Latest financial market news
| MOROCCO | ATTIJARIWAFA BANK | NIGS up 20% in H1 2025
For the first half of 2025, Attijariwafa bank posted positive momentum across its key financial indicators, supported by sustained commercial activity and effective risk management.
Net income Group share rose by 19.8%, reaching MAD 5.88 billion, compared to MAD 4.91 billion in the same period last year.
This performance reflects several contributing factors:
- A 4.0% increase in Net Banking Income (NBI), which stood at MAD 17.7 billion, driven by business growth across the Group's main segments.
- A 4.2% rise in Gross Operating Income, reaching MAD 11.4 billion, with a stable operating margin of 64.7%.
- A significant drop in the cost of risk, down 36.8% year-on-year to MAD 1.39 billion, reflecting improved risk control.
Net margin improved markedly, increasing from 28.8% to 33.2%, a gain of +4.4 points.
These results highlight the Group’s ability to maintain a balanced financial structure while pursuing operational efficiency.
| SENEGAL | SONATEL SN | NIGS up 8% in H1 2025
During H1 2025, Sonatel SN recorded a revenue of FCFA 960 Bn, up 9.4% y-o-y. Likewise, the operator's NIGS rose by 7.6% to settle at FCFA 172 Bn during the same period.
Economic news
| MOROCCO | PUBLIC FINANCES | Figures in H1 2025
In H1 2025, Treasury ordinary revenues increased by 18.9% to MAD 195.2 Bn. This trend reflects the increase of 16.6% in tax revenue to MAD 176.9 Bn and 36.0% in non-tax revenue to MAD 16.1 Bn.
Furthermore, overall expenses reached 226.2 Bn, up 16.9%, taking into account a 15.4% increase in ordinary expenses to MAD 177.0 Bn and 5.0% increase in CAPEX to MAD 50.6 Bn. Note that the subsidies expenses settled at MAD 10.6 Bn during the same period, down 27.5%.
| MOROCCO | FOREIGN TRADE | FDI’s receipts up 28% in H1 2025
At the end of June 2025, imports of goods and services amounted to MAD 419.9 Bn, up 9.0%. Likewise, exports increased by 5.7% to MAD 343.9 Bn. In this context, the trade deficit stood at MAD -76.0 Bn in H1 2025 compared to MAD -59.8 Bn in H1 2024. The coverage rate declined by 2.6 pts to 81.9%.
Finally, travel receipts and FDI recorded respective increases of 9.6% and 28.0% to MAD 54.0 Bn and MAD 25.5 Bn. Meanwhile, workers remittances declined by 2.6% to MAD 55.9 Bn.
| MOROCCO | BANK LOANS | An increase of 6% in H1 2025
At the end of June 2025, bank loans reached MAD 1,175.1 Bn, up 2.6% compared to the previous month and 5.8% year-on year. In more detail, mortgages loans (MAD 317.1 Bn), equipment loans (MAD 257.7 Bn), treasury loans (MAD 252.3 Bn), and consumer loans (MAD 60.1 Bn) show respective increases of 3.0%, 20.5%, 3.1% and 2.8%. Finally, non-profitable loans reached MAD 101.5 Bn, up 5.7%.
