The Moroccan banking sector is one of the largest and most concentrated in north Africa, and many of the country’s leading lenders were posting double-digit return on equity (ROE) ratios before the Covid-19 pandemic, on the back of ambitious expansion into sub-Saharan Africa.
The country’s largest lender, Attijariwafa Bank, posted ROE of 12.9% in 2019, but this slipped to 6.8% as a result of the pandemic. Bank of Africa, meanwhile, posted ROE of 9.3% in 2019, which dropped to 4.9%, according to The Banker Database.
