Attijariwafa bank : Results as of 30 September 2021

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.