Bank Credit: Outstanding Amount Rises by 6% at the End of October

Bank credit to private non-financial companies has recorded a limited annual increase of 1.4%. However, this trend conceals heterogeneous dynamics within the sector. Equipment loans have surged by 17%, while loans for real estate development have risen by 4.1%. In contrast, cash facilities have decreased by 9%, indicating a reduced reliance on short-term financing. According to the credit granting conditions survey for Q3-2025, the criteria for granting cash loans remained unchanged, while those for equipment and real estate loans were slightly tightened. Banks report stable criteria for both large enterprises (GE) and very small to medium enterprises (TPME). On the demand side, banks noted an increase in most credit categories, except for real estate loans, which saw a slight decline. Demand stagnated for GEs while it increased for TPMEs. The Bank Al-Maghrib's economic survey indicates that 87% of companies considered access to bank financing as "normal" in Q3-2025, with only 11% deeming it "difficult." The cost of credit is perceived as generally stable by most companies. The rates applied to new loans decreased by 3 basis points quarter-on-quarter, settling at 4.88%, with 4.64% for GEs and 5.41% for TPMEs. In the household sector, credit has increased by 3.1% annually, primarily driven by a rise in housing loans (+3.3%) and consumer credit (+4.5%). Crowdfunding for housing, particularly in the form of real estate Mourabaha, continues to grow, reaching 28.7 billion dirhams, up from 24.1 billion a year earlier. In Q3-2025, banks reported unchanged criteria for housing loans and relaxed criteria for consumer loans. However, demand for housing credit has declined, while it has stagnated for consumer loans. The rates applied to new household loans have generally decreased to 5.71%, reflecting a drop of 4 basis points to 4.64% for housing and a near-stable rate of 6.89% for consumption. Regarding deposits, bank deposits reached 1,299 billion dirhams at the end of October 2025, marking a 7.1% annual increase. Household deposits grew by 6.6% to 959.3 billion dirhams, with 219 billion held by Moroccans residing abroad (MRE). Private non-financial companies saw their deposits rise to 234 billion dirhams, an increase of 10.4% year-on-year. In terms of remuneration, term deposit rates increased by 21 basis points for 6-month maturities and by 23 basis points for 12-month maturities, reaching 2.78% and 2.71%, respectively. Meanwhile, the minimum remuneration rate for savings accounts has been set at 1.91% for the second half of 2025, down by 30 basis points from the previous semester.