Attijariwafa bank (ATW) Q3 2024 earnings summary

Executive summary

• Net banking income rose 12.9% year-over-year to MAD 25.2 billion, driven by growth in deposits, loans, and market activities income.

• Net income group share increased 24.0% to MAD 7.2 billion, with consolidated net income up 22.7% to MAD 8.4 billion for the first nine months of 2024.

• Operational efficiency improved, as reflected in a 4-point reduction in the cost-to-income ratio to 36.0%.

Financial highlights

• Customer loans and deposits grew by 7.8% and 9.8% year-over-year, respectively, across 26 countries.

• Market activities income surged 44.3% year-over-year.

• In Morocco, loans to customers increased 11.1% to MAD 261.1 billion, and deposits rose 13.0% to MAD 323.2 billion.

• Net banking income in Morocco climbed 15.9% to MAD 13.9 billion, with net income up 23.6% to MAD 5.6 billion.

Outlook and guidance

• Continued focus on operational efficiency and profitability, with positive commercial trends in both deposits and loans.