(Ecofin Agency) - Moroccan Attijariwafa Bank announced on February 24 it has generated 4.5 billion Moroccan dirhams ($457.34 million) of net profit in 2015, thus 3.4% up from the previous year’s result. “Combining its strategy of diversification of businesses and geographies with its anticipative risk-management policy, Attijariwafa Bank was able to improve its performances in 2015, despite the environment which was characterized by a low loan demand in Morocco,” said the SNI-owned group.
The group’s Net Banking Product reached 19 billion dirhams over the year, thus 2.3% behind 2014’s. Consolidated deposits soared 6.2% against the previous year while loans to customers decreased by 0.8%.
Return on equity (ROE) rose from 14.6% in 2014 to 14.8% in 2015.
Over the past year, the share of the bank’s detail banking business, at the global level, in its net result has increased (+30.6%).
This mainly results from the significant organic growth, deployment of integration, transformation and synergy programmes launched after each acquisition, as well as from the increase of shares in the capital of the bank’s Senegalese (Compagnie Bancaire de l’Afrique Occidentale /CBAO) and Ivorian (Société Ivoirienne de Banque) subsidiaries, to 83% and 75% respectively.
Attijariwafa Bank also continued with pan-African expansion, with CBAO subsidiary in Benin.
The board of directors of the bank, which has the most significant number of agencies in Morocco and Africa (3534 agencies at December 31, 2015, against 3331 a year earlier), has decided to suggest at the general shareholders’ meeting the sharing of a dividend of 11 dirhams a share for the year 2015.
