BMCE: 'remarkable performance' in 2012 despite exceptional taxes

These performances are affirmed through increased participation in the capital of Bank Of Africa (59.4 pc to 62.02 pc), the capital increase for an amount of 1.5 billion dirhams reserved for shareholders, issuance of a subordinated loan in the amount of 1MMDH and dynamic continuous growth of its assets (more than 230 billion dirhams of assets located in 27 countries through a thousand agency), he said during a press conference for the presentation of annual results of the Group.

At the end of 2012, net banking income (GNP) Consolidated up over 11 pc for the first time below 9 billion dirhams (dirhams), he added, noting that the total assets grew by 13 pc in aggregate.

Net income, Group share (NPGS), also up 9 pc, rose from 850 million dirhams (DH) in 2011 to 923 million dirhams at the end of 2012, in a context where the provisioning effort of over one billion dirhams (1.1 billion dirhams), he said, adding that outside exceptional items (net of related tax impact and contribution to social cohesion), the Group net income up 47 pc, exceeds 1.2 billion dirhams.

This is due to significant performance activities in Morocco, including the BMCE SA, whose contribution has improved 78 per cent but also an assessment of the significant international operations, with a positive contribution of European subsidiaries representing a share of 4 pc in NPGS excluding exceptional, against a negative contribution a year earlier and up 30 per cent of the contribution of the activities of sub-Saharan Africa, he said.

Mr. Benjelloun-Touimi further noted an increase of 19 pc of gross operating income (EBITDA), which is established in 2012 to nearly 3.6 billion dirhams, reflecting the pursuit of performance operational perennial addition to strengthening the financial base with shareholders' equity of 14.3 billion dirhams (15 pc).

He then noted that the transformation program undertaken by the group since 2010, has led to a deployment of regionalization and closer to the center of decision to the customer, the opening of 8 new branches and the reduction of the effective bank of 47 people in 2012 and 133 people in 2 years, and cost savings through centralized purchasing and standardization processes.

Implementation of the different actions of transformation is also reflected in the improvement in the operating ratio continues to "lose weight", standing at a level of around 60 percent in 2012, in addition to raising the level coverage of non-performing loans by provisions of 4.2 points.

The loss ratio, lower than the industry average, has declined compared to 2011, amounting to 4.53 pc, he added.

Regarding the objectives of the transformation program over the period 2012-2015, Mr. Benjelloun - Touimi said that before the resumption of the opening of branches in order to preserve market share to 15 pc desk, sharpening the proximity vis-à-vis the customer and the development of GDP and the redesign of the permanent control function.