Earnings release
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RESULTS at September 30th 2025 Attijariwafa bank press release Atijariwafa bank reports, growing results and improving risk, profitability ratios for the first nine months of 2025. The consolidated net banking income expanded to MAD 26.4 billion, up 4.7% (+7% at constant exchange rates) compared to the same period in 2024. This performance was underpinned by a positive trend in deposits and in loans Morocco and across the group’s other countries of presence. Consolidated deposits and loans increased by 8.6%¹ and 5.4%¹, respectively. Operating income rose by 10.0%, reaching MAD 14.1 billion, mainly supported by a significant decrease in the cost of risk, which dropped by 18.7% to MAD 2.7 billion, representing 0.78% of gross customer loans as of September 2025, compared to 1.01% a year earlier . Net income stood at MAD 9.6 billion, versus MAD 8.4 billion as of September 2024, marking an increase of 13.4%. The group share of net income amounted to MAD 8.3 billion, compared to MAD 7.2 billion for the same period last year, up 14.9%. The group’s financial strength continued to improve, with consolidated shareholders’ equity reaching MAD 77.8 billion at end-September 2025, compared to MAD 69.8 billion a year earlier, representing an increase of 11.4%. The Board of directors Casablanca, November 13th, 2025(1) Change between September 30th, 2025 and September 30th, 2024 Attijariwafa bank’s Board of Directors, chaired by Mr Mohamed El Kettani, met on November 13th, 2025, in order to review the activity and approve the financial statements as of September 30th, 2025. ASSETS 09/30/2025 12/31/2024 Cash - Central banks -Public treasury- Postal cheque 24 813 625 27 722 943 Financial assets at fair value through profit or loss (FV P&L ) 76 381 743 76 695 538 Trading assets 75 432 706 75 878 854 Other financial assets at fair value through profit or loss 949 037 816 684 Derivatives used for hedging purposes Financial assets at fair value through other comprehensive income 26 925 562 34 049 427 Debt instruments at fair value through other comprehensive income (recycling) 23 172 298 21 450 295 Equity instruments at fair value through other comprehensive income (no recycling) 3 753 264 12 599 132 Securities at amortised cost 29 346 700 30 547 034 Loans & receivables to credit institutions at amortised cost 47 133 417 48 692 644 Loans & receivables to customers at amortised cost 425 936 448 413 590 717 Remeasurement adjustment on interest-rate risk hedged portfolios Financial investments of insurance activities 57 683 155 51 042 885 Insurance contracts assets 903 374 1 252 254 Current tax assets 566 761 375 390 Deferred tax assets 6 651 883 6 324 240 Accrued income and other assets 15 288 827 12 326 543 Non current assets held for sale 67 145 75 056 Equity-method investments 9 856 150 102 120 Investment property 1 952 550 2 062 545 Property, plant, equipment 9 271 289 7 913 260 Intangible assets 4 279 244 3 852 296 Goodwill 9 901 078 9 868 056 TOTAL ASSETS 746 958 951 726 492 948 CONSOLIDATED BALANCE SHEET at September 30th 2025 (thousand MAD) LIABILITIES 09/30/2025 12/31/2024 Central banks-Public treasury-Postal cheque 1 022 92 Financial liabilities at fair value through profit or loss (FV P&L ) 1 811 135 1 716 269 Trading liabilities 1 811 135 1 716 269 Other financial liabilities at fair value through profit or loss Derivatives used for hedging purposes Deposits from credit institutions 40 042 176 58 977 903 Deposits from customers 505 865 716 480 478 661 Notes & certificates issued 17 734 251 17 831 828 Remeasurement adjustment on interest-rate risk hedged portfolios Current tax liabilities 3 166 527 2 583 982 Deferred tax liabilities 5 723 933 5 151 098 Accured expenses and other liabilities 22 980 739 19 898 360 Debts related to non current assets held for sale Insurance contracts liabilities 49 406 158 46 083 636 Provisions 3 960 294 3 770 785 Subsidies and allocated funds 134 296 153 360 Subordinated debts and special guarantee funds 18 368 911 17 344 140 Shareholders' equity 77 763 796 72 502 834 Equity and related reserves 14 655 001 14 646 116 Consolidated reserves 51 527 403 44 685 721 Group share 43 437 230 37 791 270 Non-controlling interests 8 090 172 6 894 451 Unrealized or deferred Gains / losses 2 027 207 1 488 223 Group share 725 941 514 260 Non-controlling interests 1 301 266 973 963 Net income 9 554 185 11 682 774 Group share 8 276 856 9 504 486 Non-controlling interests 1 277 329 2 178 288 TOTAL LIABILITIES 746 958 951 726 492 948 Consolidated financial statements at September 30 th 2025 FINANCIAL STATEMENTS 09/30/2025 09/30/2024 Interest income 23 039 529 22 339 858 Interest expenses -7 324 433 -7 437 790 Net interest margin 15 715 096 14 902 068 Fees income 5 886 189 5 578 955 Fees expenses -624 268 -588 068 Net fee margin 5 261 921 4 990 887 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 4 217 504 4 109 832 Net gains or losses on trading assets 4 240 382 4 124 839 Net gains or losses on other assets at fair value through profit or loss -22 878 -15 007 Net gains or losses on financial assets at fair value through other comprehensive income 260 231 297 641 Net gains or losses on debt instruments at fair value through other comprehensive income (recycling) 66 518 63 331 Remuneration of equity instruments measured at fair value through other comprehensive income that will not be reclassified subsequently to profit or loss (dividends) 193 713 234 309 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 844 282 716 169 Expenses on other activities -1 460 036 -1 298 160 Net income from insurance activities 1 515 294 1 454 546 NET BANKING INCOME 26 354 292 25 172 982 Total operating expenses -8 511 850 -7 995 325 Depreciation, amortisation and impairment of property, plant and equipment and intangible assets -1 053 311 -1 058 624 GROSS OPERATING INCOME 16 789 131 16 119 033 Cost of risk -2 661 060 -3 273 684 NET OPERATING INCOME 14 128 071 12 845 348 +/- Share of earnings of associates and equity-method entities 426 394 7 843 Net gains or losses on other assets 42 631 131 862 Goowill variation values PRE-TAX INCOME 14 597 096 12 985 053 Net income tax -5 042 912 -4 561 560 Net income from discounted or held-for-sale operations NET INCOME 9 554 184 8 423 493 Non-controlling interests -1 277 329 -1 219 824 NET INCOME GROUP SHARE (or owners of the parent company) 8 276 856 7 203 670 CONSOLIDATED INCOME STATEMENT at September 30th 2025 (thousand MAD) Financial Information and Investor Relations : Omaima BAQA, e-mail : o.baqa@attijariwafa.com - http://ir .attijariwafabank.com/
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ASSETS 09/30/2025 12/31/2024 Cash and balances with central banks, the treasury and post office accounts 7 941 728 16 034 126 Loans and advances to credit institutions and similar establishments 46 317 182 45 580 416 Sight 6 773 506 10 838 647 Term 39 543 676 34 741 769 Loans and advances to customers 280 047 422 271 414 638 Short-Term & consumer loans and participatory financing 71 061 536 74 741 053 Equipment loans and participatory financing 110 150 229 99 081 464 Mortgage loans and participatory financing 70 868 977 70 351 774 Other loans and participatory financing 27 966 680 27 240 347 Receivables acquired through factoring 4 795 527 6 571 411 Trading securities and available-for-sale securities 82 312 465 82 726 290 Treasury bills and similar securities 44 977 742 51 910 930 Other debt securities 19 076 738 12 782 055 Fixed income Funds 18 257 985 18 033 305 Sukuk certificates Other assets 8 746 868 6 752 655 Investment securities 12 443 325 16 281 241 Treasury bills and similar securities 11 122 404 14 847 941 Other debt securities 1 320 921 1 433 300 Sukuk certificates Investments in affiliates and other long-term investments 29 883 753 30 292 869 Investment in affiliates and similar securities 18 806 452 19 122 047 Other and similar investments 11 077 301 11 170 822 Moudaraba and Moucharaka securities Subordinated loans 97 361 Investment deposit given leased and rented assets 638 378 688 654 Fixed assets given in Ijara Intangible assets 3 104 710 3 108 284 Property, plant and equipement 3 832 618 2 679 389 TOTAL ASSETS 480 161 336 482 129 974 BALANCE SHEET at September 30th 2025 (thousand MAD) LIABILITIES 09/30/2025 12/31/2024 Amounts owing to central banks, the treasury and post office accounts Amounts owing to credit institutions and similar establishments 32 011 808 52 060 161 Sight 4 157 905 4 434 671 Term 27 853 903 47 625 490 Customer deposits 349 979 141 334 753 563 Current accounts in credit 269 657 294 253 618 212 Savings accounts 33 318 704 32 585 873 Term deposits 28 766 531 32 597 822 Other accounts in credit 18 236 612 15 951 656 Debts to customers on participatory financing Debt securities issued 5 997 599 7 466 699 Negociable debt securities 5 997 599 7 466 699 Bonds Other debt securities issued Other liabilities 14 307 704 13 460 226 General provisions 6 100 277 5 660 666 Regulated provisions 70 031 93 375 Subsidies, public funds and special guarantee funds Subordinated debt 16 285 569 15 848 628 Revaluation reserve 420 420 Reserves and premiums related to share capital 38 968 811 36 510 807 Share capital 2 151 408 2 151 408 Shareholders, unpaid share capital (-) Retained earnings (+/-) 7 587 226 7 587 226 Net income to be allocated (+/-) Net income for the financial year (+/-) 6 701 341 6 536 794 TOTAL LIABILITIES 480 161 336 482 129 974 09/30/2025 09/30/2024 OPERATING INCOME FROM BANKING ACTIVITIES 22 539 383 20 551 290 Interest and similar income from transactions with credit institutions 1 087 791 1 236 579 Interest and similar income from transactions with customers 10 008 705 9 401 572 Interest and similar income from debt securities 401 321 479 794 Income from equity securities and Sukuk certificates 2 471 737 1 851 794 Income from Moudaraba and Moucharaka securities Income from lease-financed fixed assets 138 227 108 224 Income from fixed assets given in Ijara Fee income provided from services 2 266 595 2 018 989 Other banking income 6 165 007 5 454 339 Transfer of expenses on investment deposits received OPERATING EXPENSES ON BANKING ACTIVITIES 6 885 392 6 659 147 Interest and similar expenses on transactions with credit institutions 798 231 1 087 039 Interest and similar expenses on transactions with customers 1 758 228 2 050 443 Interest and similar expenses on debt securities issued 152 625 152 111 Expenses on Moudaraba and Moucharaka securities Expenses on lease-financed fixed assets 154 451 113 150 Expenses on fixed assets given in Ijara Other banking expenses 4 021 857 3 256 404 Transfer of income on investment deposits received NET BANKING INCOME 15 653 992 13 892 144 Non-banking operating income 65 134 84 068 Non-banking operating expenses 18 474 OPERATING EXPENSES 4 211 559 3 931 642 Staff costs 2 097 476 1 954 532 Taxes other than on income 48 769 48 769 External expenses 1 438 716 1 356 231 Other general operating expenses 68 975 66 826 Depreciation, amortisation and provisions 557 624 505 284 PROVISIONS AND LOSSES ON IRRECOVERABLE LOANS 2 389 200 3 304 552 Provisions for non-performing loans and signature loans 1 426 677 1 429 432 Losses on irrecoverable loans 154 225 1 095 755 Other provisions 808 298 779 365 PROVISION WRITE-BACKS AND AMOUNTS RECOVERED ON IMPAIRED LOANS 986 848 1 597 146 Provision write-backs for non-performing loans and signature loans 809 094 1 526 374 Amounts recovered on impaired loans 44 286 15 297 Other provision write-backs 133 468 55 474 INCOME FROM ORDINARY ACTIVITIES 10 086 741 8 337 164 Non-recurring income 23 469 137 892 Non-recurring expenses 317 364 440 361 PRE-TAX INCOME 9 792 845 8 034 695 Income tax 3 091 503 2 444 103 NET INCOME FOR THE FINANCIAL YEAR 6 701 341 5 590 592 INCOME STATEMENT at September 30th 2025 (thousand MAD) 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. Parent company financial statements at September 30 th 2025 FINANCIAL STATEMENTS RESULTS at September 30th 2025 Attijariwafa bank press release