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UPDATE 1-Morocco's Attijariwafa bank says 2016 net profit up 5.7 pct vs a year ago
March 7, 2017 / 9:06 AM / 5 months ago

UPDATE 1-Morocco's Attijariwafa bank says 2016 net profit up 5.7 pct vs a year ago

(Adds details on profits)

RABAT, March 7 (Reuters) - Morocco's Attijariwafa Bank said on Wednesday its 2016 net profit attributable to shareholders rose to 4.8 billion dirhams ($475.85 million), an increase of 5.7 percent from a year ago, strengthened by commercial activity in its insurance and financial branches.

The bank, controlled by Moroccan royal family holding SNI and one of the country's largest lenders, said total consolidated assets rose 4.3 percent, while net banking income rose 3.6 percent to 19.7 billion dirhams.

Consolidated shareholders' equity rose to 47.4 billion dirhams, up 15 percent.

The bank also cited strong growth potential in Africa, following its purchase of Barclays Bank of Egypt and its acquiring a majority stake in Rwanda's Cogebanque last year.

Attijariwafa has subsidiaries in Tunisia, Ivory Coast, Senegal, Mauritania, Mali, Cameroon, Gabon and Congo Brazzaville, plus branches in Europe catering mainly for Moroccans living there. ($1 = 10.0872 Moroccan dirham) (Reporting by Samia Errazzouki; editing by Patrick Markey)

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