(Ecofin Agency) - Morocco’s Bank al Maghrib reported that for the first time since 2008 the cost of risk dropped in the banking sector. This was revealed in a press release detailing banking developments in 2017.

This situation occured in a context when, thanks to an economy upswing, banking credit grew by 3.2%. However, this trend reflects a less significant growth (2.6%) in financing for non-financial businesses, with a steady growth in household loans at 4%.

Combined with an increase in net banking income, this fall in risk enabled banks’ net results (as social entities) to improve by 17.6% compared to the previous year. On a consolidated basis, the nine banking groups posted a 9.2% increase in net income group share compared to 6% in 2016.

Let’s recall that bank accounts opened in Morocco reached nearly 26 million units. Internationally, the presence of Moroccan banking groups has increased to 33 countries, including 26 in Africa.

Entities such as Attijariwafa Bank, Banque Centrale Populaire and BMCE Bank of Africa have become major players in the continental banking landscape.

Idriss Linge