Evolution of Banking Sector's PNB Structure
As the structure of the banking sector's PNB has evolved significantly over the past few years, with a greater contribution from trading rooms (30.5% in 2024), it is crucial to observe the evolution of bank investments.
Key Figures
- The securities portfolio of resident credit institutions has increased from 7,450 million dirhams (Mtnd) in 2024 to 33,968 Mtnd, an absolute record.
- This portfolio accounts for 15.8% of the sector's total assets.
Breakdown by Asset Class
- Equity securities represent only 4,627 Mtnd, or 13.6% of total investments.
- Mutual funds (OPCVM) amount to 105 Mtnd, providing a liquidity pocket to act quickly on the market.
- The majority of investments are in debt securities, which combine certain returns with minimal risk. Historically, the market has recorded few payment incidents, all from private issuers.
Government Securities Dominance
- Treasury bills and other state-issued securities (mainly national bonds) account for 26,118 Mtnd, or 76.9% of the entire portfolio. This provides a guarantee for a solid PNB in the coming years, especially since most of them offer high yields.
- Corporate bonds attract 558 Mtnd, and managed funds 2,560 Mtnd.
Future Outlook
This structure raises questions about the future. The state clearly plans to rely less on the financial industry from next year, and we even expect a decline in debt on the local market. Will banks take more risks in stocks? This is difficult, especially since the market lacks depth and liquidity of securities. Therefore, banks are theoretically forced to shift towards more credit and financing for the economy. But are they ready to take this risk? Are there even enough new bankable projects? This is the major challenge that the sector must address before profitability is put into play.
