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Rapport BMCE 2008 1Er Partie.Indd contents >>> >>>> BMCE BANK 2007 43 » WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 Chairman’s Message Chaii rman’s’ s Messagge OTHMAN BENJELLOUN Chairman & CEO >> BMCE BANK 2007 « 2 BMCE BANK 2007 WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 BMCE BANK 2007 >> Like in previous years, the 2007 fi scal year witnessed The year of 2007 was also characterized by the launch similar outstanding commercial and financial of the promising and forward looking activities of performance, with an unprecedented pre-tax income, MediCapital Bank, our investment bank in London, that exceeding MAD 2 billion. eventually should represent the Group’s Coporate Bank for the totality of its internationalational activities in Europe, This situation is the result of the growth in banking Asia and Africa. activity throughout the bank’s various divisions: Retail Banking, Corporate Banking, investment and We aree determined to spare no single effort likely to international activities, or the synergies across the strengthenrengthen the financial base of BMCE Bank and to different entities of BMCE Bank Group both in Morocco enhance the national and international reputation of and overseas. a BankinBankingg and fi nancial GrouGroup,p, with an international ccalling,alling, and at the service of its customers and In the same way, these performance levels are indicativeicativee sshareholders,hareholders, ppermanentlyermanently ggearedeared to the lonlong-lastingg-lasting of the trust and confi dence placed in our strategy—aategy—a—a interests of Morocco’s economeconomyy and those of the strategy which has attracted many investorsors such asa AfriAfricancan cocontinent.ntinent. the Caja de Ahorros del Mediterraneo, now onee of BMCE Bank’s shareholders. This genuinene enthusiasmenthusisiasm also positively impacted our stock, a blue chipch on Morocco’s stock exchange that hasas outperoutperformederformed not only the market index but also thathat of thehe banking sector. Othman Benjelloun ChairmanChairman & CEOCEO BMCE BANK 2007 3 » WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 BMCE Bank Within FinanceCom Group BMCE Bank Withh ini Fini anceCoC m GrG ouo p FinanceCom Group holds 40% of BMCE Bank’s Capital, as of April 30, 2008. FINANCECOM INDUSTRY & BANKING INSURANCE TMT* SERVICES > BMCE BANK > RMA WATANYA > MEDITELECOM > DISTRIBUTION > BMCE CAPITAL > RMA CAPITAL > FINATECH > AGRO-INDUSTRY > MEDICAPITAL BANK > AT COM > TOURISM > BANK OF AFRICA > EURAFRIC > TRANSPORT INFORMATION > MAGSHORE > STERIA MEDSHORE > EMAT > RMI** > MEDI1 SAT > REGIE 3 FinanceCom is a leading private Moroccan group withith regional i l and inter- national ambitions, structured around four clearly defi ned business lines, operating in each of the following sectors : > Financial services : BMCE Group, a Moroccan private banking group. > Insurance : RMA Watanya, the leader in Morocco. > Technology, Media and Telecommunications : - Meditelecom, leading private mobile telephoneelephonne networknetworw k inn Morocco, in partnership with Telefonica and Portugalg Telecom - Finatech ; - AT COM ; - Eurafric Information ; - Magshore ; - Steria Medshore. > Industries and services : - Transportation, CTM, Regional Airlines, Locasomsom andanndd M’DinaM’M DiD na BusBus ; - Tourism : Risma ; - Distributio : Jaguar Maroc, Hanouty ; - Agri-industry : Ranch Addarouhch. (*) Technology, Media & Telecommunications (**) Radio Méditerranée Internationale >> BMCE BANK WITHIN FINANCECOM GROUP « 4 BMCE BANK 2007 WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 BMCE BANK GROUP IN 2007 >>> 2 0 0 7 WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 2007 Key Figures 2007 Key Figgures CONSOLIDATED ACTIVITY 2007 2006 2007 EUROS DOLLARS % CHANGE % CHANGE MAD MAD MAD > BALANCE SHEET DATA Cash assets 712.2 1 045.2 8 084.8 2.6% 7 883.5 11.2% 7 090.3 Loans to credit institutions 1 737.2 2 549.4 19 720.2 37.7% 14 324.3 12.5% 12 735.3 Customer Loans 5 194.0 7 622.5 58 962.5 28.8% 45 785.2 23.5% 37 084.3 Transaction and marketable securities 1 146.1 1 682.0 13 010.7 11.0% 11 721.4 -7.7% 12 699.7 Investment securities 70.4 103.4 799.6 Equity portfolio 74.2 108.9 842.1 -48.5% 1 636.0 -20.0% 2 043.8 Net fi xed assets 197.3 289.6 2 240.2 13.1% 1 981.3 22.1% 1 622.0 Other assets 305.7 448.6 3 470.1 101.6% 1 720.9 -25.2% 2 301.0 Goodwill on acquisition 1.7 2.5 19.6 -8.0% 21.3 -13.0% 24.5 Total assets 9 438.8 13 852.0 107 149.8 25.9% 85 073.9 12.5% 75 600.9 Liabilities to credit institutions 805.5 1 182.1 9 143.6 82.4% 5 013.3 -15.1% 5 903.6 Customer deposits 7 220.7 10 596.7 81 969.1 21.2% 67 618.1 17.1% 57 757.3 Provisions for risks and expenses 15.7 23.0 178.0 155.0% 69.8 -29.6% 99.2 Subordinated debts 88.3 129.6 1 002.6 -1.7% 1 020.4 1.9% 1 001.4 Shareholders’ equity - Goup’s share 700.3 1 027.8 7 950.3 12.8% 7 047.1 8.2% 6 514.8 Reserve - Minority interests 38.8 57.0 441.0 30.1% 339.1 1.3% 334.7 Net earnings - Minority interests 11.2 16.4 127.2 78.4% 71.3 73.5% 41.1 Other liabilities 558.3 819.4 6 338.0 62.7% 3 894.8 -1.4% 3 948.8 Total liabilities 9 438.8 13 852.0 107 149.8 25.9% 85 073.9 12.5% 75 600.9 IN MILLIONS EARNINGS DATA Net interest income 167.3 245.5 1 898.9 20.6% 1 574.2 -21.5% 2 005.6 Net fee income 72.1 105.8 818.1 22.2% 669.5 16.4% 575.0 Income from market transactions 104.7 153.7 1 188.6 50.3% 790.6 84.4% 428.7 Income from leasing and renting operations 41.4 60.8 470.0 -1.8% 478.6 Net miscellaneous 8.6 12.6 97.1 3.7% 93.6 1.5% 92.2 Net Banking Income 394.0 578.2 4 472.7 24.0% 3 606.5 16.3% 3 101.5 Income from equity investments 38.9 57.1 442.0 300.0% 110.5 -55.1% 246.3 Non banking operating revenues 9.9 14.5 112.1 181.0% 39.9 0.8 General operating expenses 223.6 328.1 2 538.0 19.4% 2 125.7 15.4% 1 842.2 Gross Operating Income 219.2 321.7 2 488.8 52.6% 1 631.2 8.3% 1 506.5 Net allowances for provisions 30.5 44.8 346.2 31.8% 262.7 -26.7% 358.5 Non current Income 0.4 0.6 4.6 -29.1 0.2 Income Tax 67.2 98.6 762.5 67.1% 456.2 18.9% 383.8 Net earning of fully consolidated companies 122.0 179.0 1 384.7 56.8% 883.2 15.5% 764.4 Share in net income of companies accounted for by equity method 1.4 2.1 16.4 -26.1% 22.2 74.8% 12.7 Net earnings 123.4 181.1 1 401.1 54.7% 905.4 16.5% 777.1 Group’s Share 112.2 164.7 1 273.9 52.7% 834.1 13.3% 736.0 Minority Interests 11.2 16.4 127.2 78.4% 71.3 73.5% 41.1 EXCHANGE RATE AS OF DECEMBER 31, 2007: EURO/MAD: 11.352 DOLLAR/MAD : 7.73535 IN MILLIONS MAIN RATIOS 2007 % CHANGE 2006 % CHANGE 2005 > PROFITABILITY RATIOS ROE 19.07% +5.64%p 13.43% +0.45%p 12.98% ROA 1.33% +0.29%p 1.04% +0.02%p 1.02% RISK MANAGEMENT RATIOS Coverage ratio 87.37% +7.07%p 80.30% +7.73%p 72.57% NPL ratio 5.25% -1.23%p 6.48% -1.21%p 7.69% PRODUCTIVITY RATIOS Cost to income ratio 56.74% -2.20%p 58.94% -0.46%p 59.40% OTHER RATIOS Deposits/ Loans 139.02% -8.67%p 147.69% -8.06%p 155.75% Interest margin 3.86% -0.28%p 4.14% -0.05%p 4.19% >> 2007 KEY FIGURES « 6 BMCE BANK 2007 WorldReginfo - 4cf807b7-8f1a-4cd2-b58e-949c9d5d6250 2007 KEY FIGURES >> > +54.7% +24% +52.6% +25.9% +16.3% +12.5% 2 488.8 1 401.1 4 472.7 +16.5% +8.3% 10 7150 85 074 3 606.5 75 601 3 101.5 905.4 1 631.2 777.1 1 506.5 771,1 771,1 771,1 MAD MAD MAD MAD MILLION MILLION MILLION MILLION 2005 2006 2007 2005 2006 2007 2005 2006 2007 2005 2006 2007 N N N I I I IN Gross Operating Net Consolidated Earnings Net Banking Income Income Total Assets Strong growth in net consolidated Sustained growth in Net Banking Income Gross operating income reaching Sustained growth in total assets, excee- earnings, reaching MAD 1.4 billion of +24%, standing at nearly MAD 4.5 MAD 2.5 billion vs. MAD 1.6 billion, ding, for the fi rst time, MAD 100 billion to vs. MAD 905.4 million at the end of billion at the end of 2007 thanks to the i.e. up by 53%. attain MAD 107 billion, i.e. up by +26%. 2006, i.e. +55%. A rise of +52.7% in net growth generated by the Bank’s intrinsic consolidated earnings – Group share of activity and the value added obtained nearly MAD 1.3 billion vs. MAD 834 at by the transfer of shares held by la Caja the end of December 2006.
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