Attijariwafa bank emerges from the Covid crisis, with record profits exceeding 300 billion in 6 months

Attijariwafa Bank Group achieved a net share of group profit of Dh3 billion in the first half of 2022, compared to Dh2.6 billion in the first half of 2021, an increase of 16.2 per cent.

In a statement on its financial indicators, the bank indicated that the consolidated net result amounted to 3.8 billion dirhams in the first half of 2022, compared to 3.2 billion dirhams in the first half of 2021, an increase of 18.7 percent.

According to the same source, the operating result increased by 14 percent to reach 5.7 billion dirhams, and this development is mainly due to cost containment and the gradual normalization of the cost of credit risk (minus 12.9 percent).

On the other hand, the consolidated net banking product amounted to 13,100 million dirhams, an improvement of 4.8% compared to the first half of 2021 (plus 4.5% at the level of the range of constant and current exchange rates), benefiting of the good moment of the commercial activities from where the economy is collected, saved and financed.

Thus, total customer deposits and loans amounted to 389.3 billion dirhams (5.6 percent more) and 353.5 billion dirhams (3.4 percent more), respectively.

At the corporate sector level, the increase in consolidated net banking production is mainly due to the growth in the contribution of international retail banking (+13.7 percent) and insurance (+30.5 percent).

Attijariwafa Bank, for the first half of 2022, posted a solid result, a notable improvement in solvency and liquidity ratios, and profitability in line with the best standards.

The return on assets (RoA) was 1.23 percent at the end of June 2022, compared to 1.10 percent in the same period of the previous year, while the return on equity (RoE) was 13.8 percent, compared to 12.1 percent at the end of June. 2021.

The statement stated that Attijariwafa bank continues to support and finance young project holders under the “Intilaqah” initiative, adding that Attijariwafa bank, as of the end of August 2022, financed 13,926 project holders with an amount total of 3,300 million dirhams, achieving a market share of 41 percent of the total loans granted by the banking sector.