• Attijariwafa Bank’s H1 2025 net income rose 19.8% to 5.9B dirhams.
• Strong loan growth and lower risk costs boosted performance.
• Operating cash flow fell sharply to -11.6B dirhams, raising short-term concerns.

Moroccan banking group Attijariwafa Bank reported a net income (group share) of 5.9 billion dirhams ($645 million) as of June 30, 2025, a 19.8% increase from 4.9 billion dirhams a year earlier. Consolidated net income rose 19.6% to 6.9 billion dirhams. This performance stemmed from a 4% growth in net banking income (NBI) and a 4.2% increase in gross operating income (GOI). The group's cost-to-income ratio decreased to 35.3% from the previous year's figure.

Profitability indicators reflected gains. Return on average assets (RoAA) increased to 1.89% from 1.71% a year earlier, while return on average tangible equity (RoATE) rose to 24.6% from 22.8%. The cost of risk fell by 36.8% to 1.4 billion dirhams. Attijariwafa Bank also issued a 1.5 billion dirham subordinated loan, which improved its solvency ratios. The group continued to finance the national economy. Consolidated loans grew by 8%, surpassing the sector's average growth of 5%. Investment loans showed a 28% increase. On the resources side, consolidated deposits rose by 4.9%, despite a drop in deposits from credit institutions.

However, the bank’s operating cash flow shifted. By the end of June 2025, cash flow from operating activities posted a negative balance of 11.6 billion dirhams, compared to a positive flow of 12.5 billion dirhams a year earlier. This decline resulted mainly from an acceleration in operating disbursements, particularly loans granted to customers and financial investments, as well as a decrease in mobilizable stable resources. Though noted as a medium-term concern, this development currently does not affect the group’s profitability. The bank intends to consolidate its activities in key markets, both in Morocco and sub-Saharan Africa, during the second half of 2025. It also plans to  focus efforts on restoring its operating cash flow, among other priorities.

Sandrine Gaingne