BMCE Capital Global Research (BKGR) recommends buying the title Attijariwafa Bank with a price target of 800 dirhams, which is an increase of 26% compared to the current course. This revision is based on an evaluation based on the group netto result (RNPG) and the update of dividends.
In 2024, Attijariwafa Bank recorded an increase of 5.3% of the credits consolidated with 413.6 MMDH, supported by business credit. The consolidated deposits also increased by 10.3%, which rose to 28.06% for credits and 26.18% for deposits to 28.06%. The consolidated bank product (PNB) rose by 15.2%, which has increased to the interest margin (+7%), the result of market activities (+39.4%) and the margin for commissions (+3.9%).
For 2025, BKGR offers an increase in PNB from 8.4% to 37.4 mmdh with an increase in the interest margin to 21.3 mmdh (+8.1%) and an improvement of 10% of the result of market operations. The RNPG should grow by 10.1%, with a dividend estimated per share of 21 dirham (around 19 DH in 2024).
In 2026, the PNB should improve by 7.1%thanks to the dynamics of the loans and the acceleration of public and private investments and reach 40.1 MMDH. The RNPG should increase by 8.2%, supported by good operating performance and reducing the risk costs
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