Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

Attijariwafa Bank’s net profit slid by 54.3% in H1 2020

Friday, 25 September 2020 12:33
Attijariwafa Bank’s net profit slid by 54.3% in H1 2020

(Ecofin Agency) - Attijariwafa Bank, Morocco’s leading banking group by market capitalization and volume of transaction, posted a consolidated net profit of MAD1.6 billion ($171.3 million) for the first half this year. Compared to the same period in 2019, this figure is down 54.3%.

Excluding the share of minority shareholders in all of its subsidiaries, the bank’s net profit over the period reviewed is MAD1.2 billion, down 57% from H1 2019. Operations in H1 2020 were penalized by a cost of risk that peaked at MAD3 billion, up 233.1% compared to H1 2019. Provisions for impairment of loans and receivables amounted to MAD 4.7 billion.

In the pandemic context, Attijariwafa Bank says, the teams engaged in the front line and supported by a special mechanism to serve the customers showed an exceptional commitment and mobilization. This allows, among others, to postpone credit maturities for more than 110,000 individual and corporate customers for a total of MAD25 billion in Morocco. On a consolidated basis across all its subsidiaries, this initiative reached 210,000 customers.

Although the company foresaw this underperformance, the market did not positively absorb the results leading the Attijariwafa Bank share to decline by 2.34%. Since 2017, investors who hold the bank’s securities in their portfolios have experienced an unrealized loss of 15.25%, according to data published on the Casablanca Stock Exchange. Despite some variations, the Attijariwafa Bank group has been constant in the distribution of dividends since 2002.

Idriss Linge





 
Mining


 
Telecom


 
Public Management


ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

AGENCE ECOFIN
Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

EDITORIAL TEAM
redaction@agenceecofin.com

ADVERTISING SALES
Benjamin FLAUX
bf@agenceecofin.com
Tél: +41 22 301 96 11
Mob: +41 78 699 13 72

 

Please publish modules in offcanvas position.