Banque Marocaine Du Commerce Exteri
21 September 2007

SEMI-ANNUAL CONSOLIDATED RESULTS OF
BMCE BANK GROUP



The Board of Directors of BMCE Bank met on September 11th , 2007 under the
chairmanship of President Othman Benjelloun. It examined the activity of the
Bank during the first half of 2007 and closed the related accounts.




OUTSTANDING GROWTH IN RESULTS, WITH A GROSS
OPERATING INCOME OF MORE THAN MAD 1.5 BILLION



FINANCIAL PERFORMANCES AT THE LEVEL OF AMBITIONS



.  Substantial growth of +84% in BMCE Bank Group's net consolidated
   earnings, on a comparable basis, to MAD 932 million in June 2007, compared to
   MAD 505.7 million in June 2006.



.  Very strong increase of +70.4% in net income, on a  current basis, thanks to 
   the 89% growth in net earnings of the banking activity in Morocco, and
   this is in an investment context related to the creation of MediCapital Bank 
   in London.



.  A 85% rise in net consolidated earnings -Group share- to MAD 882 million
   in June 2007, on a comparable basis, and +70% at current basis.



.  A notable increase of +50.3% in the consolidated Net Banking Income to
   MAD 2,611.2 million. This performance is due, on one hand, to the growth in 
   the intrinsic activity, and on the other hand, to the strong increase in 
   income from market transactions, driven by the capital gains realized from 
   the sale of a 5% equity stake to Caja de Ahorros del Mediterraneo, following 
   an industrial and equity-based partnership.



A STRATEGY OF STRONG ORGANIC GROWTH



.  10% growth in NBI related to the core activity, thanks to the
   development and commercial revitalization program undertaken by the Bank.



.  Acceleration in the Bank's organic growth, with the opening of 22
   branches - a total of 70 branches is expected by the end of 2007- and the
   recruitment of 285 new staff members, bringing the general operating expenses 
   up by 25.7%.



.  Improvement in cost to income ratio from 54.7% to 41.6% at the end of
   June 2007, given the outstanding growth in NBI.



.  Noteworthy progress in the commercial activity with an increase in deposits 
   and customers loans by 33% and 39% respectively, inducing an increase
   in the market shares of most segments of activity.



.  Reinforced positioning on the Individual market, as shown by a sharp
   increase of 21% (1) in interest margin, thanks to the growth in mortgage and
   consumers loans, and by a substantial increase of 30% in fee income.



IMPROVEMENT OF THE RISK PROFILE



.  Improvement in the coverage ratio by 6%p to 85.5% compared to 79.5% in
   June 2006, and in the NPL ratio by 2%p to 5.96%, in a context characterized 
   by the quasi-stagnation of non performing loans and 7% increase in 
   provisions.



.  Steady recovery efforts, bringing the amount of provisions write-backs
   up by 33% to MAD 109 million.



FINANCIAL FUNDAMENTALS FEEDING THE CONFIDENCE OF SHAREHOLDERS



.  Acceleration in the growth of assets, up by 28.4% to MAD 98 billion at
   the end of June 2007, thanks to the vigorous development of the outstanding
   amounts of loans and deposits.



.  Strengthening of the Bank's financial base, with a 11.4% growth of the
   consolidated shareholders' equity-Group share to MAD 7.4 billion.



.  Outstanding performance of BMCE Bank stock, with a 125% increase in the
   stock price over the first half of 2007, reaching MAD 2,790 on June 30th, 
   2007, over-performing the MASI and MADEX indexes (+21%) and the Banking 
   sector index (+46%).



(1) Interests revenues (MAD 1,131,716 thousand) and interests expenses (MAD
907,413 thousand) on leasing operations were recorded, as of June 2006, on the
headings 'Interests and assimilated revenues' and 'interests and assimilated
expenses', respectively. As for June 2007, the revenues and expenses related to
these operations were recorded on the heading 'profit from leasing and rented
assets'. This induces a non significant economic decrease of the interest margin
by 7.2%. Adjusting for these changes, the interest margin increased by 21% for
the first half of 2007.




CONSOLIDATED RESULTS OF SUBSIDIARIES ON A CURRENT BASIS


                                                     June 2007         June 2006
                                                % Contribution    % Contribution



BMCE Bank (Domestic activity)                            86.3%             75.9%

BMCE Bank International activities
BMCE Paris, BMCE International, BMCE Bank Offshore,
Banque de Developpement du Mali, la Congolaise de Banque     -              7.4%

Specialised Financial Services
Salafin, Maghrebail, Maroc Factoring, Acmar               7.3%              9.7%

Asset Management and other Investment Banking
Activities BMCE Capital S.A (*), BMCE Bourse,
BMCE Capital Gestion, Casablanca Finance Markets, 
  Medicapital Bank                                        6.3%              7.0%



(*) BMCE Capital S.A consolidated results since December 2005.


CONSECRATION OF BMCE BANK AS A LEADING PLAYER WITH A CONTINENTAL DIMENSION

Commercial performance levels, innovation and synergies have highlighted the
achievements of BMCE Bank Group during the first half of 2007, boosted by a
sustained improvement in the contribution of the different subsidiaries and the
results of the group.



BMCE BANK IN MOROCCO ENGAGED IN A DYNAMIC OF CONSTANT IMPROVEMENT OF THE
FINANCIAL AND COMMERCIAL PERFORMANCE



Individuals and Professionals market



.  Carrying over of the internal growth program by the opening, during a
   period of six months, of 22 new branches, within the framework of the
   reinforcement of proximity to customers, and the opening of more than 200,000
   new accounts on the books of BMCE Bank for individual & professionals.


.  Speeding up of the commercial development with indicators registering a
   remarkable growth notably for deposits, up by 21%, the outstanding amounts of
   subsidized consumer loans 'credit immediat', up by 134%, Bancassurance
   contracts, up by 15% and electronic payments cards, which increased by 9%.



.  Strong presence on the activity of mortgage loans recording an outstanding 
   performance of 56%, having generated a gain of 1.7p market share to 11.8% 
   Active contribution to the promotion of social housing reinforced by the
   conclusion of partnerships with the microfinance associations, Zakoura and Al
   Amana and the reconduction of 'Salaf Caravane', having targeted the various
   regions of the country.



.  Steady growth of the Moroccan expatriates activity with deposits and
   money transfers registering an increase of +28% and +26%, respectively.



.  High notoriety of BMCE Bank on the professionals market as shows by the
   doubling of the production of 'Pack Pro' for liberal professions.



Enterprises and SME market



.  Consolidation of the relations with the enterprises and SME clientele
   reflected by the 21% increase in commercial activities

.  entrusted by this clientele to the different business centres, 12.6%
   growth in investment loans and 13.6% rise in real-estate development loans.



.  Extension of the business centres network intended for the enterprises
   clientele by the opening of new centre in Meknes.



.  Enrichment of the products offer to the clientele by the launching of
   innovative products such as the financing of the franchisees 'HANOUTY'.



.  Strengthening of the bank's position as a key player in foreign trade
   activities; import & export domiciliation increased by 28% and 8%,
   respectively.



Corporate activities



.  Substantial commercial results with a steady increase of 14% in commitments,
   and 26% rise in deposits supported by a dynamic of synergy with the
   other entities of the Bank and the Group.



.  Sustained Corporate activity via (i) the development of partnerships with 
   foreign banking institutions on Projects Finance and (ii) the extension of
   the business with the quest of new important customers, thanks to the global
   and attractive services offer.



.  Semester marked by the continuous innovation efforts in terms of financing 
   package , notably, with the issuing of bonds for a renowned national group, 
   including an ordinary part of bonds and another part of bonds convertible
   to stocks.



THE DEVELOPMENT OF BMCE BANK'S INTERNATIONAL ACTIVITY IS FURTHER MOVING FORWARD



.  The agreement to operate as a universal bank was delivered by the British 
   monetary authorities to MediCapital Bank, the London based subsidiary of
   the Group, which federates all the activities of BMCE Bank in Europe and
   specializes in Corporate Banking, and Investment Banking and Markets.



.  Alliance between BMCE Bank Group and AFH/Bank of Africa, third banking
   group in the West African Economic and Monetary Union and present in 10 
   countries in west and east Africa, trough the acquisition of a 35% equity 
   stake by BMCE Bank.



ASSET MANAGEMENT AND OTHER INVESTMENT BANKING ACTIVITIES: SIGNS OF PERFORMANCE
AND INNOVATION



.  Maintaining of BMCE Capital Markets of its market maker position in
   money and debt markets, with an increase in the trading volume in the FX 
   derivatives market.



.  Reinforcement of BMCE Capital Bourse's position among leading brokerage
   firms in the shares market, with a market share of 20.2%.



.  30% growth in BMCE Capital Gestion's assets under management to MAD 16.7
   billion and extending the managed funds portfolio to include FCP Capital
   Multi-gestion and FCP Capital Maghreb, an equity fund listed on the 
   Casablanca stock exchange and on other markets of the Maghreb.



.  48% increase in BMCE Capital titres' assets under custody to MAD 115
   billion



.  An important growth potential for BMCE Investment, as shown through its
   initial achievements during the first semester of 2007, such as the launching 
   of the Maghreb Siyaha fund and the contracting of large scope advising and
   investment operations.



.  42% increase in the business volume of BMCE Capital Conseil, in a
   context of a record number of deals, including 3 IPOs.



.  Development of expertise in terms of large infrastructure projects
   finance by BMCE Capital Dakar, the Senegal based subsidiary, continuing its
   increase of deal flow



.  First fruits borne out of the synergy with Axis Capital, the Tunisian
   subsidiary of BMCE Capital, as shown through its good performance in
   advising, brokerage and mutual funds management activities.



SPECIALIZED FINANCIAL SERVICES ACTIVITY



.  16% increase in the contribution of Salafin to the consolidated income
   to MAD 41 million, driven by the growth in production, particularly in 
   personal loans.



.  Double increase in the contribution of Maghrebail, the leasing
   subsidiary, to the consolidated income to MAD 12.9 million



.  35% increase in Maroc Factoring's turnover, induced by a growing demand
   in the domestic market and by the strengthening of synergies with the Bank.







FIRST HALF 2007 HIGHLIGHTS



.  BMCE Capital Gestion rated 'M2 - excellent' by Fitch Ratings.



.  Winning of the Human Resources Prize for the year 2006, awarded by the
   HR Management Association, AGEF.  This historical distinction, first of its 
   kind in Africa, rewards the best practices in management and human capital
   development.



.  Winning, for the second time in a row, of the first prize in Financial
   Communication, awarded by the Moroccan community of financial analysts. BMCE 
   Bank is the first Moroccan bank to publish a Corporate Social Responsibility
   Report, which reflects its dynamic and exemplary social and societal role.



.  Continuous integration of the major structuring projects (update of the
   information system, setting of reporting and decision making support tools,
   etc), to keep up with the bank's growth and sustain the increase in the 
   business volume.





                     The abbreviated semestrial report 2007
                     will be soon available on our website
                                www.bmcebank.ma



Financial Communication Department
Tel. : +212 22 49 80 04/15
Fax : +212 22 26 49 65
e-mail: communicationfinanciere@bmcebank.co.ma


                      This information is provided by RNS
            The company news service from the London Stock Exchange