Casablanca – Morocco’s top banking groups, Attijariwafa Bank and Banque Centrale Populaire (BCP), both reported robust earnings for the first quarter of 2025, reflecting solid fundamentals, growing revenues, and improved cost controls across their domestic and African operations.

Attijariwafa Bank: Profits and revenues on the rise

Attijariwafa Bank posted a net income attributable to the group of $288 million, up 14.1% year-over-year, while consolidated net profit rose to $340 million, a 14.7% increase. The bank’s net banking income reached $928 million, up 5.9% (or 9.3% at constant exchange rates).

This performance was fueled by a combination of:

  • Strong deposit growth (+8.6%) and loan expansion (+8.2%) across its footprint,
  • A 19.4% jump in market activity earnings, reaching $165 million, supported by lower interest rates in Morocco,
  • A reduction in the cost-to-income ratio to 34.2% from 35.3%, driven by tighter expense management,
  • A lower cost of risk, which dropped to 0.82% from 0.98%.

The Group’s financial base also strengthened, with total equity reaching $7.86 billion, up 10.5% year-on-year. Profitability ratios remained healthy, with a Return on Assets (ROA) of 1.82% and a Return on Tangible Equity (RoTE) of 22.7%.

Banque Centrale Populaire (BCP): Rapid growth backed by African footprint

BCP reported a net profit of $155 million in Q1 2025, up 18.9% compared to the same period in 2024. Net income attributable to the Group totaled $134 million, reflecting a 19% rise.

Key financial highlights include:

  • Revenue grew 14.9% to $712 million, driven by higher net interest income, commissions, and strong performance in market activities,
  • Customer deposits rose by $702 million, bringing total deposits to approximately $40.8 billion,
  • Gross loans remained stable at $33 billion, reflecting a prudent lending approach,
  • Operating expenses increased modestly by 3.3% to $299 million,
  • Cost of risk rose to $155 million, up 19.6%, as the bank bolstered provisions amid continued risk vigilance.

Despite a complex global environment, BCP’s strong performance across its diversified African base highlights the success of its multi-market strategy and its capacity to generate resilient earnings.

Outlook

Both institutions are navigating 2025 with a confident stance, leveraging their diversified operations, regional presence, and disciplined management. With double-digit profit growth and reinforced capital positions, Attijariwafa Bank and BCP are well positioned to support economic activity in Morocco and beyond, while maintaining strategic flexibility in an evolving financial landscape.