Fitch Ratings says Morocco’s banking sector is entering a stronger phase, with rising profits and faster lending growth driven by large infrastructure projects linked to preparations for the 2030 FIFA World Cup.
The report notes that Moroccan banks are likely to maintain improved performance through 2026, supported by steady economic growth and ongoing reforms.
In 2025, the country’s seven largest banks recorded a combined profit increase of about 26%, while non-performing loans fell to 9.5%, reflecting improved asset quality.
Lending rose by 6.2%, driven mainly by corporate borrowing tied to large-scale infrastructure investments linked to Morocco’s World Cup preparations.
Morocco is co-hosting the tournament with Spain and Portugal, requiring major infrastructure spending on transport, energy and urban development projects estimated at more than $100 billion between 2025 and 2030.
World Cup-related projects alone are estimated at about $20 billion, with roughly 70% expected to be financed by domestic banks.
The sector is dominated by a few major institutions, including Attijariwafa Bank, Banque Centrale Populaire and Bank of Africa, which together with other large lenders account for about 60% of total banking assets.
Attijariwafa Bank reported profits of MAD 10.6 billion, up more than 16%, while Banque Centrale Populaire posted MAD 4.5 billion, an 8.6% increase.
Fitch expects growth to moderate in the coming years, shifting toward more stable expansion supported by public investment and structural reforms.
The report also highlights a proposed legal reform that would allow banks to sell about $11 billion in non-performing loans, a move expected to strengthen balance sheets and support future lending capacity.
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