Attijari Bank Continues Growth in Q3 2024 Despite Gloomy Economic Context
Despite the persistently gloomy economic context, Attijari Bank has continued its growth momentum in the third quarter of 2024. The bank's net banking income (PBI) stood at 178,321 million Tunisian dinars (Mtnd), up 11.3% compared to the same period in 2023.
Notably, the interest margin reached 96,537 Mtnd, compared to 85,275 Mtnd the previous year, demonstrating the bank's ability to capitalize on the favorable interest rate environment. One of Attijari Bank's strengths is its attractiveness for sight deposits, which stood at 4,752 Mtnd as of September 30, representing an increase of 468,154 Mtnd compared to the previous year. Growth was faster for remunerated deposits, which reached 3,555 Mtnd, up 309,962 Mtnd year-over-year.
Net commissions also evolved positively, despite the capping of certain basic service fees, totaling 35,360 Mtnd. Similarly, portfolio gains generated 46,434 Mtnd. The bank's portfolio weighs in at 1,751,559 Mtnd.
Since the beginning of the year, the PBI has reached 526,362 Mtnd, up 8.8%. Operating expenses followed the same trend, increasing by 7.8% to 250,627 Mtnd. The operating coefficient stands at 47.6%.
The bank reported a gross operating income of 286,5 Mtnd as of September 30, 2023, up 10.3%.
On the social responsibility front, Attijari Bank acquired an innovative machine developed by Tunisian startup Kumulus, which transforms ambient air into drinking water, demonstrating its commitment to addressing water stress. The bank also participated in the 1st Mediterranean Decarbonization Forum (Décarbomed 2024), reaffirming its commitment to promoting a sustainable and low-carbon economy, contributing to a future where finance and environmental protection go hand-in-hand.
Overall, we believe that the bank is on track to achieve an excellent 2024 financial year. The annual PBI is expected to exceed 700 Mtnd, and given the good quality of its assets, the net result should be positive. The current context is marked by increasing pressure on banks. Those looking to play the card of good surprises can count on Attijari Bank.
