Market
Solo and consolidated NPL figures in Morocco
Two perimeters, two figures, no average.
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- Serenor Capital
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Bank Al-Maghrib publishes bank NPLs twice: once for the company in Morocco, once for the consolidated group. Both pictures are true. They do not describe the same set of assets.
What each basis contains
The social basis in the supervision reports means banks — the scope 'Banques — base sociale'. At end-2025 the stock is MAD 102.3 billion and the ratio is 8.3%. That is the monitor series: annual, at 31 December, from 2012 to 2025.
The consolidated basis is a wider perimeter, including subsidiaries. At end-2025 the report prints MAD 141.7 billion and a ratio of 8.8%. The stock gap, about 39 billion, is not a typing error. It is a different set.
Why the chart shows only one
Overlaying the two curves without saying so, or chaining a social year to a consolidated year, creates a movement that did not happen. The monitor stays on the social basis because it is a continuous, named series, checked year by year.
The consolidated series is kept in the data file. It is not drawn on the public chart. The reason is in the methodology: the bases are not mixed.
The monetary workbook is not a third synonym
Monetary statistics include a monthly series titled non-performing claims. At end-2025 it does not match the supervision-report stock. The gap is on the order of MAD 0.7 billion. The two publications do not carry the same scope label.
That monthly series is archived for review. It is not public and it is not spliced onto the annual series. A market comment that 'updates' 102.3 with the latest workbook month joins two different objects.
Use in a note or a data room
Any sentence that quotes a Moroccan NPL stock should name the basis, the date and the population (banks, not finance companies). 'Moroccan NPLs are 8%' without those three is not checkable.
For the sector context of a portfolio sold by a local bank, the social basis is usually the right reference, provided the portfolio really is that company's and not a subsidiary outside the perimeter. The Morocco NPL market guide sets the frame.
In this series
- Morocco NPL market
- Morocco NPL Monitor
- How to read Morocco's NPL coverage ratio
- Finance company NPLs in Morocco
This note is a method of reading a file or a published series. It is not legal, tax or investment advice, and it is not an opinion on a particular exposure. Serenor Capital does not buy claims for its own account, manage a fund, or carry on collection.
Sources and references
- Bank Al-Maghrib, Annual Report on Banking Supervision, financial year 2025 — PDF
- Bank Al-Maghrib, Circular No. 19/G/2002 of 23 December 2002 on the classification of claims and their provisioning, as amended — PDF
- Circular No. 1/W/2025, adopted on 5 December 2025, effective 1 January 2027. It does not restate the 2012–2025 figures discussed here.
- Serenor public series, banks, social basis — Morocco NPL Monitor and methodology
Frequently asked questions
- Which figure should be quoted?
- The one whose perimeter matches the question. A portfolio of the bank in Morocco is compared with the social basis. A group with foreign subsidiaries is compared with the consolidated basis. The public monitor charts the social basis.
- Can the two ratios be averaged?
- No. An average of 8.3% and 8.8% has no perimeter. It describes neither the bank nor the group.
Evaluating an NPL Portfolio
Serenor Capital supports financial institutions and investors in the analysis and valuation of non-performing loan portfolios in Morocco.
Serenor Capital publishes research on non-performing loans, distressed-credit valuation and the development of Morocco’s secondary credit market.
This note is general commentary on method and market structure. It is not investment advice, legal advice, or a recommendation in relation to any portfolio, transaction or financial asset.