Agadir – In Morocco, non-performing loans (NPLs) continued to rise at the beginning of 2026, according to data provided by Moroccan central bank, Bank Al-Maghrib (BAM).
The report stated that non-performing loans rose by 4.6% in January 2026, increasing the overall non-performing loan ratio (as a share of outstanding bank credit) to 8.3%, up from 8% in the fourth quarter of 2025.
According to BAM, non-performing loans grew by 4.1% for private non-financial corporations and by 4.9% for households. As a result, the non-performing loan ratios reached 12.9% for corporations and 10.7% for households.
The central bank emphasized that this increase is the result of the pressures faced by both businesses and households, amid a period of economic uncertainties and fluctuating credit risk.
Non-banking financial institutions’ lending to the non-financial sector registered impressive growth, rising by 18.4% in the fourth quarter of 2025.
This was attributed to a 16% increase in loans provided by finance companies, a substantial 40% increase in loans provided by offshore banks, as well as an 11.5% increase in loans provided by microcredit associations.
This performance suggests a continued growth in alternative sources of funding, which have become more important in facilitating access to credit, especially for small enterprises and individuals who may have difficulties accessing conventional banking channels.
Meanwhile, liquid investment aggregates accelerated growth, rising from 8.6% in the fourth quarter of 2025 to 9% in January 2026.
The bank explains this is due to treasury bond recovery, which experienced a growth of 3.7% after recording a decline of 4.2%.
In contrast, equity and diversified UCITS (Undertakings for Collective Investment in Transferable Securities) securities slowed down from 38.6% to 26.9%, while bond UCITS securities slowed down from 19% to 10.5%.
