Results at 31 december 2021 : Strong commitment to supporting clients and promote economic recovery, improving earnings and a new “@mbitions2025” strategic plan

RESULTS at 31 December 2021

Attijariwafa bank's press release

Strong commitment to supporting clients and promote economic recovery,

improving earnings and a new "@mbitions2025" strategic plan

Attijariwafa bank's Board of Directors, chaired by Mr Mohamed El Kettani, met on 22 February 2022, in order to review the activity and approve the financial statements as of 31 December 2021.

› Total consolidated assets	MAD	596.3 billion	+5.0 %
› Consolidated shareholders' equity	MAD	59.8 billion	+10.1 %
› Net banking income	MAD	24.4 billion	+2.2 %
› Net income	MAD	6.2 billion	+66.2 %
› Net income group share	MAD	5.1 billion	+70.5 %

N° 1 savings institution	N° 1 provider of financing to the economy
Total savings *	Total consolidated loans
	(billion MAD)		(billion MAD)
	547.3	333.7	345.1
508.7
	+7.6%		+3.4%
Dec 20	Dec 21	Dec 20	Dec 21
1st player in digital banking and electronic payements in Morocco
% of operations**	Number of connections on digital
processed through digital banking	platforms (in millions of connections)
81%	87%		257.1
		161.4
	+6 pts		+ 53.3%
2020	2021	2020	2021

1. Consolidated customer deposits + assets under management + bancassurance assets (**) Operations available on digital channels: eg: transfers, disposals, payment of invoices.

Key measures deployed to support the economy

since the beginning of the crisis

• 12,000 young entrepreneurs funded 1
• 41% of total «INTELAKA» loans granted by the sector
• 37% of total «DAMANE OXYGENE» loans granted by the sector 1
• 35% of total «DAMANE RELANCE» loans granted by the sector 1

Attijariwafa bank releases its 2021 FY earnings in a mixed context marked by a strong economic recovery in its main markets but also by various geopolitical and socio-economic uncertainties on a global and regional scale.

STRONG COMMITMENT TO SUPPORTING

CLIENTS

In 2021, Attijariwafa bank continued to support and finance households, very small and medium-sized enterprises, large local and regional companies and institutional in its various countries of presence, helping to promote economic recovery.

In Morocco, the support to households and Very Small Enterprises could be illustrated by:

• Financing 12,000 young entrepreneurs' projects for an amount of MAD 2.7 billion within the "Intelaka" initiative (market share of 41%1),
• Disbursementof MAD 8.1 billion of new mortgage loans in FY2021 (+15% and +8% compared to FY2020 and FY2019 respectively) financing access to housing and boosting the real estate sector during this challenging period,
• Disbursementof MAD 21,5 billion of "Damane" loans granted to 51,605 enterprises (market share of 31%1),
• Disbursement of MAD 9.0 billion of "Damane Express", "Damane Attaysir", and "Damane Istitmar" loans financing 18,029 SMEs (market share of 72%1);
• Advising and supporting entrepreneurs and Very Small Enterprises through Dar Al Moukawil network and digital platform Daralmoukawil.com, generating 2.5 million connections and more than 7 million interaction on social networks.

PROGRESSIVE NORMALIZATION OF EARNINGS

Net banking income grew by 2.2% (+3.2% at constant exchange rates) to MAD 24.4billion. Net banking income growth was driven by the diversification of Attijariwafa bank's businesses and geographies:

• The Bank in Morocco, Europe and Tangier Offshore Banking Zone: +5.2% ;
• International Retail Banking: +2.5% (+5.4% at constant exchange rates) ;
• Specialized Finance Subsidiaries: +4.0% ;
• Insurance: -26.3% 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 +53.7% (+29.6%2) to MAD 9.5 billion thanks to rigorous cost control and to the gradual normalization of cost of risk (-33.9%).

Consolidated net income totaled MAD 6.2 billion up +66.2% (+38.9%2). Net income (Group share) rose by +70.5% (+39.2%2) to MAD 5.1 billion.

A ROBUST BALANCE SHEET

In 2021, the bank successfully completed two capital increases through optional conversion of dividends into shares, totaling MAD 2,1 billion (+50 bps of CET1). As of December 31st, 2021, Group shareholder equity totaled MAD 52,5 billion increasing by +9,7%. The consolidated Tier 1 ratio improved from 10.73% in 2020 (10.32% in 2019) to 11.23% in 2021 and Liquidity Coverage Ratio stood at 195% well above the regulatory minimum of 100% (198% in 2020 and 151% in 2019).

A NEW STRATEGIC PLAN: @MBITIONS2025

Attijariwafa bank launched a new strategic plan @ MBITIONS 2025 in a challenging context marked by radical changes on a global scale (e.g., geopolitical, economic and technological transformations, climate change emergency, changing customer expectations...) leading to new threats and opportunities for the banking industry. @MBITIONS 2025 has been structured around 3 major ambitions:

• Reinforcing Attijariwafa bank's position as a leading African banking and financial group in order to generate responsible and sustainable growth in its regions of presence and in new territories;
• Positioning Attijariwafa bank as an innovative, agile and "relationship-focused" bank leveraging on disruptive digital and Big-Datatechnologies and on group synergies;
• Further alignment with the best international standards in terms of operational efficiency, risk control and compliance, to ensure a sustainable growth.

The Board of Directors congratulated all the Group's teams for their commitment and their mobilization in favor of customer in a still very challenging environment.

The Board resolved to convene the Ordinary General Shareholders' Meeting, submit for approval the financial statements as of December 31st 2021, and propose a dividend per share of 15 Dirhams.

The Board of Directors

Casablanca, February 22, 2022

1. Market share in number of loans granted to enterprises since the beginning of "Damane" programs.
2. Adjusted for the cost of contribution to the special Covid-19 fund in 2020.

Attijariwafa bank	Results at 31 December 2021	5