Evolution of Attijariwafa bank’s profits and performance

In line with our initial scenario, released in November 2024, Attijariwafa bank surpassed MAD 10 Bn in terms of profits for the first time in 2025. This performance was driven by strong lending momentum and effective risk management.

The announced dividend was a positive surprise compared to our scenario, i.e a +15.8% increase of the DPS to MAD 22. The Group confirms its dividend policy, which is part of a .

There are 4 key takeaways from ATW bank's 2025 achievements :

  • The Net banking income (NBI) reached MAD 34,921 Mn, up +1.2% compared to a forecast of +5.0%. Excluding non recurring items(2) in 2024, NBI growth settled at +5.6% in 2025 ;
  • The Group recorded a historic growth of equipment loans, up +42% in 2025. This performance allowed it to strengthen its leadership in this segment with a market share up +4 pts, from 32% to 36%. In this favorable context, the Interest income grew by +7.1% thanks to a volume effect. The Income from MA & Other dropped by -17.6% to MAD 6,683 Mn, compared to an estimated increase of +1.4%. This discrepancy is due to the non-recurrence of certain products recognized in 2024 after the application of IFRS 17 to the scope of Wafa Assurance ;
  • Taking into account the slight increase of the NBI, the Cost-to-Income (C/I) ratio shows a technical increase of +1.7 pts to 37.9%, against an AGR forecast of -0.7 pt. On a recurring basis, the C/I ratio would have remained almost stable in 2025. The Cost of Risk (CoR) dropped by -13.0% to MAD 3,665 Mn, in line with our scenario of -12.6% to MAD 3,679 Mn. As a result, the CoR ratio(4) stands at 77 BPS, after 95 BPS in 2024, reflecting the improvement of the assets’ quality ;
  • NIGS reached MAD 10,645 Mn, rising by +12.0%. This exceeded our initial forecast of MAD 10,373 Mn (up +9.1%). In this context, the DPS reached a new threshold of MAD 22.0 (up +15.8%), equivalent to a fair dividend yield (D/Y) of around 3.0%.
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