2011 Annual report 2011 Annual report Attijariwafa bank société anonyme au capital de 2 008 898 130 MAD - Siège social : 2, boulevard Moulay Youssef, Casablanca. Agréée en qualité d’établissement de crédit par arrêté du ministre des finances et de la privatisation n° 2269-03 du 22 décembre 2003 tel que modifié et complété - RC 333. Tél. : +212 22 29 88 88 - www.attijariwafa.com Attijariwafa bank is a leading Pan-African Banking, Financial and Insurance Group. With 2,352 branches in 22 countries in Africa, Europe and Middle-East, we are committed to servicing our customers and creating value for the economies of the regions where we operate. 8 ChAIrMAn’s MEssage 24 strAtEGy-orIEntEd CorPorAtE GoVErnAnCE And organIsAtIon Commitment, Ethics, Values Attijariwafa bank is committed to balance in every action, growth, profitability and social progress, and thus through a corporate culture based on five values at the heart of its strategic approach, ethical and deontological principles and Identity. Ethics Commitment Leadership 60 solidarity A GroUP WIth A LonG-stAndInG Corporate Citizenship CoMMItMEnt TO thE CoMMUnIty CONTENTS 12 14 18 GroUP ProFILE kEy FIGUrEs 2011 hIGhLIGhts oF 2011 And rECEnt EVEnts 10 oF 2012 GroWth, PErForMAnCE And shArEd ProGrEss 26 30 32 36 A nEW strAtEGIC PLAn An Ad-hoC MAnagement And CorPorAtE « AttIjAriwafa 2015 » organIzAtIon For CoordInAtIon GoVErnAnCE « AttIjAriwafa 2015 » CoMMIttEE 42 48 49 rEtAIL BAnkInG CorPorAtE And trAnsACtIon InVEstMEnt BAnkInG 40 BAnkInG A CoMMItMEnt to ExCELLEnCE For ALL 50 52 55 CAPItAL MArkEts sPECIALIsEd InsUrAnCE CUstoMEr sEGMEnts BAnkInG FInAnCIAL CompanIEs 56 IntErnAtIonAL rEtAIL BAnkInG 62 CorPorAtE soCIAL rEsPonsIBILIty BAsEd on values And A ProACtIVE MAnAGEMEnt rEPort APProACh 78 Chairman’s MESSAGE n 2011, the international financial and economic Icontext was strongly weighed by the eurozone crisis, leading to a slowdown in the global growth. Closer, the regions where the Group operates went through massive political and social changes whereas in Morocco, the constitutional reform and the decision to hold early legislative elections have enabled the reforms process that began several years ago, to go forward. In this international environment of global uncertainty, Attijariwafa bank showed strong resilience that helped to maintain a significant growth pace and reinforce its main market positions globally. It achieved its “Attijariwafa 2012” strategic plan goals a year ahead of schedule. Sustained by the banking in Morocco, the speed up of intra group synergies and the significant contribution of the complementary growth drivers, all group aggregates made considerable progress with an improving risk and profitability profile. The consolidated NBI increased by 8.3% to MAD 15.9 billion, the Net Income Group Share rose by 8.7% to MAD 4.5 billion and the return on equity attained 21.2% getting 0.85 point. Mohamed EL kEttAnI, ChAIrMAn And ChIEF ExECUtIVE oFFICEr « In this international environment of global uncertainty, Attijariwafa bank showed strong resilience that helped to maintain a significant growth pace and reinforce its main market positions globally. It achieved its “Attijariwafa 2012” strategic plan goals a year ahead of schedule. » 8 In Morocco, the synergies between our areas of expertise growth outlook that a new strategic plan has been in banking, finance and insurance, combined with our drawn up, on a horizon of four years, with the aim of teams mobilization and devotion, have helped to offset sustaining development pace in all group business the effects of Europe crisis on the domestic economy and lines despite a challenging world economic context to strengthen the group’s role as a major contributor to and a fierce competition on banking markets across the economic and social development. In addition to the the Group footprint. already set up dynamic that benefits to all our historical Thus, the launch of our new strategic plan is setting business lines, we thoroughly continued investing in the 2012 exercise under new challenges. Therefore, giving large access to our financial products. We opened an ad-hoc organizational structure has been put into branches in under-banked regions, we developed a place for the implementation of “Attijariwafa 2015” low-cost bank targeting low-income customers, we plan. Meanwhile, to express the Group’s recognition to deployed a closeness approach to very small enterprises its teams strong commitment and in order to federate and we refined our Islamic products business model. them around “Attijariwafa 2015”, all employees have At a regional level, the group consolidated its positions been offered the chance to participate to a dedicated and accelerated the integration and transformation Group’s capital increase operation. Exceptional in its process of its recently acquired subsidiaries. It enhanced scale and financial terms, this operation also opens as well the governance mode and the risk management a new chapter in the institution’s history. For the first practices. In Tunisia, Ivory Coast, specifically, and even time, the staff of international subsidiaries has been latterly in Mali, the impact of the political turmoil on involved, which reflects the international dimension business was mitigated thanks to the development that the Group has reached. model deployed locally and to our best in class risk It’s indeed a new development phase that we are management processes. It made us confident regarding going through, bringing together all driving forces the potential regional growth drivers. and structuring them around a meaningful business Further north, Attijariwafa bank Europe is growing and plan that will create value for clients, employees and strengthening the Group presence in Europe. With a shareholders as well as the economies of the countries banking network in seven countries, the European in which we operate. subsidiary is now established as a platform servicing the African diaspora and the foreign trade financing between Europe and Africa. Our business model Mohamed El KEttani helps increasing flows and exchanges between the Chairman and Chief Executive Officer two continents. These developments follow a path that has been, in the last few years, outstanding in all aspects. It granted Attijariwafa bank with a solid foundation and a pronounced regional reach based on a development plan that combines growth, performance and shared progress. It’s with a renewed confidence in Attijariwafa bank’s 9 ANNuAl REpORT 2011 InnovatIon PErForMAnCE EthICs LEAdErshIP GroWth CorPorAtE CItIzEnshIP CoMMItMEnt dEVELoPMEnt soLIdArIty ChApTER 1 11 GroWth, PErForMAnCE 1• And shArEd ProGrEss rEMArkABLE PErForMAnCEs In ChALLEnGInG CondItIons 15.9 4.5 NBI* Net Income** IN BILLION OF dIrhams IN BILLION OF dIrhams 2 352 22 BRANCHES COUNTRIES *Net Banking Income **Net Income Group share GroUP ProFILE 12 kEy FIGUrEs 2011 14 hIGhLIGhts oF 2011 And rECEnt EVEnts oF 2012 18 Group profile ttijariwafa bank is a leading pan-African A Banking, Financial and Insurance Group. Attijariwafa bank is the largest bank in Morocco, the sixth in Africa by total assets as well as the fourth by income. The Group is based in Morocco and operates in 22 countries. With over 2,352 branches including 1,791 in Morocco, Attijariwafa bank has the largest service network in Africa. Its 14,686 employees are serving 5.5 million customers. number one network in africa with : 2,352 BrAnChEs 12 ANNuAl REpORT 2011 network, customers and staff at 31 December 2011 22 2 352 14 686 CoUntrIEs BrAnChEs EMPLOYEEs 1 791 Branches in morocco 181 Branches in North africa 58 Branches in Europe 5.5 MILLI on and the middle East CUSTOMErs 279 Branches in West africa 43 Branches in Central africa Shareholding Structure at 31 December 2011 at 31 May 2012 Capital mad 1 929 959 600 Capital mad 2 008 898 130 15.1 % 14.3 % 1.0 % 5.0 % 48.7 % 47.0 % 29.6 % 4,6 % 28.4 % 5.6 % SNI Group 5.3 % Grupo Santander Domestic Institutions Attijariwafa bank staff Free-float and others From 30 April to 11 May 2012, Group employees in Morocco were invited to subscribe to a dedicated capital increase. At the end of this operation, staff shareholdings rose to 5% of the total. 13 KeY fiGures 2011 Attijariwafa bank maintained a steady pace of growth in 2011 and improved its risk and profitability indicators despite slower economic growth and massive political and social changes in the markets where the Group operates. performances confirm the soundness of the Group’s business model. sustained growth and excellent profitability +15% +9% + 8% +12% 343.5 306.7 230.7 218.8 30.3 200.2 201.4 28.0 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 Customer loans Customer Deposits Shareholders’ Equity total assets in MAD billions in MAD billions in MAD billions in MAD billions + 8% +5% +12% +9% 15.9 8.7 23.1 14.7 8.2 5.3 4.7 21.3 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 net Banking income Gross Operating income net income Earning per share in MAD billions in MAD billions in MAD billions in MAD -0.27pt -0.38pt +0.8pt -0.01pt 0.58 5.3 21.2 4.9 20.4 0.31 1.5 1.5 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 12/31/10 12/31/11 Cost of Risk nPl* Ratio RoE Roa in % in % en % en % * Non Performing Loans 14 ANNuAl REpORT 2011 Business lines and footprint diversification oriented-strategy Attijariwafa bank Group’s business model is based on diversifying segments and geographical presence. Consolidated net banking Contribution to consolidated net income’s structure