Attijariwafa Bank has revealed impressive results for the first three quarters of 2024, showcasing solid growth in its operations and financial performance. Despite navigating a complex economic environment, the banking giant capitalized on favorable commercial momentum while maintaining stringent cost controls.
The bank reported a consolidated net banking income (NBI) of 25.2 billion dirhams, reflecting a robust increase of 12.9% (+16.0% at constant exchange rates) compared to the same period in 2023. This growth stems from strong savings collection and economic financing across the 26 countries where the group operates. Customer loans and deposits increased by 7.8% and 9.8%, respectively, signaling steady business expansion.
Market operations soared by a remarkable 44.3%, playing a pivotal role in boosting revenue. However, the sustainability of these exceptional results remains uncertain, as they are inherently tied to the volatility of financial markets.
The bank improved its operational efficiency significantly, with its cost-to-income ratio dropping from 40.1% to 36.0%. This progress highlights disciplined cost management, which helped safeguard profit margins amid persistent economic challenges.
The consolidated net income reached 8.4 billion dirhams, marking a growth of 22.7%, while the group share of net income increased by 24.0% to hit 7.2 billion dirhams (+28.1% at constant exchange rates). Although impressive, these gains are partly attributable to temporary factors like heightened market revenue and cost control measures.
Attijariwafa Bank’s international retail banking now accounts for 23.4% of the group’s total consolidated assets and contributes 35.5% to its net consolidated income. These figures underscore the strategic importance of the bank’s global footprint. However, they also highlight the growing dependence on diverse international markets, which can yield uneven performance.
In Morocco, the bank continued its strong trajectory, with customer loans rising by 11.1% and deposits climbing 13.0%, reaching 261.1 billion dirhams and 323.2 billion dirhams, respectively. The domestic NBI increased by 15.9%, totaling 13.9 billion dirhams, while net income grew by 23.6%, amounting to 5.6 billion dirhams.
Attijariwafa Bank’s results for the first nine months of 2024 illustrate its resilience and adaptability in challenging times. With significant gains driven by diversified markets, robust domestic growth, and strategic cost management, the bank is well-positioned for future opportunities. However, sustaining this performance will require navigating global market uncertainties and maintaining its operational discipline.
