Attijariwafa bank strengthens the quality of its assets in 2025
At the end of September 2025, Attijariwafa bank Group showed solid results which confirm our growth forecasts for 2025E–2027E
On the basis of our analysis of the Group's results at the end of September 2025, we emerge with the following key points:
- The Net Banking Income (NBI) increased by +4.7% to MAD 26,354 Mn, a growth slightly below our annual forecast of +6.7%. This is primarily due to the moderate performance of market activities (+1.8% Vs an annual estimate of +9.0%). The Net interest income accounted for nearly 70% of the NBI increase, contributing to MAD 813 Mn. It rose by +5.5% to MAD 15,715 Mn, supported by a +5.4% volume effect of loans growth. It should be noted that the fees income remained almost stable at 4.92%;
- The growing adoption of digital platforms by clients is enabling the Group to further optimize its distribution network. In this context, the Cost-to-Income ratio (C/I) remained at efficient levels, standing at 36.3% against a 2025E forecast of 35.4%. It is noteworthy that the C/I ratio displayed a cumulative decline of -11 pts since 2019;
- The Cost of Risk (CoR) fell by -18.7% ( MAD -613 Mn), compared to an annual forecast of -3.5%. This performance is driven by the improvement of assets quality in Morocco combined with strengthened recovery efforts. Top Management now estimates that the effects of the Covid crisis have been largely absorbed. Accordingly, the CoR ratio stands at 78 BPS, a level close to the pre-Covid average of 70 BPS observed over the period 2012-2019;
- The Net Income Group Share (NIGS) stood at MAD 8,277 Mn, up +14.9%, against a forecast of +9.4% for 2025E. This represents an achievement rate of 80%, supporting our annual forecast of MAD 10,394 Mn.
