Saham Bank Secures Maiden International ‘BB’ Rating from Fitch Ratings with Stable Outlook

Moroccan banking sector | credit ratings | emerging market financial institutions | investment-grade opportunities

Fitch Ratings has assigned Saham Bank its inaugural long-term international rating of ‘BB’ with a stable outlook, affirming the robustness of its fundamentals and the resilience of its business model—a milestone that enhances the bank’s visibility and appeal for global fixed-income and equity investors seeking selective exposure to North African financials.

Complementing this international debut, Fitch has upheld Saham Bank’s national ratings at ‘AA(mar)’ for the long term and ‘F1+(mar)’ for the short term, cementing its position among Morocco’s top-rated banking institutions and underscoring a competitive edge in creditworthiness for institutional portfolios diversifying within emerging markets.

Fitch’s favorable assessment is underpinned by several pivotal metrics: a Common Equity Tier 1 (CET1) ratio of 13.9% as of 2024—the highest in Morocco’s banking sector—delivering substantial headroom beyond regulatory minima and buffering against cyclical downturns; sustained profitability, evidenced by a 17% year-over-year net income surge in Q1 2025, fueled by revenue expansion and disciplined risk-cost management that supports attractive dividend yields for income-oriented funds; and a fortified funding profile, with 83% sourced from customer deposits—predominantly low-cost current accounts—bolstering net interest margins and operational efficiency in a rate-sensitive environment.

Traditionally anchored in large corporate lending, Saham Bank is accelerating its diversification into SME and retail banking segments, leveraging a refreshed and committed shareholder base to drive inclusive growth.

This strategic pivot positions the bank as a pivotal enabler of Morocco’s economic financing needs, advancing financial inclusion and digital transformation initiatives that align with ESG priorities for forward-looking global asset allocators.