Twelve listed institutions, 891.0 MDT of cumulative net income and a growth that owes almost nothing to financing the economy. Behind a reassuring performance, the sector is shifting its center of gravity from intermediation to the holding of securities.
A rising result that does not reveal where it comes from
The cumulative net income of the twelve listed banks reached 891.0 MDT as of June 30, 2026, up 2.7% year over year, and only one of them closed the semester with a loss. Taken in isolation, this figure is reassuring. Read alongside the rest of the financial statements, it tells another story: that of a sector whose center of gravity has moved, almost silently, from intermediation toward the holding of securities.
Two structural observations frame this reading. Gross loans advance only 1.2% since the end of 2025, to 99,291 MDT, while deposits rise 3.9% to reach 110,653 MDT. And net banking income (NBI) grows by 5.6%, to 3,810 MDT, while the net interest margin (NIM), the historical cornerstone of the business, falls by 8.6%. A sector that collects faster than it lends, and whose revenues rise elsewhere than in its core activity: this is the real subject of the semester.
A balance sheet that has shifted its gravity
The total balance sheet grows by 2.9% since end-2025, to 147,733 MDT, but credit is not the engine. Of the 4,158 MDT of additional deposits collected since January, about 52% have been invested in securities and less than 9% have ended up in net loans. The securities portfolio gains 2,170 MDT (+5.9%) and reaches 39,076 MDT.
Net credit (net loans), for its part, increases only 0.4%, to 86,025 MDT. This weakness is due to a scissors effect: the stock of provisions and reserved agios climbs 6.1% (+763 MDT), i.e., five times faster than gross loans, and now represents 13.4% of the latter, versus 12.7% at end-2025. A growing share of the modest growth in the outstanding amount is thus offset by the deterioration of asset quality. The ratio of net loans to deposits follows the same slope: 77.7% as of 30 June 2026, versus 80.4% six months earlier.
The first table measures the extent of the drift over a year and a half. The weight of net credit in the balance sheet has fallen by nearly 4.5 percentage points since the end of 2024, while that of the securities portfolio has risen by almost four points: most of what direct financing of the economy lost has been captured by the securities.
Table 1. The double shift of the balance sheet and revenues
| Indicator | 2024 | 2025 | H1 2026 |
|---|---|---|---|
| Net loans as % of total assets | 62.7% | 59.6% | 58.2% |
| Securities portfolio as % of total assets | 22.3% | 25.7% | 26.4% |
| NIM as % of NII | 44.9% | 35.2% | 30.9% |
| Revenues from securities portfolio as % of NII | 28.9% | 38.3% | 43.8% |
Balance sheet items at period end, weights in NII calculated for the fiscal year (2024, 2025) and then for the first half of 2026. Editorial calculations based on the financial statements of listed banks.
