Attijariwafa Bank is the biggest company on the Casablanca exchange and the anchor of the MASI. This is a research profile of the group (ticker ATW): what it is, who controls it, how it earns across Morocco and Africa, its dividend record, and the factors that actually move the share price.
Why investors follow it: ATW is the largest capitalisation on the Casablanca exchange, so it effectively is the MASI's anchor, and it has the deepest pan-African footprint of the listed Moroccan banks. That combination makes it both a proxy for the Moroccan market and the bank most exposed to the African growth story.
Attijariwafa Bank is a universal banking and financial-services group, formed in 2003-2004 from the merger of Banque Commerciale du Maroc and Wafabank, spanning retail and corporate banking plus insurance (Wafa Assurance), consumer finance and payments. Its reference shareholder is Al Mada (about 46.5%). For FY2025, published in February 2026, it reported net banking income of about 34.9 billion MAD (up 5.6%) and net income group share of about 10.6 billion MAD (up 16.2%), with a cost of risk that fell to 0.77% of loans and total assets of about 795.5 billion MAD.
Analysis basis: as of 23 July 2026. Sources: the FY2025 group results release (late February 2026) as relayed by Moroccan financial media, Attijariwafa Bank investor relations, and the group's 2024 reference document filed with the AMMC. Figures are reported values, not forecasts.
Résumé (FR) : Attijariwafa Bank est la première banque marocaine par les actifs et la première capitalisation de la Bourse de Casablanca, née en 2003-2004 de la fusion de la BCM et de Wafabank. Son actionnaire de référence est Al Mada (environ 46,5%). Pour l'exercice 2025, le PNB consolidé atteint environ 34,9 milliards de dirhams (+5,6%) et le résultat net part du groupe environ 10,6 milliards (+16,2%), le coût du risque revenant à 0,77% des créances. Dividende proposé : 22 dirhams par action.
Attijariwafa Bank is Morocco's largest bank by assets and the largest company by market capitalisation on the Casablanca exchange. It was created in 2003-2004 from the merger of Banque Commerciale du Maroc and Wafabank, and it operates as a universal group: retail and commercial banking, corporate and investment banking, and a set of specialised subsidiaries that broaden its earnings base beyond lending, including the insurer Wafa Assurance, the consumer-finance arm Wafasalaf, leasing, and the transfer and payments business Wafacash. That breadth matters for how the stock behaves, because insurance and consumer-finance results add swing factors that a pure deposit-and-loan bank does not carry. The group reports a share capital of about 2.15 billion MAD across roughly 215 million shares, and leadership has long centred on chairman and CEO Mohamed El Kettani, with a September 2025 reshuffle promoting Rachid Kettani, the former group CFO, to a deputy chief executive role.
The reference shareholder is Al Mada, the Moroccan royal-linked pan-African investment holding formerly known as SNI and, earlier, ONA, which held about 46.5% of the capital at end-2025 and exercises strategic control. The rest of the register, on the same basis, was roughly 24.7% national institutional investors, about 22.7% free float and others, and about 5.1% held by Spain's Santander group through Santusa Holding. For a minority investor the practical read is that strategy sits with Al Mada, the free float is a little over a fifth of the capital, and the Santander line is a long-standing international minority rather than a controlling partner. The exact decimals are drawn from renderings of the group's disclosures and are worth checking against the AMMC reference document before relying on any single figure.
The generic mechanics of how Bank Al-Maghrib's key rate flows into a Moroccan bank's net interest margin are the same for every listed bank and are explained once on the banking sector page. Three things are more specific to ATW. The first is its index weight: as the largest capitalisation on the exchange, ATW is the dominant MASI constituent, so index-tracking and foreign passive flows into the Moroccan market mechanically bid the stock, and a strong ATW session can carry the headline index even when mid-caps are mixed.
The second is the pan-African earnings mix and currency translation. ATW has the deepest sub-Saharan footprint of the three big banks, and its growth at constant exchange rates repeatedly outruns its reported growth, roughly +7% net banking income at constant FX versus +5.6% reported in FY2025, which tells you that CFA-franc and regional-currency translation, plus African macro cycles, move ATW's numbers more than they move a Morocco-centric peer. The third is the cost-of-risk trajectory: the ratio fell from 0.95% of loans in FY2024 to 0.77% in FY2025, and that decline in provisioning was a primary driver of the double-digit profit growth. Because a large share of the group's risk sits in African books, a reversal there would hit ATW disproportionately, which is why serious readers track cost of risk in basis points, not just headline profit.
Attijariwafa Bank published FY2025 group results in late February 2026, and it was a record year. As reported by Moroccan financial media citing the release, consolidated net banking income was about 34.9 billion MAD (up 5.6%), gross operating result about 21.7 billion, operating result about 18.0 billion (up 10%), and net income group share about 10.6 billion MAD (up 16.2%); the fuller consolidated net income, before minority interests, was about 12.3 to 12.4 billion MAD. Cost of risk was about 3.7 billion MAD, or 0.77% of loans. On the balance sheet, total assets reached about 795.5 billion MAD (up 9.5%), with customer deposits about 527.2 billion and customer loans about 447.9 billion, and consolidated equity about 80.5 billion. Return on average tangible equity was reported around 22.8%. A note on that last figure: it is a RoATE measure rather than a textbook ROE, so it is best read as a directional profitability signal rather than a like-for-like ratio.
When a new ATW filing lands, the two most informative lines are the geographic split of net banking income (to see how much of the growth is African versus Moroccan, and how much is currency) and the cost of risk by geography. The primary regulatory filings are archived on the AMMC issuers space, and the group publishes a results brochure through its investor-relations channel.
Beyond Morocco, Attijariwafa Bank runs one of the continent's larger banking networks, with a presence the group describes as spanning roughly 26 countries, on the order of 5,800 to 5,900 branches, and more than 12 million clients. The African subsidiaries include CBAO in Senegal, Societe Ivoirienne de Banque (SIB) in Cote d'Ivoire, Societe Camerounaise de Banque (SCB) in Cameroon, Union Gabonaise de Banque (UGB) in Gabon, Credit du Congo, banks in several West African Economic and Monetary Union countries, Attijari bank Tunisie, an Egyptian operation built on the former Barclays Egypt, and Attijariwafa bank Europe. This footprint is the group's growth engine and, at the same time, the main source of the currency and country risk described above; the exact contribution of Africa to group results is not cleanly disclosed period to period, so it is best read from the geographic segment tables in each filing rather than assumed.
Attijariwafa Bank has raised its dividend steadily. The figures below are per share; the FY2025 figure is a Board proposal to the general meeting.
| Financial year | Dividend / share (MAD) | Note |
|---|---|---|
| FY2021 | 15.00 | paid Jul 2022 |
| FY2022 | 15.50 | paid Jul 2023 |
| FY2023 | 16.50 | approved at the June 2024 AGM |
| FY2024 | 19.00 | paid 2025 |
| FY2025 | 22.00 | proposed by the Board, subject to AGM approval |
Source: dividend history from data providers and Casablanca exchange records, with the FY2023 figure corroborated by post-AGM coverage; the FY2025 figure is a proposal pending the general meeting.
The first risk is African subsidiary and sovereign exposure: because so much of the group's growth sits in West and Central Africa, ATW carries CFA-zone macro, local sovereign and currency-translation risk that a Morocco-focused bank largely avoids. The second is cost-of-risk normalisation: the recent fall in provisioning has flattered earnings, so a rise in African non-performing loans would reverse a meaningful part of the profit growth. The third is governance and control: leadership has long centred on a single chief executive, and Al Mada's roughly 46.5% stake means minority holders have limited influence and related-party dynamics inside the Al Mada ecosystem are a standing consideration. Finally there are the ordinary capital and liquidity considerations: periodic capital increases can be modestly dilutive, and with a free float near 22.7% of a very large capitalisation, price moves can be amplified by relatively thin trading.
Attijariwafa Bank is two things at once: the anchor of the Moroccan market and the listed bank most levered to Africa. FY2025 showed the upside of that mix, with a falling cost of risk and constant-currency growth outrunning the reported number to produce record profit and a higher proposed dividend. The same mix is the risk, because African provisioning and currency translation can swing the result the other way. For a reader, the discipline is to look past the headline to the geographic split of net banking income and the cost of risk by region, and to remember that ATW's index weight means its own moves and the MASI's are hard to separate. None of this is a recommendation; it is how to read the disclosures the group publishes.
Company facts and figures are drawn from Attijariwafa Bank's FY2025 group results release (late February 2026) as reported by Moroccan financial media (LesEco, Maroc Hebdo, Medias24, Boursenews, Lejecos, allAfrica), the group's investor-relations publications, and its 2024 reference document filed with the AMMC; the reported ISIN is MA0000011827. Market context is from the Bourse de Casablanca and Bank Al-Maghrib. The delayed price on this page comes from the Drahmi feed and may be up to about 90 minutes old.
Attijariwafa Bank is supervised prudentially by Bank Al-Maghrib and files market disclosures with the AMMC. Results are published semiannually (H1) and annually. Where a figure could not be confirmed from a reliable source it has been left out rather than estimated, including a FY2025 cost-to-income ratio and the exact Africa share of group results; how figures are validated is described in the methodology, and any revision is logged in the corrections log. Facts last reviewed 2026-07-23.