Africa News Morocco's Attijariwafa Bank reports first-half profit up 4.9%

Morocco’s Attijariwafa Bank reports first-half profit up 4.9%

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RABAT, Sept 19 (Reuters) – Morocco’s Attijariwafa Bank reported on Thursday a 4.9% rise in first half net profit attributable to shareholders to 2.9 billion dirhams ($303 million), citing improved activity in its Moroccan and European branches.

The bank, which operates in 25 countries in Africa, Europe and the Gulf, said net banking income rose 4.3% to 11.8 billion dirhams, while net operating income grew 6.7% to 5.4 billion dirhams.

Loans rose 8.9% to 317.6 billion dirhams with total deposits jumping to 462.9 billion dirhams in the first six months from 449 billion dirhams in the same period a year earlier, it said.

Return on equity and return on assets improved by 14.6% and 1.3% respectively, said the bank, which is majority owned by the Moroccan royal family holding company Al Mada.

The bank, which has more than 20,000 employees, posted net profit attributable to shareholders of 5.7 billion dirhams in 2018. (Reporting by Ahmed Eljechtimi; Editing by Edmund Blair)

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