Driven primarily by strong momentum in the banking and construction sectors, the combined revenue of companies listed on the Casablanca Stock Exchange continued to climb in the first quarter of 2025, increasing by 7.6% year-over-year to reach 85 billion dirhams, up from 79 billion dirhams in Q1 2024.
According to a recent research report by Moroccan brokerage firm MSIN (Moroccan Brokerage Services), this uptick reflects an additional 6 billion dirhams in revenue. The banking sector led the gains, adding 2.35 billion dirhams (+10.7%), followed by construction and public works, which added 892 million dirhams (+13.5%).
Analysts from the brokerage firm cited four main factors behind the positive performance of the Casablanca-listed companies. First, inflation was contained at around 2% during the quarter, providing a stable macroeconomic backdrop. Second, the 2024–2025 agricultural season benefited from more favorable weather conditions compared to the previous year.
Third, renewed dynamism in the real estate and construction sectors was supported by the rollout of a direct housing subsidy program, resettlement efforts for shantytown residents, and a surge in infrastructure projects—such as roads, hotels, and sports facilities—linked to Morocco’s hosting of the 2025 Africa Cup of Nations and preparations for the 2030 FIFA World Cup.
The fourth contributing factor was the calendar shift of Ramadan, which fell entirely in March 2024. This timing, according to the report, provided a short-term boost to certain consumer-related sectors.
By sector, the banking industry posted the most significant contribution to the overall revenue increase, adding 2.4 billion dirhams in Q1 2025 compared to the same period the previous year. The construction and public works sector followed closely, supported by the accelerated pace of major projects tied to the upcoming sporting events. The insurance sector ranked third, contributing an additional 517 million dirhams (+6.2%), bolstered by strong performances in both life and non-life segments.
Listed banks in Casablanca saw a 10.7% rise in net banking income, which reached 24.4 billion dirhams by the end of Q1 2025. The report noted that the sector benefited from a combination of lower interest rates and positive stock market performance.
More specifically, market operations income, interest margins, and commission income grew by 37.3%, 5.8%, and 5.0%, respectively, among the six listed banks (excluding CFG Bank). The sector’s operating profit rose by 20.3% to 10.6 billion dirhams, while operating income jumped 18.7% to 5.6 billion dirhams, supported by cost control and solid results from the National Investment Bank—despite a 5.74% rise in risk-related expenses, which totaled 3.9 billion dirhams.
As for net income attributable to shareholders (RNPG), Attijariwafa Bank led with a 347 million dirham increase (+14.0%), followed by Banque Centrale Populaire with a 206.6 million dirham gain (+19.0%) and Bank of Africa with 188.3 million dirhams in additional profit (+25.7%).
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.