Banque Marocaine Du Commerce Exteri
11 October 2007
BMCE BANK
CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30th, 2007
BALANCE SHEET
ASSETS 06/30/2007 06/30/2006
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 9 181 188 6 404 870
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 15 782 435 13 312 694
. Demand 3 736 212 4 469 260
. Time 12 046 223 8 843 434
LOANS AND ADVANCES TO CUSTOMERS 46 813 427 34 060 566
. Cash and consumer loans 23 176 415 17 487 634
. Equipment loans 8 097 414 6 868 538
. Mortgage loans 9 398 030 6 200 779
. Other loans 6 141 568 3 503 615
LEASING AND RENTED OPERATIONS 5 964 157 5 417 657
ADVANCES ACQUIRED BY FACTORING 887 040 638 280
TRANSACTION AND MARKETABLE SECURITIES 13 135 685 11 014 397
. Treasury bonds and equivalent securities 4 965 316 2 167 059
. Other debt securities 1 465 991 3 232 485
. Title deeds 6 704 378 5 614 583
OTHER ASSETS 2 516 802 1 671 539
INVESTMENT SECURITIES 27 27
. Treasury bonds and equivalent securities 27 27
. Other debt securities
EQUITY INVESTMENTS OF NON CONSOLIDATED AFFILIATES 1 297 073 1 887 307
SECURITIES CONSOLIDATED BY THE EQUITY METHOD 182 887 131 990
. Financial companies 182 887 131 990
. Other companies
SUBORDINATED LOANS
INTANGIBLE FIXED ASSETS 152 012 102 358
TANGIBLE FIXED ASSETS 2 010 984 1 638 384
GOODWILL ON ACQUISITION 20 955 21 199
TOTAL ASSETS 97 944 672 76 301 268
In Thousand MAD
LIABILITIES 06/30/2007 06/30/2006
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS - -
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 6 981 811 5 738 078
. Demand 1 430 980 1 433 820
. Time 5 550 831 4 304 258
CUSTOMER DEPOSITS 77 243 797 58 290 504
. Demand deposits 37 727 770 30 359 143
. Savings deposits 11 643 274 10 256 715
. Time deposits 23 147 393 13 115 520
. Other deposits 4 725 360 4 559 126
DEBT SECURITIES ISSUED 1 122 645 1 026 275
. Negotiable debt securities 872 645 772 357
. Bond loans 250 000 253 918
. Other debt securities issued
OTHER LIABILITIES 3 611 145 3 050 095
GOODWILL ON ACQUISITION
CONTINGENT LAIBILITIES 123 867 112 670
REGULATED PROVISIONS
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS - 101
SUBORDINATED LOANS 1 019 328 1 020 133
PREMIUMS RELATED TO CAPITAL 4 628 121 4 260 874
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS UNPAID-UP CAPITAL (-)
CONSOLIDATED RESERVES, REVALUATION RESERVE, 764 450 709 292
UNREALISED EXCHANGE GAINS/LOSSES DIFFERENTIALS AND DIFFERENCE IN EQUITY
METHOD
. Group share 412 173 353 421
. Minority interests 352 277 355 871
NET INCOME FOR THE YEAR (+/-) 861 994 505 732
. Group share 815 379 479 433
. Minority interests 46 615 26 299
TOTAL LIABILITIES 97 301 268 97 301 268
In Thousand MAD
OFF-BALANCE SHEET 06/30/2007 06/30/2006
GIVEN COMMITMENTS 33 680 618 13 999 298
Financing commitments on behalf of credit institutions and equivalent 109 124 2 844
Financing commitments on behalf of customers 25 700 817 7 340 340
Guarantee commitments given to credit institutions and equivalent 2 271 418 1 920 770
Guarantee commitments given to customers 5 599 259 4 735 344
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 4 203 076 2 398 708
Financing commitments received from credit institutions and equivalent 397 205 1 622 561
Guarantee commitments received from credit institutions and equivalent 3 299 442 743 997
Guarantee commitments received from state and various guarantee bodies 506 429 32 150
Securities repos sold
Other securities to be received
In Thousand MAD
INCOME STATEMENT
06/30/2007 06/30/2006
BANK OPERATING REVENUES 4 591 088 2 535 969
Interests and assimilated revenues on transactions with credit institutions 293 223 129 806
Interests and assimilated revenues on transactions with customers 1 300 145 1 263 509
Interests and assimilated revenues on debt securities 125 504 151 959
Revenues on title deeds 43 904 72 242
Revenues from leased and rented fixed assets 1 255 606
Fees on provided services 396 606 273 703
Other banking revenues 396 809 644 750
BANK OPERATING EXPENSES 1 175 897 798 506
Interests and assimilated expenses on transactions with credit institutions 1 979 815 122 103
Interests and assimilated expenses on transactions with customers 213 031 423 118
Interests and assimilated expenses on debt securities issued 560 105 33 572
Expenses on leased and rented fixed assets 21 005
Other banking expenses 1 016 701 219 713
NET BANKING INCOME 168 973 1 737 463
Non-Banking operating revenues 2 611 273 105 436
Non-Banking operating expenses 146 523 7 973
GENERAL OPERATING EXPENSES 30 400 960 804
Staff expenses 1 207 864 507 598
Tax expenses 644 896 25 629
External expenses 26 290 337 401
Other general operating expenses 428 119 4 643
Allowances for depreciation and provisions for tangible fixed assets 4 804 85 533
ALLOWANCES FOR AMORTISATION ON GOODWILL ACQUISITION 3 722 3 292
GOODWILL ACQUISITION WRITE BACKS
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 314 689 257 924
Allowances for non performing loans and commitments 237 216 203 637
Loan losses 37 365 20 759
Other allowances for provisions 40 108 33 528
PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS 149 401 121 385
Provision write-backs on non performing loans and commitments 109 154 82 250
Recovery of amortised debts 9 683 11 558
Other provision write-backs 30 564 27 577
CURRENT INCOME 1 350 522 734 291
Non-current revenues 2 391 13
Non-current expenses 503 22
PRE-TAX EARNINGS 1 352 410 734 282
Corporate tax 499 945 240 752
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 852 465 493 530
SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD 9 529 12 202
Financial companies 9 529 12 202
Other companies
NET EARNINGS FOR THE YEAR 861 994 505 732
Group's equity 815 379 479 433
Minority interests 46 615 26 299
In Thousand MAD
MANAGEMENT BALANCE STATEMENT
06/30/2007 06/30/2006
EARNINGS FORMATION TABLE
+ Interest and equivalent revenues 1 689 440 1 543 352
- Interests and equivalent expenses 793 861 578 570
INTEREST MARGIN 895 579 964 782
+ Revenues from leased and rented fixed assets 1 255 606
- Expenses on leased and rented fixed assets 1 016 701
PROFIT FROM LEASING AND RENTING OPERATIONS 238 905
+ Fess received 439 685 341 044
- Fees paid 48 400 34 592
MARGIN ON FEES 391 285 306 452
+/- Income from operations on transaction securities -
+/- Income from operations on marketable securities 941 213 320 880
+/- Income from exchange transactions 57 208 60 558
+/- Income from derivatives transactions 9 055 - 3 656
INCOME FROM MARKET TRANSACTIONS 1 007 476 377 782
+ Other miscellaneous banking revenues 108 071 132 258
- Other miscellaneous banking expenses 30 043 43 811
NET BANKING INCOME 2 611 273 1 737 463
+/- Net income from equity investments 109 998 88 613
+/- Other non-banking operating revenues 36 524 16 676
- Other non-banking operating expenses - 30 400 - 7 828
- General operating expenses 1 207 864 960 804
GROSS OPEARTING INCOME 1 519 531 874 120
+/- Allowances for non performing loans and commitments (net of - 155 724 - 129 052
write-backs)
+ Other allowances net of provisions write-backs - 9 563 - 7 485
+ Allowances net of write backs on goodwill acquisition amortisation - 3 722 - 3 292
CURRENT INCOME 1 350 522 734 291
NON-CURRENT INCOME 1 888 - 9
Corporate Tax 499 945 240 752
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 852 465 493 530
SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD
9 529 12 202
. Financial companies 9 529 12 202
. Other companies
NET EARNINGS FOR THE YEAR 861 994 505 732
. Group's equity 815 379 479 433
. Minority interests 46 615 26 299
In Thousand MAD
CASH-FLOW
30/06/2007 30/06/2006
NET EARNINGS FOR THE YEAR 861 994 505 732
+/- Allowances for depreciation and provisions for intangible and tangible 97 999 85 153
fixed assets
+ Allowances for provisions for equity investments depreciation
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non-current allowances 16
- Provision write-backs 12
- Capital gains on disposals of intangible and tangible fixed assets 42 1 009
+ Capital losses on disposals of intangible and tangible fixed assets
- Capital gains on disposals of equity investments 123 998 88 763
+ Capital losses on disposals of equity investments 150
- Write-backs of investment subsidies received
+/- FINANCING CAPACITY 835 953 501 251
- Dividend distributed
+/- CASH-FLOW 835 953 501 251
In Thousand MAD
LIST OF CONSOLIDATED COMPANIES AS OF JUNE 30th, 2007
Name Capital % of control % of interests Contribution to Method of
the consolidated consolidation
income
MAROC FACTORING 15 000 000 100% 100% 5 682 Full Consolidation
(F.C)
SALAFIN 103 000 000 92.76% 92.76% 41 014 F.C
MAGHREBAIL 102 532 000 35.92% 35.92% 12 855 F.C
BMCE INTERNATIONAL 18 030 000 100% 100% 8 966 F.C
PALIER BMCE CAPITAL 100 000 000 100% 100% 8 040 F.C
BMCE CAPITAL BOURSE 10 000 000 100% 100% 27 352 F.C
BMCE CAPITAL GESTION 5 000 000 100% 100% 16 571 F.C
MEDICAPITAL BANK £ 30 000 000 100% 100% - 69 904 F.C
LCB Fcfa 4 000 000 000 25.00% 25.00% 5 372 F.C
CFM 114 862 500 33.33% 33.33% 163 Equity Method
(E.M)
ACMAR Fcfa 3 759 560 000 20.00% 20.00% 769 E.M
BDM 27.38% 27.38% 8 262 E.M
ERNST & YOUNG KPMG
37, Bd Abdellatif Ben Kaddour 11, Avenue Bir Kacem- Souissi
Casablanca Rabat
BANQUE MAROCAINE DU COMMERCE EXTERIEUR-BANK
BMCE-BANK
STATUTORY AUDITORS REVIEW REPORT OF THE CONSOLIDATED INTERIM BALANCE SHEET AND
INCOME STATEMENT
PERIOD FROM JANUARY 1st TO JUNE 30th, 2007
Free translation from the French
We have conducted a limited review of the consolidated interim balance sheet and
income statement of the 'Banque Marocaine du Commerce Exterieur' BMCE BANK, for
the six months period from January 1st to June 30th, 2007.
Our limited review was conducted in accordance with the Moroccan professional
standards. Those standards requires for a limited review to be organized and
performed to give a limited assurance that the consolidated financial statements
does not contain material misstatements. A limited review consists of making
inquiries of group management and applying analytical and other review
procedures to financial data. A limited review provide less assurance than an
audit, accordingly, we do not express an audit opinion.
Based on our limited review, nothing has come to our attention that causes us to
believe that the specified interim consolidated financial statements referred
above do not give, in all their material aspects a fair image, of owned assets,
of the financial situation of the 'Banque Marocaine du Commerce Exterieur' BMCE
BANK for the six months period ended June 30th, 2007, nor of the incomes of
these transactions closed during this period, in accordance with the accounting
principles as described in the notes to consolidated financial statements.
Casablanca, September 25th, 2007
Statutory auditors
ERNST & YOUNG KPMG
Bachir TAZI Jamal Saad EL IDRISSI
Partner Partner
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