RABAT, August 12, 2011 (Reuters)
RABAT, August 12, 2011 (Reuters)
Attijariwafa Bank , Morocco’s biggest lender, posted a 15.2 percent rise in net profit during the first six months of the year.
The bank, whose biggest shareholder is a holding controlled by Morocco’s royal family, said net profit rose to 2.24 billion dirhams ($283 million) from 1.94 billion in the year-ago period.
National Investment Company (SNI) has put a 15-20 percent stake in Attijariwafa up for sale amid popular demands that King Mohammed reduce his political and business clout.
Net banking product — or turnover — rose 14.8 percent to 7.94 billion dirhams after net lending income rose 14 percent to 4.85 billion, and net income from non-core banking activity rose 10.3 percent to 2.56 billion.
Operating costs increased 8.1 percent to 3 billion dirhams. The costs-to-net banking product ratio fell 2.6 percentage points to 43.4 percent in the 12 months to end-June, it said.
Attijariwafa shares rose as much as 4.2 percent on the Casablanca bourse after the earnings were announced.
Amid a push to raise penetration in Morocco, currently at about 40 percent, Attijariwafa has been using income from domestic operations to expand in Africa in the past nine years.
It has subsidiaries in Tunisia, Ivory Coast, Senegal, Mauritania, Mali, Cameroon, Gabon and Congo Brazzaville, plus branches in Europe catering mainly for Moroccan expatriates.
A Casablanca-based trader said Attijariwafa’s earnings “were strong” and set it on course to meet his brokerage’s forecast for a 14 percent rise in net profit for the whole year.
“The first-half earnings lend weight to any negotiations by SNI with prospective buyers. It is offering a solid business,” the trader said.
Picture credit: emarrakech.info
