Attijariwafa bank (ATW) H2 2024 earnings summary

Executive summary

• Net banking income reached MAD 34.5 billion in 2024, up 15% year-over-year, driven by strong growth in deposits, loans, and market activities revenue (+39%).

• Net income group share rose 27% to MAD 9.5 billion, with consolidated net income up 28.9% to MAD 11.7 billion, reflecting robust operational performance and margin improvement.

• Cost-income ratio improved by 5 points to 36.1%, supported by rigorous cost control and digital transformation.

• The Board proposed a dividend of MAD 19 per share for 2024.

• The group advanced ESG and decarbonization initiatives, reducing CO₂ emissions by 8% in Morocco.

Financial highlights

• Gross operating income grew 24% to MAD 22.0 billion, with customer loans up 5% and deposits up 10–14%.

• Net interest income rose 7% to MAD 19.7 billion; income from market activities surged 39%.

• Cost of risk increased 5.7% to MAD 4.2 billion, remaining stable at 0.95%.

• Equity reached MAD 72.5 billion, up 9% year-over-year.

• Earnings per share reached MAD 44.18, up from MAD 34.90 in 2023.

Outlook and guidance

• 2025 marks the final year of the strategic plan focused on digital transformation, operational efficiency, and ESG standards.

• Continued focus on digital transformation, infrastructure, and green energy projects expected to drive loan growth through 2030.

• Macroeconomic forecasts for Morocco indicate GDP growth of 3.0% in 2024 and 3.8% in 2025, with inflation moderating.

• Major investments planned in tourism, energy transition, and transport infrastructure.

• The group aims to reinforce its position as a leading African financial institution and continue responsible, sustainable growth.