Attijariwafa bank (ATW) H1 2024 earnings summary

Executive summary

• Net banking income reached MAD 17.0 bn in H1 2024, up 16.6% year-over-year, driven by strong growth across all business lines and capital market revenues.

• Net income group share rose 35.7% to MAD 4.9 bn, with total net income up 32.3% to MAD 5.8 bn, reflecting improved profitability and cost control.

• Cost income ratio improved to 35.5%, down 3 pts from H1 2023, driven by an ambitious savings plan.

• Consolidated assets stood at MAD 692.5 bn (+7.3%), and equity at MAD 66.9 bn (+8%).

• The bank maintained its position as the leading savings institution and provider of financing in Morocco.

Financial highlights

• Gross operating income grew 22.9% to MAD 11.0 bn, with consolidated deposits at MAD 450.6 bn (+7.6%) and loans at MAD 397.8 bn (+8.3%).

• Net interest income rose 7.9% to MAD 9.9 bn; income from market activities surged 85.3%.

• Cost of risk decreased to 1.03%, supporting higher net income.

• Earnings per share rose to MAD 22.80 from MAD 16.80 a year earlier.

• Cost income ratio improved to 35.5% from 38.8% in H1 2023.

Outlook and guidance

• Loan growth expected to be driven by major infrastructure, energy transition, and tourism projects through 2030.

• Continued focus on digital transformation, with 64% of clients active digitally and 92% of transactions processed online.

• Profitability and capital ratios improved, with RoaA at 1.71% and RoaTE at 22.8% year-over-year.

• The bank issued MAD 1 bn in subordinated bonds to strengthen financial solidity.