Attijariwafa Bank Sa · CSEMA:ATW
Attijariwafa Bank Sa — H1 2024 Earnings Presentation
45 slides from Attijariwafa Bank Sa's earnings presentation, June 2024
Slide 1: Attijariwafa bank Results Presentation June 2024
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Slide 2: Download the presentation and contact details
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Slide 3: • • •
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Slide 4: Overview of macroeconomic environment in AWB's countries of presence
Overview of macroeconomic environment in AWB’'s countries of presence
Slide 5: Q1 2023 Q2 2023 Q1 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Q1 2023 Q2 2023 Q1 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2023 Q2 2023 Q1 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 5
Slide 6: Dec-19 Dec-20 Dec-21
# Dec-19 Dec-20 Dec-21 Dec-22 June-23 Dec-23 June-24 Dec-24 Dec-25 6
Slide 7: 2013 2023 M 2023 7M 2024 2013 2023 M 2023 7M 2024 2013 023
2013 2023 7 M 2023 7M 2024 2013 2023 7 M 2023 7M 2024 2013 2023 7 M 2023 7M 2024 2013 2023 7 M 2023 7M 2024 2013 2023 7 M 2023 7M 2024 2013 2023 7 M 2023 7M 2024 2013 2023 7M 2023 7M 2024 7
Slide 8: BAM.MIN INDEX BAM.MAX INDEX USD/MAD
11,22 BAM.MIN INDEX 10,93 BAM.MAX INDEX USD/MAD 10,64 10,51 10,44 10,55 10,48 10,46 10,31 10,21 10,01 9,94 9,92 9,88 9,57 8
Slide 9: 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9
Slide 10: 7,5 6,5 5,5 4,5 3,5 2,5 1,5 0,5 2010 2011 12 2013 2014 2015
7,5 7 6,5 6 5,5 5 4,5 4 3,5 3 2,5 2 1,5 1 0,5 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10
Slide 11: May-23 Dec-23 June-24
2018 2019 2020 2021 2022 May-23 Dec-23 June-24 Sept-24
Slide 12: Dec-23 Jul-24 Dec-23 Jul-24
2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24 2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24
Slide 13: Dec-23 Jul-24 Dec-23 Jul-24
2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24 2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24 13
Slide 14: Dec-23 Jul-24 Dec-23 Jul-24
17,1% 7,5% 10,7% 7,4% 2,8% 5,4% 4,4% -3,4% -1,8% -3,8% -0,1% 2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24 2013 2020 2021 2022 2023 Jul-23 Jul-24 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jul-24 14
Slide 15: July-23 July-23 July-24
2020 2021 2022 July-23 2023 July-24 2015 2022 2023 July-23 July-24 2020 2021 2022 July-23 2023 July-24 2015 2022 2023 July-23 July-24 2015 2022 2023 July-23July-24 15
Slide 16: Main drivers of loan growth between 2024-2030
Main drivers of loan growth between 2024-2030 Internal analysis African & World Cup organization 2025-2030 Energy transition & water stress management Infrastructure development Reconstruction of earthquake-stricken areas of AL HOUAZ Industrial projects Tourism | Total investment of >>> MAD 900 - 1,
Slide 17: 2022 2023 2024 2025 2021 2022 2023 2024 2022 2023 2024 2025 2022 2023
2022 2023 2024 2025 2021 2022 2023 2024 2022 2023 2024 2025 2022 2023 8M 2024 2022 2023 2024 2025 2021 2022 2023 2024 2022 2023 2024 2025 2022 2023 6M 2024 2022 2023 2024 2025 2021 2022 2023 2024 2022 2023 2024 2025 2022 2023 3M 2024 2022 2023 2024 2025 2021 2022 2023 2024 2022 2023 2024 2025 2022 2
Slide 18: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 18
Slide 19: IFRS consolidated financial statements as of June 30, 2024
IFRS consolidated financial statements as of June 30%, 2024
Slide 20: H1 2024 key figures
H1] 2024 key figures oor santng Income MAD 17.0 om» leall 17% (420%) MAD 11.0 bn lal -23% (+26%!) Gross Operating Income Net Income Group MAD 4.9 bn Share 2 dal 436% (439%!) Cost of risk (%) 1.03% Cost income ratio 35.5% |Its -3 pts Ne MAD 692.5 be a lal +7% (+10%!) lal «8% MAD 397.8 bn lel +8% (+10
Slide 21: H1 2024 consolidated P&L
H1 2024 consolidated P&L Growth at constant (in MAD million) HI] 2023 HI 2024 Growth Rate exchange rate Net banking income 14,605 17,023 416.6% +19.5% Net interest income 9,154 9,882 47.9% +11.4% Net fee income 3,152 3,260 +3.4% +5.9% Income from market activities 1,658 3,073 +85.3% +87.6% Others -1
Slide 22: H1 2024 key financial indicators
H1 2024 key financial indicators H1 2023 Net interest margin (bps)! A98 Net interest margin/Total assets (bps) 284 Cost income ratio 38.8% NPL ratio 7.1% Cost of risk 1.15% Leverage? 10.4x RoaA® 1.37% RoaE* 13.96% RoaTE® 18.5% H1 2024 497 285 55.5% 7.0% 1.03% 10.4x 1.71% 17.27% 22.8% (1) Net interes
Slide 23: H1 2024 key financial indicators by business line
H1] 2024 key financial indicators by business line he NBI aall (in MAD bn) 9.0 BMET +25.0% 5.8 IRB 46.9% (+14.8%!) SFS 1.5 46.9% Insurance ee 17.0 ETS 416.6% Note: BMET: Banking in Morocco, Europe and Offshore (I) At constant exchange rate (*) Excl. sovereign risk Contrib to NBI ratio ! a 32.7% 0.74
Slide 24: H1 H1 H1 H1 H1 H1
H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 24 24
Slide 25: May-23 Dec-23 June-24
2022 May-23 Dec-23 June-24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 25 25
Slide 26: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 26 26
Slide 27: H1 H1 H1 H1 H1 H1
H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 27 27
Slide 28: H1 H1 H1 H1 H1 H1
H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 28 28
Slide 29: H1 H1 H1 H1 H1 H1 H1 H1
H1 19 H1 22 H1 23 H1 24 H1 19 H1 22 H1 23 H1 24 H1 19 H1 22 H1 23 H1 24 H1 19 H1 22 H1 23 H1 24 29 29
Slide 30: June 22 June 23 June 24
June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 30 30
Slide 31: June 22 June 23 June 24
June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 June 22 June 23 June 24 31 31
Slide 32: +20 bp Average H1 24 12-23:
+20 bp Average 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 2412-23: 0.76% +18 bps +61 bps Average Average 12-23: 0.85% 12-23: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 240.96% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24
Slide 33: H1 H1 H1 H1 H1 H1
H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 H1 22 H1 23 H1 24 33 33
Slide 34: H1 2019 H1 2022 H1 2023 H1 2024
H1 2019 H1 2022 H1 2023 H1 2024 H1 2019 H1 2022 H1 2023 H1 2024 H1 2019 H1 2022 H1 2023 H1 2024 H1 2019 H1 2022 H1 2023 H1 2024 H1 2019 H1 2022 H1 2023 H1 2024 34
Slide 35: 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 23 H1 24 2012 2013 20
Slide 36: Capital Adequacy and Liquidity Ratios
Capital Adequacy and Liquidity Ratios
Slide 37: Dec 31, 2018 Dec 31, 2018 Dec 31, 2019
Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 June 30,2023 Dec 31, 2023 June 30,2024 Dec 31, 2018 Dec 31, 2019 Dec 31, 2020 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 June 30,2023 Dec 31,2023 June 30,2024 37 37
Slide 38: 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 14 2015
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 H1 2024 38 38
Slide 39: Average 2014-2021 2024F
Average 2014-2021 2022 2023 2024F ∆ ∆ ∆ 39
Slide 40: A solid, resilient and diversified business model
A solid, resilient and diversified business model Satisfactory growth of the top line and resilient margins Strong operating performance & improvement of cost efficiency Profitability path to normalization (1) CGAR between 2019 and 2024 (**) Net Interest income / Loans (**) Net banking income exclud
Slide 41: Back up
Back up
Slide 42: Sector average AWB rating
2018 2019 2020 2021 2022 2023 H1 2024 2018 2019 2020 2021 2022 2023 H1 2024 « » 2018 2019 2020 2021 2022 2023 H1 2024 Sector average AWB rating 42
Slide 43: Moroccan banking sector: New loan yields
i Moroccan banking sector : New loan yields (in %) New loans yields Loans for individuals Consumer loans Corporate loans SMEs & VSMEs Large corporate 2022 4.33 5.36 6.40 4.09 491 3.88 2023 5.25 5.86 7.16 5.21 5.68 5.03 Change in bps +92 +51 +76 +111 +76 +115 H1 2023 5.15 5.78 7.1 5.15 5.65 4.90 H1 2
Slide 44: June 2023 June 2024 June 2023
June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 June 2024 44 44
Slide 45: EAD ECL
% EAD ECL % 2.0% -7.7% 4.6% 4.9% 2022 2023 H1 2024 45 45