Bank Al-Maghrib reported a net profit of MAD 5.74 billion at the end of 2025, compared to MAD 6.46 billion recorded in 2024, according to the central bank’s latest financial statement.
The decline was mainly attributed to a decrease in monetary policy management results, which fell by MAD 746.63 million, combined with a rise in operating expenses exceeding MAD 1 billion and a drop in non-recurring results by MAD 98.56 million.
However, these negative developments were partially offset by improved foreign exchange reserve management results, which increased by MAD 1.2 billion, as well as stronger performance from other operations, up by MAD 244.57 million.
According to the report, the increase in foreign reserve management income was primarily driven by higher net bond revenues, which rose by more than MAD 1.31 billion. This reflects improved interest earnings, particularly from the investment portfolio, alongside stronger net gains from investment securities.
On the other hand, income generated from cash investments declined due to lower international interest rates amid monetary easing policies implemented by the Federal Reserve and the European Central Bank.
The central bank also noted that the results of monetary policy operations declined for the first time after three consecutive years of growth, mainly due to cuts in the key interest rate.
Meanwhile, revenues from other operations increased thanks to higher commissions on foreign exchange transactions, especially those involving foreign banknotes, as Moroccan banks increased transfers to Bank Al-Maghrib. Customer account revenues also improved.
In contrast, sales of secured documents fell by 6 percent to MAD 363.83 million.
Regarding the rise in operating costs, the bank explained that it had set aside more than MAD 1 billion in financial risk provisions during 2025 to cover potential market-related losses, particularly in the event of interest rate and market shocks similar to those experienced in 2022 and 2023. Administrative expenses also increased by MAD 206.97 million.
Finally, non-recurring results posted a deficit of MAD 545.41 million, mainly due to the settlement of the social solidarity contribution on profits for 2025, amounting to approximately MAD 585.82 million.
