Three Moroccan banks made their mark in the top ten of Africa’s best-performing banks, with South Africa leading the rankings in the first three places, according to The Banker magazine’s “Top 100 African Banks 2023.” Moroccan banks have shown resilience in the face of problems such as a 12% drop in the value of the dirham in 2022.
Morocco’s largest lender, Attijariwafa Bank, rose to sixth place in the rankings, despite a 5.8% reduction in its Tier 1 capital and assets. Banque Populaire and the Bank of Africa, although both affected by the dirham’s collapse, kept their footing, ranking seventh and eighth on the continent, respectively. Several additional Moroccan banks, such as Société Générale du Maroc Bank (22nd) and Banque Marocaine du Commerce et de l’Industrie (36th), also carved out a place for themselves in the top 100.
The South African banks that earned the top four positions on the continent are Standard Bank Group, First Rand, ABSA Group, and Nedbank Group, with Egyptian bank, Afrexim Bank, closely following in fifth.
Morocco’s growing financial sector has previously been recognized, having been ranked fifth in Africa with a GDP of $134 billion, profiting mainly from tourism, agriculture, and renewable energy, rendering the kingdom an influential force in Africa’s economy.