At the end of September 2022, outstanding bank lending reached AED 1,038.7 billion, including AED 441.1 billion allocated to private non-financial corporations (NFE), AED 376 billion to households, AED 142.8 billion to financial agents and 48.8 MMDH granted to public NFEs. Moreover, this is what the latest data published by Bank Al-Maghrib in its dashboard reveal.
The document reveals that the outstanding amount of bank credit recorded in September 2022 has experienced an annual increase of 5.5%. He then details that the loans granted to households in this period total 376 billion dirhams, an increase of 3.5% compared to the same period last year. Loans intended for this category are divided between housing with an amount of 237.4 billion dirhams with an increase of 2.8% and consumption with an amount of 57.1 billion dirhams, with an increase of 3.3%.
Crowdfunding for housing, particularly in the form of Murabaha properties, continued to grow and stood at AED18.2 billion, after AED14.9 billion a year earlier, according to the BAM dashboard. , specifying that in the third quarter of the current year the demand for home loans increased strongly while it registered a decrease for consumer loans.
As regards the rates applied to new loans to households, the data show that this quarter they stood at 4.19% for home loans and 6.39% for consumer loans. Lending rates for households reached 5.32% in the third quarter of 2022, compared to 5.14% in the second quarter of 2022 and 5.205 in the first quarter of 2022. However, household deposits stood at 808.4 billion dirhams, an annual increase of 4.7% with 191.7 billion dirhams held by Moroccans residing abroad.
As for private NFEs, outstanding bank lending at the end of September was AED 441.1 billion, an annual increase of 9.4%. Financing includes cash lines benefiting a total amount of AED 102.9 billion and showing an increase of 16.3% compared to September 2021, real estate with a granted amount of AED 51.1 billion, or a drop of 3.9%, 102.9 billion dirhams for equipment (+3%) and 15.3 billion dirhams for other credits (+17.9%), knowing that the total of overdue debts rises to 51 .1 billion dirhams (+7.8%).
“The BAM business survey indicates that access to finance, in the third quarter of 2022, was considered “normal” by 87% of industrial companies and “difficult” by 11% of them. Furthermore, the cost of credit would have been stagnant for 72% of bosses and rising for 27%“, reads the table.
According to the Q3 2022 lending conditions survey, criteria for cash loans would have been relaxed and those for equipment and property development loans would have remained unchanged, depending on company size, the which means stability for VSMEs (turnover lower than or equal to 175 MDH) and flexibility for large companies (GE, turnover higher than 175 MDH). As for the demand for loans, BAM says it has seen an increase for the two types of companies.
The same source specifies that the rates applied to new loans increased to 4.12% in the third quarter of 2022. In terms of company size, they stand at 3.87% for LEs and 4.94% for VSMEs. Furthermore, the deposits of private companies, for their part, increased by 11.7% reaching 177.7 billion dirhams at the end of September.
However, deposits with banks recorded, in the same period, an annual increase of 4.1% reaching 1,086.6 billion dirhams. Interest rates on 6-month deposits increased by 4 basis points to 2.11%, while those on 12-month deposits remained unchanged at 2.39%. For passbook savings accounts, their minimum rate of return has been set at 1.24% for the second half of 2022, an increase of 19 basis points compared to the previous half.