Attijariwafa bank (ATW) Q1 2024 earnings summary

Executive summary

• Net banking income reached MAD 8.5 billion, up 24.2% year-over-year, driven by growth in deposits, loans, and market activities.

• Operating income rose 32.9% to MAD 4.5 billion, despite a higher cost of risk at 1.0% versus 0.5% in Q1 2023.

• Consolidated net income increased 28.9% to MAD 2.9 billion; group share net income rose 35.9% to MAD 2.5 billion.

Financial highlights

• Customer loans and deposits grew by 7.6% and 8.0% year-over-year, respectively.

• Consolidated equity reached MAD 69.0 billion, up 9% year-over-year.

• Return on average assets improved to 1.75% from 1.44% in Q1 2023.

• Parent company net income for the period was MAD 2.18 billion.

Outlook and guidance

• Cost-income ratio decreased by 10.3 points over five years due to cost control, supporting future profitability.