Final Results - Part 2
April 07 2003 - 3:00AM
UK Regulatory
RNS Number:6941J
Banque Marocaine Du Commerce Exteri
04 April 2003
Part 2
BMCE BANK FINANCIAL STATEMENTS AS OF DECEMBER 31ST, 2002
AGGREGATED BALANCE SHEET AS OF DECEMBER 31, 2002
(including Paris and Tangier Off Shore Main Branches)
In thousand MAD
ASSETS 12/31/2002 12/31/2001
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 3 545 617 500 775
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 8 767 627 10 899 654
. Demand 1 052 439 1 521 564
. Time 7 715 188 9 378 090
LOANS AND ADVANCES TO CUSTOMERS 22 866 649 22 867 051
. Cash and consumer loans 13 870 889 13 780 251
. Equipment loans 5 164 968 4 953 829
. Mortgage loans 1 010 707 604 078
. Other loans 2 820 085 3 528 893
ADVANCES ACQUIRED BY FACTORING
TRANSACTION AND MARKETABLE SECURITIES 12 177 293 8 654 780
. Treasury bonds and equivalent securities 6 553 502 6 792 404
. Other debt securities 2 483 780 1 745 608
. Title deeds 3 140 011 116 768
OTHER ASSETS 557 250 650 582
INVESTMENT SECURITIES 555 940 242 625
. Treasury bonds and equivalent securities
. Other debt securities 555 940 242 625
EQUITY INVESTMENT AND EQUIVALENT USES 3 964 995 3 733 396
SUBORDINATED LOANS
FIXED ASSETS LEASED AND RENTED
INTANGIBLE FIXED ASSETS 60 567 48 473
TANGIBLE FIXED ASSETS 950 627 943 261
TOTAL ASSETS 53 446 565 48 540 597
In thousand MAD
LIABILITIES 12/31/2002 12/31/2001
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 6 548 001 4 325 210
. Demand 871 717 1 003 186
. Time 5 676 284 3 322 024
CUSTOMER DEPOSITS 40 914 297 38 119 114
. Demand deposits 19 335 195 16 185 779
. Savings deposits 6 904 628 6 231 782
. Time deposits 10 623 276 11 100 127
. Other deposits 4 051 198 4 601 426
DEBT SECURITIES ISSUED 100 000
. Negotiable debt securities 100 000
. Bond loans
. Other debt securities issued
OTHER LIABILITIES 588 557 627 296
CONTINGENT LIABILITIES 168 730 172 929
REGULATED PROVISIONS 382
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS
SUBORDINATED DEBTS
REVALUATION RESERVE
RESERVES AND PREMIUMS RELATED TO CAPITAL 3 301 138 3 250 609
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS. UNPAID-UP CAPITAL
RETAINED EARNINGS (+/-) 34 91
NET EARNING BEING APPROPRIATED (+/-) 55 953
NET EARNING FOR THE YEAR (+/-) 282 341 357 452
TOTAL LIABILITIES 53 446 565 48 540 597
AGGREGATED OFF-BALANCE SHEET AS OF DECEMBER 31, 2002
In thousand MAD
OFF-BALANCE SHEET 12/31/2002 12/31/2001
GIVEN COMMITMENTS 10 970 480 13 209 232
Financing commitments on behalf of credit institutions and 1 485 847 2 694 001
equivalent
Financing commitments on behalf of customers 3 604 830 4 156 885
Guarantee commitments given to credit institutions and 1 783 785 2 013 166
equivalent
Guarantee commitments given to customers 4 096 018 4 345 180
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 587 931 582 489
Financing commitments received from credit institutions and
equivalent
Guarantee commitments received from credit institutions and 546 429 534 283
equivalent
Guarantee commitments received from the State and various 41 502 48 206
guarantee bodies
Securities repos sold
Other securities to be received
AGGREGATED MANAGEMENT BALANCES STATEMENT from January 1st, 2002 to DECEMBER
31st, 2002
In thousand MAD
I- EARNING FORMATION TABLE 12/31/2002 12/31/2001
+ Interests and assimilated revenues 2 405 215 2 564 592
- Interests and assimilated expenses 922 001 1 081 091
Interest Margin 1 483 214 1 483 501
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
Profit from leasing and renting operations
+ Fees received 424 895 356 534
- Fees paid 33 137 31 211
Margin on fees 391 758 325 323
+ Income from operations on transaction securities 57 852
+ Income from transactions on marketable securities 131 886 37 714
+ Income from exchange transactions 129 901 154 106
+ Income from derivatives transactions - 10 246 - 2 409
Income from market transactions 309 393 189 411
+ Other miscellaneous banking revenues 102 341 80 403
- Other miscellaneous banking expenses 62 134 55 989
NET BANKING INCOME 2 224 572 2 022 649
+ Net income from equity investments - 42 347 36 855
+ Other non-banking operating revenues 28 261 19 141
- Other non-banking operating expenses 4 930 10 088
- General operating expenses 1 290 990 1 253 517
GROSS OPERATING EARNING 914 566 815 040
+ Allowances for non performing loans and commitments (net of - 556 908 - 317 302
write-backs)
+ Other allowances net of provision write-backs 34 591 40 088
CURRENT INCOME 392 249 537 826
NON-CURRENT INCOME
- Corporate tax 109 908 180 374
NET EARNING FOR THE YEAR 282 341 357 452
II- CASH-FLOW 12/31/2002 12/31/2001
+ NET EARNING FOR THE YEAR 282 341 357 452
+ Allowances for depreciation and provisions for intangible 118 951 110 514
and tangible fixed assets
+ Allowances for provisions for equity investments 43 381 23 518
depreciation
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non-current allowances
- Provisions write-backs 4 611 53 800
- Capital gains on disposals of intangible and tangible fixed 1 607 2 128
assets
+ Capital losses on disposals of intangible and tangible 1 449 3 353
fixed assets
- Capital gains on disposals of equity investments 35 373
+ Capital losses on disposals of equity investments 1 108
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 441 012 403 536
- Dividends distributed 238 127 238 127
+ CASH-FLOW 202 885 165 409
Aggregated TURNOVER
In thousand MAD
SECOND SEMESTER 2002 FIRST SEMESTER 2002 SECOND SEMESTER 2001
1 750 074 1 873 825 1 867 177
Aggregated NON PERFORMING LOANS AS OF DECEMBER 31, 2002
In thousand MAD
LOANS DISBURSED COMMITMENTS BY AMOUNTS 3= PROVISIONS PROVISIONS PROVISIONS 6
LOANS 1 SIGNATURE 2 1+2 DISBURSED COMMITMENTS BY =4+5
LOANS 4 SIGNATURE 5
(DOUBTFUL
INTEREST)
SUBSTANDARD LOANS 2 723 2 723
DOUBTFUL LOANS 98 140 98 140 76 401 76 401
LOSS LOANS 2 130 286 134 997 2 265 283 1 445 177 43 136 1 488 313
TOTAL 2 231 149 134 997 2 366 146 1 521 578 43 136 1 564 714
Aggregated PROVISIONS
In thousand MAD
PROVISIONS Amount 12/31/2000 Allowances Write-back Other Amounts 12/
changes 31/2001
Amount 12/31/2001 Allowances Write-back Other Amounts 12/
changes 31/2002
PROVISIONS, DEDUCTED FROM ASSETS
Loans to credit institutions and 32 346 32 346
equivalent
Loans and advances to customers 1 316 567 553 342 361 667 19 010 1 489 232
Doubtful interest 53 373 10 237 43 136
Marketable securities 22 298 10 509 18 576 14 231
Subordinated loans
Investment securities
Equity investment and equity uses 158 716 43 381 72 573 129 524
Leased and rented fixed assets
Other fixed assets
Other assets
Sub Total 1 550 954 639 578 463 053 19 010 1 708 469
PROVISIONS RECORDED UNDER LIABILITIES
Provisions for risks fulfilment of
commitments
Provisions for general risks 22 929 4 199 18 730
Contingent liabilities
Regulated provisions 382 382 0
Other provisions
Sub Total 23 311 4 581 18 730
TOTAL 1 574 265 639 578 467 634 19 010 1 727 199
PROVISIONS TAXED IN 1999 150 000 150 000
CUMULATED PROVISIONS 1 724 265 639 578 467 634 19 010 1 877 199
Fiscal year 2002 Fiscal year 2001
RECOVERY OF AMORTISED DEBTS 14 237 21 115
ERNST & YOUNG ASSOCIATED ADVISORS
44, Rue Mohamed Smiha 30, Boulevard Moulay Youssef
Casablanca Casablanca
Morocco Morocco
BANQUE MAROCAINE DU COMMERCE EXTERIEUR
ATTESTATION OF THE STATUTORY AUDITORS
FROM JANUARY 1st TO DECEMBER 31st, 2002
(Free translation from the French original)
According to article 17 of the dahir related to the law ndegrees 1-93-212 of September 21st, 1993, we have
conducted a limited review of the interim balance sheet situation of the "Banque Marocaine du Commerce Exterieur
" "BMCE" for the period from January 1st to December 31st, 2002, as well as the turnover amounts.
The purpose of our controls was not to certificate this interim situation.
An allowance for general risks, featured as a voluntary reserve and previously constituted after tax for an
amount of MAD 150 million, is now considered to cover different identified risks. Thus, this allowance is no
more considered as shareholder's equity.
On the basis of our limited review and except what is mentioned above, we did not notice any fact likely to
tarnish, significantly, the sincerity of the information contained in these documents.
Casablanca March 24th, 2003
ERNST & YOUNG ASSOCIATED ADVISORS
Hamad JOUAHRI Bachir TAZI
Partner Partner
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