Serenor data

Morocco NPL Monitor

Name: Morocco NPL Monitor
Creator: Serenor Capital
License: https://www.serenorcapital.com/en/legal

Track the evolution of non-performing loans across the Moroccan banking system.

Updated: Updated Dec 2025
Source: Bank Al-Maghrib: Source: Bank Al-Maghrib
Compiled by Serenor Capital from Bank Al-Maghrib data.: Compiled by Serenor Capital from Bank Al-Maghrib data.

NPL stock: MAD 102.3bn
NPL ratio: 8.3%
Provision coverage: 68.0%
YoY NPL growth: +5.0%

Banks, social accounts. Annual figures are as at 31 December. Consolidated group figures are not included in this series.

Moroccan banking sector NPLs

Evolution of non-performing loans held by Moroccan banks

NPL stockNPL ratio

Select a year to read the observation.

Households

MAD 47.3bn

10.4% · +0.3 percentage points since 2021

Non-financial companies

MAD 73.7bn

11.2% · −0.1 percentage points since 2021

Household and corporate NPLs

Non-performing loans held by banks and finance companies, on a social basis.

Non-financial companies
Households

Dec 2025 · Non-financial companies MAD 73.7bn, 11.2% · Households MAD 47.3bn, 10.4%

Years before 2021 are omitted. Earlier reports name a narrower group of finance companies, or print an approximate stock. Those figures are not placed on this series.

Why the split matters

The bank NPL ratio is an average across every borrower. Loans to households and loans to non-financial companies are impaired at different rates, and finance companies sit inside these two series.

The ratio is the taux de risque Bank Al-Maghrib prints for that population. It is not a sale price and it is not a recovery rate.

Household and corporate data

Non-performing loans of banks and finance companies on a social basis, for households and for non-financial companies.
Year	Households (MAD bn)	Household ratio (%)	Household coverage (%)	Companies (MAD bn)	Company ratio (%)	Company coverage (%)
2025	MAD 47.3bn	10.4%	65.0%	MAD 73.7bn	11.2%	71.0%
2024	MAD 44.6bn	10.5%	64.0%	MAD 70.1bn	11.1%	73.0%
2023	MAD 41.8bn	10.2%	63.0%	MAD 69.7bn	11.3%	72.0%
2022	MAD 39.3bn	9.8%	63.0%	MAD 65.2bn	10.9%	73.0%
2021	MAD 38.9bn	10.1%	60.0%	MAD 61.0bn	11.3%	73.0%

Compromised share

80.8%

−2.3 percentage points since 2022

As of Dec 2025

Douteuses

14.4%

MAD 14.7bn

Pré-douteuses

4.8%

MAD 4.9bn

NPL severity

Composition of Moroccan banking-sector non-performing loans by Bank Al-Maghrib classification.

Pré-douteuses
Douteuses
Compromises

Pré-douteuses: MAD 4.9bn · 4.8%
Douteuses: MAD 14.7bn · 14.4%
Compromises: MAD 82.7bn · 80.8%
Total NPL stock: MAD 102.3bn

Dec 2025

Source: Bank Al-Maghrib, p. 108

2012–2018 are omitted. The reports already read do not print a stock for all three categories in those years. Shares or annual changes, where printed, are not converted into stocks.

Why severity matters

The aggregate NPL stock says how much is impaired. The split across Bank Al-Maghrib’s three categories says how that stock is distributed by classification: pré-douteuses, douteuses and compromises.

A larger compromised share means more of the stock sits in the category Bank Al-Maghrib reserves for the more severely impaired claims. It does not, by itself, mean those loans will be sold, that more loans will be offered on a secondary market, or that a portfolio will clear at any particular price.

Severity data

Non-performing loans of Moroccan banks on a social basis, by Bank Al-Maghrib category. Shares are the category stock divided by the annual NPL stock.
Year	Total NPL stock (MAD bn)	Pré-douteuses (MAD bn)	Pré-douteuses (%)	Douteuses (MAD bn)	Douteuses (%)	Compromises (MAD bn)	Compromises (%)	Source
Dec 2025	102.3	4.9	4.8	14.7	14.4	82.7	80.8	Source document, p. 108
Dec 2024	97.4	6.5	6.7	8.7	8.9	82.2	84.4	Source document, p. 100
Dec 2023	94.8	6.2	6.5	8.9	9.4	79.7	84.1	Source document, p. 97
Dec 2022	88.8	6.6	7.4	8.4	9.5	73.8	83.1	Source document, p. 100
Dec 2021	85.1	6.7	7.9	7.6	8.9	70.8	83.2	Source document, p. 96
Dec 2020	79.8	6.0	7.5	8.6	10.8	65.1	81.6	Source document, p. 96 The three categories sum to MAD 79.7bn. The annual series stock is MAD 79.8bn, the later restatement.
Dec 2019	70.0	4.3	6.1	8.5	12.1	57.2	81.7	Source document, p. 76

Key takeaways

Methodology

On a social basis, the stock of non-performing loans held by Moroccan banks rose from MAD 36.2bn at end-2012 to MAD 102.3bn at end-2025.
Rapport annuel sur la supervision bancaire — Exercice 2014 · Rapport annuel sur la supervision bancaire — Exercice 2025
In 2025 the stock reached MAD 102.3bn. Bank Al-Maghrib reports a 5% increase and a non-performing loan ratio of 8.3%, 0.1 point lower than in 2024.
Rapport annuel sur la supervision bancaire — Exercice 2025
Specific provisions covered 68% of the social-basis stock at end-2025, after 69% at end-2024. Bank Al-Maghrib reports provisions of MAD 69.4bn.
Rapport annuel sur la supervision bancaire — Exercice 2025
Of the end-2025 stock, compromised loans were MAD 82.7bn, doubtful loans MAD 14.7bn and pre-doubtful loans MAD 4.9bn.
Rapport annuel sur la supervision bancaire — Exercice 2025

Historical data

Annual non-performing loans of Moroccan banks on a social basis
Period	NPL stock (MAD bn)	NPL ratio (%)	YoY growth (%)	Provisions (MAD bn)	Coverage ratio (%)	Source
Dec 2025	102.3	8.3	+5.0%	69.4	68.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2025 solo · Banques — base sociale www.bkam.ma/content/download/847382/9161972/Rapport%20DSB%202025.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2025 — Section 1 — Evolution des créances en souffrance, p. 108. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2025 — Section 1 — Evolution des créances en souffrance, p. 108. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2025 — Graphique n°127, p. 109. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2025 — Section 1 — Evolution des créances en souffrance, p. 109. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2024	97.4	8.4	+2.7%	66.9	69.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2024 solo · Banques — base sociale www.bkam.ma/content/download/828688/9035256/Rapport%20DSB%202024.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2024 — Section 1 — Evolution des créances en souffrance, p. 100. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2024 — Section 1 — Evolution des créances en souffrance, p. 100. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2025 — Graphique n°127, p. 109. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2024 — Section 1 — Evolution des créances en souffrance, p. 100. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2023	94.8	8.5	+6.8%	64.0	67.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2023 solo · Banques — base sociale www.bkam.ma/content/download/809419/8901391/Rapport%20DSB%202023.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2023 — Section 1 — Evolution des créances en souffrance, p. 97. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2023 — Section 1 — Evolution des créances en souffrance, p. 97. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2025 — Graphique n°127, p. 109. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2024 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2022	88.8	8.4	+4.3%	—	68.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2022 solo · Banques — base sociale www.bkam.ma/content/download/788225/8756160/VF%20Rapport%20DSB%202022.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2022 — Section — Evolution des créances en souffrance, p. 100. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2022 — Section — Evolution des créances en souffrance, p. 100. manual. Provisions (MAD bn): — Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2024 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2021	85.1	8.6	+6.6%	—	—	Source document Rapport annuel sur la supervision bancaire — Exercice 2021 solo · Banques — base sociale www.bkam.ma/content/download/765225/8597844/Rapport-DSB-2021.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2021 — Section — Evolution des créances en souffrance, p. 95. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2025 — Graphique n°125, p. 108. manual. Provisions (MAD bn): — Coverage ratio (%): — YoY growth (%): Calculated from NPL stock in this series.
Dec 2020	79.8	8.2	+14.0%	—	69.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2024 solo · Banques — base sociale www.bkam.ma/content/download/828688/9035256/Rapport%20DSB%202024.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2024 — Graphique n°124, p. 100. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2020 — Section 1 — Evolution du risque de crédit, p. 96. manual. Provisions (MAD bn): — Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2020 — Avant-propos, p. 6. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2019	70.0	7.5	+7.2%	48.5	69.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2019 solo · Banques — base sociale www.bkam.ma/content/download/710853/8205665/Rapport%20SB%202019.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Section — Evolution des créances en souffrance, p. 76. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Section — Evolution des créances en souffrance, p. 76. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°106, p. 77. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°106, p. 77. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2018	65.3	7.3	+3.7%	45.2	69.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2019 solo · Banques — base sociale www.bkam.ma/content/download/710853/8205665/Rapport%20SB%202019.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°103, p. 76. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°106, p. 77. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2017	63.0	7.5	+2.3%	44.7	71.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2019 solo · Banques — base sociale www.bkam.ma/content/download/710853/8205665/Rapport%20SB%202019.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°103, p. 76. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2019 — Graphique n°106, p. 77. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2019 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2016	61.6	7.6	+6.8%	42.7	69.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2016 solo · Banques — base sociale www.bkam.ma/content/download/529095/5518997/Rapport_DSB_2016vf.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2016 — Section 6 — Evolution des créances en souffrance, p. 79. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2016 — Section 6 — Evolution des créances en souffrance, p. 79. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2016 — Graphique n°88, p. 80. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2016 — Graphique n°88, p. 80. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2015	57.7	7.4	+9.3%	39.1	68.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2016 solo · Banques — base sociale www.bkam.ma/content/download/529095/5518997/Rapport_DSB_2016vf.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2016 — Graphique n°87, p. 79. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2016 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2016 — Graphique n°88, p. 80. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2016 — Chiffres-clés — indicateurs des banques, base sociale, p. 8. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2014	52.8	6.9	+20.3%	34.1	65.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2014 solo · Banques — base sociale www.bkam.ma/content/download/18653/149159/Rapport+DSB+V12.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2014 — Graphique n°21, p. 33. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2016 — Graphique n°88, p. 80. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2013	43.9	5.9	+21.3%	28.1	64.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2014 solo · Banques — base sociale www.bkam.ma/content/download/18653/149159/Rapport+DSB+V12.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2014 — Graphique n°21, p. 33. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2014 — Graphique n°22, p. 33. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. YoY growth (%): Calculated from NPL stock in this series.
Dec 2012	36.2	5.0	—	24.2	68.0	Source document Rapport annuel sur la supervision bancaire — Exercice 2014 solo · Banques — base sociale www.bkam.ma/content/download/18653/149159/Rapport+DSB+V12.pdf NPL stock (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2014 — Graphique n°21, p. 33. manual. NPL ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. Provisions (MAD bn): Rapport annuel sur la supervision bancaire — Exercice 2014 — Graphique n°22, p. 33. manual. Coverage ratio (%): Rapport annuel sur la supervision bancaire — Exercice 2014 — Chiffres-clés — indicateurs des banques, base sociale, p. 11. manual. YoY growth (%): Calculated from NPL stock in this series.

Serenor Capital compiles and presents information from public sources believed to be reliable. Data is provided for informational purposes only and does not constitute investment advice.

Methodology https://www.serenorcapital.com/en/data/morocco-npl-monitor/methodology