Banque Marocaine Du Commerce Exteri
26 October 2006
BMCE BANK FINANCIAL STATEMENTS AS OF JUNE 30, 2006
BALANCE SHEET - CONSOLIDATED ACTIVITY
In thousand MAD
ASSETS 06/30/2006 06/30/2005
Cash, Central Banks, Treasury, Giro Accounts 6 404 870 9 630 054
Loans to credit institutions and equivalent 13 312 694 11 253 301
. Demand 4 469 260 832 064
. Time 8 843 434 10 421 237
Loans and advances to customer 34 060 566 31 064 611
. Cash and consumer loans 17 487 634 16 726 353
. Equipment loans 6 868 538 6 414 561
. Mortgage loans 6 200 779 4 049 397
. Other loans 3 503 615 3 874 300
Leasing and rent operations 5 417 657 4 752 261
Advances acquired by factoring 638 280 631 947
Transactions on marketable securities 11 014 397 11 018 700
. Treasury bonds and equivalent securities 2 167 059 6 905 769
. Other debt securities 3 232 485 3 392 024
. Title deeds 5 614 853 720 907
Other assets 1 671 539 1 591 141
Investment securities 27 436 237
. Treasury bonds and equivalent securities 27 27
. Other debt securities 436 210
Equity investments of non consolidated affiliates 1 887 307 2 535 465
Securities consolidated by the equity method 131 990 162 608
. Financial companies 131 990 129 141
. Other companies 33 467
Subordinated loans
Intangible assets 102 358 89 142
Tangible fixed assets 1 638 384 1 337 313
Goodwill on acquisitions 21 199 22 957
Total Assets 76 301 268 74 525 737
LIABILITIES 06/30/2006 06/30/2005
Central Banks, Treasury, Giro accounts
Liabilities to credit institutions and equivalent 5 738 078 10 984 974
. Demand 1 433 820 1 907 542
. Time 4 304 258 9 077 432
Customer Deposits 58 290 504 51 602 085
. Demand deposits 30 359 143 23 682 608
. Savings deposits 10 256 715 9 007 717
. Time deposits 13 115 520 13 727 859
. Other deposits 4 559 126 5 183 901
Debt securities issues 1 026 275 759 740
. Negotiable debt securities 772 357 505 980
. Bond loans 253 918 253 760
. Other debt securities issued
Other liabilities 3 050 095 4 068 788
Goodwill on acquisitions
Contingent liabilities 112 670 63 630
Regulated provisions
Assigned public funds and special guarantee funds 101
Subordinated debts 1 020 133 511 250
Premiums related to capital 4 260 874 3 961 921
Capital 1 587 514 1 587 514
Shareholders, unpaid-up capital (-)
Consolidated reserves, revaluation reserve unrealised 709 292 546 364
Exchange gains/losses differentials and difference in
equity method
. Group share 353 421 272 564
. Minority interests 355 871 273 800
Net earnings for the year (+/-) 505 732 439 471
. Group share 479 433 424 035
. Minority interests 26 299 15 436
Total Liabilities 76 301 268 74 525 737
OFF BALANCE SHEET - CONSOLIDATED ACTIVITY
In thousand MAD
06/30/2006 06/30/2005
Given commitments 13 999 298 14 731 677
Financing commitments on behalf of credit institutions and 2 844 176 234
equivalent
Financing commitments on behalf of customers 7 340 340 7 120 143
Guarantee commitments given to credit institutions and 1 920 770 1 994 596
equivalent
Guarantee commitments given to customers 4 735 344 5 440 704
Securities repos purchased
Other securities to be delivered
Received commitments 2 398 708 1 127 765
Financing commitments received from credit institutions 1 622 561 462 770
and equivalent
Guarantee commitments received from credit institutions 743 997 572 056
and equivalent
Guarantee commitments received from the state and various 32 150 92 939
guarantee bodies
Securities repos sold
Other securities to be received
INCOME STATEMENT - CONSOLIDATED ACTIVITY
In thousand MAD
06/30/2006 06/30/2005
BANK OPERATING REVENUES 2 535 969 2 288 980
Interests and assimilated revenues on transactions with 129 806 101 498
credit institutions
Interests and assimilated revenues on transaction with 1 263 509 1 155 729
customers
Interests and assimilated revenues on debt securities 151 959 239 277
Revenues on title deeds 72 242 89 859
Revenues from leased and rented fixed assets
Fees on provided services 273 703 212 207
Other banking revenues 644 750 490 410
BANK OPERATING EXPENSES 798 506 790 160
Interests and assimilated expenses on transactions with 122 103 128 132
credit institutions
Interests and assimilated expenses on transactions with 423 118 400 380
customers
Interests and assimilated expenses on debt securities 33 572 30 170
Expenses on leased and rented fixed assets
Other banking expenses 219 713 231 478
NET BANKING INCOME 1 737 463 1 498 820
Non-banking operating revenues 105 436 88 556
Non-banking operating expenses 7 973 8 599
GENERAL OPERATING EXPENSES 960 804 806 675
Staff expenses 507 598 426 488
Tax expenses 25 629 22 017
External expenses 337 401 282 828
Other general operating expenses 4 643 5 591
Allowances for depreciation and provisions for intangible 85 533 69 751
and tangible fixed assets
Allowances for amortisation on goodwill acquisition 3 292 3 037
Goodwill acquisition write-backs
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 257 924 298 301
Allowances for non performing loans and commitments 203 637 251 522
Loan losses 20 759 11 940
Other allowances for provisions 33 528 34 839
PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS 121 385 156 789
Provision write-backs for non performing loans and 82 250 34 608
commitments
Recovery on amortised debts 11 558 6 243
Other provision write-backs 27 577 115 938
CURRENT INCOME 734 291 627 553
Non-current revenues 13 55
Non-current expenses 22
PRE-TAX EARNINGS 734 282 627 608
- Corporate tax 240 752 201 188
NET EARNINGS FOR COMPANIES ACCOUNTED FOR BY FULL 493 530 426 420
CONSOLIDATION
SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY 12 202 13 051
METHOD
Financial companies 12 202 13 051
Other companies
NET EARNINGS OF THE YEAR 505 732 439 471
. Group share 479 433 424 035
. Minority interests 26 299 15 436
MANAGEMENT BALANCES STATEMENT - CONSOLIDATED ACTIVITY
In thousand MAD
EARNINGS FORMATION TABLE 06/30/2006 06/30/2005
+ Interests and assimilated revenues 1 543 352 1 494 677
- Interests and assimilated expenses 578 570 559 930
INTEREST MARGIN 964 782 934 747
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
PROFIT FROM LEASING AND RENTING OPERATIONS
+ Fees received 341 044 253 357
- Fees paid 34 592 29 689
MARGIN ON FEES 306 452 223 668
+/- Income from operations on transaction securities
+/- Income from transactions on market securities 320 880 216 557
+/- Income from exchange transactions 60 558 47 387
+ Income from derivatives transactions -3 656 15 283
INCOME FROM MARKET TRANSACTIONS 377 782 279 227
+ Other miscellaneous banking revenues 132 258 96 387
- Other miscellaneous banking expenses 43 811 35 209
NET BANKING INCOME 1 737 463 1 498 820
+/- Net income from equity investments 88 613 110 966
+ Other non-banking operating revenues 16 676 3 179
- Other non banking operating expenses -7 828 -8 599
- General operating expenses 960 804 806 675
GROSS OPERATING INCOME 874 120 797 691
+/- Allowances for non performing loans and commitments -129 052 -222 636
(net of write-backs)
+ Other allowances net of provision write-backs -7 485 55 535
+ Allowances net of write backs on goodwill acquisition - 3 292 -3 037
amortisation
CURRENT INCOME 734 291 627 553
NON-CURRENT INCOME -9 55
- Corporate tax 240 752 201 188
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL 493 530 426 420
CONSOLIDATION
SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY 12 202 13 051
METHOD
Financial companies 12 202 13 051
Other companies
NET EARNINGS OF THE YEAR 505 732 439 471
. Group share 479 433 424 035
. Minority interests 26 299 15 436
CASH FLOWS 06/30/2006 06/30/2005
+ NET EARNINGS FOR THE YEAR 505 732 439 471
+ Allowances for depreciation and provisions for 85 153 69 746
intangible and tangible fixed assets
+ Allowances for provisions for equity investments 23 017
depreciation
+ Allowances for provisions for general risks
+ Allowances for regulated provisions 322
+ Non-current allowances 12 48 667
- Provisions write-backs
- Capital gains on disposals of intangible and tangible 1 009 536
fixed assets
+ Capital losses on disposals of intangible and tangible 1 377
fixed assets
- Capital gains on disposals of equity investments 88 763 85 377
+ Capital losses on disposals of equity investments 150
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 501 251 399 353
- Dividends distributed
+ CASH-FLOW 501 251 399 353
CONSOLIDATED LIST AS OF JUNE 30TH, 2006
Capital % of control % of % contribution to Method of
interests consolidated income consolidation
MAROC FACTORING 15 000 000 95.00% 95.00% 4 445 Full
Consolidation
SALAFIN 103 000 000 97.09% 97.09% 35 345 F.C
MAGHREBAIL 102 532 000 35.00% 35.00% 6 479 F.C
BMCE INTERNATIONAL Eur 18 030 000 80.00% 80.00% 1 842 F.C
BMCE CAPITAL 100 000 000 100.00% 100.00% -3 305 F.C
(Consolidated)
BMCE CAPITAL 10 000 000 100.00% 100.00% 17 619 F.C
BOURSE
BMCE CAPITAL 5 000 000 100.00% 100.00% 13 487 F.C
GESTION
LA CONGOLIASE DE Fcfa 4 000 000 000 25.00% 25.00% 2 645 F.C
BANQUE
CASABLANCA FINANCE 114 862 500 33.33% 33.33% 5 756 Equity Method
MARKET
ACMAR 50 000 000 20.00% 20.00% 12 E.M
BANQUE DE Fcfa 3 759 560 000 20.73% 20.73% 6 131 E.M
DEVELOPPEMENT DE
MALI
BANQUE MAROCAINE DU COMMERCE EXTERIEUR- BANK
BMCE BANK
ATTESTATION OF THE STATUTORY AUDITORS ON THE SEMI-ANNUAL CONSOLIDATED
ACCOUNTS AS OF JUNE 30TH, 2006
(Free translation from the French)
We have conducted a limited review of the interim consolidated balance sheet and
income statement of the 'Banque Marocaine du Commerce Exterieur' BMCE BANK, for
the first semester running from January 1st to June 30th, 2006.
We conducted our limited review in accordance with the Moroccan Standards. Those
standards require that we plan and perform the limited review in order to obtain
a moderate assurance about whether that the consolidated financial statements
are free of significant misstatement. A limited review consists essentially of
interviews with the personnel of the company and the analytical tests of the
financial data; it thus provides a lower level of assurance than an audit. We
did not carry out an audit and, consequently, we do not express an opinion of
audit.
Based on our limited review, nothing has come to our notice that cause us to
believe that the above-mentioned consolidated financial statements do not
present fairly, in all their material aspects, the financial situation of the '
Banque Marocaine du Commerce Exterieur' BMCE BANK as of June 30th, 2006, nor the
results of its operations closed at this date, in accordance with the accounting
principals described in the accompanying notes of the consolidated financial
statements.
Statutory auditors
Ernst & young Kpmg
Ali BENNANI Jamal Saad EL IDRISSI
Partner Partner
BALANCE SHEET - AGGREGATED ACTIVITY
In thousand MAD
ASSETS 06/30/2006 06/30/2005
Cash, Central Banks, Treasury, Giro Accounts 6 330 844 9 623 954
Loans to credit institutions and equivalent 13 133 234 12 009 977
. Demand 3 278 418 1 095 948
. Time 9 854 816 10 914 029
Loans and advances to customer 33 256 997 30 575 663
. Cash and consumer loans 16 856 258 16 258 671
. Equipment loans 6 742 254 6 414 561
. Mortgage loans 6 183 471 4 043 432
. Other loans 3 475 014 3 858 999
Advances acquired by factoring
Transactions on marketable securities 10 858 214 11 428 025
. Treasury bonds and equivalent securities 2 167 059 6 905 769
. Other debt securities 3 232 485 3 887 909
. Title deeds 5 458 670 634 347
Other assets 1 133 172 1 342 623
Investment securities 436 210
. Treasury bonds and equivalent securities
. Other debt securities
Equity investments and equivalent uses 2 494 161 3 108 570
Subordinated loans
Fixed assets leased and rented
Intangible fixed assets 84 793 75 773
Tangible fixed assets 1 335 853 1 221 435
Total Assets 68 627 268 69 822 230
LIABILITIES 06/30/2006 06/30/2005
Central Banks, Treasury, Giro accounts
Liabilities to credit institutions and equivalent 3 328 541 9 655 182
. Demand 793 812 1 908 758
. Time 2 534 729 7 746 424
Customer Deposits 56 138 839 52 226 559
. Demand deposits 29 193 353 23 578 194
. Savings deposits 10 093 412 8 998 949
. Time deposits 12 873 215 13 708 843
. Other deposits 3 978 859 5 940 573
Debt securities issues
. Negotiable debt securities
. Bond loans
. Other debt securities issued
Other liabilities 1 713 756 1 404 814
Contingent liabilities 80 162 50 628
Regulated provisions 54 682 54 682
Subsidies, Assigned public funds and special guarantee
funds
Subordinated debts 1 020 133 511 250
Revaluation reserve
Reserves and premiums related to capital 4 260 874 3 961 590
Capital 1 587 514 1 587 514
Shareholders, unpaid-up capital (-)
Retained earnings (+/-) 7 21
Net earnings being appropriated (+/-)
Net earnings for the year (+/-) 442 760 369 990
Total Liabilities 68 627 268 69 822 230
OFF BALANCE SHEET - AGGREGATED ACTIVITY
In thousand MAD
06/30/2006 06/30/2005
Given commitments 13 196 866 13 239 473
Financing commitments on behalf of credit institutions and 513 209
equivalent
Financing commitments on behalf of customers 6 426 536 6 502 944
Guarantee commitments given to credit institutions and 2 200 971 1 980 140
equivalent
Guarantee commitments given to customers 4 569 359 4 243 180
Securities repos purchased
Other securities to be delivered
Received commitments 784 993 143 832
Financing commitments received from credit institutions
and equivalent
Guarantee commitments received from credit institutions 752 843 110 893
and equivalent
Guarantee commitments received from the state and various 32 150 32 939
guarantee bodies
Securities repos sold
Other securities to be received
INCOME STATEMENT - AGGREGATED ACTIVITY
In thousand MAD
06/30/2006 06/30/2005
BANK OPERATING REVENUES 2 201 918 2 063 585
Interests and assimilated revenues on transactions with 147 123 122 550
credit institutions
Interests and assimilated revenues on transaction 987 979 909 879
with customers
Interests and assimilated revenues on debt 151 959 239 277
securities
Revenues on title deeds 124 165 129 162
Revenues from leased and rented fixed assets
Fees on provided services 232 803 180 329
Other banking revenues 557 889 482 388
BANK OPERATING EXPENSES 720 093 724 660
Interests and assimilated expenses on transactions with 87 145 86 366
credit institutions
Interests and assimilated expenses on transactions with 408 848 398 497
customers
Interests and assimilated expenses on debt securities
Expenses on leased and rented fixed assets
Other banking expenses 224 100 239 797
NET BANKING INCOME 1 481 825 1 338 925
Non-banking operating revenues 98 353 88 350
Non-banking operating expenses 6 604 8 448
GENERAL OPERATING EXPENSES 817 431 724 585
Staff expenses 426 257 373 174
Tax expenses 20 725 19 594
External expenses 294 798 262 083
Other general operating expenses 2 160 5 323
Allowances for depreciation and provisions for intangible 73 491 64 411
and tangible fixed assets
ALLOWANCES FOR PROVISIONS AND 228 323 275 139
LOAN LOSSES
Allowances for non performing loans and commitments 178 656 230 182
Loan losses 20 735 11 940
Other allowances for provisions 28 932 33 017
PROVISION WRITE-BACKS AND RECOVERY 102 885 91 912
ON AMORTISED DEBTS
Provision write-backs for non performing loans and 78 006 27 943
commitments
Recovery on amortised debts 11 558 6 243
Other provision write-backs 13 321 57 726
CURRENT INCOME 630 705 511 015
Non-current revenues
Non-current expenses
PRE-TAX EARNINGS 630 705 511 015
- Corporate tax 187 945 141 025
NET EARNINGS OF THE YEAR 442 760 369 990
MANAGEMENT BALANCES STATEMENT - AGGREGATED ACTIVITY
In thousand MAD
EARNINGS FORMATION TABLE 06/30/2006 06/30/2005
+ Interests and assimilated revenues 1 285 141 1 272 504
- Interests and assimilated expenses 495 768 486 111
INTEREST MARGIN 789 373 786 393
+ Revenues from leased and rented fixed assets
- Expenses from leased and rented fixed assets
PROFIT FROM LEASING AND RENTING
OPERATIONS
+ Fees received 278 172 218 854
- Fees paid 34 003 29 155
MARGIN ON FEES 244 169 189 699
+ Income from operations on transaction securities
+ Income from transactions on marketable securities 316 168 215 618
+ Income from exchange transactions 56 701 45 924
+ Income from derivatives transactions -3 656 15 283
INCOME FROM MARKET TRANSACTIONS 369 213 276 825
+ Other miscellaneous equity investments 128 625 130 322
- Other miscellaneous banking expenses 49 555 44 314
NET BANKING INCOME 1 481 825 1 338 925
+ Net income from equity investments 88 613 110 966
+ Other non-banking operating revenues 9 590 2 973
- Other non banking operating expenses 6 455 8 448
- General operating expenses 817 431 724 585
GROSS OPERATING INCOME 756 142 719 831
+ Allowances for non performing loans -105 711 -207 936
And commitments (net of write-backs)
+ Other allowances net of provision write-backs -19 726 -880
CURRENT INCOME 630 705 511 015
NON-CURRENT INCOME
- Corporate tax 187 945 141 025
NET EARNINGS FOR THE YEAR 442 760 369 990
CASH FLOW 06/30/2006 06/30/2005
+ NET EARNINGS FOR THE YEAR 442 760 369 990
+ Allowances for depreciation and provisions 73 491 64 411
For intangible and tangible fixed assets
+ Allowances for provisions for equity investments 23 017
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non-current allowances
- Provisions write-backs 48 606
- Capital gains on disposals of intangible and 1 009 536
tangible fixed assets
+ Capital losses on disposals of intangible and 1 377
tangible fixed assets
- Capital gains on disposals of equity investments 88 763 85 377
+ Capital losses on disposals of equity investments 150 -
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 426 629 324 276
- Dividends distributed
+ CASH-FLOW 426 629 324 276
NON PERFORMING LOANS STATEMENT - AGGREGATED ACTIVITY
In thousand MAD
June 30th, 2005 June 30th, 2006
Loans Provisions & doubtful Loans Provisions &
interests doubtful interests
Substandard loans 3 257 11 233
Doubtful loans 30 526 13 739 62 139 1 426
Loss Loans 2 741 641 2 023 615 2 533 696 2 026 754
TOTAL 2 775 424 2 037 354 2 607 068 2 028 180
BANQUE MAROCAINE DU COMMERCE EXTERIEUR- BANK
BMCE BANK
REPORT OF THE STATUTORY AUDITORS ON THE INTERIM BALANCE SHEET
AND INCOME STATEMENT FROM JANUARY 1ST TO JUNE 30, 2006
(Free translation from the French)
According to the article 17 of the Dahir related to the law Ndegrees 1-93-212 of
September 21st, 1993 modified and completed by the law Ndegrees 23-01 of May
6th, 2004, we have conducted a limited review of the interim balance sheet and
income statement situation of the 'Banque Marocaine du Commerce Exterieur' '
BMCE-BANK' for the first semester running from January 1st to June 30th , 2006.
We conducted our limited review in accordance with the professional standards
and given the prevailing legal and statutory conditions.
On the basis of our limited review, we did not identify any fact likely to
affect, significantly, the sincerity and the information contained in these
documents
September 14th, 2006
Statutory auditors
Ernst & young Kpmg
Ali BENNANI Jamal Saad EL IDRISSI
Partner Partner
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