First semester 2003 results
October 07 2003 - 8:57AM
UK Regulatory
RNS Number:6157Q
Banque Marocaine Du Commerce Exteri
07 October 2003
FINANCIAL COMMUNICATION
FIRST SEMESTER 2003 RESULTS -AGGREGATED ACTIVITY-
BMCE BANK
GROSS OPERATING INCOME +31.1%
NET BANKING INCOME +7.7%
The BMCE Bank Board of Directors meeting was held on September 26th, 2003,
chaired by Mr Othman BENJELLOUN, at the Bank's head office. It examined the
bank's activity during the first semester 2003 as well as the related accounts.
In addition, the Board of Directors unanimously adopted the principle of sealing
a partnership of economic, financial and societal dimension with the Groupe
Caisse d'Epargne -GCE-. The industrial aspect of this partnership is related to
an equity participation, through the acquisition of 20% stake by GCE in the
Capital of BMCE Bank, as stated in the letter of intent dated September 25th,
2003, sent by the chairman of GCE to the chairman of BMCE Bank.
This transaction is subject to the agreement of the monetary and regulatory
authorities, whose decision making bodies will meet soon. After the final
signature of the partnership between the two banks, it is agreed that this
equity holding in the capital of BMCE Bank would be acquired by GCE at 500
dirhams per share.
Financial performances on a sustained rise thanks to the banking activity growth
and overheads monitoring.
Financial Highlights
+7.7% increase in the Net Banking Income, to 1.14 billion MAD as of June 30,
2003 against 1.06 billion MAD as of end-June 2002, thanks in particular to the
rise of the net interest income (+6.6%)
-3.5% decrease in the general operating expenses, inducing around 6 percentage
points improvement in the cost to income ratio that went down from 54.87% to
49.14%.
+31.1% rise in the Gross Operating Income due to overheads monitoring and the
favourable growth of the operating banking activity.
250 million MAD of net allowances for provisions, reflecting an ongoing effort
of cleansing the loan portfolio and consolidating the risk covering policy.
+28% increase in net income, to 244.6 million MAD as of June 30, 2003 compared
to 191.2 million MAD as of June 30, 2002.
+11.9% and +2.4% growths of customer loans and deposits, respectively.
+4.8% growth of total assets, from 51.7 billion MAD to 54.2 billion MAD over the
period June 2002-2003.
Positive Commercial Performances
BMCE Bank's retail activity, through the achievements of the Retail bank and the
implementation of a customer focused organisation and strategy, consolidated its
growth trend, as shown in the rise of indicators such as (i) the number of
customer accounts with 26,000 new accounts opened, (ii) the Bank's distribution
network reinforced with 6 new branches, (iii) the number of bancassurance
contracts with a +36,7% increase and (iv) the number of electronic payment cards
with a +14.9% growth.
The investment bank activities had benefited from the set up of a reinforced
specialisation of business lines. The result indicators of the Division
maintained their growth at a sustained rate.
As regards to international activities, BMCE Bank proceeded to the opening of a
desk in Madrid dedicated to the Moroccan Expatriates activity and the starting
of BMCE Capital Dakar.
Project Enterprise
BMCE Bank launched a large-scale project enterprise, "CAP CLIENT", focused on
the organisation of distribution network, the process, as well as the managerial
and commercial practices for distribution.
Public Offer reserved to BMCE Bank staff
Within the policy of profit sharing and motivation of its staff, BMCE Bank
launched on February 2003 a public offer, exclusively reserved to the Group's
staff and representing 4.72% of its capital.
BMCE BANK
AGGREGATED ACCOUNTS AS OF JUNE 30, 2003
ASSETS 06/30/2003 06/30/2002
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 3 352 727 2 573 176
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 8 236 517 8 353 308
. Demand 1 038 950 1 572 719
. Time 7 197 567 6 780 589
LOANS AND ADVANCES TO CUSTOMERS 24 677 728 22 055 965
. Cash and consumer loans 14 439 603 13 087 810
. Equipment loans 5 492 491 5 118 509
. Mortgage loans 1 357 880 762 262
. Other loans 3 387 754 3 087 384
ADVANCES ACQUIRED BY FACTORING
TRANSACTION AND MARKETABLE SECURITIES 10 769 092 12 289 629
. Treasury bonds and equivalent securities 6 940 010 6 440 776
. Other debt securities 2 482 106 2 515 585
. Title deeds 1 346 976 3 333 268
OTHER ASSETS 1 569 703 1 128 319
INVESTMENT SECURITIES 606 625 378 418
. Treasury bonds and equivalent securities
. Other debt securities 0 378 418
EQUITY INVESTMENT AND EQUIVALENT USES 3 950 980 3 933 493
SUBORDINATED LOANS
FIXED ASSETS LEASED AND RENTED
INTANGIBLE FIXED ASSETS 59 486 54 432
TANGIBLE FIXED ASSETS 960 947 931 478
TOTAL ASSETS 54 183 805 51 698 218
LIABILITIES 06/30/2003 06/30/2002
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 7 520 787 6 375 857
. Demand 800 948 1 760 376
. Time 6 719 839 4 615 481
CUSTOMER DEPOSITS 40 134 580 39 186 125
. Demand deposits 18 931 030 16 472 472
. Savings deposits 7 140 643 6 570 951
. Time deposits 10 170 110 11 495 492
. Other deposits 3 892 797 4 647 210
DEBT SECURITIES ISSUED
. Negotiable debt securities
. Bond loans
. Other debt securities issued
OTHER LIABILITIES 1 100 359 807 977
CONTINGENT LIABILITIES 168 990 173 402
REGULATED PROVISIONS 0 382
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL
GUARANTEE FUNDS
SUBORDINATED DEBTS
REVALUATION RESERVE
RESERVES AND PREMIUMS RELATED TO CAPITAL 3 360 267 3 336 054
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS. UNPAID-UP CAPITAL
RETAINED EARNINGS (+/-) 91 34
NET EARNING BEING APPROPRIATED (+/-) 66 568 39 711
NET EARNING FOR THE YEAR (+/-) 244 649 191 162
TOTAL LIABILITIES 54 183 805 51 698 218
OFF-BALANCE SHEET 06/30/2003 06/30/2002
GIVEN COMMITMENTS 10 376 829 12 091 943
Financing commitments on behalf of credit 1 224 440 2 015 426
institutions and equivalent
Financing commitments on behalf of customers 3 069 214 3 054 204
Guarantee commitments given to credit institutions 1 827 783 2 619 717
and equivalent
Guarantee commitments given to customers 4 255 392 4 402 596
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 608 566 591 561
Financing commitments received from credit
institutions and equivalent
Guarantee commitments received from credit 569 342 547 043
institutions and equivalent
Guarantee commitments received from the State and 39 224 44 518
various guarantee bodies
Securities repos sold
Other securities to be received
I- EARNING FORMATION TABLE 06/30/2003 06/30/2002
+ Interests and assimilated revenues 1 162 657 1 198 920
- Interests and assimilated expenses 397 667 481 041
Interest Margin 764 990 717 879
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
Profit from leasing and renting operations
+ Fees received 184 116 188 787
- Fees paid 18 907 16 795
Margin on fees 165 209 171 992
+ Income from operations on transaction securities
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+ Income from transactions on marketable securities 126 338 72 968
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+ Income from exchange transactions 26 186 60 985
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+ Income from derivatives transactions 1 084 -5 807
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Income from market transactions 153 608 128 146
+ Other miscellaneous banking revenues 91 464 72 198
- Other miscellaneous banking expenses 34 210 31 136
NET BANKING INCOME 1 141 061 1 059 079
+ Net income from equity investments 1 850 -33 647
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+ Other non-banking operating revenues 8 621 6 899
- Other non-banking operating expenses 5 262 4 766
- General operating expenses 560 763 581 094
GROSS OPERATING INCOME 585 507 446 471
+ Allowances for non performing loans and commitments
(net of write backs) -249 683 -186 528
+ Other allowances net of provision write-backs 0 2 471
CURRENT INCOME 335 824 262 414
NON-CURRENT INCOME
- Corporate tax 91 175 71 252
NET EARNINGS FOR THE YEAR 244 649 191 162
II- CASH-FLOW
+ NET EARNING FOR THE YEAR
--------------------------
+ Allowances for depreciation and provisions for intangible
and tangible fixed assets 58415 57147
+ Allowances for provisions for equity investments
depreciation 0 33647
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non-current allowances
- Provisions write-backs 3634 -2441
- Capital gains on disposals of intangible and
tangible fixed assets 845 298
+ Capital losses on disposals of intangible and tangible
fixed assets 0 1 449
- Capital gains on disposals of equity investments
+ Capital losses on disposals of equity investments 331
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 298 916 280 666
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- Dividends distributed
+ CASH-FLOW 298 916 280 666
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FIRST SEMESTER 2002 SECOND SEMESTER 2002 FIRST SEMESTER 2002
2 012 156 1 750 074 1 873 825
JUNE 30, 2003 JUNE 30, 2002
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LOANS AMOUNTS PROVISIONS AND AMOUNTS PROVISIONS AND
DOUBTFUL INTERESTS DOUBTFUL INTERESTS
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SUBSTANDARD 1 287 2 733 325
LOANS
DOUBTFUL 76 862 76 012 215 557 155 870
LOANS
LOSS LOANS 2 263 250 1 500 494 1 907 273 1 172 519
TOTAL 2 341 399 1 576 506 2 125 563 1 328 714
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BANQUE MAROCAINE DU COMMERCE EXTERIEUR-BANK
BMCE BANK
ATTESTATION OF THE STATUTORY AUDITORS
FROM JANUARY 1st TO JUNE 30, 2003
According to article 17 of the Dahir related to the law ndegrees 1-93-212 of
September 21st, 1993, we have conducted a limited review of the interim balance
sheetsituation of the Banque Marocaine du Commerce Exterieur "BMCE Bank" for
the first semester running from January 1st to June 30, 2003, as well as the
turnover amounts.
We conducted our limited review in accordance with the professional standards
and given the prevailing legal and statutory conditions.
An allowance for general risks, featured as a voluntary reserve and previously
constituted after tax for an amount of MAD 150 millions, is now considered to
cover different identified risks. Thus, this allowance is no longer considered
as shareholder's equity.
On the basis of our limited review and except from the matter mentioned in the
paragraph above, we did not identify any fact likely to affect, significantly,
the sincerity of information contained in these documents.
Casablanca, September 23, 2003.
Statutory Auditors
ERNST & YOUNG KPMG
Hamad JOUAHRI Jamal Saad EL IDRISSI
Partner Partner
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IR FSEFEWSDSEIS
