Attijariwafa Bank, a prominent Moroccan banking institution, has announced its financial results for the first quarter of 2026, revealing a net profit attributable to shareholders of 2.9 billion dirhams (approximately $315 million). This marks a commendable increase of 3.6% compared to the 2.8 billion dirhams achieved during the same period in the previous year. The bank's consolidated net income saw an even more significant rise, climbing 5.5% to reach 3.5 billion dirhams. Revenue for the quarter also experienced growth, increasing by 2.9% year-on-year to total 9.3 billion dirhams. This performance comes despite a challenging international geopolitical landscape characterized by uncertainty, as indicated in the bank's press release dated March 31, 2026.
The growth in revenue was primarily fueled by a notable 7.8% surge in net interest income, alongside a 4.2% rise in fee income, both of which were bolstered by robust deposit growth and active lending efforts. However, the key contributor to profitability was the substantial reduction in loan-loss provisions, which plummeted by 33.3% to 609 million dirhams. The cost of risk also fell to 0.51% of gross customer loans from 0.82% a year earlier, indicating an improvement in asset quality and lesser provisioning needs for non-performing loans.
On the operational front, growth was more modest. Gross operating income rose by a slight 1% to 6 billion dirhams, as increased operating expenses and ongoing investment initiatives tempered earnings growth. General operating expenses saw a rise of 6.1%, leading to a cost-to-income ratio of 31.3%, which still remains comfortably within industry standards.
From a balance sheet perspective, Attijariwafa Bank has continued to enhance its financial standing. By the end of March 2026, consolidated equity reached 83.7 billion dirhams, reflecting a 9.9% increase compared to the previous year. Additionally, deposits grew by 10.8% during the same period, while consolidated loans expanded by 5.7%. With a strong performance in the first quarter, Attijariwafa Bank is poised to navigate through the remainder of 2026 with a focus on sustaining profitability amidst uncertainties, while also striving to broaden its lending activities across its core markets, particularly in Morocco and sub-Saharan Africa.
As reported by ecofinagency.com.
