MOROCCO – Attijariwafa, Morocco’s largest bank has released its 2019 financial report revealing a steady earnings growth despite mixed macroeconomic trends in the group’s countries of presence, Morocco World News has reported.
The Bank noted that by the end of 2019, the total consolidated assets of Morocco’s Attijariwafa Bank had reached MAD 532.6 billion (US$55 billion).
Attijariwafa further noted that its operating income improved by 7.3%, reaching MAD 10.7 billion (US$1.11 billion).
Shareholder’s equity increased by 6.8% to MAD 53.9 billion (US$5.57 billion), strengthening the group’s financial position.
Attijariwafa brought in a net income of MAD 7 billion (US$720 million) in 2019, a 3.2% increase from 2018.
The bank noted that the growth stems from a 6.7% increase in net interest income and a 2.3% increase in net fee income.
The bank’s cost-income ratio remained stable at 47.8% despite an acceleration in digital transformation investments while the cost of risk improved from 0.53% in 2018 to 0.46% in 2019.
Attijariwafa Bank’s net income group share grew by 1.9% “thanks to strong growth in lending activities and continued focus on the cost of risk control,” the press release stated.
The bank’s net profit attributable to the bank’s shareholders reached MAD 5.8 billion (US$598 million) in 2019, a 1.9% increase from 2018.
Attijariwafa Bank is a Moroccan multinational commercial bank and financial services company based in Rabat.
The Moroccan royal family’s private holding company, National Investment Company (SNI), owns 47.77% of the bank’s shares.
Attijariwafa’s profitability improved as its return on equity (ROE) reached 14.8%.
The bank’s Board of Directors announced an evolution of the group’s organization to better serve its transformational and growth ambitions, the source added.
The board has also proposed the distribution of a dividend of MAD 13.5 per share.
With a 20,602 strong work force and 5,265 branches in 25 countries, Attrijariwafa Bank has established itself as one of the largest banks in Africa.
The Moroccan company operates subsidiaries in Cameroon, Congo-Brazzaville, Egypt, Gabon, Ivory Coast, Mali, Mauritania, Senegal, Tunisia, and Togo. The bank also has branches in Europe and the Gulf.