Attijariwafa Bank Sa · CSEMA:ATW
Attijariwafa Bank Sa — FY2022 Earnings Presentation
61 slides from Attijariwafa Bank Sa's earnings presentation, December 2022
Slide 1: Attijariwafa bank Financial Communication December 2022
Attijariwafa bank December 2022 Financial Communication 2022
Slide 2: Agenda
Agenda Overview of macroeconomic environment in AWB’s countries of presence st IFRS consolidated financial statements as of December 31, 22 Liquidity, Capital Adequacy Ratio Back up 2
Slide 3: Macroeconomic environment in Morocco: Outlook and main indicators
Macroeconomic environment in Morocco Outlook and main indicators YoY GDP growth (%) Main indicators 2019 2020 2021 2022 2.0% 1.6% 1.4% 0.3% YoY GDP growth (%) 2.9 -7.2 7.9 1.4 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Non-agricultural GDP Non-agricultural GDP (%) 4.0 -6.9 6.6 3.4 (%) 4.3% 3.6% 3.4% 2.2% Agric
Slide 4: Strong resilience of foreign currency reserves
Strong resilience of foreign currency reserves Change (%) 2019 2020 2021 2022 21/22 Imports 527.5 438.3 540.0 746.2 +38.2% Imports excl. Energy 451.2 388.4 464.2 592.7 +27.7% Exports 344.8 318.7 423.6 588.7 +39.0% Tourism 78.8 36.5 34.3 91.3 +166.2% Remittances from MLA 64.8 68.2 93.7 109.2 +16.5% F
Slide 5: New and traditional export-oriented sectors
New and traditional export-oriented sectors P1 P2 P1 P2 CAGR Change (In MAD bn) 2016 2017 2018 2019 2020 2021 2022 2016-2021 2021-2022 111 +8.9% +32.8% New export-oriented sectors Automotive 55 59 72 80 72 84 2016 2017 2018 2019 2020 2021 2022 Aeronautics 18 21 +10.9% +38.3% 9 12 15 13 15 2016 2017
Slide 6: Exchange rates trend in 2020 and 2022
Exchange rates trend in 2020 and 2022 January 2018 : Implementation of a flexible exchange rate regime with an adjustable horizontal band (+/- 2.5%) within which MAD can fluctuate freely based on the interbank market supply and demand law March 2020: Widening of the fluctuation band of the dirha
Slide 7: Budget deficit of 5% between 2021 and 2022
Budget deficit of 5% between 2021 and 2022 F • +14.5% of tax • +50.6% of non- • +21.3% of public 2023/2022 revenues tax revenues investment 2022/2021 • +17.4% of tax • +28.9% of non- • +20.6% of public revenues tax revenues investment Budget deficit from 2011 to 2023 (in % GDP) -3,6% -4,0% -3,9% -4,
Slide 8: Morocco: main economic, social and tax measures in 2023 (2023 Finance Law)
Morocco : main economic, social and tax measures in 2023 (2023 Finance Law) Implementation of the new Investment Charter : Bonuses granted up to 30% Lowering of minimum contribution rates of the investment amount (0.25% for all companies, 0.15% for (objective of 550 bn of transactions carried out by
Slide 9: Macroeconomic environment in Morocco: Inflation
Macroeconomic environment in Morocco Outlook and main indicators Inflation annual average (%) Inflation YoY (%) 8,3 8,3 7,2 5,3 8.9 7 6,6 6,5 3.1 6 5,5 Jan-22 Feb-22 Mar-22 Apr 22 May 22 June 22 July 22 Aug-22 Sept 22 Oct 22 Nov 22 Dec 22 Jan 23 5 4,5 4,2 3,9 4 3,5 3 2,5 1,9 1,9 2 1,6 1,6 1,3 1,4 1,
Slide 10: Sovereign bond yields curve trend between Dec. 2020 and Dec. 2022
Sovereign bond yields curve trend between Dec. 2020 and Dec. 2022 -75 bps in key interest rate in 2020 + 100 bps in key interest rate to 2.50% (between September and December 2022) Mandatory cash reserve at 0% of deposits since Covid-19 crisis in 2020 vs. 2% before 5,12% Dec 21 Jan 23 Dec 22 J
Slide 11: Moroccan banking sector YoY growth
Moroccan banking sector YoY growth X% YoY growth X% CAGR Annual change Deposits (MAD billion) Deposits: YoY growth CAGR 13-17 +6% CAGR 17-19 +3% +5% +5% +7% +5% +3% +5% +5% +7% 10,5% 9,0% 7,2% 7,8% 7,8% 1 126 6,8% 6,9% 7,0% 925 950 1 000 1 053 5,9% 5,4% 5,3% 5,3% 4,4% 718 6,4% 3,0% 6,1% 2,9% 2,7% De
Slide 12: Moroccan banking sector YoY growth
Moroccan banking sector YoY growth YoY growth X% CAGR X% Annual change Retail loans (1) (MAD billion) Retail loans: YoY growth CAGR 13-16 +5% CAGR 16-19 +4% +0.2% +3% +2% +5% +3% +0.2% +2.8% +2,2% 6,7% 4,9% 4,9% 4,4% 3,8% 263 271 272 280 286 207 3,2% 2,8% 2,2% 0,2% Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
Slide 13: Moroccan banking sector YoY growth
YoY growth Moroccan banking sector X% CAGR YoY growth X% Annual change Working capital loans (MAD billion) Working capital loans: YoY growth CAGR 13-16 -1% CAGR 16-19 +3% +8% +11% +17% -0.2% +7% +8% +11% +17% 17,1% 255 218 7,5% 10,7% 183 197 172 170 7,4% 5,4% 2,8% -3,4% -1,8% -3,8% 2013 2018 2019 20
Slide 14: Macroeconomic environment in Morocco: Outlook and main indicators
Macroeconomic environment in Morocco Outlook and main indicators Main indicator 2019 2020 2021 2022E 2023F 2024F (3.9) (4.1) (4.1) YoY GDP growth (%) 2.9 -7.2 7.9 1.1 2.2 2.7 ( ) Initial 2024 Forecast before Ukrainian crisis Non agricultural GDP (%) 4.0 -6.9 6.6 3.4 1.2 2.3 Agricultural GDP (%) -5.0
Slide 15: Macroeconomic environment in AWB's main countries of presence – Focus on economic growth
Macroeconomic environment in AWB’s main countries of presence – Focus on economic growth Real GDP growth (%) 2020 2021 2022E 2023F Egypt 3.6% 3.4% 6.6% 4.0% Tunisia -9.3% 3.0% 2.2% 1.7% Ivory coast 2.0% 7.0% 5.5% 6.5% Senegal 1.3% 6.1% 4.7% 8.1% Cameroon 0.5% 3.6% 3.4% 4.6% IMF (October 2022 Update)
Slide 16: Inflation rate in AWB's main regions of presence
Inflation rate in AWB’s main regions of presence EGYPT TUNISIA -4 pts -1 pt +4 pts +4 pts -1 pt +0.1pt +2 pts +2 pts 29,5 30 25 12 11,0 20 10 8,3 14,4 7,3 6,7 12,0 8 5,3 5,6 5,7 15 9,2 8,5 6 10 5,7 4 4,5 5 2 0 0 2017 2018 2019 2020 2021 2022E 2023F 2017 2018 2019 2020 2021 2022E 2023F WAEMU EMCCA +3
Slide 17: Monetary policy in AWB's main regions of presence
Monetary policy in AWB’s main regions of presence Monetary policy Main countries of presence 2020-2021 2022 +100 bps to 2.50% 25bps cut of key interest rate in March and Morocco • +50 bps in September -50 bps in June 2020 to 1.50% • +50 bps in December +100 bps to 7.25% 100 bps cut of key interest i
Slide 18: Tunisia: Main components of the balance of payments and evolution of TND
Tunisia : Main components of the balance of payments and evolution of TND Trade balance (TND billion) Exports Imports Trade balance deficit 51,5 47 62,9 58 82,8 39 12 months 2020 -12,8 12 months 2021 -16,2 12 months 2022 -25,2 Current account deficit Foreign currency assets trend between 2018 and 20
Slide 19: Egypt: Main components of the balance of payments and evolution of EGP
Egypt : Main components of the balance of payments and evolution of EGP Trade balance ( USD billion) Tourism receipts (USD billion) Imports Exports XX Coverage ratio Tourism receipts 13 36% 33% 37% 41% 42% 41% 41% 50% 10 10 11 7 67 71 87 61 57 59 63 63 4 4 5 28 29 44 22 19 22 26 26 2015/2014 2016/20
Slide 20: Agenda
Agenda Overview of macroeconomic environment in AWB’s countries of presence st IFRS consolidated financial statements as of December 31, 22 Liquidity, Capital Adequacy Ratio Back up 20
Slide 21: 2022 consolidated P&L
2022 consolidated P&L Growth at constant (in MAD million) 2021 2022 Growth Rate exchange rate Net banking income 24,380 26,313 +7.9% +8.1% Net interest income 16,170 17,350 +7.3% +7.6% Net fee income 5,192 5,776 +11.2% +11.1% Income from market activities 3,546 3,069 -13.4% -13.5% Others -529 118 NA
Slide 22: 2022 key financial indicators
2022 key financial indicators FY 2019 FY 2020 FY 2021 FY 2022 1 Net interest margin (bps) 461 473 469 463 Cost income ratio 47.8% 46.5%* 46.3% 44.5% NPL ratio 6.6% 7.8% 8.1% 7.4% Cost of risk 0.46% 1.51% 0.97% 0.79% 2 RoaA 1.33% 0.67% 1.06% 1.22% 3 RoTE 19.6% 9.7% 15.4% 16.6% Leverage 4 9.9x 10.5x 1
Slide 23: NBI by business line
X% +/- NBI by business line BMET Specialized Financial Companies MAD billion -2.3% +5.2% -2.3% -0.9% +4.0% +2.2% 12,2 11,9 12,5 12,3 NBI 2,6 2,6 2,7 2,7 +1.6% +2.2% +7.9% 2019 * 2020 2021 2022 2019 * 2020 2021 2022 • North Africa : 14.4% 23.5 23.9 24.4 26.3 • EMCCA : 22.2% • WAEMU : 20.6% Internatio
Slide 24: Net Interest Income by business line
Net Interest Income by business line X% +/- X% Net interest income / Loans MAD billion BMET Specialized Financial Companies +5.3% +2.3% +3.2% +4.7% -6.7% -3.3% 7,8 8,2 8,4 8,7 Net interest income 1,2 1,3 1,2 1,1 +5.7% +2.4% +7.3% 2019 * 2020 2021 2022 2019 * 2020 2021 2022 15,8 16,2 17,4 3.7% 3.7% 3
Slide 25: Deposits by business line
Deposits by business line X% +/- • Free-interest deposits : +9% MAD billion BMET Specialized Financial Companies +4.9% +6.5% +5.0% -9.9% -6.6% +21.8% 251 267 280 239 Deposits 6 6 5 6 2019 * 2020 2021 2022 2019 * 2020 2021 2022 +6.3% +6.8% +8.0% 381 411 • Free-interest deposits : +18% 336 357 Interna
Slide 26: Loans by business line
Loans by business line X% +/- X% Net interest income / Loans MAD billion BMET Specialized Financial Companies +3.8% +2.7% +6.7% -5.1% +3.1% +8.6% 212 220 226 241 35 33 34 37 Loans 2019 * 2020 2021 2022 2019 * 2020 2021 2022 +3.1% +3.4% +8.5% 345 375 3.7% 3.7% 3.7% 3.6% 3.4% 3.7% 3.4% 3.0% 324 334 In
Slide 27: Net interest margin by business line between 2012 and 2022
Net interest margin by business line between 2012 and 2022 72% 71% 70% 66% 66% 65% 67% 67% 66% 65% 64% xx% Contribution to net customer loans (end of period) 4,0% 3,8% 3,8% 3,6% 3,7% 3,7% 3,6% 3,7% 3,7% 3,7% 3,6% BMET 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net interest margin/ custom
Slide 28: Fees by business line
X% Annual change Fees by business line MAD billion BMET Specialized Financial Companies -7.5% +10.4% +5.5% -9.3% +11.9% +2.6% Net fee income -7.3% +8.8% +11.2% 2,9 2,7 3,0 3,2 1,0 0,9 1,0 1,0 5,8 5,1 4,8 5,2 2019 * 2020 2021 2022 2019 * 2020 2021 2022 International Retail Banking -4.0% +2.5% +19.4%
Slide 29: Income from market activities by business line
Income from market activities by business line X% +/- MAD billion BMET International Retail Banking -18.7% +11.3% -22.6% Income from Market activities 2,7 -22.5% +33.2% +33.5% 2,2 2,5 1,9 0,5 0,6 0,8 0,4 -18.3% +17.0% -13.4% 2019* 2020 2021 2022 2019 2020 2021 2022 3,7 3,5 3,0 3,1 Insurance 2019 202
Slide 30: A rigorous cost control based on an ambitious saving plan
X% +/- excluding the contribution to COVID-19 A rigorous cost control based on an special fund in 2020 ambitious saving plan…. X% Cost-Income ratio excluding the contribution MAD million to COVID-19 special fund in 2020 Cost-Income ratio on a consolidated basis: BMET Specialized Financial Companies
Slide 31: …and leveraging on digital transformation
…and leveraging on digital transformation Active digital clients (% of total clients) 51% 55% 27% 33% 39% ~55% of active digital customers 2018 2019 2020 2021 2022 # of connections (million ; on a monthly basis) +59% +22% ** More than 26 million connections per month in 2022 first half (+20%) 8
Slide 32: Customer Loans
Growth of customer loans and NPL ratio by business line X% Annual change Xx% Contribution to net customer loans (end of period) + + = Specialized Financial International Retail BMET AWB (Consolidated loans) Companies Banking (MAD bn) 64% 10% 25% 100% +3.8% +2.7% +6.7% -5.1% +3.1% +8.6% +4.7% +5.4% +
Slide 33: Customer Loans: Focus on IRB
Growth of customer loans and NPL ratio by X% Annual change business line: Focus on IRB* + + = International Retail North Africa(1) WAEMU(2) EMCCA(3) (MAD bn) Banking +7.7% +6.5% +5.6% +6.7% +4.2% +17.8% -9.5% +5.5% +26.0% +4.7% +5.4% +13.3% Customer Loans 92 74 77 81 33 35 37 40 33 39 30 32 11 10 11
Slide 34: Credit risk exposure, staging & coverage
Credit risk exposure*, staging & coverage % Coverage ratio % Annual change MAD billion ; figures as of Dec 2022 Bank in Morocco Exposure Group Exposure at Default at Default IRB** Exposure at Default 0.6% 0.6% 0.3% 0.4% 1.6% 1.5% 472 532 Stage 1 330 373 +12.7% +13.0% 94 +13.6% 107 Dec-21 Dec-22 Dec-
Slide 35: Cost of risk by business line between 2012 and 2022
Cost of risk by business line between 2012 and 2022 xx% Contribution to net customer loans (end of period) 71% 71% 70% 69% 66% 66% 64% 66% 65% 65% 65% 64% 1,15% 1,10% 0,86% 0,90% 0,76% 0,76% 0,79% 0,67% BMET +13 bps 0,38% 0,35% 0,31% Average 12-19: 0.66% 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 36: NIGS by business line
X% Annual change NIGS by business line x% Return on average assets MAD million BMET Specialized Financial Companies +1.11% +0.46% +0.84% +0.81% +1.73% NA +1.84% +1.80% -57.1% +95.4% -0.6% -66.8% NA +1.6% Net income group share +1.33% +0.67% +1.06% +1.22% 3 495 2 929 2 912 1 499 493 164 538 547 -48.1
Slide 37: RoaA by business line between 2012 and 2022
RoaA by business line between 2012 and 2022 xx% Contribution to total assets (end of period) 68% 67% 66% 64% 62% 61% 62% 60% 61% 60% 59% 1,2% 1,1% 1,1% 1,1% 0,9% 1,0% 1,0% 1,0% 0,8% 0,8% BMET 0,5% 2012 2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022 18% 20% 20% 22% 22% 24% 23% 24% 22% 25% 26% 2,1
Slide 38: RoaA below normative level due to a still non-normative CoR
RoaA below normative level due to a still non-normative CoR Net banking income / Total average assets -21 bps Gross Operating Income / Total 4.50% 4.29% average assets +3 bps 2.35% 2.38% 2019 2022 RoaA* Expenses / Total average assets 2019 2022 -24 bps - 12 bps 2.15% 1.91% 1.33% 1.22% 2019 2022 2019
Slide 39: IRB main figures
IRB main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 8,271 9,791 +18.4% +20.0% General operating expenses -4,202 -4,422 +5.3% 6.6% Gross operating income 4,070 5,369 +31.9% +33.8% Cost of risk -1,091 -830 -23.9% -24.2% Net income 2,179 3,181 +46.0% +48
Slide 40: Agenda
Agenda Overview of macroeconomic environment in AWB’s countries of presence st IFRS consolidated financial statements as of December 31, 22 Liquidity, Capital Adequacy Ratio Back up 40 Attijariwafa bank presentation – FY 2022 Results
Slide 41: Solid liquidity position
Solid liquidity position Liquid and free assets (HQLA) in MAD billion Bank in Morocco 74 78 74 67 57 43 43 35 Dec 31, 2018 Dec 31, 2019 March 31, 2020 Dec 31, 2020 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 104% 127% 115% 202% 175% 184% 169% 163% Consolidated basis 113 122 114 95 106 70 7
Slide 42: Solid capital position
Solid capital position X% Buffer above Tier 1 regulatory minimum ~x2 Tier 1 CAR COVID19 crisis 110bps 110bps 180bps 70bps 120bps 130bps 170bps 230bps 204bps 210bps Capital Adequacy ratio Consolidated basis 12.6% 12.5% 13.3% 13.0% 13.1% 13.4% 13.6% 13.0% 12.7% Minimum 12.3% 10.8% 10.7% 11.3% 11.0% 11
Slide 43: A solid, resilient and diversified business model (1/2)
A solid, resilient and diversified business model (1/2) Main indicators 2022 vs 2021 2022 vs 2019 Net banking +7.9% Satisfactory growth of the top line NIM (%)* -5 bps +2 bps and resilient margins Fees +11.2% Cost-income ratio Group -1.8 pts -3.3 pts Cost-income ratio BMET +1.4 pt -2.0 pts Stron
Slide 44: A solid, resilient and diversified business model (2/2)
A solid, resilient and diversified business model (2/2) Main indicators Bank in Morocco LCR 163% (+63 pts over minimum) CAR 15.7% Tier1 13.4% Buffer above Tier1 min +433 bps (x2 since 2018) Sound liquidity and capital position On a consolidated basis LCR 164% (+64 pts over minimum) CAR 12.7% Tier1
Slide 45: Agenda
Agenda Overview of macroeconomic environment in AWB’s countries of presence st IFRS consolidated financial statements as of December 31, 22 Liquidity, Capital Adequacy Ratio Back up 45 Attijariwafa bank presentation – FY 2022 Results
Slide 46: Macroeconomic environment in Morocco: Outlook and main indicators
Macroeconomic environment in Morocco x% YoY growth Outlook and main indicators YoY GDP growth 2 quarters of recession +2.7% +3.8% +3.0% +2.1% -0.8% -15.2% -7.3% -5.2% +2.0% +14.2% +8.7% +7.6% +0.3% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 202
Slide 47: Strong resilience of foreign currency reserves
Strong resilience of foreign currency reserves +33% between 2022 Auto exports (MAD billion) and 2021 1 Significant growth of 2% 3% 3% 4% 4% 5% 5% 6% 6% 6% 6% 7% 8% 8% auto exports 18 23 25 32 40 49 55 59 65 77 72 84 111 119 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023F 2 Ene
Slide 48: Sovereign bonds yield curve trend since 2013
Sovereign bonds yield curve trend since 2013 Key interest rate 52w Sovereign bonds 10y Sovereign bonds 3,25% 3,92% 5,62% 3,00% 2,75% 2,50% -1.25pt -2.13pts -3.18pts 2,25% 2,25% 2,64% 2,62% 2,39% 2,00% 2,00% 2,29% 2,46% 3,54% 2,38% 3,44% 3,38% 3,29% 3,19% 1,79% 1,61% 2,69% 1,50% 1,61% 2,38% 2,44% 1,5
Slide 49: Net interest margin by business line between 2012 and 2022
Net interest margin by business line between 2012 and 2022 68% 67% 66% 64% 62% 61% 62% 60% 61% 60% 59% xx% Contribution to total assets (end of period) 2,6% 2,5% 2,5% 2,6% 2,6% 2,4% 2,3% 2,4% 2,4% 2,4% 2,3% BMET 2012 2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022 Net interest margin/ Total asset
Slide 50: Net fee income by business line between 2012 and 2022
Net fee income by business line between 2012 and 2022 xx% Contribution to net banking income 46% 55% 54% 56% 54% 53% 50% 50% 51% 49% 51% 24,0% 22,8% 23,9% 25,8% 21,0% 21,4% 18,7% 18,2% 16,2% 18,0% 20,3% BMET 2012 2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022 Net fee income/ Net banking income 2
Slide 51: IFRS consolidated financial statements: NPLs and cost of risk
IFRS consolidated financial statements NPLs and cost of risk NPL ratio Cost of risk (in bps) 151 8.1% 7.8% 7.4% 7.1% 7.0% 7.0% 6.8% 6.8% 6.6% 113 97 83 79 70 72 50 53 46 Average 2014 2015 2016 2017 2018 2019 2020 2021 2022 2007-2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 51 Attijariwafa bank p
Slide 52: Cost-Income ratio by business line between 2012 and 2022
Cost-Income ratio by business line between 2012 and 2022 55% 54% 56% 54% 53% 50% 50% 51% 49% 51% 46% xx% Contribution to net banking income 46,7% 47,4% 47,1% 47,6% 47,8% **43,4% 44,8% 43,1% 44,5% 42,0% 43,7% BMET 2012 2013 2014 2015 2016 2017 2018 2019* 2020 2021 2022 25% 26% 26% 28% 29% 33% 34% 33%
Slide 53: Evolution of Cost of Risk by business line
Evolution of Cost of Risk by business line X% Annual change X% CoR (%) MAD million BMET Specialized Financial Companies NA -15.7% -6.5% NA -69.8% -9.9% Cost of Risk 2 571 2 167 2 026 706 1 103 265 333 300 NA -33.9% -11.4% 2019 2020 2021 2022 2019 2020 2021 2022 5 454 3 607 0.32% 1.10% 0.90% 0.79% 0.
Slide 54: Egypt main figures
Egypt main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 1,388 1,704 +22.8% +33.9% General operating expenses -718 -730 +1.7% +10.9% Gross operating income 671 974 +45.3% +58.5% Cost of risk -195 -202 +3.7% +13.1% Net income 271 455 +67.7% +82.8% Net inc
Slide 55: Tunisia main figures
Tunisia main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 1,683 1,933 +14.9% +12.1% General operating expenses -854 -863 +0.9% -1.5% Gross operating income 829 1,071 +29.2% +26.1% Cost of risk -577 -28 -95.2% -95.3% Net income 197 708 +259.7% +251.0% Ne
Slide 56: Senegal main figures
Senegal* main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 1,340 1,538 +14.8% +14.0% General operating expenses -655 -702 +7.2% +6.5% Gross operating income 685 836 +22.0% +21.2% Cost of risk -106 -124 +17.2% +16.5% Net income 451 519 +15.1% +14.4% Net
Slide 57: Senegal main figures
Senegal* main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 1,340 1,538 +14.8% +14.0% General operating expenses -655 -702 +7.2% +6.5% Gross operating income 685 836 +22.0% +21.2% Cost of risk -106 -124 +17.2% +16.5% Net income 451 519 +15.1% +14.4% Net
Slide 58: Ivory Coast main figures
Ivory Coast* main figures Growth at a constant (in MAD million) 2021 2022 Growth Rate rate Net banking income 1,252 1,401 +11.9% +14.0% General operating expenses -538 -589 +9.4% +6.5% Gross operating income 714 812 +13.7% +21.2% Cost of risk -152 -108 -29.2% +16.5% Net income 479 629 +31.3% +30.4%
Slide 59: Attijariwafa bank share price performance
Attijariwafa bank share price performance 180 MASI ATTIJARIWAFA BANK Base 100 Dec 15 2016 2021 2017 2019 AWB :+15.1% AWB :+22.2% MASI: +18.3% 155 MASI: +30.5% AWB :+10.2% AWB :+17.2% MASI: +7.1% MASI: +6.4% 130 2018 AWB :-6.4% 105 MASI: -8.3% 2022 AWB :-19.5% 2020 MASI: -19.7% AWB :-15.2% MASI: -7.3
Slide 60: Group's awards in 2022
Group’ awards in 2022 Best Bank in Morocco Best Bank in Morocco Best investment bank in Morocco Safest bank in Africa Corporate and Social Best Private Bank in Africa Responsibility (CSR)- Market Euromoney Leader Market Leaders Corporate Banking- Market Ranking Leader Digital Solut
Slide 61: Group ratings in 2022
Group ratings in 2022 Long-Term Foreign Currency : BB Long-Term Foreign Currency : Ba1 Long-Term : BB Long-Term Foreign Currency : B Long-Term Foreign Currency : NP Short-Term : B National Long-Term : AA(mar) Outlook : Stable Outlook : Stable Outlook : Stable Feb-23 July-23 Apr-22 61 Attijariwafa ba