RESULTS at 30 June 2017

Attijariwafa bank's press release

Strong growth driven by an ambitious strategy

Attijariwafa bank's Board of Directors, chaired by Mr Mohamed El Kettani, met on 13 September 2017 in order to review the activity and approve the financial statements for the first half of 2017.

› Total consolidated assets

MAD

467.1 billion

+12.2 %

› Consolidated shareholders' equity

MAD

47.6 billion

+15.5 %

› Net banking income

MAD

10.5 billion

+4.1%

› Operating income

MAD

4.8 billion

+8.7 %

› Net income

MAD

3.3 billion

+10.4%

› Net income group share MAD 2.6 billion +5.4%

(+7.6% at constant scope)

› Number of customers 8.8 million

›Total distribution network 4,090 branches in 26 countries

› Total staff 19,430 employees

Changes from 30 June 2016 to 30 June 2017

N° 1 Savings institution

Total savings* (billion MAD)

Geographical breakdown of savings

as of June 2017

N° 1 provider of financing to the economy

Total consolidated loans

(billion MAD)

Geographical breakdown of loans

as of June 2017

393.6422.9

International**

19.6 %

264.2

281.9

International**

24.4%

+7.4 % +6.7 %

June 16 June 17

Morocco

80.4%

June 16 June 17

Morocco

75.6%

(*) Consolidated customer deposits + assets under management + bancassurance assets

(**) International: North Africa (Tunisia, Mauritania and Egypt), WAEMU (Senegal, Burkina Faso, Mali, Ivory Coast, Togo, Niger and Benin), EMCCA (Cameroon, Congo and Gabon), Europe (Belgium, France, Germany, the Netherlands, Italy, Spain and Switzerland), Dubai, Riyadh, London, Tripoli and Montreal).

In the first half of 2017, Attijariwafa bank reported solid commercial and financial results driven by a slight recovery in loans growth and continued improvement in cost of risk in Morocco.

CONSOLIDATED NET INCOME UP 10.4%

Net Banking Income increased by 4.1% to MAD

10.5 billion. Operating income rose 8.7% to MAD 4.8 billion as result of a lower cost of risk (-17.3%), especially in Morocco, and of the continued focus on cost control (+4.8%).

Consolidated Net Income soared by 10.4% to MAD

3.3 billion and Net Income Group Share totalled MAD 2.6 billion up 5.4%.

Growth in Net Income Group Share benefited from satisfactory financial achievements of all the operating divisions: Bank in Morocco (+12.2%), Specialized Financial Subsidiaries (+5.8%), International Retail Banking (+19.4%) and Insurance (-48.9% subsequent to a reduced stake in Wafa Assurance, from 79.29% to 39.65%). Excluding changes in consolidation scope, net income group share grew 7.6%.

The Group's financial position strengthened thanks to the MAD 6.4 billion increase in shareholders' equity to MAD 47.6 billion (+15.5%). Profitability

remained in line with best standards (RoE of 15.6% and RoA of 1.5%)1.

ATTIJARIWAFA BANK EGYPT: AN AMBITIOUS DEVELOPMENT PLAN

On May 3rd, 2017, Attijariwafa bank completed the acquisition of 100% of Barclays bank Egypt, which has since become Attijariwafa bank Egypt.

In the first half of 2017, Attijariwafa bank Egypt achieved significant growth in all key indicators, in a context of strong loan growth and improved interest margins. Net Banking Income totalled EGP 1,190 million (MAD 661 million)2 up 35.0%, while net income rose 36.3% to EGP 508 million (MAD 282 million)2. Attijariwafa bank Egypt reported very satisfactory profitability and capitalization ratios (RoE of 29.9%, RoA of 4.0% and CET13 of 17.3%).

The first half of 2017 was also an opportunity for Attijariwafa bank Egypt to devise its 2022 ambitious strategic plan aiming at significantly strengthening its position in the Egyptian banking sector.

ALL TEAMS COMMITTED TO THE SUCCESS OF "ENERGIES 2020"

In Morocco, Attijariwafa Bank is pursuing the rigorous implementation of its "Energies 2020" strategy,

launched in June 2016. Attijariwafa bank aims to position itself as "the relationship-focused bank", focusing on satisfying its clients' financial needs and taking advantage of the latest digital and Big Data technologies.

Attijariwafa bank made in 2017 important organizational and technological improvements enhancing omni- channel distribution, e-banking platforms, and accelerating key processes digitalization (e.g. account openings, mortgages, consumer loans,..). These changes allow the bank to better understand the needs of its customers, and to offer a more customized service and optimized client-experience.

In July 2017, the group launched Bank Assafa, its Participative banking4 arm, with 21 branches in 15 cities. This new subsidiary benefits from eight years of experience of Attijariwafa bank Group, a pioneer in Morocco in Participative finance4 since it opened its specialized company in 2009. The Board of Directors congratulated the teams of all Group entities for their achievements in the first half of 2017.

The Board of Directors Casablanca, 13th September 2017

(1) RoE and RoA are calculated on the basis of net income including six months of net income of Attijariwafa bank Egypt, which was consolidated with two months of earnings after the transaction completed on 3rd May 2017.

(2) 1 EGP = 0.5558 MAD at 30 June 2017.

  1. Solvency ratio (Common Equity Tier 1).

  2. Name given to Islamic finance in Moroccan banking regulation

Attijariwafa bank, a limited company with a capital of MAD 2,035,272.260. Head office : 2, boulevard Moulay Youssef, Casablanca. Approved as a credit institution by order of the Minister of Finance and Privatization n° 2269-03 of the 22 December 2003 as amended and supplemented. Trade Register n° 333.

Attijariwafa Bank SA published this content on 15 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 September 2017 11:38:06 UTC.

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