Bank lending to Morocco’s non-financial sector grew by 4.2 percent year on year in November 2025, up from 3.6 percent in October, according to the latest monetary statistics released by Bank Al-Maghrib.
The central bank said the increase was driven mainly by stronger credit to private non-financial companies, which rose by 2.3 percent after 1.4 percent a month earlier.
This reflected a slower contraction in treasury facilities, whose decline eased to 2.8 percent from 4.8 percent, alongside a slight moderation in equipment loans.
Loans to public non-financial companies also slowed, with growth easing to 10.8 percent from 11 percent. Household lending remained broadly stable, rising by 3.4 percent after 3.1 percent in October, supported by modest gains in consumer credit and steady mortgage growth.
Non-performing loans rose by 5.8 percent in November, pushing the NPL ratio to 8.7 percent, highlighting continued pressure on asset quality despite the recovery in lending.
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