Apr 14 2010 |
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Attijariwafa Bank's ratings affirmed
Capital Intelligence (CI), the international credit rating agency, today announced that it has affirmed the Foreign Currency ratings of Morocco's Attijariwafa Bank 's at BBB- (Long-term) and A3 (Short-term), which are at the sovereign ceiling for Morocco, and the Financial Strength rating at BBB. The Support rating was maintained at 2. The Outlook for all ratings remains Stable.Attijariwafa Bank is the leading bank in Morocco, and the ratings reflect a very strong domestic banking franchise, with the Bank controlling around one-quarter of sector assets, loans and deposits. Asset quality is good with a low level of non-performing loans (NPLs) and high provision coverage. AWB 's capital ratios are adequate with moderate improvement in its CAR ratio due to the issuance of Tier 2 capital. Liquidity is good, with the Bank holding a solid level of liquid assets, and aided on the funding side through its customer deposit base.
Profitability has been consistently very sound for some years and this record was maintained in 2009, driven by its wide market reach and operating base, and strong domestic franchise. For full year 2009,
AWB
achieved net profit of MAD2,797mn against the MAD2,358mn in 2008, an increase of 19%. Total assets amounted to MAD225,880mn with loans of MAD122,321mn. Consolidated profits were MAD3,941mn (2008: MAD3,118mn). Margins have nonetheless tightened somewhat through a combination of a slight rise in cost of funds and lower yield from its asset base.
-Ends-
Attijariwafa Bank
(
AWB
) was established in 1911 as Banque Commerciale du Maroc (BCM) and is Morocco's oldest and largest domestic bank. In 2003 BCM acquired control and effective ownership of Wafabank (WB), which was Morocco's fourth-largest bank. A merger between the two banks and a change of name to
Attijariwafa Bank
(
AWB
) became effective retroactive to 1 September 2004. The principal owners of
AWB
include Morocco's leading private-sector group, the large Omnium Nord Africain (ONA) group (30%), Spanish bank Group Santander (15%), and local insurance firm Groupe MAMDA & MCMA (7.8%).
Contact:
Darren Stubing
darren.stubing@ciratings.com
Tel: 357 2534 2300
Tom Kenzik
tom.kenzik@ciratings.com
Tel: 357 2534 2300
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