Attijariwafa Bank grows by 29.3% on FirstBank composite growth index during Q1-2024

The financial statements of Attijariwafa Bank, which ended on March 31 2024, revealed that the bank achieved a composite growth rate of 29.3% during the first quarter of the current year.

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 Q1- 2024.

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 86.5%, an increase of EGP 475.7mn reaching EGP 810.3mn during the first quarter of 2024, compared to EGP 434.5mn during the same period of 2023.

Total customer loans was the second contributor to this growth, increasing by 10.6% during Q1-2024 to record EGP 48.7bn by the end of March 2024, compared to EGP 44 bn by the end of December 2023, an increase of EGP 4.7bn.

The size of total Assets was the third contributor to the growth of Attijariwafa Bank, with a growth rate of 10.2%, an increase of approximately EGP 9 bn during the first 3 months of 2024, reaching EGP 97.7 bn by the end of March 2024, compared to EGP 88.7 bn by the end of December 2023.

In addition, Total customer deposits surged by 9.8% during the first 3 months of the current year, reaching EGP 83.9bn by the end of March 2024, compared to EGP 76.4 bn by the end of December 2023, with an increase of EGP 7.5bn.