Attijari Bank Publishes 2024 Financial Statements
Attijari Bank released its 2024 financial statements yesterday, showcasing a net banking income of 707,895 MTND, a 9.7% increase year-over-year. The operating result stood at 347,717 MTND, also up 7.5% compared to 2023. The risk cost rose to 37,680 MTND in 2024 (22,053 MTND in 2023). The bank successfully controlled its operating expenses at 79,603 MTND, a stable level compared to the previous year.
At the consolidated accounts level, the Attijari Bank Group reported a net group share of 239,715 MTND, a 6.1% increase year-over-year.
Despite the increase in the tax rate and additional collective provision allocations following the application of the BCT Circular N°2025-01 dated January 29, 2025, which updated the rules for collective provisions and those related to the provisions of Article 412-III (new) of Law No. 41 of 2024, the bank achieved excellent operational performances.
The bank's solvency ratio stood at 12.81% (minimum regulatory requirement of 10%), and the Tier I ratio at 11.17% (minimum regulatory requirement of 7%). These levels are in line with the BCT's requirements for dividend distribution. The Board of Directors has decided to propose a dividend payment of 5 TND per share to shareholders.
Furthermore, shareholders are called to convene an extraordinary general meeting to approve an increase in the bank's capital from 210 to 250 MTND. This will result in the allocation of free shares at a ratio of 4 new shares for every 21 old shares. The entitlement date is set for January 1, 2025. On the stock exchange, the bank's share price has risen by 32.99% since the beginning of the year. We believe that the entire sector should benefit from this announcement, bringing a bit of confidence to investors.
