Attijariwafa Bank grows by 56% on FirstBank composite growth index At 9M-2023

The separate financial statements of Attijariwafa Bank, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 56% during the first 9M 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

Attijariwafa Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 141%, reaching EGP 1.426bn during the first 9 months of 2023, compared to EGP 592.1 mn during the same period in 2022.

The bank's deposit size was the second contributor to this growth, increasing by 30.2% during the first 9M of the current year, reaching EGP 68.4 bn by the end of September 2023, compared to EGP 52.5 bn by the end of December 2022, an increase of EGP 15.9 bn.

Meanwhile, Asset portfolio was the third contributor to the growth of Attijariwafa Bank, with a growth rate of 29.2% and an increase of approximately EGP 18 bn during the first 9M-2023, reaching EGP 79.7 bn by the end of September 2023, compared to EGP 61.7 bn by the end of December 2022.

In addition, Total customer loan portfolio of Attijariwafa Bank increased by 23% during the first 9M of the current year, reaching EGP 39.5bn by the end of September 2023, compared to EGP 32.2 bn by the end of December 2022, with an increase of EGP 7.3 bn.