CONSOLIDATED RESULTS OF

ATTIJARIWAFA BANK GROUP

Consolidated net banking income

At December 31, 2022, consolidated net banking income totaled

MAD 26.3 billion, compared with MAD 24.4 a year earlier. This

7.9% increase is attributable to the:

• 7.3% rise in interest margin, to MAD 17.4 billion;

• 11.2% increase in fee income, to MAD 5.8 billion.

NBI at December 31, 2022

66%

22%

12%

0.4%

Net interest margin

Net fee income

Income from market

activities

Net income from

other activities

At the end of 2022, consolidated NBI by activity broke down

as follows:

• Morocco, Europe and offshore banking: –2.3%, to MAD

12.3 billion;

• specialized finance subsidiaries: +2.2%, to MAD 2.7 billion;

• international retail banking: +18.4%, to MAD 9.8 billion;

• insurance activities: +53.4%, to MAD 1.9 billion.

Gross operating income

Gross operating income rose 11.5% in 2022, to MAD 14.6 billion.

General operating expenses (incl. depreciation, amortization

and impairment) declined by 3.8%, to MAD 11.7 billion. The cost-

to-income ratio came to 44.5%, compared with 46.3% in 2021.

Cost of risk

The cost of risk totaled MAD 3.2 billion. As a share of total

outstandings, the cost of risk came to 0.79%, compared with

0.97% in 2021. The nonperforming-loan ratio declined –0.69

points in 2022, to 7.43%.

Consolidated net income

Group consolidated net income rose 21.1% in 2022, to MAD

7.5 billion.

Net income (Group share)

Net income (Group share) increased by 17.9%, to MAD 6.1 billion.

Return on Tangible Equity (RoTE

*

) came to 16.6% in 2022.

Return on Average Assets (RoAA

**

) came to 1.22%.

Contributors to net income (Group share)

at December 31, 2022

Banking in Morocco, Europe and offshore

zone

-0.6%

Specialized finance subsidiaries+1.6%

Insurance entities+93.1%

International retail banking+52.3%

(*) ROTE = Net income (Group share) / Average tangible shareholders’ equity (Group share)

(**) RoAA = Net income/Average total assets