Gulf Today
Attijariwafa Bank posted a 2014 net profit attributable to shareholders of 4.4 billion dirhams ($463 million), up 5.2 per cent, reflecting a recovery in domestic banking activity, Morocco’s biggest private bank said in a statement on Thursday.
The bank, controlled by Moroccan royal family holding SNI, said net banking income rose 8.8 per cent to 19.4 billion dirhams, reflecting growth in consolidated deposits and loans of 13 per cent and 1.7 per cent respectively. Profit was held back by increased provisions due to years of economic slowdown in Morocco and the bank’s operations in sub-Saharan Africa.
New risk provisions were up 738 million dirhams to 3.03 billion dirhams in 2014. Total bad loans rose to 18.05 billion dirhams, including 10.85 billion covered by the bank’s provisions, up from 16.34 billion at the end of 2013.
Reuters
