Along with Egypt, South Africa, and Algeria, Morocco, continue to be a banking strength on the continent with eight Moroccan banks making it to the top 100 list. The banks maintained a high level of capital stability and resilience despite a turbulent economic climate.
Despite the effects of COVID-19, wars, and inflation, African banks are still doing well, according to a report by African Business.
The eight Moroccan banks featured on the top 100 list either went significantly up in ranking, slightly down or maintained the same spot.
Attijariwafa Bank occupied the first Moroccan spot on the list, being 6th out of 100, falling down by one rank from the previous ranking.
Banque Centrale Populaire kept last year’s ranking standing at the eighth spot for the second year in a row.
On the 11th spot is the Bank of Africa – BMCE Group, which fell down by one rank compared to 2022’s ranking.
On the other hand, going up by one rank is Société Générale Marocaine de Banques, which was placed 25 last year and now occupies the 24th spot on the list.
The Banque Marocaine pour le Commerce et l’Industrie “BMCI” maintained its position remaining at the 35 spot.
Crédit du Maroc showed some progress, being 49 last year and now occupying the 43rd spot.
Previously at the 52nd spot and now claiming the 49 is Crédit Immobilier et Hôtelier “CIH”.
Fond d’équipement communale was ranked 62 last year but is now 58.
African Business’s ranking was determined by Tier 1 capital, which refers to the core capital held in a bank’s reserves and is used to fund business activities for the bank’s clients.
Both the top 10 and the top 100 rankings are dominated by South Africa and Egypt, noted the same report.
22 of the top 100 banks, 22.5% of the Tier 1 capital, and 27.8% of the banks’ combined assets come from Egypt.
Comparatively, South Africa, despite having just six banks in the top 20, contributes 26.8% of the Tier 1 capital and 29.6% of the total assets.
Nigeria, which has 13 banks among the top 100, 11.8% of Tier 1 capital, and 10.6% of total assets (measured in US dollars), is the nation that contributes the third-largest amount to the ranks of banks.
Kenya has ten banks, Morocco and Tunisia each have eight, and Kenya is another strong financial nation.