At a Glance
- Attijariwafa Bank’s market capitalization surged 17% in 2024, topping $15 billion.
- Net income jumped 29% to $1.27 billion, driven by strong interest and fee income.
- Lending rose sharply, with domestic loans up 8% and deposits climbing 14% in 2024.
Attijariwafa bank’s story goes back more than a century, making it Morocco’s largest lender and the country’s leading financial services group. The bank took a major step in 2004 when Banque Commerciale du Maroc and Wafabank merged, creating a stronger institution that has since grown into a key player not just in Morocco but across Africa. Today, its market capitalization has passed $15 billion, making it the not only the biggest bank in Morocco, but also the most valuable company in the country—a clear sign of its strong financial position and steady growth.
The bank’s shares have seen significant gains this year, climbing from MAD569 ($61.6) at the start of 2024 to MAD664 ($72), a rise of nearly 17 percent in just a few months. This boost added MAD20.44 billion ($2.21 billion) to its market capitalization, increasing from MAD122.41 billion ($13.27 billion) to MAD142.85 billion ($15.48 billion). Investors’ confidence is backed by solid financial results for the fiscal year 2024, with net income growing from MAD9.06 billion ($982.6 million) in 2023 to MAD11.68 billion ($1.27 billion) in 2024.
Attijariwafa profitability rises on revenue gain
The bank’s revenue streams have expanded as well. Interest income rose from MAD26.9 billion ($2.92 billion) to MAD29.8 billion ($3.23 billion), while fee income also increased from MAD7.26 billion ($787 million) to MAD7.51 billion ($814.2 million). These improvements helped lift key profitability measures — return on average assets rose to 1.69 percent from 1.41 percent, and return on average tangible equity increased to 22.5 percent from 19.2 percent. The bank also strengthened its financial foundation by issuing two subordinated debts totaling MAD2.5 billion ($271 million), improving its solvency ratios.
Leading the bank through this period of growth is Mohammed El Kettani, the Chairman and CEO, who has guided Attijariwafa’s steady expansion and maintained its leading position. Under his leadership, the bank has supported Morocco’s economy through important lending programs. Household loans, for example, reached MAD10 billion ($1.08 billion), helping families with consumption and housing needs.
The bank has also worked closely with Tamwilcom and Maroc PME to provide MAD10 billion in loans to small and medium-sized businesses, securing a strong 31 percent share of that market. Investment loans for equipment grew 29 percent to MAD88 billion ($9.54 billion), capturing over 32 percent of the market. Corporate lending increased from MAD200 billion ($21.7 billion) to MAD220 billion ($24 billion), pushing its market share to 30 percent. In state financing, Attijariwafa kept its strong hold with a 24 percent share in Treasury securities trading.
Domestically, the bank’s loan portfolio grew by 8 percent, adding MAD21 billion ($2.28 billion) in 2024 and increasing its market share from 26.9 percent to 28.1 percent. This positive trend also extends internationally, where its retail banking subsidiaries saw an 8 percent rise in financing at constant exchange rates. On the deposit side, the bank recorded a healthy 14 percent increase to MAD335 billion ($36.3 billion), with free, interest-bearing deposits growing their market share by 50 basis points to over 28 percent, alongside a substantial MAD40 billion ($4.34 billion) boost in total deposits.
Pioneering African banking with purpose
Attijariwafa bank’s legacy, dating back to 1904, makes it one of Morocco’s oldest and most respected banks. Over time, it has become a pillar of Africa’s financial sector, expanding its reach to 27 countries, including 15 in Africa, and serving more than 12 million customers. What sets the bank apart is how well its subsidiaries work together, creating a diverse portfolio of services that meets the changing needs of its clients while improving efficiency.
Looking ahead, Attijariwafa’s focus on innovation and growth keeps it well-positioned as a driver of trade within Africa and globally. The bank has embraced digital transformation, seeing technology as essential for long-term success and tackling future challenges. Its resilience and ability to adapt reflect a deep commitment to supporting prosperity across the continent — a vision that Mohammed El Kettani actively champions.
Under his guidance, total assets grew from MAD659 billion ($71.43 billion) at the end of 2023 to MAD726.5 billion ($78.75 billion) by the close of 2024, confirming Attijariwafa bank’s standing as a financial leader with a broad presence. As the bank continues to build on this foundation, it represents not just Morocco’s economic strength but also a symbol of banking excellence and innovation across Africa and beyond.
