ATTIJARIWAFA BANK SA

ATW
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Attijariwafa bank : Results as of 30 September 2021

11/18/2021 | 02:22am

RESULTS at 30 september 2021

Attijariwafa bank press release

Attijariwafa bank's Board of Directors, chaired by Mr Mohamed El Kettani, met on 16 November 2021, in order to review the activity and approve the financial statements as of 30 September 2021.

Attijariwafa bank continues to provide support to its individual, corporate and institutional clients and to various communities in the different countries of presence in a context marked by the gradual normalization of the economic environment.

As of 30 September 2021, net banking income grew by 1.4% (+2.4% at constant exchange rate) to MAD 18.4 billion. Net banking income growth has been driven by:

  • The Bank in Morocco, Europe and Tangier Offshore Banking Zone (+6.6%) ;
  • International Retail Banking (+4.9%1) ;
  • Specialized Finance Subsidiaries (+3.6%) ;
  • Insurance: -34.1% as result of the normalization of "automotive" business line claims ratio (after a significant improvement in 2020 related to health measures in Morocco).

Operating income rose by 74.3% (36.1% excluding COVID19 special fund contribution in 2020) to MAD 7.1 billion as a result of continued focus on cost control (+1.4%2) and the gradual normalization of cost of risk (-38.1%).

Consolidated net income and net income group share amounted to MAD 4.6 billion and MAD 3.8 billion respectively, up 83.3% and 93.9% (42.1% and 44.5% excluding COVID19 special fund contribution in 2020).

(1) At a constant exchange rate

Board of directors

Casablanca, November 16th, 2021

FINANCIAL STATEMENTS

Consolidated financial statements at 30 september 2021

CONSOLIDATED BALANCE SHEET at 30 september 2021

(thousand MAD)

ASSETS

09/30/2021

12/31/2020

LIABILITIES

09/30/2021

12/31/2020

Cash - Central banks -Public treasury- Postal cheque

20 197 917

26 333 795

Central banks-Publictreasury-Postal cheque

1 149

4 455

Financial liabilities at fair value through profit or loss (FV P&L )

1 527 195

1 499 799

Financial assets at fair value through profit or loss (FV P&L )

66 210 276

60 156 256

Trading liabilities

1 527 195

1 499 799

Trading assets

64 936 276

58 667 799

Other financial liabilities at fair value through profit or loss

Other financial assets at fair value through profit or loss

1 274 000

1 488 457

Derivatives used for hedging purposes

Derivatives used for hedging purposes

Deposits from credit institutions

47 059 040

49 237 940

Financial assets at fair value through other comprehensive income

71 640 605

60 164 696

Deposits from customers

369 103 960

356 614 160

Debt instruments at fair value through other comprehensive income

25 814 110

19 493 148

Notes & certificates issued

24 425 418

23 105 757

Remeasurement adjustment on interest-rate risk hedged portfolios

(recycling)

Current tax liabilities

1 361 926

1 021 537

Equity instruments at fair value through other comprehensive income

2 328 297

2 534 187

Deferred tax liabilities

3 027 789

2 695 949

(no recycling)

Accured expenses and other liabilities

18 446 305

20 338 279

Financial assets at fair value through other comprehensive income

43 498 198

38 137 360

Debts related to non current assets held for sale

(Insurance)

Insurance liabilities

42 599 830

38 956 953

Securities at amortised cost

17 714 252

17 233 471

Provisions

3 024 683

3 080 071

Loans & receivables to credit institutions at amortised cost

28 186 068

31 304 951

Subsidies and allocated funds

156 325

160 429

Loans & receivables to customers at amortised cost

344 145 228

333 702 415

Subordinated debts and special guarantee funds

17 062 984

17 099 338

Remeasurement adjustment on interest-rate risk hedged portfolios

Shareholders' equity

58 293 906

54 292 985

Financial investments of insurance activities

Equity and related reserves

14 646 116

12 551 765

Current tax assets

268 626

715 953

Consolidated reserves

37 136 377

35 446 439

Deferred tax assets

3 852 406

3 767 981

Group share

31 908 710

31 158 933

Accrued income and other assets

11 679 572

12 171 129

Non-controlling interests

5 227 666

4 287 506

Non current assets held for sale

76 154

78 636

Unrealized or deferred Gains / losses

1 934 974

2 589 753

Equity-method investments

74 719

86 916

Group share

787 718

1 070 905

Investment property

2 533 640

2 538 530

Non-controlling interests

1 147 256

1 518 849

Property, plant, equipment

6 518 441

6 812 820

Net income

4 576 441

3 705 028

Intangible assets

3 134 964

3 092 049

Group share

3 824 648

3 018 002

Goodwill

9 857 643

9 948 055

Non-controlling interests

751 793

687 026

TOTAL ASSETS

586 090 510

568 107 651

TOTAL LIABILITIES

586 090 510

568 107 651

CONSOLIDATED INCOME STATEMENT at 30 september 2021

(thousand MAD)

09/30/2021

09/30/2020

Interest income

16 729 362

16 896 935

Interest expenses

-4 619 432

-5 063 482

NET INTEREST MARGIN

12 109 930

11 833 453

Fees income

4 587 031

4 137 432

Fees expenses

-696 263

-674 395

NET FEE MARGIN

3 890 768

3 463 037

Net gains or losses occured by the hedging of net positions

Net gains or losses on financial instruments at fair value through profit or loss

2 158 966

1 903 420

Net gains or losses on trading assets

2 178 770

1 903 420

Net gains or losses on other assets at fair value through profit or loss

-19 804

Net gains or losses on financial assets at fair value through other comprehensive income

589 992

527 328

Net gains or losses on debt instruments at fair value through other comprehensive income (recycling)

12 081

8 841

Remuneration of equity instruments measured at fair value through other comprehensive income that will not be reclassified subsequently to profit or loss (dividends)

117 872

134 549

Remuneration of financial assets measured at fair value through other comprehensive income that will not be reclassified subsequently to profit or loss (insurance)

460 039

383 937

Net gains or losses on derecognised financial assets at amortised cost

Net gains or losses on reclassified financial assets at fair value through comprehensive income to financial assets through profit or loss

Income on other activities

7 762 660

6 558 909

Expenses on other activities

-8 104 797

-6 123 973

NET BANKING INCOME

18 407 518

18 162 173

Total operating expenses

-7 316 449

-8 223 699

Depreciation, amortisation and impairment of property, plant and equipment and intangible assets

-1 113 834

-1 241 062

GROSS OPERATING INCOME

9 977 235

8 697 412

Cost of risk

-2 854 537

-4 610 355

NET OPERATING INCOME

7 122 698

4 087 057

+/- Share of earnings of associates and equity-method entities

-9 804

-12 738

Net gains or losses on other assets

-49 010

-50 862

Goowill variation values

PRE-TAX INCOME

7 063 883

4 023 457

Net income tax

-2 487 442

-1 527 345

Net income from discounted or held-for-sale operations

NET INCOME

4 576 441

2 496 112

Non-controlling interests

-751 793

-524 054

NET INCOME GROUP SHARE

3 824 648

1 972 058

Earnings per share

17,78

9,40

Diluted earnings per share

17,78

9,40

RESULTS at 30 september 2021

Attijariwafa bank press release

FINANCIAL STATEMENTS

Parent company financial statements at 30 september 2021

BALANCE SHEET at 30 september 2021

(thousand MAD)

ASSETS

09/30/2021

12/31/2020

LIABILITIES

09/30/2021

12/31/2020

Cash and balances with central banks, the treasury and post office

6 098 485

9 579 714

Amounts owing to central banks, the treasury and post office accounts

accounts

Amounts owing to credit institutions and similar establishments

37 489 862

42 804 688

Loans and advances to credit institutions and similar establishments

33 858 878

42 771 234

. Sight

5 606 606

2 324 598

. Sight

8 619 968

13 703 360

. Term

31 883 256

40 480 089

. Term

25 238 910

29 067 874

Customer deposits

253 598 883

245 156 343

Loans and advances to customers

215 393 688

207 577 423

. Short-Term & consumer loans and participatory financing

53 087 412

59 353 560

. Current accounts in credit

180 483 159

172 590 254

. Equipment loans and participatory financing

74 252 266

62 224 119

. Savings accounts

30 009 257

29 558 322

. Mortgage loans and participatory financing

64 100 532

64 086 421

. Term deposits

32 400 137

32 308 060

. Other loans and participatory financing

23 953 478

21 913 323

. Other accounts in credit

10 706 330

10 699 708

Receivables acquired through factoring

12 232 349

10 138 680

Debts to customers on participatory financing

Trading securities and available-for-sale securities

74 438 143

69 047 359

Debt securities issued

11 451 794

11 850 235

. Treasury bills and similar securities

46 856 449

44 255 378

. Negociable debt securities

11 451 794

11 850 235

. Other debt securities

9 252 686

6 506 843

. Fixed income Funds

. Bonds

18 228 219

18 185 793

. Sukuk certificates

100 789

99 345

. Other debt securities issued

Other assets

4 748 164

5 991 609

Other liabilities

13 798 589

17 148 689

Investment securities

9 441 939

9 595 637

General provisions

4 632 040

4 379 195

. Treasury bills and similar securities

9 441 939

9 595 637

Regulated provisions

409 500

504 000

. Other debt securities

Subsidies, public funds and special guarantee funds

. Sukuk certificates

Subordinated debt

15 665 126

15 573 597

Investments in affiliates and other long-term investments

20 636 087

18 942 733

. Investment in affiliates and similar securities

Investment deposit received

16 449 197

17 918 659

. Other and similar investments

4 186 890

1 024 074

Revaluation reserve

420

420

. Moudaraba and Moucharaka securities

Reserves and premiums related to share capital

34 012 254

31 967 402

Subordinated loans

Share capital

2 151 408

2 098 597

Investment deposit given

Shareholders, unpaid share capital (-)

leased and rented assets

596 780

834 420

Retained earnings (+/-)

6 716 822

6 709 974

Fixed assets given in Ijara

Net income to be allocated (+/-)

Intangible assets

2 511 385

2 523 161

Property, plant and equipement

3 334 139

3 509 788

Net income for the financial year (+/-)

3 363 340

2 318 618

Total Assets

383 290 038

380 511 758

Total liabilities

383 290 038

380 511 758

INCOME STATEMENT at 30 september 2021

(thousand MAD)

09/30/2021

09/30/2020

OPERATING INCOME FROM BANKING ACTIVITIES

14 735 540

14 466 293

Interest and similar income from transactions with credit institutions

618 775

708 410

Interest and similar income from transactions with customers

7 412 524

7 581 823

Interest and similar income from debt securities

228 422

229 340

Income from equity securities and Sukuk certificates

1 601 061

1 344 976

Income from Moudaraba and Moucharaka securities

Income from lease-financed fixed assets

66 628

75 596

Income from fixed assets given in Ijara

Fee income provided from services

1 521 205

1 324 147

Other banking income

3 286 925

3 202 001

Transfer of expenses on investment deposits received

OPERATING EXPENSES ON BANKING ACTIVITIES

4 523 101

5 060 766

Interest and similar expenses on transactions with credit institutions

341 155

545 038

Interest and similar expenses on transactions with customers

1 325 140

1 535 851

Interest and similar expenses on debt securities issued

243 586

267 952

Expenses on Moudaraba and Moucharaka securities

Expenses on lease-financed fixed assets

215 254

111 035

Expenses on fixed assets given in Ijara

Other banking expenses

2 397 966

2 600 889

Transfer of income on investment deposits received

NET BANKING INCOME

10 212 438

9 405 527

Non-banking operating income

809 106

96 742

Non-banking operating expenses

529 912

OPERATING EXPENSES

3 542 474

3 636 031

Staff costs

1 687 809

1 661 023

Taxes other than on income

50 823

72 679

External expenses

1 308 471

1 335 702

Other general operating expenses

62 118

57 392

Depreciation, amortisation and provisions

433 253

509 235

PROVISIONS AND LOSSES ON IRRECOVERABLE LOANS

2 920 249

2 497 991

Provisions for non-performing loans and signature loans

1 417 147

1 701 032

Losses on irrecoverable loans

574 698

49 265

Other provisions

928 403

747 694

PROVISION WRITE-BACKS AND AMOUNTS RECOVERED ON IMPAIRED LOANS

642 987

448 483

Provision write-backs for non-performing loans and signature loans

199 046

232 840

Amounts recovered on impaired loans

23 276

39 459

Other provision write-backs

420 666

176 184

INCOME FROM ORDINARY ACTIVITIES

4 671 897

3 816 730

Non-recurring income

98 559

3 943

Non-recurring expenses

291 883

606 825

PRE-TAX INCOME

4 478 574

3 213 849

Income tax

1 115 233

1 084 665

NET INCOME FOR THE FINANCIAL YEAR

3 363 340

2 129 184

Attijariwafa bank a limited company with a capital of MAD 2,151,408,390. Head office : 2, boulevard Moulay Youssef, Casablanca. Approved as a credit institution by order of the Minister of Finance and Privatization n° 2269-03 of the 22 December 2003 as amended and supplemented. Trade Register n° 333.

Disclaimer

Attijariwafa Bank SA published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 07:21:02 UTC.

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