Moroccan banks' profitability continued to recover strongly in the first half of 2023, with total net income reaching record highs, Fitch Ratings revealed. Higher depreciation charges have prevented a stronger improvement, but the positive trend will continue in the second half of 2023-2024 due to higher interest rates and loan book growth.
The G7 banks' total net income rose 28 percent year-on-year in the first half of 2023, driven by higher revenues, with net interest income growing 7 percent as lending rates hit their highest levels since 2017. Banks with an African dimension (Attijari Wafa Bank, Banque Centrale Poblieré Group, and Bank of Africa) achieved a sharp increase in total net interest income (11 percent), reflecting larger interest rate hikes elsewhere in Africa.
Source (Al-Arabiya.net Website, Edited)
