Attijariwafa bank has started 2026 with higher profits, though a closer look suggests the business is moving forward at a steady walk rather than a sprint.
In the first three months of the year, the bank made about 2.9bn dirhams in profit, up slightly from a year ago. Its overall income rose too, reaching 9.3bn dirhams.
Much of that growth came from doing more business. Customers are keeping more money with the bank and borrowing more as well. Deposits rose by roughly a tenth over the year, while lending grew by just over 5%. In Morocco alone, the bank is now lending close to 300bn dirhams and holding around 368bn dirhams in deposits.
The bank says this confirms its position as the country’s top lender and savings holder. But more activity has not clearly translated into stronger earnings at the core of the business.
A big part of the profit increase came from something else entirely. The bank set aside far less money to cover potential bad loans. That bill dropped by about a third, falling from just over 900m dirhams last year to around 600m dirhams now. That alone gave profits a noticeable lift.
Strip that out, and the picture looks flatter. The bank’s core operating income barely moved, inching up by only a small amount compared with last year. At the same time, its day-to-day costs rose, eating into gains.
Some income streams also weakened. Money made from market-related activities fell sharply. The bank did earn more from interest on loans and from fees, but not enough to fully make up the gap.
On the plus side, the bank’s financial base looks stronger. Its capital has grown to nearly 84bn dirhams, giving it a solid cushion.
