low inflation, wage increases, and social reforms, will also support consumption-led lending, though we expect households to remain a smaller contributor to overall growth than corporates, says the report.
It expects a stabilization of operating revenue for Moroccan banks in 2026, driven by resilient margins. The S&P outlook for 2026 builds on strong performance in the first nine months of 2025, when Moroccan banks benefited from strong trading gains, robust margins despite interest rate reductions.
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