RNS Number:2711L
Banque Marocaine Du Commerce Exteri
19 May 2003



The following announcement replaces the Aggregated Financial Statements released
on 16 May 2003 at 14:45 under RNS number 2109L.

The Interest Margin Statement has been changed from MAD thousand to MAD million.
Also, the Report of the Statutory Auditors has been included.

All other details remain unchanged.

The full amended text is shown below.





                         AGGREGATED FINANCIAL STATEMENTS
                           As of December 31st , 2002



                                   BALANCE SHEET

                                                          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



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


                               OFF BALANCE SHEET

                                                          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            1 485 847       2 694 001
institutions and equivalent
Financing commitments on behalf of customers         3 604 830       4 156 885
Guarantee commitments given to credit institutions   1 783 785       2 013 166
and 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             546 429         534 283
institutions and equivalent
Guarantee commitments received from the State and       41 502          48 206
various guarantee bodies
Securities repos sold
Other securities to be received


                                INCOME STATEMENT


                                                         In thousand MAD

                                                    12/31/2002      12/31/2001

BANK OPERATING REVENUES                              3 656 479       3 835 401

Interests and assimilated revenues on transactions     210 180         255 440
with credit institutions
Interests and assimilated revenues on transactions   1 653 077       1 771 956
with customers
Interests and assimilated revenues on debt             541 949         537 202
securities
Revenues on title deeds                                102 184          49 836
Revenues from leased and rented fixed assets
Fees on provided services                              350 656         263 894
Other banking revenues                                 798 433         957 073

BANK OPERATING EXPENSES                              1 431 907       1 812 752

Interests and assimilated expenses on transactions     135 677         162 950
with credit institutions
Interests and assimilated expenses on transactions     784 494         914 656
with customers
Interests and assimilated expenses on debt               1 830           3 486
securities issued
Expenses on leased and rented fixed assets
Other banking expenses                                 509 906         731 660

NET BANKING INCOME                                   2 224 572       2 022 649

Non-banking operating revenues                          28 261          54 515
Non-banking operating expenses                           6 038          10 088

GENERAL OPERATING EXPENSES                           1 290 990       1 253 519

Staff expenses                                         789 887         665 667
Tax expenses                                            25 903          21 050
External expenses                                      345 205         456 288
Other general operating expenses                        11 044
Allowances for depreciation and provisions for         118 951         110 514
intangible and tangible fixed assets

ALLOWANCES FOR PROVISIONS AND LOAN LOSSES              980 098         661 027

Allowances for non performing loans and                583 783         389 369
commitments
Loan losses                                            349 030         244 953
Other allowances for provisions                         47 285          26 705

PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED        416 542         385 296
DEBTS

Provision write-backs on non performing loans and      361 667         295 905
commitments
Recovery of amortised debts                             14 237          21 115
Other provision write-backs                             40 638          68 276

CURRENT INCOME                                         392 249         537 826

Non-current revenues
Non-current expenses

PRE-TAX EARNING                                        392 249         537 826

Corporate tax                                          109 908         180 374

NET EARNING FOR THE YEAR                               282 341         357 452



                          MANAGEMENT BALANCES STATEMENT

                                                        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            57 852
securities
+/- Income from transactions on marketable          131 886             37 714
securities
+/- 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        -556 908           -317 302
commitments (net of write-backs)
+ Other allowances net of provision                  34 591             40 088
write-backs

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

+/- NET EARNING FOR THE YEAR                        282 341            357 452

+ Allowances for depreciation and provisions        118 951            110 514
for intangible and tangible fixed assets

+ Allowances for provisions for equity               43 381             23 518
investments 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        1 607              2 128
tangible fixed assets

+ Capital losses on disposals of intangible and       1 449              3 353
tangible fixed assets

- Capital gains on disposals of equity                                  35 373
investments

+ Capital losses on disposals of equity               1 108
investments

- Write-backs of investment subsidies
received

+/- FINANCING CAPACITY                              441 012            403 536

- Dividends distributed                             238 127            238 127

+/- CASH-FLOW                                       202 885            165 409



                                CASH FLOW STATEMENT


                                                            In thousand MAD

                                                           2002           2001

1. (+) Banking revenues received                      3 484 932      3 771 899
2. (+) Recovery of amortised debts                       14 237         21 115
3. (+) Non-banking revenues received                     28 261         54 515
4. ( -) Banking expenses paid                         2 001 223      2 147 684
5. ( -) Non-banking expenses paid                         6 038         10 088
6. ( -) General operating expenses paid               1 172 039      1 143 005
7. ( -) Corporate tax paid                              109 908        180 374

I. NET CASH FLOWS FROM THE INCOME STATEMENT             238 222        366 378

Change in:

8. ( +/- ) Loans to credit institutions and              -5 334      1 084 211
equivalent
9. ( +/- ) Loans to customers                               402       -680 852
10.( +/- ) Debt and marketable securities            -3 522 513         16 946
11.( +/- ) Other assets                                -154 386       -225 913
12.( +/- ) Fixed assets leased and rented out                 -              -
13.( +/- ) Debts to credit institutions and           2 222 791         -5 047
equivalent
14.( +/- ) Customer deposits                          2 795 183      1 392 565
15.( +/- ) Debt securities issued                      -100 000        100 000
16.( +/- ) Other liabilities                           -286 457        213 474

II. BALANCE OF CHANGES IN OPERATING ASSETS AND          949 686      1 895 384
LIABILITIES

III. NET CASH FLOWS FROM OPERATING ACTIVITIES ( I +   1 187 908      2 261 762
II )

17. (+) Revenues from disposals of long-term             40 122        104 201
investments
18. (+) Revenues from disposals of intangible and         5 183         11 501
tangible fixed assets
19. (-) Acquisitions of long-term investments           231 600      1 059 155
20. (-) Acquisitions of intangible and tangible          25 721        196 114
fixed assets
21. (+) Interests received                               69 906         13 950
22. (+) Dividends received                              101 641         49 552

IV. NET CASH FLOWS FROM INVESTMENT ACTIVITIES          - 40 469    - 1 076 065

Change in :

23. (+) Subsidies, public funds and guarantee funds
received
24. (+) Issues of subordinated debts
25. (+) Stock issues
26. ( -) Repayment of equity capital and
equivalent
27. ( -) Interests paid                                   1 830          3 485
28. ( -) Dividends paid                                 238 128        238 128

V. NET CASH FLOWS FROM FINANCING ACTIVITIES            -239 958       -241 613

VI. NET CHANGE IN CASH ( III + IV + V )                 907 481        944 084

VII. OPENING CASH                                     2 576 775      1 632 691

VIII. CLOSING CASH                                    3 484 256      2 576 775



               ADDITIONAL AGGREGATED DISCLOSURE STATEMENTS
                           As of December 31st , 2002


                           STATEMENT OF DEROGATIONS

  INDICATIONS OF         JUSTIFICATION          INFLUENCE OF THE DEROGATIONS ON THE 
  THE DEROGATIONS     FOR THE DEROGATIONS     ASSETS, FINANCIAL POSITION AND PROFITS

I -Derogations to     NONE
fundamentals          
accounting            
principles            (*)                     (*)

                      NONE

II - Derogations to   (*)                     (*)
valuation methods     

III - Derogations to  NONE
the rules for         
establishing
and presenting        
financial             
statements.           (*)                     (*)

(*) Compliance with the specific principles of the "Plan Comptable des 
    Etablissements de Credits" (Credit Institution Accounting Standards)

cf : Accounting principles and valuation methods applied

                     SUMMARY OF CHANGES IN METHODS

    NATURE                                         INFLUENCE ON THE ASSETS,
  OF CHANGES     JUSTIFICATIONS FOR CHANGES    FINANCIAL POSITION AND PROFITS

I -Changing
affecting
valuation
methods

                                               1- Balance Sheet
Reclassification   Intention of disposal       Reclassification of investment securities
of investment      in a short time period      into marketable securities ( 2 928 480 KMAD )
securities         (less than 6 months)
(mutual funds)
into marketable  
securities                                     2- Income Statement
                                               Taking into account an unrealised capital gain of 57 852
                                               KMAD
II - Changes
affecting the
rules for
presentation


                 LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT


                                                                                                In thousand MAD
                            
CLAIMS                                   Banks in          Other credit     Foreign credit     Total           Total 
                           Bank           Morocco        institutions and    institutions    12/31/2002     12/31/2001  
                        Al-Maghrib                        equivalent in                                                 
                       Treasury and                          Morocco                                                  
                       giro accounts                                                                                    
                                                                                                                      
  ORDINARY               3 083 729            289            405 035            284 885      3 773 938      3 036 497 
  ACCOUNTS IN                                                                                                         
  DEBIT                                                                                                               
                                                                                                                      
  SECURITIES                                                                                                  209 866 
  RECEIVED AS                                                                                                         
  PLEDGES                                                                                                             
  - overnight                                                                                                         
  - time                                                                                                      209 866 
                                                                                                                      
  SHORT-TERM                               99 355            618 102          2 390 373      3 107 830      3 221 399 
  LOANS                                                                                                               
  - overnight                              19 355                                               19 355        429 297 
  - time                                   80 000            618 102          2 390 373      3 088 475      2 792 102 
                                                                                                                      
  FINANCIAL LOANS                                          1 955 516                         1 955 516      1 697 892 
                                                                                                                      
  OTHER LOANS            3 297 274         28 946                               142 196      3 468 416      3 230 943 
                                                                                                                      
  RECEIVABLES                               6 552                992                             7 544          3 832 
  ACCRUED                                                                                                             
  INTEREST                                                                                                            
                                                                                                                      
  NON PERFORMING                                                                                                      
  LOANS                                                                                                               
                                                                                                                      
  TOTAL                  6 381 003        135 142          2 979 645          2 817 454     12 313 244     11 400 429 
Comments:

The PL 480 of MAD 2 895 759 million is included in the line "other loans"



                         LOANS AND ADVANCES TO CUSTOMERS


                                                                                                    In thousand MAD

                                            Private Sector                                        
                Public                                                                            Total         Total 
CLAIMS          sector      Financial companies   Non financial companies   Other customers   12/31/2002    31/12/2001

SHORT-TERM      1 470 913               867 622                 8 176 638         2 037 931   12 553 104    12 674 136
LOANS             

- Deposit       1 310 348               867 622                 4 350 426         1 553 431    8 081 827     7 845 679
  accounts in       
  debit

- Commercial                                                    2 044 586               626    2 045 212     1 199 445
  loans in      
  Morocco

- Export            6 293                                         253 445            51 974      311 712       957 771
  loans      

- Other cash      154 272                                       1 528 181           431 900    2 114 353     2 671 241
  loans      

CONSUMER                                                                            988 252      988 252       936 684
LOANS      

EQUIPMENT         797 284                28 014                 3 720 297           619 371    5 164 966     4 953 830
LOANS      

MORTGAGE                                                                          1 010 707    1 010 707       604 078
LOANS    

OTHER LOANS           134               157 769                 1 538 042           457 706    2 153 651     2 553 125
ADVANCES
ACQUIRED BY  
FACTORING

RECEIVABLES                                                                         329 533     329 533        372 155
ACCRUED
INTEREST

NON PERFORMING     29 684                                         415 068           221 684     666 436        773 043
LOANS    

- Substandard                                                       1 289             1 434       2 723          1 847
  loans   
- Doubtful                                                          9 490            12 249      21 739          2 554
  loans   
- Loss loans       29 684                                         404 289           208 001     641 974        768 642

        TOTAL   2 298 015             1 053 405                13 850 045         5 665 184  22 866 649     22 867 051



           BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES BY CATEGORY OF ISSUER

                                                                                                     In thousand MAD
                                                                                                                      
                                       Credit       Public                Private issuers         Total         Total 
                                 institutions      issuers          Financial Non financial  12/31/2002    12/31/2001
                                          and
                                   equivalent                                                                      
                                                                                            
  QUOTED SECURITIES                               6 553 502          3 140 011                9 641 907     7 151 797 
  - Treasury bonds and                            6 553 502                                   6 553 502     6 792 404 
    equivalent securities                                                                                               
  - Bonds                                                                                                             
  - Other debt securities                                                                                             
  - Title deeds                                                      3 140 011                3 088 405       359 393 
                                                                                                                      
  UNQUOTED SECURITIES                1 198 312      352 960          1 421 953    118 101     3 091 326     1 745 608 
  - Treasury bonds and                                                                                                
    equivalent securities                                                                                               
  - Bonds                                           352 960                       118 101       471 061     1 106 266 
  Other debt securities              1 198 312                       1 421 953                2 620 265       639 342 
  Title deeds                                                                                                         
                                                                                                                      
                                                                                                                      
  TOTAL                              1 198 312    6 906 462          4 561 964    118 101    12 733 233     8 897 405 


                                   DETAIL OF OTHER ASSETS


                                                               In thousand MAD

           HEADING                 AMOUNT        COMMENT

OPTIONAL INSTRUMENTS                318
Miscellaneous transactions on       318   Coupons to be received
securities (debit)
Sums settled to be recovered
from securities issuers
Other settlement accounts
concerning transactions on
securities

OTHER DEBTORS                   230 828
- Sums due by the State         210 235   Deductible VAT, advances Corp Tax,
                                          TPPRF State and exchange loss
                                          receivable from the Treasury


- Sums due by provident
  companies
- Receivable from staff            9 706    Advances to staff
- Receivable for non-banking
  services
- Other debtors                    10 887   Deposits, guarantees and stocks
OTHER SECURITIES AND ASSETS        6 742
- Other securities and assets      6 742    furniture stock, postal and tax
                                            stamps

OFF-BALANCE SHEET ADJUSTMENT
ACCOUNTS (DEBIT)

CURRENCIES AND SECURITIES          71 990   structured positions adjustment.
DISCREPANCY ACCOUNTS (DEBIT)
Potential losses on hedging
transactions non settled
Deferred losses on hedging
transactions non settled
DEFERRED EXPENSES                     547   costs for increase in capital and
                                            start up costs

LIAISON ACCOUNTS BETWEEN THE HEAD  23 733
OFFICE, BRANCHES AND AGENCIES IN
MOROCCO (DEBIT)

ACCRUED INCOME AND PREPAYMENT      79 173
- Accrued income                   65 237
- Prepayment                       13 936

SUSPENSE ACCOUNTS

NON PERFORMING LOANS ON
MISCELLANEOUS TRANSACTIONS

PROVISIONS FOR NON PERFORMING      143 919
LOANS ON MISCELLANEOUS             
TRANSACTIONS

                           TOTAL   557 250

                                             EQUITY INVESTMENT AND EQUIVALENT


                                                                                              In thousand MAD

                                                                                                      Revenues recorded
                                                Equity      Overall                                     in the year's
Name of the issuing    Sector of      Share    Holdings   acquisition                                 income statement
    company            activity      capital     as %        price      Provisions   Net book value        (in MAD)     
                                 

EQUITY HOLDINGS

SOCIETE CASA            Financial   114 862 500  33.40  38 420 083.75                  38 420 083.75      2 373 831.2
FINANCE MARKET          company
CAISSE MAROCAINE        Financial   100 000 000  16.59  13 009 501.00                  13 009 501.00
DES MARCHES            institution
MARTKO (MAGHREB      Financial inst.600 000 USD  20.00     970 638.00  970 638.00               0.00
ARAB TRADING Cdegrees)

RADIO                  Audiovisual   18 000 000  14.17   2 550 000.00                   2 550 000.00
MEDITERRANEE
INTERNATIONAL
EUROCHEQUE              Means of        500 000  28.78     143 900.00                     143 900.00
MAROC                   payment
STE CONSEIL           Engineering    10 000 000  20.00   2 000 000.00                   2 000 000.00
INGENIERIE ET         consultants
DEVELOPPEMENT
STE RECOURS         Debt collection   5 000 000  15.00     375 000.00                     375 000.00        75 000.00

EUMAGEX             Insurance and     2 000 000  25.00     400 000.00                     400 000.00
                        service
ACMAR               Insurance and    25 000 000  20.00   5 000 000.00                   5 000 000.00
                        service
STE IPE            Publishing and     4 000 000  10.00     400 000.00                     400 000.00
                       printing
TANGER ZONE        Development co.   90 000 000  15.00  13 500 000.00                  13 500 000.00
FRANCHE                                                                                 
STE                Development co.   60 000 000  15.00   1 000 000.00                   1 000 000.00
D'AMENAGEMENT DU
PARC INDUSTRIE
AL WATANIYA           Insurance   1 105 450 000  21.85 958 509 942.06                 958 509 942.06   26 575 010.00
BANQUE DE          Foreign credit  3,8 Milliards 20.73  58 342 005.48                  58 342 005.48    1 188 188.87
DEVELOPPEMENT DU        inst.           FCFA
MALI
INFORMATION           Information    26 500 000  10.00   2 650 000.00                   2 650 000.00
TECHNOLOGY           processing
SOLUTION
CENTRE MONETIQUE       Electronic    10 000 000  11.00  11 000 000.00                  11 000 000.00
INTERBANCAIRE       payment mgt
M@FINANCE.COM       Holding co.      30 000 000  20.00   6 000 000.00                   6 000 000.00
MOROCAN            Real est. mgt.    46 000 000  12.30   5 650 000.00                   5 650 000.00
INFORMATION         techno park
TECHNO PARC
CIE
RISMA                 Tourism      263 000 000   11.38  29 950 000.00                  29 950 000.00

                                                     1 149 871 070.29  970 638.00   1 148 900 432.29
SECURITIES OF
RELATED
COMPANIES

B.M.C.E.           Foreign credit  3 Milliards   75.00  154 859 410.00                154 859 410.00
MADRID                 inst.              Ptas                           
MAGHREBAIL            Leasing      102 532 000   45.85  173 128 434.00                173 128 434.00     9 404 000.00
MAROC                 Factoring     15 000 000   95.00   16 208 700.00                 16 208 700.00       855 000.00
FACTORING
ISTITMAR WA         PF INVESTMENT   10 000 000   50.00    5 000 000.00                  5 000 000.00
MOUSSAHAMA
STE ATTACHYID           SCI         10 000 000  100.00   10 000 000.00    7 279 270.73  2 720 729.27
OUAL MABANI
STE BEMCOM              SCI         94 000 000   75.00    70 500 000.00                70 500 000.00
INTERFINA         PF INVESTMENT    210 000 000  100.00   252 916 718.42               252 916 718.42
DOCUPRINT           Service co.      4 000 000  100.00     4 000 000.00                  4000 000.00
BMCE CAPITAL      Stock brokers     10 000 000   67.50     6 750 000.00                 6 750 000.00
BOURSE (EX.
MAROC INTER
TITRES)
BMCE CAPITAL      Mutual fund mgt    5 000 000  100.00     6 442 928.01                 6 442 928.01    40 000 000.00
GESTION (EX.
MARFIN)
STE               Mutual fund mgt    1 000 000   50.00       500 000.00                   500 000.00    11 000 000.00
CONSULTITRES
STE SALAFIN       Consumer credit  100 000 000  100.00   100 000 000.00               100 000 000.00

BMCE CAPITAL      Investment bank  100 000 000  100.00   100 000 000.00               100 000 000.00
                                                         
SITVA                 BMCE club        600 000   95.00     1 711 431.29                 1 711 431.29

                                                         902 017 621.72  7 279 270.73 894 738 350.99

SECURITIES/
ACTIVITIES OF
THE PORTFOLIO

AFREXIM BANK       Foreign credit 750 000 000 USD 0.04     2 889 630.00                   288 963.00       34 672.99
(African Import         inst.
Export)
PROPARCO           Multi-national  142 560 000    2.5     35 973 921.33                35 973 921.33      396 351.31
                   credit inst.          euros
BANCO BILBAO       Multi-national 62 Milliards    0.01     6 367 746.00                 6 367 746.00      331 657.63
VISCAYA            credit inst.           Ptas
E.S.I.H.           Foreign credit                        134 972 950.00               134 972 950.00    3 922 660.94
                        inst.
E.S.F.G.           Foreign credit                        135 541 656.25               135 541 656.25    1 466 060.48
                        inst.
UBAE ARAB          Foreign credit  110 000 000            66 697 904.00                66 697 904.00
ITALIAN BANK            inst.            Euros
STE CIVILE FIN          Equity         100 000   50.00        50 000.00                    50 000.00
FUND                 investment
FONDS D           Investment fund  variable equity        11 402 415.54                11 402 415.54
INVESTISSEMENT                           funds
CAPITAL
MOROCCO
FONDS ESPAGNOL    Investment fund  variable equity        28 979 477.83                28 979 477.83
MARCO POLO                               funds
INVEST. S.C.R.
FINAFUND USA      Investment fund  variable equity        51 873 928.00                51 873 928.00
                                         funds
FINAFUND          Investment fund  variable equity        15 470 998.20                15 470 998.20
EUROPE                                   funds

                                                         490 220 627.15               490 220 627.15

OTHER EQUITY
INVESTMENT

MEDITELECOM    Telecommunications 6 475 000 000   7.80  685 318 000.00                685 318 000.00
ROYAL MAROCAINE     Insurance     1 108 000 000   9.90  389 406 600.00                389 406 600.00   10 969 200.00
D ASSURANCES
CREDIT DU          Credit inst.     833 817 000   0.00        4 450.00         985.00        3465.00
MAROC
C.I.H.             Credit inst.   3 326 650 000   1.64  197 277 478.00  83 513 676.00 113 763 802.00
BANQUE CENTRALE    Credit inst.     575 529 000   2.00   92 098 162.40                 92 098 162.40      716 638.00
POPULAIRE
BANK AL AMAL       Credit inst.     500 000 000   0.20      971 000.00                    971 000.00
FONDS MONETAIRE   Financial inst. 500 000 000 USD 0.06    2 031 425.00                  2 031 425.00      115 717.36
ARABE(ARAB TRADE
FINANCING
PROGRAM)
S.N.I.              Holding CO.   1 090 000 000   0.00    3 520 303.00     726 583.00   2 793 720.00       99 132.00
O.N.A.              Holding CO.   1 720 056 950   0.00        1 155.00         158.00         997.00
BRASSERIES DU      Agribusiness     282 625 000   0.00   15 986 850.00   7 169 520.00   8 817 330.00      484 450.00    
                                 
MAROC
CTM/ LN              Transport      125 597 800   5.00   27 363 667.00  10 068 347.00  17 295 320.00      926 535.00
COMANAV               Maritime      274 500 000   5.00    1 373 505.00                  1 373 505.00
                      transport
LA CELLULOSE DU      Paper pulp     450 351 000   1.97    3 393 433.00                  3 393 433.00
MAROC
CIE IMMOBILIERE   Real estate CO.    20 000 000   0.04        8 500.00                      8 500.00      12 800.00
FONCIERE
MAROCAINE
C.M.K.D.            Holding CO.     315 000 000   2.14    7 062 374.99                  7 062 374.99
SIDET               Holding CO.      75 500 000   2.00    1 268 300.00     413 846.29     854 453.71
SOMED               Holding CO.     300 000 000   2.64    7 927 000.00                  7 927 000.00     475 620.00
SMAEX               Insurance and    30 000 000   5.63    1 690 000.00                  1 690 000.00     118 300.00
                        service
GECOTEX                Industry      10 000 000   5.00      500 000.00                    500 000.00
STE NATIONALE            Road       120 000 000   4.17    5 000 000.00   1 010 800.00   3 989 200.00
DES AUTOROUTES    infrastructure
DAR ADDAMANE            Guarantee    25 000 000   0.96      480 500.00                    480 500.00
                         bodies
STE IMMOBILIERE     Real estate      19 005 000   8.08    1 267 000.00                  1 267 000.00
SIEGE GPBM
CASA WORLD TRADE    Real estate       3 500 000   2.70       95 500.00                     95 500.00
CENTER
FRUMAT             Agribusiness     171 058 800   8.50   14 500 000.00  13 004 000.00   1 496 000.00
MAROCLEAR             Central        20 000 000   4.00      803 000.00                    803 000.00
                      custodian                   
SOCIETE ALLICOM       Industry       20 000 000   2.50      500 000.00     500 000.00           0.00
MAROC
CIE IMMOBILIERE     Real estate                                   0.01                          0.01
DES ETUDIANTS
SINCOMAR           Agribusiness      37 440 000              49 400.00                     49 400.00
SWIFT               Service CO. 434 020 000 BEF   0.00       21 962.28                     21 962.28

BANQUE POPULAIRE  Financial inst.   2 Milliards   5.00    2 814 120.00   2 814 120.00           0.00
MARROCO                                    FCFA
CENTRAFRICAINE
FONDS DE SOUTIEN  SUPPORT ACTIONS   500 000 000   0.05      240 250.00                    240 250.00
ACTIONS BAA

                                                      1 462 973 935.68 119 222 035.29 1 343 751 900.39

Shareholder's                                            89 435 085.31   2 052 000.00  87 383 085.31
accounts
MEDITELECOM                                              65 382 165.71                 65 382 165.71
ISTITMAR WA                                              18 000 000.00                 18 000 000.00
MOUSSAHAMA
MAGHREBAIL                                                2 500 000.00                  2 500 000.00
MARTCO                                                    1 500 000.00   1 500 000.00           0.00
Siege G.P.B.M.                                            1 446 419.60                  1 446 419.60
ALLICOM MAROC                                               552 000.00     552 000.00           0.00
WORLD TRADE                                                  54 500.00                     54 500.00
CENTER
                                                      4 094 518 340.15  129 523 944.02 3 964 994 396.13  101 640 825.78
                                                                                            

                         TANGIBLE AND INTANGIBLE FIXED ASSETS                                       

                                                                                                      In thousand MAD 
                                                                      Depreciation                                
                    Gross                   Disposals or   Gross   and/or provisons        Depreciation          Net
                amount at the               withdrawals   amount at     at the    Allowance  on fixed         amount at
                 beginning of   Aquisitions     of       the end of    beginning   for the    assets         the end of
    CATEGORY       the year     of the year  the year     the year    of the year    year   withdrawn  Total   the year
                                                                                                                      
  INTANGIBLE       63 048        18 332                    81 380        13 043     6 238             19 281     62 099 
  FIXED ASSETS                                                                                                   
                                                                                                                      
  - Leasehold      26 798           350                    27 148                                                27 148 
    rights                                                                                                              
  - Investment                                                                                                        
    in research                                                                                                         
    and                                                                                                                 
    development                                                                                                         
  - Other          36 250        17 982                   54 232        13 043      6 238             19 281     34 951 
    operating                                                                                                        
    intangible                                                                                                          
    fixed assets                                                                                                        
  - Non-operating                                                                                                       
    intangible                                                                                                          
    fixed assets                                                                                                        
                                                                                                                      
  TANGIBLE FIXED2 103 371       118 448       44 814  2 177 005      1 117 369     112 346    1 805 1 227 910   949 095 
  ASSETS                                                                                              
                                                                                                                      
  - OPERATING     499 603        48 787        2 839    545 551         99 699      10 135            109 834   435 717 
    BUILDINGS                                                                                                
  . Operating      68 577         9 098                  77 675                                                  77 675 
    land                                                                                                                
  . Operating     431 026        39 689        2 839   467 876          99 699     10 135             109 834   358 042
    buildings.                                                                                                
    Offices                                                                                                             
  . Operating                                                                                                         
    buildings.                                                                                                          
  Staff housing                                                                                                       
  - OPERATING     818 077        33 240       36 822   814 495         619 892     54 686     1 106   673 472   141 023 
    FURNITURE AND                                                                                          
    EQUIPMENT                                                                                                           
  . Operating     205 725         5 332                211 057         124 576     13 774             138 350   72 707 
    office                                                                                                       
    furniture                                                                                                           
  . Operating     133 124         5 862          204   138 782         113 951      8 807       205   122 553   16 229 
    office                                                                                                          
    equipment                                                                                                           
  . Computer      421 406        16 880       35 954   402 332         341 664     27  221      240   368 645   33 687 
    equipment                                                                                                    
  . Operating      27 138            55          664    26 529          17 715       3 267      661    20 321    6 208 
    vehicles                                                                                                        
  . Other          30 684         5 111                 35 795          21 986       1 617             23 603   12 192 
    operating                                                                                                       
    equipment                                                                                                           
                                                                                                                      
  - OTHER         585 076        26 402                611 478         363 773      42 527           406 300   205 178 
    OPERATING                                                                                                
    TANGIBLE FIXED                                                                                                      
    ASSETS                                                                                                              
  - NON-OPERATING 200 615        10 019        5 153   205 481          34 005       4 998      699   38 304   167 177  
                                                                                         
  TANGIBLE FIXED                                                                                                      
  ASSETS                                                                                                              
  . Non-operating  
    land           40 040           127        4 298   35 869                                              -   35 869   
  . Non-operating  79 412         7 393          151   86 654           19 642       3 459      151   22 950   63 704   
    buildings                                                                                                        
  . Non-operating  15 451         1 211           13   16 649            7 524       1 190       13    8 701    7 948   
    furniture and                                                                                                       
    equipment                                                                                                           
  . Other          65 712         1 288          691   66 309            6 839         349      535    6 653   59 656 
    non-operating                                                                                                       
    tangible fixed                                                                                                      
    assets                                                                                                              
                                                                                                                      
  TOTAL         2 166 419       136 780       44 814  2 258 385      1 130 412     118 584    1 805 1 247 191  1 011 194
 

                      LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT

                             CREDIT INSTITUTIONS AND EQUIVALENT IN                                                    
  DEBTS                                   MOROCCO                                                    
                                                                                                        In thousand MAD
                                                          Other credit                      
                       Bank Al-Maghrib,                   institutions       Credit
                      Treasury and giro        Banks in  and equivalent   institutions        Total            Total
                       current account          Morocco    in Morocco        abroad         12/31/2002      12/31/2001

  ORDINARY CREDIT                               162 321     19 284            152 651         334 256         567 792 
  ACCOUNTS                                                                                                            
                                                                                                                      
  SECURITIES                 708 720            449 074                                     1 157 794         111 950 
  PLEDGED                                                                                                             
  - overnight                                                                                                         
  - time                     708 720            449 074                                     1 157 794         111 950 
                                                                                                                      
  CASH BORROWING                                490 000    889 595          2 401 765       3 781 360       2 282 979 
  - overnight                                   490 000                                       490 000         220 000 
  - time                                                   889 595          2 401 765       3 291 360       2 062 979 
                                                                                                                      
  FINANCIAL                  111 365                                          934 160       1 045 525         836 114 
  BORROWING                                                                                                           
                                                                                                                      
  OTHER DEBTS                  9 627             47 905      1 823             51 462         110 817         510 965 
                                                                                                                      
  PAYABLE ACCRUED                                                                             118 249          15 410 
  INTERESTS                                                                                                           
                                                                                                                      
                                                                                                                      
  TOTAL                      829 712          1 149 300    910 702          3 540 038       6 548 001       4 325 210 
 
 
 
 
                                      CUSTOMER DEPOSITS
 
                                                                                                    In thousand MAD 

                                                               Private sector  
                                  
                                                     Financial  Non-financial     Other       Total          Total      
  DEPOSITS                    Public sector          companies    companies     companies   12/31/2002     12/31/2001
                                                                                                                      
  DEMAND CREDIT                     966 062          1 259 820    4 916 537    12 192 776    19 335 195    16 120 814 
  ACCOUNTS                                                                                                            
                                                                                                                      
  SAVINGS ACCOUNTS                                                              6 904 628     6 904 628     6 231 782 
                                                                                                                      
  TIME DEPOSITS                     180 295                500      701 221     7 696 995     8 579 011    10 766 678 
                                                                                                                      
  OTHER CREDIT                    3 061 663          2 165 795      539 463       287 232     6 054 153     4 777 813 
  ACCOUNTS ( * )                                                                                                      
                                                                                                                      
  PAYABLE ACCRUED                                                                  41 310        41 310       222 027 
  INTERESTS                                                                                                           
                                                                                                                      
  TOTAL                           4 208 020          3 426 115    6 157 221    27 122 941    40 914 297    38 119 114 

  Comments:                                                                                                           

  ( * ) Including PL 480 for MAD 2 895 759 million                                                                      
                                      
 

                           DETAIL OF OTHER LIABILITIES                                  In thousand MAD
                                                                                                         
                            LIABILITIES                                                          Amount  
                                                                                             12/31/2002 
                  OPTIONAL INSTRUMENTS SOLD                                                               

                  MISCELLANEOUS TRANSACTIONS ON SECURITIES                                                

                  OTHER CREDITORS                                                              268 901  

                State debt                                                                     186 479  
                Social security and provident societies debts                                   39 404  
                Staff debt                                                                      23 954  
                Shareholders and partners debt                                                   2 844  
                Supply of goods and services                                                            
                Other creditors                                                                 16 220  

                  ACCRUAL ACCOUNTS                                                             319 656  

                Adjustment accounts of off-balance sheet transactions                                   
                Currencies and securities differential accounts                                         
                Profit on hedging instruments                                                           
                Liaison accounts between the head office, branches and Moroccan agencies       121 678  
                Expenses payable and prepaid income                                             69 124  
                Other accruals                                                                 128 854  

                  TOTAL                                                                        588 557  
 


                                     PROVISIONS

                                                                                                                     
  PROVISIONS                                            Amount     Allowances    Write-backs     Other        Amount  
                                                     12/31/2001                                 changes    12/31/2002 
                                                                                                                      
  PROVISIONS, DEDUCTED FROM ASSETS, ON:                                                                               
                                                                                                                      
  Loans to credit institutions and equivalent                                                                         
  Loans and advances to customers                    1 316 567       583 783        361 667     17 105     1 521 578  
  Doubtful interest                                     53 373                       10 237                   43 136  
  Marketable securities                                 22 298        10 509         18 576                   14 231  
  Equity investments and equivalent assets             158 716        43 381         72 573                  129 524  
  Leased and rented fixed assets                                                                                      
  Other assets                                                                                                        
                                                                                                                      
  SUB TOTAL                                          1 550 954       637 673        463 053     17 105     1 708 469  
                                                                                                                      
  PROVISIONS RECORDED UNDER LIABILITIES                                                                               
                                                                                                                      
  Provisions for risks of fulfilment commitments                                                                      
  Provisions for general risks                          22 929                        4 199                   18 730  
  Provisions for other losses and expenses                                                                            
  Regulated provisions                                     382                          382                           
  Other provisions                                                                                                    
                                                                                                                      
  SUB TOTAL                                             23 311                        4 581                   18 730  
                                                                                                                      
  TOTAL                                              1 574 265       637 673        467 634     17 105     1 727 199  
  Provisions taxed in 1999                             150 000                                               150 000 
  CUMULATED                                          1 724 265       637 673        467 634     17 105     1 877 199  
                                                                                       2002                     2001 
  RECOVERY OF AMORTISED DEBTS                                                        14 237                   21 115 
 
     
                                SHAREHOLDERS' EQUITY

                                                                                                        In thousand MAD

                                                                                                          
         Shareholders' equity                              Amount     Appropriation        Other       Amount  
                                                        12/31/2001        of profit      changes    31/12/2002 
                                                                                                               
         Revaluation reserve                                                                                   
                                                                                                               
         Legal reserve                                    219 612           15 124                    234 736  
                                                                                                               
         Other reserves                                 2 434 779           49 300       -13 895    2 470 184  
                                                                                                               
         Issuance, merger and contribution premiums       596 218                                     596 218  
                                                                                                               
         Capital                                                                                               
                                                                                                               
         Called-up capital                              1 587 514                                   1 587 514  
         Uncalled capital                                                                                      
         Investment certificates                                                                               
         Allowance fund                                                                                        
         Shareholders. Unpaid-up capital                                                                       
                                                                                                               
         Retained earnings (+/-)                               91              -57                         34  
                                                                                                               
         Net earning being appropriated (+/-)                                                          55 953  
                                                                                                               
         Net earning for fiscal 2001 (+/-)                357 452          -238 071                            
                                                                                                               
         Sub-Total                                      5 195 666        - 173 704     - 13 895     4 944 639  
                                                                                                               
         Net earning for fiscal 2002 (+/-)                                                            282 341  
                                                                                                               
         TOTAL                                                                                      5 226 980  
 

                       FINANCING AND GUARANTEE COMMITMENTS


                                                               In thousand MAD

                                                      12/31/2002    12/31/2001

FINANCING AND GUARANTEE COMMITMENTS GIVEN             10 970 480    13 209 232

FINANCING COMMITMENTS ON BEHALF OF CREDIT              1 485 847     2 694 001
INSTITUTIONS AND EQUIVALENT
Import letters of credit
Payment acceptances or commitments
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given                      1 485 847     2 694 001

FINANCING COMMITMENTS ON BEHALF OF CUSTOMERS           3 604 830     4 156 885
Import letters of credit                               2 402 727     2 223 105
Payment acceptances or commitments                       500 406       595 397
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given                        701 697     1 338 383

GUARANTEE COMMITMENTS FOR CREDIT INSTITUTIONS AND      1 783 785     2 013 166
EQUIVALENT
Confirmed export letters of credit                       182 793       140 462
Payment acceptances or commitments                        95 591        81 516
Credit guarantees given                                    3 439         4 254
Other security, endorsements and guarantees given      1 501 962     1 786 934
Non performing commitments

GUARANTEE COMMITMENTS FOR CUSTOMERS                    4 096 018     4 345 180
Credit guarantees given
Security and guarantees given on behalf of the         1 993 379     2 002 896
public administration
Other security and guarantees given                    2 102 639     2 342 284
Non performing commitments

FINANCING AND GUARANTEE COMMITMENTS RECEIVED             587 931       582 489

FINANCING COMMITMENTS RECEIVED FROM CREDIT
INSTITUTIONS AND EQUIVALENT
Opening of confirmed credit
Substitution commitments on issuing of securities
Other financing commitments received                     129 625        38 526

GUARANTEE COMMITMENTS RECEIVED FROM CREDIT               546 429       534 283
INSTITUTIONS AND EQUIVALENT
Credit guarantees                                        110 290       122 440
Other guarantees received                                436 139       411 843

GUARANTEE COMMITMENTS RECEIVED FROM THE STATE AND         41 502        48 206
OTHER GUARANTEE
INSTITUTIONS
Credit guarantees                                         41 502        48 206
Other guarantees received


            FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES


                                                                                                      In thousand MAD
                                                                                                                    
                                                Hedging transactions     12/31/2001              Other transactions 

                                                                                               12/31/2002  12/31/2001   
                                             
  FORWARD EXCHANGE TRANSACTIONS                            5 669 917     1 819 034              1 053 487     974 220  
                                                                                                                      
  Currency to be received                                    433 326       122 256                 282758      394829 
  Currency to be delivered                                 2 354 590       793 866                 285088       89036 
  Dirhams to be received                                   2 423 700       780 249                 273969      250700 
  Dirhams to be delivered                                    458 301       122 663                 211672      239655 
  Of which financial currency swaps                                                                                   
                                                                                                                      
  COMMITMENTS ON DERIVATIVES                                                                    1 169 464     420 908 
                                                                                                                      
  Commitments on regulated interest rate                                                        1 169 464     420 908 
  markets                                                                                                             
  Commitments on OTC interest rate markets                                                                            
  Commitments on regulated exchange rate                                                                              
  markets                                                                                                             
  Commitments on OTC exchange rate markets                                                                            
  Commitments on regulated markets for other                                                                          
  instruments                                                                                                         
  Commitments on OTC markets for other                                                                                
  instruments                                                                                                         
                                                                                                                      
                                                                                                                      
  
                SECURITIES AND SURETIES RECEIVED AND GIVEN AS GUARANTEES
 
                                                                                                    In thousand MAD 

                                                                                                                      
  Securities and sureties            Net book value   Assets or off-balance sheet              Amounts of the loans or
  received as guarantees                              headings recording loans or          signature commitments given
                                                      commitments given                                       covered 
                                                                                                                      
  Treasury bonds and equivalent            152 461    Treasury bonds received as                             152 461  
  securities                                          pledges                                                         
  Other securities                           5 296    Negotiable debt securities                               5 296  
                                                      received as pledges                                             
  Mortgages                                                                                                           
  Other real securities and                                                                                           
  sureties                                                                                                            
                                                                                                                      
  TOTAL                                    157 757                                                           157 757  


  Securities and sureties given      Net book value   Asset or off-balance sheet               Amounts of the loans or
  as guarantees                                       headings recording loans or        commitments received covered 
                                                      commitments received                                            
                                                                                                                      
  Treasury bonds and equivalent          3 318 773    Treasury bonds given as                              3 318 773  
  securities                                          pledges                                                         
  Other securities                                    Bills given as pledges                                          
  Mortgages                                                                                                           
  Other real securities and                                                                                           
  sureties                                                                                                            
                                                                                                                      
  TOTAL                                  3 318 773                                                         3 318 773  
 
 
 
BREAKDOWN OF TOTAL ASSETS LIABILITIES AND OFF-BALANCE

SHEET IN FOREIGN CURRENCY


                                                               In thousand MAD

BALANCE SHEET                                                           Amount

                                                                    12/31/2002

ASSETS                                                               6 343 585

Cash, Central Banks, Treasury, Giro Accounts                            95 510
Loans to credit institutions and equivalent                          2 737 428
Loans and advances to customers                                      2 577 250
Transaction, marketable and investment securities
Other assets
Equity investments and equivalent uses                                 933 397
Subordinated loans
Fixed assets leased and rented
Intangible and tangible fixed assets

LIABILITIES                                                          5 020 642

Central Banks, Treasury, Giro accounts
Liabilities to credit institutions and equivalent                    4 031 850
Customer deposits                                                      988 792
Debt securities issued
Other liabilities
Subsidies, assigned Public funds and special guarantee funds

OFF-BALANCE SHEET                                                    6 502 341

Commitments given                                                    6 502 341
Commitments received


                                INTEREST MARGIN


                                                                 In million MAD

      AVERAGE CAPITAL              AMOUNTS     AVERAGE COST      RATE OF RETURN

Average amount of uses            23 168.5        1 548.2                 6.68%

Average amount of resources         32 612          694.8                 2.13%


This table shows only average amounts of uses and resources related to "domestic
activity"



                             REVENUES ON TITLE DEEDS

                                                                 In thousand MAD

CATEGORY OF SECURITIES                                         REVENUES RECEIVED

Marketable securities
Equity investments                                                      30 212
Investments in affiliated companies                                     51 359
Equivalent assets                                                       20 070

                                             TOTAL   101 641


     
                                      FEES

                                                                 In thousand MAD

FEES                                                                    Amount

Fees received                                                          494 549

on transactions with credit institutions                                 3 917
on transactions with customers                                         147 231
on exchange transactions                                                84 239
concerning operations on the primary securities markets
on derivatives                                                          25 875
on transactions on securities under management and custody
on means of payment                                                    172 583
on consulting and assistance
on sales of insurance products                                           3 339
on other services                                                       57 365

Fees paid                                                               16 532

on transactions with credit institutions                                   383
on transactions with customers
on exchange transactions                                                10 273
concerning operations on the primary securities market
on derivatives
on transactions on securities under management and custody               1 830
on means of payment
on consulting and assistance
on sales of insurance products
on other services                                                        4 046





EARNINGS FROM MARKET TRANSACTIONS

                                                               In thousand MAD

REVENUES AND EXPENSES                                                   Amount

REVENUES                                                               621 206
Gains on transactions securities                                        57 852
Capital gains on disposals of marketable securities                    147 502
Provision write-backs on depreciation of marketable securities          18 576
Gains on derivatives
Gains on exchange transactions                                         397 276

EXPENSES                                                               278 440
Losses on transaction securities
Capital losses on disposals of marketable securities                       818
Provisions for depreciation of marketable securities
Losses on derivatives                                                   10 246
Losses on exchange transactions                                        267 376



                         GENERAL OPRERATING EXPENSES



                                                                 In thousand MAD

                    EXPENSES                        12/31/2002      12/31/2001

Staff Expenses                                         789 887         665 667

                    Expenses                        12/31/2002      12/31/2001

Taxes                                                   25 903          21 050

                    EXPENSES                        12/31/2002      12/31/2001

External Expenses                                      345 205         456 288

                    EXPENSES                        12/31/2002      12/31/2001

Allowances for depreciation and provision for          118 951         110 514
intangible and tangible fixed assets



                         OTHER REVENUES AND EXPENSES

                                                                 In thousand MAD

REVENUES AND EXPENSES                               12/31/2002      12/31/2001
Other banking revenues and expenses                    288 527         225 413
Other banking revenues                                 798 433         957 073
Other banking expenses                                 509 906         731 660
NON-BANKING OPERATING REVENUES AND EXPENSES         12/31/2002      12/31/2001
Non-Banking operating revenues and expenses             22 223          44 427
Non-Banking operating revenues                          28 261          54 515
Non-Banking operating expenses                           6 038          10 088

OTHER EXPENSES                                      12/31/2002      12/31/2001
Allowances for provisions and losses on                980 098         661 027
irrecoverable loans
OTHER REVENUES                                      12/31/2002      12/31/2001
Provision write-backs and recoveries on amortised      416 542         385 296
debts


                         DATING AND SUBSEQUENT EVENTS

I. DATING

. Date of the end of the fiscal year (1)              December 31, 2002


. Date of financial statements performance (2)           March 17, 2003

(1) Justification in case of a change in the date of the end of the fiscal
    year

(2) Justification in the case of an overrun on the statutory period of three
    months allowed for drawing up the financial statements.


II. EVENTS OCCURRING SUBSEQUENT TO THE END OF THE FISCAL YEAR NOT CHARGED TO
THIS YEAR AND KNOWN BEFORE THE 1ST EXTERNAL DISCLOSURE OF THE FINANCIAL
STATEMENTS EXTERNE DES ETATS DE SYNTHESE

   Dates                                       Indication of events

               . Favourable                NONE


               . Unfavourable              NONE


COMMITMENTS ON SECURITIES                                       NONE


SUBSIDIES, ALLOCATED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS   NONE
                                                         

DEBT SECURITIES ISSUED                                          NONE


SUBORDINATED DEBTS                                              NONE


SUBORDINATED LOANS                                              NONE




                    To the shareholder's of BMCE Bank


Summary of the General Report of the Statutory Auditors
Fiscal Year from January 1st to December 31st, 2002
(Free translation from the French original)

In compliance with the assignement entrusted to us by your shareholder's
general meeting, we have examined the financial statements of "Banque
Marocaine du Commerece Exterieur" "BMCE Bank" as of December 31, 2002,
consisting of the balance sheet, off balance sheet, the income statement,
the management balance sheet and the additional disclosure statement (ETIC)
for the year ended.

We conducted our audit in accordance with the Moroccan professional
standards and given the prevailing legal and statutory conditions.

An allowance for general risks, featured as a voluntary reserve and
previously constituted after tax for an amount of MAD 150 millions, is now
considered as shareholder's equity.

Except what is mentioned above, the financial statements referred to above
present fairly, in all material respects, the financial position of "Banque
Marocaine du Commerece Exterieur" "BMCE Bank" as of December 31, 2002 and
the result of its operations for the year then ended in accordance with
generally accepted accounting principles in Morocco and by reference to the
Moroccan Bank accounting system.

Casablanca, April 18, 2003
 
                              The Statutory Auditors


Associated Advisors
Ernst & Young

Bachir Tazi
Hamad Jouhari           
Partner
Partner



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

END

FR ZKLFFXEBXBBB