In his first year, Mouawia Essekelli leads Attijariwafa to the fastest growing lists in Egypt

Attijariwafa Bank - Egypt recorded strong growth over the past year, specifically during Mouawia Essekelli’s leadership as Managing Director of the Bank, since he assumed executive leadership in December 2022, and until the Bank's most recent financial statements in December 2022.

This was revealed by a new monitoring conducted by First Bank to monitor the evolution of Attijariwafa Bank business indicators since Essekelli took over executive leadership. The bank's net profits jumped by 93.20% over the past year, registering EGP 2.005 bn in 2023, compared to EGP 1.038 bn in 2022, with an increase of EGP 967.4 mn.

Net interest income rose to EGP 4.2 bn in 2023, compared to EGP 2.6 bn in 2022, with growth of 62%, and an increase of about EGP 1.6 bn.

Net fees and commissions income rose to EGP 830.9 mn last year, compared to EGP 493.8 mn in 2022, with a growth of 68.3% and an increase of EGP 337.2 mn.

This contributed to a significant jump in share profit, rising to EGP 36.1 per share in 2023, compared to EGP 18.68 per share in 2022, achieving a growth rate of 93.3% and an increase of EGP 17.4 per share.

The Bank also raised the return on average assets to 2.67% in 2023, compared to 1.92% in 2022.

It also jumped the rate of return on average equity to 27.17% in 2023, compared to 17.13% in 2022.

Regarding the Bank’s main financial portfolios, they also recorded strong growth since Mouawia Essekelli took over, with the Bank's assets portfolio jumping by 43.7% over the past year, reaching EGP 88.7 bn by the end of 2023, up from EGP 61.7 bn by the end of 2022, with an increase of EGP 27 bn. The Bank’s Customer deposits portfolio rose by EGP 23.9 bn last year to register EGP 76.4 bn by the end of December 2023, compared to EGP 52.5 bn by the end of 2022, with a growth of 45.5% on an annual basis.

This rise is attributable to the growth of corporate deposits to EGP 49.4 bn by the end of 2023, compared to EGP 30.5 bn by the end of 2022, with a growth rate of 61.9%, and an increase of nearly EGP 19 bn.

Retail deposits also rose by 22.6% over the past year, reaching EGP 26.9 bn by the end of 2023, compared to EGP 22 bn by the end of 2022, with an increase nearly EGP 5 bn.

Its total customer loans jumped by EGP 11.8 bn in 2023, registering EGP 44 bn by the end of last year, compared to EGP 32.2 bn by the end of 2022, with a growth of 36.8% on an annual basis.

The Bank's corporate loans rose from EGP 25 bn by the end of 2022, to EGP 35.3 bn by the end of 2023, with a growth of 41.5%, and an increase of EGP 10.4 bn.

The Bank's retail loans increased by 20.4% during the period under analysis, reaching EGP 8.7 bn by the end of 2023, up from EGP 7.2 bn by the end of 2022.

In view of the outstanding performance achieved by Attijariwafa Bank under the leadership of Mouawia Essekelli, the Bank has been able to get top positions in the fastest growing First Bank’s rankings over many previous periods in a number of indicators.

The Bank's most recent top rankings during last year was topping First Bank’s list of the fastest growing banks in assets in 2023.

It ranked second in the two lists of the fastest growing banks in customer deposits, and the fastest growing banks in corporate loans over the past year. It took the third position in the fastest growing banks in total customer loans, and fastest growing banks in corporate deposits in 2023.