Morocco’s largest bank, Attijariwafa Bank, continued to grow strongly in 2006, expanding its customer base significantly and implementing an ambitious international strategy. In 2006, the bank increased net profits by 23.6% to $245m while expanding total assets by 19.5% to $20.2bn, boosting RoE to a healthy 19.1%. Although the cost-income ratio was reduced to 49.2%, a good sign, the NPL ratio remained worryingly high at 8.6%.
On the domestic retail front, the bank doubled its customer base over the past three years with a massive branch-opening programme. It has opened about 100 branches per year, bringing the total in 2006 to 550. The bank also established new FX and trading activities, new bancassurance business through the branch network, and expanded its project finance and corporate banking activities.
On the international front, Attijariwafa has expanded into various parts of Africa and has set up representative offices in United Arab Emirates (UAE), Libya and China. In Tunisia, it has acquired Banque du Sud, the fourth largest with 100 branches and 10% market share of deposits and loans. Banque du Sud has been renamed Attijari bank Tunisie.
In Senegal, Attijariwafa has acquired Banque Senegalo-Tunisienne and merged it with Attijariwafa Bank Senegal to become Attijari Bank Senegal, the fifth largest bank in Senegal with 19 branches and 7% market share of deposits.
