Attijariwafa Bank, Morocco's largest lender, reported net income group share of MAD 5.9 billion for the first half of 2026, up 1.1% year-on-year, helped by an 11.2% fall in the cost of risk. The Casablanca-based group's Board of Directors, chaired by Mohamed El Kettani, approved the interim accounts on 27 July.
Net banking income climbed 4.0% year-on-year to MAD 18.4 billion, while gross operating income advanced 1.5% to MAD 11.6 billion. Consolidated net income reached MAD 7.1 billion, an increase of 2.3% versus the same period a year earlier, before minority interests are stripped out.
LOANS AND DEPOSITS DRIVE GROWTH
The group attributed the top-line performance to favourable commercial momentum in both loans and deposits. Equipment loans rose 36% to MAD 142 billion and corporate loans 14% to MAD 227 billion, while customer deposits in Morocco grew 12%.
Loans to the economy in Morocco grew 9%, representing net new lending of MAD 28 billion, while loan growth in the group's other countries of presence was 6.4% at constant exchange rates.
Operating leverage, however, moderated. Gross operating income grew more slowly than revenue, at 1.5%, indicating that costs grew faster than revenue, lifting the cost-to-income ratio by 1.5 points to 36.8% which the bank described as a one-off increase. The bank said the ratio remained 10 points below its June 2019 level.
PROFITABILITY EDGES HIGHER
Consolidated net income of MAD 7.1 billion, up 2.3%, translated into the 1.1% rise in net income group share to MAD 5.9 billion once earnings attributable to minority interests in subsidiaries were deducted.
Return on average assets was 1.74% and return on average tangible equity 22.9% in the first half.
The interim release did not include full-year targets; it reported the completion of the @mbitions 2025 strategic plan and the launch of the new GOAL 2030 plan.
Attijariwafa Bank's shares trade on the Casablanca Stock Exchange, where the lender is one of the largest listed companies by market capitalisation. Half-year financial statements were published on the bank's investor relations website alongside the press release.
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