Morocco's largest bank posts record annual profits
Attijariwafa Bank, Morocco's largest bank, achieved record annual profits. Record profits in 2023 were achieved thanks to growth in customer deposits and increased lending to companies and individuals.
Net profit grew by 23% year-on-year, at some 7.5 billion dirhams, about 740 million dollars, as reported through the Casablanca Stock Exchange.
Thanks to growth in customer deposits and an increase in loans granted to individuals and businesses, Attijariwafa Bank achieved this strong result in its 2023 accounts, taking into account 2022 results.
"Net income increased by 15.5% to 29.9 billion dirhams (2.95 billion dollars) despite the unfavourable economic context, with various activities registering growth in Morocco and the rest of the countries in which it operates," the Moroccan bank announced in an official statement. This 15.5% growth in 2023 is compared to the previous year and highlights the financial institution's upward trend.
Key factors
The global economic context, marked by high inflation, a sharp rise in interest rates and international trade problems exacerbated by conflicts such as the war in Ukraine and Gaza, has a negative impact on financial markets, but this scenario has not prevented Attijariwafa Bank from achieving excellent results in 2023.
Moroccan banks have been exposed to these negative economic ups and downs, but several have shown their strength to allow Morocco to continue to maintain a line of economic growth. Over the past two years, Moroccan banks have struggled hard to maintain good results thanks to efforts to adapt to the current global situation.
Attijariwafa Bank's positive progression was driven by favourable business dynamics in terms of attracting savings and financing the Moroccan economy and the countries where the Moroccan financial institution is present, as well as strong growth in revenues from market activities.
The bank's operating income grew by 18.6% to 13.8 billion dirham despite the cost of risk (+24.9%), thanks to significant cost control.
Attijariwafa Bank is a major financial institution with a presence in 26 countries around the world, 15 of which are in Africa, including Tunisia and Egypt, with a total number of 11 million customers.
The African investment fund Al Mada, a Moroccan private equity fund with a pan-African focus, owns 46% of the Moroccan bank, which is listed on the local stock exchange, the largest by value at 110.6 billion dirhams (10.9 billion dollars).
Yousef Rouissi, managing director of corporate and investment, said Attijariwafa Bank is particularly focused on Africa, despite its presence in Europe, the Middle East and China. In an interview with Bloomberg, he said the bank was "working to increase financing for individuals and companies and support the attraction of foreign investment to the continent
