Morocco’s banks come on strongly

Morocco’s banks have begun their annual reporting season for 2006, and so far the news from the sector has been robust. “Three banks now control 64% of the market, against 53% three years ago,” Abdellatif Jouahri, the governor of Bank al-Maghrib, the central bank, told OBG. “Thus, we are witnessing the emergence of large financial structures with an increased financial mobilization capacity and the means to support large projects on a national scale.” Attijariwafa Bank kicked off the reporting season, publishing consolidated net banking results that rose by 19.9% year-on-year, to reach Dh6.76 billion. Although competition between the larger banks has increased, resulting in the limitation of commercial interest rate differentials, Attijariwafa managed to register a 6.3% rise in its interest margins, reaching Dh4.28 billion. Meanwhile, margins on commissions progressed by 46.9%, while renting and lease-credit operations rose by 45.8%. The largest increase was undoubtedly in market operations, which grew