Attijariwafa bank (ATW) H1 2025 earnings summary

Executive summary

• H1 2025 net banking income reached MAD 17.7bn, up 4.0% reported and 6.4% at constant exchange rates; net income group share rose 19.8% to MAD 5.879bn.

• Net income increased 19.6% to MAD 6.901bn, supported by a 36.8% decline in cost of risk to MAD 1.4bn.

• Total assets were MAD 737.4bn, customer loans MAD 417.4bn and customer deposits MAD 486.8bn; all grew YoY.

• Digital channels handled 93% of available transactions in 2024; active digital customers represented 64% of clients, with monthly connections exceeding 45 million.

Financial highlights

• Net interest income rose 5.0% to MAD 10.379bn and net fee income increased 6.5% to MAD 3.472bn; market-activity income declined 1.9% to MAD 3.015bn.

• Gross operating income increased 4.2% to MAD 11.444bn; general operating expenses rose 3.5% to MAD 6.251bn.

• Net income was MAD 6.901bn, up 19.6%; net income group share reached MAD 5.879bn, up 19.8%, while standalone net income rose 25.2% to MAD 5.2bn.

• Total consolidated assets reached MAD 737.4bn (+6.5% YoY), and shareholders’ equity rose to MAD 74.8bn (+11.9% YoY).

• Customer loans at amortised cost stood at MAD 417.4bn and customer deposits at MAD 486.8bn.

Outlook and guidance

• Morocco GDP growth forecasts were 3.8% and 4.6% for 2025, with 4.4% forecast for 2026; annual-average inflation forecasts were 2.4% for 2025 and 1.8% for 2026.

• Planned Moroccan investment of MAD 900bn–1,300bn for 2025–2030 spans infrastructure, energy transition, water management, tourism and industrial projects.

• Strategic priorities include digital transformation, financial inclusion and sustainable development.