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BAM: Good momentum in bank loans

Bank credit to the non-financial sector accelerated, year on year, to 4.2% in February 2019, after 3.2% a month earlier, says Bank Al-Maghrib (BAM).

By economic purpose, cash facilities increased by 10.7% due to a 6.2% increase in those granted to private nonfinancial enterprises, while growth in real estate and consumer loans accelerated 3.3% and 5.7%, respectively, says BAM in a note on its key indicators of monetary statistics for February 2019.

In contrast, the pace of growth in equipment loans slowed from 2.6 percent to 1.8 percent, the source said.

By institutional sector, lending to the non-financial sector increased by 4%, mainly as a result of the 3.6% increase in lending to the private sector, reflecting an acceleration in the rate of growth of both loans to private non-financial corporations. 1.7%, than those allocated to households at 5.5%, says BAM, noting that the loans to public non-financial enterprises grew by 5.9% after 5.4% a month earlier. On a monthly basis, bank credit to the non-financial sector increased 0.7% in February 2019.

Stagnation of the money supply

The pace of growth of the monetary aggregate M3 remained unchanged from one month to another, year on year, at 4.5%, also said BAM.

By money market asset class, sight deposits with banks increased by 3.7%, fiduciary circulation increased by 7.9% and securities of mutual funds (UCITS) increased by 7.9%. 0.4%.

On the other hand, term account growth slowed from 5.1% to 4.6%, while overnight investment growth remained stable compared with January at 3.5%, the source said.

On the other hand, bank credit increased by 4.2% and net international reserves fell by 4.9% to 2.7%, while net claims growth on central government decelerated from 17.1% to 14.2%, BAM reported.

On a month-to-month basis, the M3 aggregate rose in February by 0.3% to MAD 1,309.4 billion, the rating points out, indicating that this evolution covers a 0.7% increase in bank credit. and 1.8% decrease in net claims on central government and 0.5% in net international reserves.

UCITS find colors

The net assets under management of undertakings for collective investment in transferable securities (UCITS) rose by 3.79% last February, amounting to 456.19 billion dirhams against 439.5 billion dirhams a month previously, according to the Association of Management Companies and Moroccan Investment Funds (ASFIM).

This increase is explained by the net inflow of more than 13 billion dirhams, which concerned mainly OMLT UCITS, specifies the ASFIM in its monthly newsletter of information for the month of February 2019.

UCITS OMLT also posted the best monthly performance with a rise of 0.93, underlines the ASFIM, noting that in terms of annual performance, equity UCITS posted the best performance (1.78%).

The association also notes that the number of UCITS operating at the end of January 2019 increased from 450 to 454 with the launch of four new funds, in this case Capital Growth Growth (Diversified UCITS), Capital Trust Allocation (Diversified UCITS), Capital Trust Premium Bond (OMLT UCITS) and Capital Trust Opportunity (OMLT UCITS).

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