Attijariwafa Bank Reinforces Its Lead Over Banque Populaire.. A Look at the Balance of Power Between Morocco's Two Largest Banks
Yasmine elsayed
Comparing the largest banks doesn't just reveal their ranking by size, but also reflects differences in growth pace, operational efficiency, and profitability — indicators that shape the contours of competition within the banking sector.
According to March 2026 data, Attijariwafa Bank continues to solidify its position as Morocco's largest bank, maintaining a comfortable lead over Banque Centrale Populaire, the second-largest Moroccan bank.
This dominance is clearly reflected in balance sheet size, with Attijariwafa's assets reaching about $85.31 billion by the end of March 2026, compared to $61.06 billion for Banque Populaire at the end of the same period.
The lead isn't limited to assets, but extends to the funding base as well, with Attijariwafa holding a customer deposit portfolio worth $56.72 billion, compared to about $44.95 billion for Banque Populaire by the end of March 2026 — giving it a broader funding base and greater flexibility to support credit expansion and continued growth.
Attijariwafa also maintained its lead in financing activity, with net customer financing reaching $52.61 billion by the end of March 2026, compared to $35.40 billion for Banque Populaire over the same period.
This lead doesn't just reflect larger size, but is rooted in a faster growth pace in recent years. From the end of 2022 through March 2026, Attijariwafa recorded total asset growth of 41.4%, compared to 27.5% for Banque Populaire — widening the gap between them from $12.42 billion at the end of 2022 to $24.25 billion by the end of March 2026.
The same trend appears in deposits, where Attijariwafa achieved a growth rate of 44.1% over the past three years, compared to 27.6% for Banque Populaire, raising the gap between the two banks from $4.15 billion at the end of 2022 to $11.78 billion by the end of March 2026 — reflecting the bank's success in strengthening its ability to attract funding sources at a pace outpacing its closest competitor.
On the financing front, Attijariwafa combined both the largest credit portfolio and the fastest growth rate as well, with its loans rising by 34.2% over the past three years, compared to 22.6% for Banque Populaire over the same period, widening the gap between them from $10.35 billion at the end of 2022 to $17.21 billion by the end of March 2026.
The impact of this growth wasn't limited to business expansion, but extended to strengthening profitability; Attijariwafa recorded net profits of $374.97 million during the first quarter of 2026, compared to $161.35 million for Banque Populaire — confirming the bank's ability to convert growth in its balance sheet and banking activities into profits at a pace exceeding its competitor.
The strength of this performance is even clearer in efficiency indicators, with return on assets reaching 1.74% for Attijariwafa, compared to 1.04% for Banque Populaire during the first quarter of 2026.
Meanwhile, return on equity reached 16.86% for Attijariwafa, compared to 10.20% for Banque Populaire in the first quarter of 2026 — confirming that the bank's superiority wasn't solely a product of balance sheet size, but also reflects greater efficiency in deploying assets and maximizing returns for shareholders.
These indicators suggest that competition between Attijariwafa Bank and Banque Centrale Populaire will remain a central theme within Morocco's banking sector, though the current balance of power clearly tilts in favor of Attijariwafa, which has succeeded in widening the gap with its closest competitor across various key financial indicators.
Given this widening gap, Attijariwafa's leadership appears more firmly entrenched, at least in the short term, while the biggest challenge facing Banque Populaire will remain accelerating its business growth pace in order to limit the widening gap and maintain competitive momentum between Morocco's two largest banks.
