Key points
- Lending to the non-financial sector: 1,084.3 billion dirhams, up 11.2% over one year (10.4% at the end of August).
- Equipment loans: up 25.5% for the non-financial sector; up 32.4% for all bank lending, at 356.7 billion dirhams.
- Non-performing loans: 105.5 billion dirhams, up 2.3% over one year, or 7.9% of outstanding loans (8.2% at the end of August).
Lending is speeding up
At the end of September 2026, outstanding bank lending to the non-financial sector reached 1,084.3 billion dirhams, up 11.2% over one year, compared with 10.4% a month earlier. Loans to the private sector rose 9.2%, compared with 7.9% at the end of August. Loans to private non-financial companies rose 13.8%, loans to households 3.5%, and public sector financing 26.3%.
Why are there two figures for equipment loans?
Depending on the article, equipment loans rose 32.4% (Boursenews) or 25.5% (EcoActu). The two figures do not measure the same thing. Finances News Hebdo had already shown this gap in the August data: one figure covers all bank lending, the other only the non-financial sector.
Across all bank lending, equipment loans grew by 87.2 billion dirhams in one year, and by 49.8 billion since the start of the year, or 16.2%.
| Type of loan | Outstanding, all bank lending | Over one year, all | Over one year, non-financial sector |
|---|---|---|---|
| Equipment | 356.7 billion MAD | +32.4% | +25.5% |
| Cash flow | 275.8 billion MAD | +12.4% | +13.7% |
| Real estate | 332.6 billion MAD | +4.5% | +4.5% |
| Consumer | 64.1 billion MAD | +5.2% | +5.2% |
These articles do not detail the causes of the rise from one month to the next, so we do not offer an explanation for it.
To understand this better
- Outstanding lending is the total amount of loans still to be repaid on a given date. It is not the amount of new loans made that month.
- The non-financial sector covers households, companies and the public sector, but not financial companies. That is why its total is lower than the total for all bank lending.
- Equipment loans finance investment: machines, factories, infrastructure. Cash-flow loans finance companies’ day-to-day needs.
- Non-performing loans are loans that are not being repaid properly. They are watched as a measure of the risk carried by banks.
- The link with the stock market: lending is a core business for banks, and several of them are listed. But this overall figure does not describe the situation of any one bank.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
