Banque Marocaine Du Commerce Exteri
01 November 2005
BMCE BANK FINANCIAL COMMUNICATION
2005 HALF YEAR CONSOLIDATED RESULTS
- +45% rise in consolidated Net Earnings to nearly MAD 440 millions,
against +28% rise in aggregated results. SALAFIN, BMCE Capital Gestion and La
Banque de Developpement du Mali were the main subsidiaries contributing to this
achievement.
- + 46.1% increase in consolidated Net Earnings of the Group's Equity , to
MAD 424 millions.
- +12% growth in the Net Banking Income (against +8% in aggregated results)
to nearly MAD 1.5 billion, thanks to the increase in the dividends received from
the non consolidated subsidiaries.
- +26,8% upsurge in consolidated Gross Operating Income to MAD 798
millions, thanks to the progression of both Net Banking Income (+12%) and Net
income from equity investment (mMAD +140).
- -0.4p% improvement in consolidated cost to income ratio to 54.22%
against 53.82% on June 30, 2004.
- +13% reinforcement of consolidated Shareholders' Equity to MAD 6.3
billions, against 5.5 billions on June 30, 2004.
- +12.1% rise in consolidated Total Assets to MAD 74.5 billions.
LIST OF CONSOLIDATION
Consolidation Methods % of control
Full consolidation
Maroc Factoring 95.0%
Salafin 97.1%
Maghrebail 35.0%
BMCE International 80.0%
BMCE Capital 100.0%
BMCE Capital Bourse 100.0%
BMCE Capital Gestion 100.0%
Equity Method
Casablanca Finance Markets (CFM) 33.3%
Acmar 20.0%
Banque de Developpement du Mali (BDM) 20.7%
Radio Mediterranee Internationale (RMI) 25.5%
(*) The list of consolidation for FY 2004 excluded:
- Interfina after its disposal
- Al Wataniya, whose merger with the insurance company RMA reduced BMCE
Bank's participation in RMA Watanya to 19.25%, a stake below the threshold for
consolidation (20%).
CONSOLIDATED BALANCE SHEET
In thousand MAD
ASSETS 06/30/2005 06/30/2004
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 9 630 054 6 346 302
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 11 253 301 9 246 019
. Demand 832 064 823 742
. Time 10 421 237 8 422 277
LOANS AND ADVANCES TO CUSTOMERS 31 064 611 29 576 110
. Cash and consumer loans 16 726 353 14 266 510
. Equipment loans 6 414 561 9 467 361
. Mortgage loans 4 049 397 2 459 030
. Other loans 3 874 300 3 383 209
LEASING AND RENT OPERATIONS 4 752 261
ADVANCES ACQUIRED BY FACTORING 631 947 572 784
TRANSACTION AND MARKETABLE SECURITIES 11 018 700 13 794 202
. Treasury bonds and equivalent securities 6 905 769 7 255 471
. Other debt securities 3 392 024 1 953 974
. Title deeds 720 907 4 584 757
OTHER ASSETS 1 591 141 1 607 920
INVESTMENT SECURITIES 436 237 604 120
. Treasury bonds and equivalent securities 27 29
. Other debt securities 436 210 604 091
EQUITY INVESTMENT OF NON CONSOLIDATED AFFILIATES 2 535 465 2 419 278
SECURITIES CONSOLIDATED BY THE EQUITY METHOD 162 608 700 046
. Financial companies 129 141 700 046
. Other companies 33 467 -
SUBORDINATED LOANS -
FIXED ASSETS LEASED AND RENTED -
INTANGIBLE FIXED ASSETS 89 142 76 936
TANGIBLE FIXED ASSETS 1 337 313 1 094 664
GOODWILL ON ACQUISITION 22 957 445 121
TOTAL ASSETS 74 525 737 66 483 502
In thousand MAD
LIABILITIES 06/30/2005 06/30/2004
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 10 984 974 6 035 764
. Demand 1 907 542 699 527
. Time 9 077 432 5 336 237
CUSTOMER DEPOSITS 51 602 085 50 826 531
. Demand deposits 23 682 608 22 179 917
. Savings deposits 9 007 717 8 069 119
. Time deposits 13 727 859 15 678 177
. Other deposits 5 183 901 4 899 318
DEBT SECURITIES ISSUED 759 740 999 804
. Negotiable debt securities 505 980 999 804
. Bond loans 253 760
. Other debt securities issued -
OTHER LIABILITIES 4 068 788 2 055 300
GOODWILL ON ACQUISITION
CONTINGENT LIABILITIES 63 630 179 443
REGULATED PROVISIONS - 54 682
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS - 4 476
SUBORDINATED LOANS 511 250 500 000
PREMIUMS RELATED TO CAPITAL 3 961 921 3 551 116
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS, UNPAID UP CAPITAL
CONSOLIDATED RESERVES, REVALUATION RESERVE, UNREALISED EXCHANGE 546 364 385 256
GAINS/LOSSES DIFFERENTIALS AND DIFFERENCE IN EQUITY METHOD
. Group share 272 564 107 513
. Minority interests 273 800 277 743
NET INCOME FOR THE YEAR 439 471 303 616
. Group share 424 035 290 161
. Minority interests 15 436 13 455
TOTAL LIABILITIES 74 525 737 66 483 502
CONSOLIDATED OFF-BALANCE SHEET
In thousand MAD
OFF-BALANCE 06/30/2005 06/30/2004
GIVEN COMMITMENTS 14 731 677 12 038 808
Financing commitments given on behalf of credit institutions and 176 234 478 248
equivalent
Financing commitments given on behalf of customers 7 120 143 4 281 815
Guarantee commitments given to credit institutions and equivalent 1 994 596 1 826 367
Guarantee commitments given to customers 5 440 704 5 452 378
Securities repos purchased - -
Other securities to be delivered - -
RECEIVED COMMITMENTS 1 127 765 1 674 998
Financing commitments received from credit institutions and 462 770 414 669
equivalent
Guarantee commitments received from credit institutions and 572 056 1 227 064
equivalent
Guarantee commitments received from the State and various 92 939 33 265
guarantee bodies
Securities repos sold - -
Other securities to be received - -
CONSOLIDATED INCOME STATEMENT
In thousand MAD
06/30/2005 06/30/2004
BANK OPERATING REVENUES 2 288 980 2 242 519
Interests and assimilated revenues on transactions with credit 101 498 59 535
institutions
Interests and assimilated revenues on transactions with 1 155 729 1 055 833
customers
Interests and assimilated revenues on debt securities 239 277 269 916
Revenues on title deeds 89 859 35 810
Revenues from leased and rented fixed assets - -
Fees on provided services 212 207 209 735
Other banking revenues 490 410 611 690
BANK OPERATING EXPENSES 790 160 904 598
Interests and assimilated expenses on transactions with credit 128 132 76 990
institutions
Interests and assimilated expenses on transactions with 400 380 393 448
customers
Interests and assimilated expenses on debt securities issued 30 170 29 954
Expenses on leased and rented fixed assets - -
Other banking expenses 231 478 404 206
NET BANKING INCOME 1 498 820 1 337 921
Non-banking operating revenues 88 556 56 311
Non-banking operating expenses 8 599 10 128
GENERAL OPERATING EXPENSES 806 675 725 462
Staff expenses 426 488 406 540
Tax expenses 22 017 22 382
External expenses 282 828 222 804
Other general operating expenses 5 591 7 754
Allowances for depreciation and provisions for intangible and 69 751 65 982
tangible fixed assets
ALLOWANCES FOR AMORTIZATION ON GOODWILL ACQUISITION 3 037 17 905
GOODWILL ACQUISITION WRITE BACKS
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 298 301 299 053
Allowances for non performing loans and commitments 251 522 234 535
Loan losses 11 940 17 271
Other allowances for provisions 34 839 47 247
PROVISION WRITE-BACKS AND RECOVERY ON AMORTIZED DEBTS 156 789 43 538
Provision write-backs on non performing loans and commitments 34 608 24 401
Recovery of amortised debts 6 243 5 208
Other provision write-backs 115 938 13 929
CURRENT INCOME 627 553 385 222
Non-current revenues 55 -
Non-current expenses - 3 277
PRE-TAX EARNINGS 627 608 381 945
Tax 201 188 134 130
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 426 420 247 815
Share in net income of companies accounted for by equity method 13 051 55 801
. Financial companies 13 051 55 801
. Other companies - -
NET EARNINGS FOR THE YEAR 439 471 303 616
Group's equity 424 035 290 161
Minority interests 15 436 13 455
CONSOLIDATED MANAGEMENT BALANCES STATEMENT
In thousand MAD
I- EARNINGS FORMATION TABLE 06/30/2005 06/30/2004
+ Interests and equivalent revenues 1 494 677 1 382 719
- Interests and equivalent expenses 559 930 503 305
INTEREST MARGIN 934 747 879 414
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
PROFIT FROM LEASING AND RENTING OPERATIONS
+ Fees received 253 357 246 025
- Fees paid 29 689 25 163
MARGIN ON FEES 223 668 220 862
+ Income from operations on transaction securities - -
+ Income from transactions on marketable securities 216 557 174 437
+ Income from exchange transactions 47 387 69 150
+ Income from derivatives transactions 15 283 - 12 440
INCOME FROM MARKET TRANSACTIONS 279 227 231 147
+ Other miscellaneous banking revenues 96 387 36 294
- Other miscellaneous banking expenses 35 209 29 796
NET BANKING INCOME 1 498 820 1 337 921
+ Net income from equity investments 110 966 - 29 223
+ Other non-banking operating revenues 3 179 55 832
- Other non-banking operating expenses - 8 599 10 124
- General operating expenses 806 675 725 462
GROSS OPERATING INCOME 797 691 628 944
+ Allowances for non performing loans and commitments (net of - 222 636 - 212 278
write-backs)
+ Other allowances net of provision write-backs 55 535 - 13 539
+ Allowances net of write backs on goodwill acquisition amortization - 3 037 - 17 905
CURRENT INCOME 627 553 385 222
NON-CURRENT INCOME 55 - 3 277
- Tax 201 188 134 130
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 426 420 247 815
Share in net income of companies accounted for by equity method 13 051 55 801
. Financial companies 13 051 55 801
. Other companies - -
NET EARNINGS FOR THE YEAR 439 471 303 616
Group's equity 424 035 290 161
Minority interests 15 436 13 455
II- CASH-FLOW
+ NET EARNINGS FOR THE YEAR 439 471 303 616
+ Allowances for depreciation and provisions for intangible and 69 746 65 981
tangible fixed assets
+ Allowances for provisions for equity investments depreciation 23 017 33 680
+ Allowances for provisions for general risks -
+ Allowances for regulated provisions 322 1 927
+ Non-current allowances
- Provision write-backs 48 667 3 667
- Capital gains on disposals of intangible and tangible fixed assets 536 41 253
+ Capital losses on disposals of intangible and tangible fixed 1 377 4 211
assets
- Capital gains on disposals of equity investments 85 377 145
+ Capital losses on disposals of equity investments - -
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 399 353 364 350
- Dividends distributed - -
+ CASH-FLOW 399 353 364 350
ERNST & YOUNG KPMG
ERNST & YOUNG SARL
37, Bd Abdellatif Ben Kaddour 6, Rue Toudgha
20050 Casablanca Agdal - Rabat
BANQUE MAROCAINE DU COMMERCE EXTERIEUR-BANK
BMCE-BANK
ATTESTATION OF THE STATUTORY AUDITORS
FROM JANUARY 1st TO JUNE 30, 2005
Pursuant to the regulation in force, we have conduced a limited review of the
interim consolidated balance sheet, off-balance sheet and income statement
situation of the BMCE-Bank as of June 30, 2005, and of the consolidated
management balances statement, for the first semester running from the 1st
January to June 30, 2005, in accordance with the professional standards.
On the basis of our limited review, we did not notice any fact likely to
tarnish, significantly, the sincerity of the information contained in these
documents.
October 7, 2005
Statutory Auditors
ERNST & YOUNG KPMG
Ali BENNANI Jamal Saad El Idrissi
Partner Partner
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