Attijariwafa bank (ATW) Q4 2025 earnings summary

Executive summary

• 2025 net banking income was MAD 34.9bn; net income reached MAD 12.4bn and net income group share MAD 10.6bn.

• Ambitions 2025 strategic-plan targets were exceeded, with achievement rates of 108%–134%.

• The Board proposed a dividend of MAD 22 per share for 2025.

Financial highlights

• Net banking income rose 1.2% reported, 2.8% at constant exchange rates and 7.3% at constant exchange rates excluding the non-recurring IFRS 17 item.

• Net interest income grew 7.1% reported and 9.0% at constant exchange rates; fee income rose 6.8% and 8.3%, respectively.

• Gross operating income was MAD 21.7bn, down 1.6% reported but up 6.9% at constant exchange rates excluding the IFRS 17 item; net income rose 5.9% reported and 10.8% on that adjusted basis.

• General operating expenses increased 6.1%; cost of risk fell 13% to MAD 3.7bn.

• Total assets reached MAD 795.5bn (+9.5%); shareholders’ equity was MAD 80.5bn (+11.0%).

Outlook and guidance

• Morocco GDP growth is forecast at 5.0% in 2026, with non-agricultural growth of 4.3% and agricultural growth of 10.4%.

• 2026 inflation is forecast at 1.3%; the budget deficit at 3.4% of GDP and treasury debt at 65.8% of GDP.

• The 2026 current-account deficit is forecast at 1.5% of GDP, with foreign-currency reserves covering 5.5 months of imports.

• Expected 2025–2030 investment drivers include energy and water projects, infrastructure, tourism, housing reconstruction, industry and digital transition.

• A 2026–2030 strategic plan is in preparation, focusing on responsible, inclusive and sustainable growth.