Moroccan banks report record profit in 2024

Moroccan banking activity improved in 2024 with major banks reporting record profits totaling $2.3 billion, a 21.3% increase compared with the previous year.

The net profit attributable to shareholders rose by nearly 20% to 19.2 billion dirhams ($2 bln).

The growth was spurred by the recovery in banking activity, cost reduction, and contained risk cost.

Over half the sector’s profits were made by the major three banks: Attijariwafa Bank, BCP and Bank of Africa.

Attijariwafa Bank reported profits attributable to shareholders at 9.5 billion dirhams, up 26.6%, followed by BCP with 4.15 billion (+19.2%) and Bank of Africa with 2.34 billion (+11%).

Other smaller banks, such as CFG Bank and Crédit du Maroc, showed remarkable growth, with increases of 49% and 47%, respectively