Attijariwafa Bank continues to demonstrate its strength and growth, with significantly improved financial results. According to a recent analysis by BMCE Capital Global Research, the bank has delivered an outstanding performance in 2024, positioning itself as a key player in the banking sector both in Morocco and internationally.
The year 2024 saw a 5.3% increase in consolidated loans, reaching 413.6 billion dirhams (MMDH), driven by a strong rise in corporate loans (+20 MMDH) and investment financing (+29%). Simultaneously, consolidated deposits grew by 10.3% to 480.5 MMDH, bringing the bank’s market share to 28.06% in loans and 26.18% in deposits.
The consolidated net banking income (NBI) stood at 34.5 MMDH, up 15.2%, supported by a 7% increase in net interest margin, a 39.4% rise in market activities, and a 3.9% growth in commissions. This positive momentum was mainly driven by the Banking Morocco, Europe, and Offshore Zone, which accounted for 49.4% of the NBI, followed by international retail banks (33.1%) and specialized financial companies (8.9%).
Thanks to strict cost control, the bank’s cost-to-income ratio improved by 4.6 percentage points, reaching 36.1% in 2024. This strong performance is largely attributed to the bank’s digital transformation, which has optimized operational efficiency.
The net income group share (RNPG) surged by 26.6% to 9.5 MMDH, further affirming the bank’s financial resilience. Meanwhile, the non-performing loan (NPL) ratio dropped to 7.4%, compared to 8.1% in 2023, while provisions declined by 3%, reflecting improved risk management.
Projections for 2025 are promising, with NBI expected to grow by 8.4% to 37.4 MMDH, driven by a rise in net interest margin to 21.3 MMDH and a 10% increase in market operations. Additionally, the cost of risk is expected to continue decreasing, allowing RNPG to surpass 10 billion dirhams (+10.1%).
BMCE Capital analysts also anticipate a dividend per share (DPA) of 21 dirhams for 2025. The valuation of Attijariwafa Bank’s stock has been revised upwards, with a target price of 800 MAD, representing a potential 26% increase compared to its current price of 635 MAD.
Attijariwafa Bank is actively expanding both domestically and internationally, reinforcing its competitiveness and diversifying its operations. The bank aims to support major national projects, particularly those related to the 2025 Africa Cup of Nations, the 2030 FIFA World Cup, the energy transition, and industrial infrastructure development.
With prudent risk management, digital transformation, and a strong commitment to financial inclusion, Attijariwafa Bank confirms its leadership in the Moroccan banking sector and strengthens its position as a major financial player in Africa.
