activity report - Banque Populaire

Transcription

ACTIVITY REPORT
2012
His Majesty King Mohammed VI, Long May He Reign
TABLE OF CONTENTS
06
Message from the Chairman
08
National and International Economic Environment
14
Groupe Banque Populaire
30
Corporate Governance
62
Group Activity
• Emerging and Developing Countries: Engines of World Growth
• Domestic Economy: Growth Driven by Non-agricultural Activities
• Banking Activity: An Increasing Pace of Constantly-sustained Deposits and Credits
• Highlights
• Presentation
Ø Key Indicators
Ø BCP Share: Safe bet
Ø Group Values
Ø Key Dates
• Human Capital at the Service of Performance
• An Information System at the Core of Group Development Strategy
• Governance Rules in Line with Best Practices
• A Dynamic Risk Management Mechanism
• Individual Customers: Tailor-made Offers
• Private Banking: The Privileged Partner of High Net-worth Customers
• Financial Inclusion: Certain and Indisputable Experience
• Marocains du Monde (Moroccans Residing Abroad): Serving to Develop New
Partnerships
• Professionals: Greater Proximity and a Wider Range of Offers
• SME: Strengthened Commitment and Support
• Corporate Banking: A Lever of Growth for Large Corporations
• Market Activities and Trade Finance: A Continuous Dynamic
• Subsidiaries: Renewed Growth at the Service of Synergies
Activity Report 2012
110 Financial Statements
5
The year 2012, which we resolved would be a year
of high performance, ended with remarkable results.
Despite an economic climate which continues to be
less than favourable, Groupe Banque Populaire has
realised signficant progress in commercial and financial
performance. Its consolidated net results amounted to
MAD 3.2 billion, thereby showing a growth rate of 5.6%
over the preceding year.
The result of satisfying growth among all the components
of the Group’s net banking income—which progressed
during the course of 2012 by 13.3% for a total of
MAD 11.5 billion—this performance is also the result
of a proactive policy of streamlining costs within the
different entities of the Group and of overcoming risks
encountered in various business-lines.
In addition, it contributes to the further strengthening
of the Group’s consolidated shareholders’ equity—
an increase of 11.2% to MAD 30.9 billion—and thus
provides the Group with the capacity to pursue its
development and expansion ambitions with serenity.
In this sense, 2012 was marked by major events which
have contributed, on the one hand, to the consolidation
of the Group’s development on a national scale and, on
the other hand, to its expansion into new territories.
On an institutional level, 2012 was marked by three
noteworthy events. The first relates to the transfer of
State funds from Banque Centrale Populaire in order
to benefit Banques Populaires Régionales. The second
concerns the entry of capital into this same Banque
Centrale Populaire from leading Financial Institutions;
i.e. from Groupe BPCE and from the International
Finance Corporation, a subsidiary of the World Bank
Group. The third event was the meeting of the 8th
Congress of Banques Populaires which coincided with
the International Year of Cooperatives.
If the first definitively asserted the cooperative and
mutualist character of the Group while confirming our
aim to perpetuate a business model whose efficiency,
relevance and resilience are clearly evident, the second
opened Banque Centrale Populaire to an international
context by allowing it not only to benefit from the
scope of these partners, but also by strengthening
its governance. By organising the 8th Congress, we
wished to revive a Group tradition: that of creating a
space for public exchange where Banques Populaires,
key players strongly committed to the socio-economic
development of our country, open themselves to the
All of these important achievements converge in a single goal,
that of allowing the Groupe Banque Populaire to extend its
range in order to realise more efficiently its original mission :
to foster Financial Inclusion, sustain the fabric of small and
medium-sized businesses and support those structural
projects which create the nation’s wealth.
With regard to external growth, 2012 was marked by
the takeover of a major banking network of the Groupe
Banque Atlantique, which extends to 7 West African
countries. This operation will certainly allow Groupe
Banque Populaire to establish new sources of growth,
and also to repeat its successes in Sub-Saharan Africa.
Expectations with regard to this strategic partnership are
very significant. In particular, they concern the support
of Moroccan businesses in countries where the Banque
Atlantique network is installed and the deployment of
financial inclusion and support mechanisms as well as
support for the development of the system of small and
medium-sized businesses.
All of these important achievements converge in a
single goal, that of allowing Groupe Banque Populaire
to extend its range in order to realise more efficiently
its original mission: to foster Financial Inclusion, sustain
the fabric of small and medium-sized businesses and
support those structural projects which create the
nation’s wealth.
To conclude, there is no need to reiterate that all of
these achievements and development perspectives are
the result of the sustained efforts and commitment of
the highly-skilled people who form the Group.
It is to pay tribute to them that the Activity Report
for 2012 has been enhanced by photographs taken
by Group personnel, a highly original initiative which
illustrates the strong sense that all our employees have
of belonging to the great Banque Populaire family.
Mohamed BENCHAABOUN
national and international environment and examine the
changes these environments entail. The 8th Congress
was followed, some months later, by the Congress of
the International Confederation of Banques Populaires
in Marrakesh, which did us the honour of conferring
upon us the heavy responsibility of assuming the
Presidency of this organisation whose primary mission
is to promote the values of financial cooperatives and
reinforce partnership mechanisms amongst them.
7
NATIONAL AND INTERNATIONAL
ECONOMIC ENVIRONMENT
NATIONAL AND INTERNATIONAL ECONOMIC ENVIRONMENT
Emerging and Developing Countries :
Engines of World Growth
At the end of 2012, the world economy still seemed mired in structural problems. After four years of crisis, it worsened
once again, notably with the return of recession inside the Eurozone.
According to an IMF note dated January 2013, the global GDP slowed in 2012, with a growth-rate of 3.2% as
compared to 3.9% in 2011. The Eurozone GDP ended the year with a drop of 0.4% in contrast to the +1.4% of the
preceding year.
The GDP of those engines of global growth, emerging
and developing countries, was marked by a sustained
increase of 5.1% in 2012 although it experienced a
relative slow-down rate of 6.3% the preceding year.
Concerning the Middle East and North Africa, the GDP
of these regions showed a rise of 5.2% in 2012 (3.5%
in 2011).
This decline owes to the bad economic performance
of Italy (-2.1% versus 0.4% in 2011) and Spain (-1.4%
versus 0.4% in 2011). For their part, the German and
French economies experienced only modest growth
(0.9% in Germany versus 3.1% in 2011, and 0.2%
in France versus 1.7% in 2011). The United States,
meanwhile, enjoyed a growth-rate of 2.3% in 2012
(1.8% in 2011).
11
NATIONAL AND INTERNATIONAL ECONOMIC ENVIRONMENT
Domestic Economy :
Growth Driven by Non-agricultural Activities
In this context of international constraint, the national
economy ended the year 2012 with a volume growthrate of 2.7% as compared to 5% in 2011. This situation
should be noted:
• A slackening of remittances by Moroccans Residing
Abroard (MREs) and of travel receipts: at the end
owes essentially to the bad performance of primary
of December 2012, MREs were compressed by
activities which, in effect, underwent a reduction in their
3.9% to the amount of MAD 56.3 billion, compared
added value of 8.7% as opposed to a growth of 5.1%
to +7.8% at the end of December 2011. Tourist
in 2011.
receipts diminished somewhat less, by 1.5%, for a
The added value of non-agricultural activities ended
total of MAD 58.2 billion, as compared to +4.8%
2012 with an increase of 4.8% (compared to +5.3%
in 2011. On the other hand, receipts from private
in 2011). Altogether, the value-added progress of the
foreign investments rose by 3.1% to MAD 31.4 billion
tertiary sector is estimated at 5.7% (compared to 6% in
as compared to -22.5% at the end of 2011;
2011). For its part, the secondary sector progressed by
3.2% (4% in 2011).
• Control of the rise in the consumer price index: a
1.3% rise in the CPI during 2012 (2.2% for food
products and 0.6% for non-food products);
The principal mechanism of economic growth consisted
of final domestic consumption, whose volume growth
grew by 4.8% (versus 6.7% in 2011) and contributed to
• Virtual stagnation of the unemployment rate, which
increased from 8.9% during the course of 2011 to
GDP growth by some 3.7 points.
9% during 2012.
Public consumption increased by 5% (4.6% in 2011),
providing a positive contribution of 0.9% to the change
in the GDP.
Household
consumption,
meanwhile,
slowed
its
progressive growth to 4.8% (7.4% in 2011), thus
decreasing its participation in GDP growth to 2.8 points
Trend (in %) of economic growth (2002-2013)
(4.2 points in 2011).
Average across period: 4.6%
10
7,8
8
macro-economic plan, the following major observations
2,7
Source: Ministry of Finance and the Ofﬁce of the High Commissioner for Planning
2013p
2012
2011
0
2010
over the preceding year (-1.5 points). Regarding the
2,7
2009
on the order of -0.5 points—a relative relief, however,
4,8
2
2008
explains why the external balance of trade was negative,
5
4,8
3,7
3
2005
slowed down, with an increase of 1.6% (5% in 2011). This
3,3
2004
(compared to 2.1% in 2011) while imports noticeably
4
5,6
4,8
2003
experienced a slight increase of 0.8% in exports
6,3
6
2002
Foreign Trade in Goods and Services (in volume)
2007
its contribution to GDP growth at 0.8%.
2006
For its part, the GFCF grew by 2.7%, thereby maintaining
Banking Activity:
An Increasing Pace of Constantly-sustained Deposits and Credits
On the banking level, credits to the economy rose by
Savings accounts maintained a sustained growth rate,
5%, to MAD 832.5 billion, a net slowdown compared to
increasing by 8.2% to MAD 111.4 billion (9.5% in 2011).
the preceding year when they underwent an increase of
10.3%. The rise in such debts was driven by:
Demand deposits were marked by an increase of 4.2%
to MAD 400.6 billion (7.7% in 2011). In contrast, term
- An increase in consumer credit to MAD 39.6
deposit accounts and savings certificates decreased by
0.9%, to MAD 146.5 billion.
billion;
- A 7.8% growth in accounts receivable and in
Finally, it should be noted that the economic debt/bank
deposit ratio, which was confined within a range of 80%
liquidity loans to MAD 185.7 billion;
- A rise in property loans of 6.1%, to MAD 220
billion, whereas investment loans declined by 2%
to MAD 138 billion.
to 89% between 2001 and 2007, crossed the threshold
of 100% beginning in 2008. In 2012, this rate grew to
115% despite efforts by Bank Al-Maghrib to enhance
the level of bank liquidity, notably by reducing the lending
Debts in arrears increased by 9.1% to MAD 35.5 billion,
resulting in a litigation rate of 4.9%.
rate to 3% and the monetary reserve to 4% during the
course of the year.
Bank deposits ended the year with an increase of 4.6%,
or MAD 723.6 billion (7.1% the preceding year).
Trend of the monetary reserve ratio
23%
25%
20%
8%
6%
4%
26/09/2012
10%
01/04/2010
01/01/2008
04/09/2003
26/12/2002
21/10/1992
16/10/1992
19/06/1992
03/02/1992
04/11/1991
04/10/1992
01/08/1991
07/12/1990
01/10/1990
12%
10%
3,00% 3,00%
18/12/2012
15%
01/10/2009
17%
14%
12%
27/03/2012
25/03/2009
26/12/2002
3,50% 3,25% 3,25%
24/09/2008
3,75%
19/03/2002
4,25%
16%
18%
24%
01/07/2009
15%
08/11/2001
4,75%
21/03/2001
5,00%
22/09/1999
26/04/1999
5,50% 5,50%
23/03/1999
6,00%
18/02/1998
6,50%
07/11/1996
01/06/1995
7,00%
01/01/2009
Trend of BAM reference rate
Source: Ministry of Finance and the Office of the High Commissioner for Planning
13
GROUPE BANQUE POPULAIRE
Highlights
• Opening of BCP capital to strategic partners :
ØFrench group Banque Populaire Caisse d’Epargne (BPCE);
ØInternational Finance Corporation (IFC).
ØState transfer to BPR of 10% of BCP capital, thus reducing its participation to 6%. This operation strengthened
the mutualist nature of the Group.
• Holding of the 8th National Congress of Banques Populaires;
• Assumption by the Group of the Presidency of the International Confederation of Banques Populaires (Confédération
Internationale des Banques Populaires, or CIBP);
• Strategic partnership between BCP and AFG for the development of banking activities in the seven countries of the
West African Economic and Monetary Union;
• Renewal for the 4th consecutive year of the investment grade attributed by Standard and Poor’s (BBB-/A-3).
Presentation
Key Indicators
Key figures for Groupe Banque Centrale Populaire
Consolidated financial indicators
(in billion MAD)
2010
2011
2012
215,2
237,4
271,4
Consolidated Shareholders’ Equity
27,1
27,9
30,9
Net Banking Income
10,0
10,2
11,5
3,1
3,0
3,2
2010
2011
169,8
102,0
67,5
194,3
183,6
112,6
71,0
220,9
201,9
127,7
74,2
249,9
146,1
38,0
948
1 068
2 128 000
3 430 000
170,5
41,2
1 045
1 180
2 607 000
3 797 000
184,2
52,7
1 145
1 323
3 094 000
4 200 000
Total balance sheet
Consolidated Net Income
BUSINESS ACTIVITY INDICATORS
Debts to Customers
· Local Customers
· MLA Customers
Financial Resources
Including :
· Customer debts
· Securities portfolio
Branch Offices in Morocco
ATMs
Bank cards
Number of customers
Market Share
Customer Deposits
Lending to the Economy
Other Indicators
Shareholders
Staff
Banques Populaires Régionales
Foundations
Specialized Subsidiaries
Banks Abroad
Offshore Bank
Micro-credit Offices
Micro-Credit Beneficiaries
2010
27,0%
23,2%
2010
419 000
10 660
10
3
10
3
1
217
193 974
2011
28,0%
24,3%
2011
(in billion MAD and in number)
2012
2012
27,9%
24,1%
(in number)
2012
422 000
11 206
10
3
10
3
1
316
215 576
427 000
11 878
10
3
11
4*
1
361
220 996
2011
2012
Principal Ratios
Activity ratio
Resource ratio (including debt securities & external
borrowing)
Risk ratios
Minimum solvency ratio
Risk division ratio (in million MAD)
Rate of outstanding debts
2010
84,7%
90,0%
91,7%
13,4%
5 132
3,3%
12,7%
5 377
3,6%
12,1%
5 644
3,9%
(*) The holding company Atlantic Business International controlling 7 Banks.
17
Groupe Banque Centrale Populaire posted good
commercial and financial results at the end of 2012; this
bolstered its position and further confirmed the efficiency
of its strategic orientations along various business lines.
of the domestic economy.
For its part, the Group share of net income amounted to
MAD 1.9 billion, representing a growth of 2.7%.
Net Banking Income: +13.3% to MAD 11.5 billion
Despite an unfavourable economic climate, net banking
income rose to MAD 11.5 billion, a notable increase of
13.3%. This performance was driven by a sustained
growth of all components of the NBI. It is a testament
to the solidity of the Group’s business-model and of
its multi-sector vocation: fee margins +35.3%, market
activity results +11.4% and interest margins +10%.
Operating Ratio :
46.6%, improved by 202 bp
Consolidated Shareholders’ Equity:
+11.2% to MAD 30.9 billion
The Group continued to reinforce its capital base with
Consolidated Shareholders’ Equity which rose by 11.2%
to MAD 30.9 billion. This owed notably to consistent
financial results on the one hand and to the opening of
BCP capital to its institutional partners for the support of
strategic development, on the other hand
The total balance sheet reached MAD 271.4 billion, a
clear growth of 14.4% representing an additional MAD
34 billion.
The result of ongoing resource optimisation and process
improvement, the operating ratio saw a significant rise of
202 basis points, to 46.6%, as well as the maintenance
of investment efforts to keep pace with development
and an increase in Group staff, hiring nearly 810 new
employees.
Gross Operating Income :
Gross operating income leaped by 17.7% to MAD 6.1
billion owing to the good performance of the NBI and
enhanced operational efficiency. This also reflects the
capital-building potential of the Banque Populaire model.
Consolidated Net Income :
Consolidated Net Income reached MAD 3.2 billion,
a growth of 5.6%, despite a proactive policy aimed at
improving the level of coverage of outstanding debts by
provisions. The coverage rate reached 77%, compared
to 63% a year earlier.
Moreover, on a social basis, the Group put together an
additional envelope of MAD 300 million to cover general
risks, raising its loans outstanding to MAD 1.1 billion.
This provision figures within the context of guaranteeing
the Group secure development and of upholding its
commitment to provide financing for the leading sectors
Deposit Collection: +10% to MAD 201.9
billion, or 27.9% of the market.
Benefiting from an economic model which successfully
mobilises savings and is supported by a wide network
of local branches, customer deposits currently amount
to MAD 201.9 billion, reflecting a sustained growth of
10%. On the domestic market, the Group saw individual
customer deposits rise by 5.6% to MAD 143.9 billion,
representing an additional collection of MAD 7.6 billion,
and also saw its base-point position improved, rising by 30
basis points to 31.1%. This commercial momentum was
accompanied by the ongoing optimisation of collection
costs, with a resource share amounting to 35.6%, an
improvement of 109 basis points and of 287 basis points
over 2007.
GBP has thus consolidated its position as the leading
collector of deposits, with a 27.9% share of the Moroccan
market, representing an increase of 102 basis points over
the past three years.
Such performance owes to a policy of proximity at the
service of the banking system. In 2012, the Group offered
the most extensive network in Morocco, consisting of
1,145 branch offices; supported by 604 additional cashpoints and 1,323 ATMs, this network offers 3 million bank
card holders a range of highly diversified services.
Thanks to the image and reputation of Banque Populaire,
an extensive distribution network and the strong
motivation of its sales force, the Group has maintained
its commercial momentum and attracted 538,000 new
customers, bringing the Moroccan customer portfolio to
4.2 million.
A leading player on the private market, the Group
posted customer loans amounting to MAD 51.8 billion
domestically, representing a rise of 6.4%, thus cornering
one-fourth of the domestic market (25.6%).
This dynamic policy of distribution will be further
strengthened by support for the development of regional
economies by making use of an employment ratio
situated at 94.1%.
Standard & Poor’s: Renewed Investment
Grade
The Group consolidated its position as leader of the
market for Moroccans Residing Abroad (MLA), with
the volume of deposits reaching MAD 74.2 billion,
representing a growth-rate of 4.5%. This performance is
principally explained by the diversification of remittance
channels, efficient local services and the commercial
dynamism offered equally in Morocco and abroad.
Individual Customer Loans: +8% to MAD 184.2
billion, 24.1% market share
Individual customer loans reached MAD 184.2 billion,
an increase of 8%. The additional distribution on the
domestic market rose to MAD 6.6 billion in 2012,
reflecting the active commitment of the Group to
financing the real economy.
This growth took place in the context of a policy of allying
development and security, with a rate of outstanding
debt at 3.9%.
A true sign of confidence for investors, this rating once
again attests to the role played by the Group and its
“strong” commercial position within the Moroccan
banking system, in particular with regard to savings
mobilisation, transfers from Moroccans Residing Abroad
and financing the national economy.
The Group benefits from a high measure of financial
flexibility thanks to the Support Fund supplied by BCP
and Banques Populaires Régionales for the purpose of
guaranteeing their solvency, as the rating agency notes.
Additionally, the position of the Group in terms of risk
was judged as adequate by Standard & Poor’s, with a
good level of resistance to the economic crisis.
The internal policy of the Group with regard to the
consolidation of Shareholders’ Equity, its management
and prudent strategy as well as its good funding profile
and solid liquidity further support the rating agency
report.
Principal indicators of Banques Populaires Régionales in 2012
(in million MAD)
BPR
Customer
Deposits
Resources
Centre-South
15 720
17 376
2 040
250
155
609
Number
of branch
offices
84
8 001
8 367
688
249
91
435
72
90
Fez-Taza
12 907
14 238
1 619
373
108
579
90
103
1 960
3 635
604
201
60
156
23
29
Marrakesh-Beni-Mellal
Nador-Al-Hoceima
El Jadida-Safi
Laayoune
Shareholders’
Equity
Capital
Net
Profits
Staff
Number of
ATMs
111
15 253
15 423
1 430
245
115
697
118
165
Meknes
10 281
11 223
1 262
246
117
443
73
82
22 011
24 550
2 895
246
174
558
85
83
Oujda
13 522
14 780
1 578
214
137
508
83
96
15 518
16 405
1 620
294
94
606
97
104
Rabat-Kenitra
20 394
21 244
1 716
600
175
1 076
205
226
Tangier-Tetouan
Deposits by Moroccans Residing Abroad (MLA):
In its report published on 24th January 2013, Standard
& Poor’s renewed its confidence in GBP by granting it,
for the fourth consecutive year, a “BBB-/A-3” rating. This
is the best rating within the Moroccan and North African
banking sector and one of the best ratings given to 17
Arab banks in the Mediterranean.
19
BCP Share: Safe bet
2012 : A Year featureless for the MASI
After a difficult 2011, the stock market continued its slide with a decline in the MASI of -15.13% to 9,359.19 points.
This rating downturn appears to reflect a difficult economic context, channelling savings towards lower-risk assets.
Based on the evolution of all stocks listed on the Index, the following three main phases can be identified :
105
100
95
Phase II :
-20,49%
Highest level
of 2012 :
11,520.62
Phase III :
+2,91%
90
Phase I :
+3,73%
85
2
-1
2
c
De
N
ov
ct
-1
-1
2
2
O
-1
p
Se
2
2
-1
g
Au
lJu
-1
n
Ju
2
-1
ay
M
12
rAp
2
-1
ar
M
12
bFe
2
-1
n
Ja
De
c
-1
1
80
12
Lowest level
of 2012 :
9,094.90
The first phase, which lasted from the beginning of the year to 1st March, saw the Index perform at 3.73%, reflecting
investor interest in certain stocks before their results were published.
The second period, between 1st March and 19th October, was one in which the MASI downturn accelerated, with a loss
of 20.49%. This under-performance may be explained by:
• The publication of generally disappointing annual and semestrial results;
• Growth inhibited by a generally unfavourable agricultural season (inadequate rainfall);
• A slow-down in public investment due to the delayed adoption of the Financial Act for 2012.
From 20th October, the market entered a third stage of technical rebound, justified by the expectations of market
participants that buyers would return before the end of the year. This movement gave rise to a 2.91% gain.
BCP Share Price Performance
Throughout 2012, BCP share price performance was exemplified by it resilience in a strongly “bearish” market. BCP
shares lost only 0.81% of their value, thus outperforming the MASI by 14.3 points and the Index of Banking Shares by
10.8 points. This testifies to the confidence enjoyed by the Bank on the part of diverse investors, both institutional and
private.
With a volume of MAD 2.16 billion in 2012, the fourth largest market capitalisation in Morocco attracted 7.3% of all
transactions made on the Central Market in 2012.
With regard to over-the-counter transactions, 10% of BCP capital was exchanged in a State sale operation to BPR.
Finally, the year 2012 was marked by entry of BPCE and IFC into BCP funding round to the amount of 5% each.
110
105
100
Highest level in
2012: MAD 204
95
90
Lowest level in
2012: MAD 190
85
80
30/12
30/1
29/2
31/3
30/4
31/5
30/6
MASI
31/7
31/8
30/9
31/10
30/11
31/12
BCP
Group Values
Groupe Banque Populaire consists of a series of bodies
operating together and is made up of the Banques
Populaires Régionales (BPR), with a vocation to enhance
cooperation; Banque Centrale Populaire (BCP), which
is the central body of the Group and is listed on the
stock exchange; specialised subsidiaries; Public Interest
Foundations; and banks and representative offices
abroad. It derives its force from the values of solidarity
and mutuality as well as from an organisation unique in
Morocco.
A National Mission of Proximity
Its primary task is to strengthen banking use nationwide,
contribute to economic development and play the role
of lever in regional and national growth.
A Universal Bank
The Group works closely with all types of customers,
whether large corporations, small and medium-sized
businesses, professionals, individuals residing in
Morocco or Moroccans residing abroad.
Thanks
abroad,
financial
is also
to this proximity network in Morocco and
the Group offers all its customers innovative
products adapted to their specific needs. It
involved in assisting structure-enhancement
programmes initiated by public authorities such as the
Pacte National pour l’Emergence Industrielle (National
Pact for Industrial Emergence) and the Plan Vert Maroc
(Green Morocco Plan), etc.
Along the same lines, the Group continues its
development strategy in the business of finance and
investment banking.
A Corporate Citizen
The promotion of collegial governance, a strong
commitment to fostering the socio-economic
development of Morocco, the proximity and cooperative
character of its banks, the stimulation of bank use by a
wider number of people, the significant implications of
the activities conducted by its Foundations, its ethical
commitment to all its customers, policymakers, suppliers,
human capital and other partners, its respect for the
environment and sustainable development—all these
citizen values constitute the richly diverse identity of
Banque Populaire and confirm the coherence of its acts,
with the firm conviction of its having acted for the good of
all, “ACCOMPLISHED FOR YOU”.
Adherence to the full range of these citizen values will in
the future, as it has in the past, continue to be the driving
force of the Group on the national banking scene.
A Mutualist Bank with a Regional Structure
21
Communication at the Service of the Group's
Values
As a leading player in the national economy with a
vocation to uphold its values of solidarity, proximity,
exemplary citizenship and high performance, Groupe
Banque Populaire has always been resolutely committed
to undertakings of societal import. In its role of standardbearer for the Group, the Corporate Communication
Department plays a major part in promoting these
values.
The year 2012 was therefore marked by the “Ana
Chaabi/Je Suis Populaire” (“I Am Popular”) campaign in
which both stars and ordinary people proclaimed their
popularity as a way for the Group to underscore the
relationship of confidence and recognition implied by its
actions.
Corporate Communication was equally involved in a
wealth of event-planning, beginning with the organisation
of the Eighth GBP Congress. This event was highly
symbolic, revealing not only the developmental
perspectives of the Group but also the cohesion of its
teams and the esteem in which it is held by the market.
Another event, another symbol: the organisation in
Marrakesh of the Twenty-eighth Congress of the
International Confederation of Banques Populaires
(CIBP), at the end of which the President of the Group,
Mr. Mohamed Benchaaboun, was selected to head
this international institution for a period of three years.
His mandate will essentially consist of promoting the
values of cooperative banks throughout the world and
strengthening partnership mechanisms amongst them.
In terms of press relations, Corporate Communicationhas
supported all institutional activities initiated by different
business lines within the Group, with particularly
favourable media coverage.
As part of the same dynamic, the Financial
Communication and Sponsoring Services contribute to
reinforcing the image of GBP as an especially productive,
ecologically-responsible and resolute Group in touch
with the needs and concerns of its environment.
23
Key Dates
25th May 1926
Dahir (decree) enacting the creation of an organisational model of the Bank.
2nd February 1961
Re-shaping of the Crédit Populaire du Maroc.
1972
International expansion with the creation of Banque Chaabi du Maroc (BCDM) in Paris.
1990
The Group creates specialised business-line subsidiaries to broaden the range of customer services.
2000
Reform of Crédit Populaire du Maroc in terms of:
• Expanding the regional dimension of the Banques Populaires Régionales;
• Widening of the Executive committee prerogatives.
2004
Listing of Banque Centrale Populaire on the stock exchange.
2008
Takeover of the Upline Group investment bank in order to develop its investment banking services.
2009
• Minority cross-holding OCP/BCP taken out for the purpose of consolidating the respective market positions of
both Groups;
• Merger of the Fondation Banque Populaire pour le Micro-Crédit and the Fondation Zakoura Micro-Crédit;
• Taking out of majority equity interest of 53% in the capital of Maroc Leasing.
2010
• Materialization of the stakes taken out by Banque Centrale Populaire in international banks such as British Arab
Commercial Bank [United Kingdom] Union des Banques Arabes et Françaises [France] and the Arab Italian
Bank [Italy];
• Banque Centrale Populaire consolidates the accounts of the different bodies of Crédit Populaire du Maroc and
subsidiaries further to the amendments to law n° 44-08 amending and enacting law 12-96: henceforth BCP
Group integrates Banques Populaires Régionales in addition to BCP and subsidiaries thereof;
• Merger between Banque Centrale Populaire and Banque Populaire de Casablanca instituting the new group as
a top financial entity on the Casablanca market.
2011
For the second consecutive year, Standard and Poor’s awards Groupe Banque Populaire with the rating
“BBB-/A-3 with stable outlook”.
2012
• Standard & Poor’s reiterates its confidence in Groupe Banque Populaire by awarding it with the rating “BBB/A-3 with stable outlook” for the third consecutive year.
• Opening of BCP capital to strategic partners:
• French Group Banque Populaire Caisse d’Epargne (BPCE);
• International Financial Corporation (IFC).
• Strategic partnership between BCP and AFG for the development of banking activities in seven countries of the
West African Economic and Monetary Union (WAEMU).
2013
Re-awarding, for the 4th consecutive year, of Investment Grade by Standard and Poor’s (BBB-/A-3 rating).
Human Capital at the Service of Performance
In a context of fierce competition, our Bank has made of its human resource policy both a means of enhancing skills
and a lever of economic competitity and social progress.
Relying on a well-considered strategy with multiple lines, the activities of the Human Capital Development Department
aim to implement forceful innovations and to augment, on a permanent basis, the value of human resources within
the Group.
1. A Dynamic Recruiting Approach and a Training Project of Fast-Paced Change
Facts have confirmed the efficiency of new, specific and
adapted procedures. Sourcing systems are continually
enriched while our appeal as an employer of choice on
the market has noticeably improved.
Along with an improved employee recruitment system,
Groupe Banque Populaire has widened its contact with
the university and professional worlds with the aim of
attracting the best candidates in line with our needs.
An active partnership policy has been conducted in
this direction. In collaboration with the INPT, a “Path of
Excellence” prize has been created, and a Statistical
Research Prize has also been set up in tandem with
INSEA (National Institute of Statistics and Applied
Economics). These initiatives have allowed the most
brilliant graduate students to be identified and thereby
invited to join the Group.
Training policy, for its part, has been marked by the
development of a first Training Management Plan. This
plan aims to bring the strategic operations of the Group
better in line with the training it gives, thus allowing the
establishment of an operational planning system.
Ongoing career training development and the
finalisation of new generic banking cycles, together
In 2012, Groupe Banque Populaire began the process of
reshaping its recruitment policy. Modern and proactive,
this policy henceforth assures the identification of
those skills best able to enhance the growth activities
of our Bank while creating conditions which recognise
particular talents. This is how the Group recruited 679
new and highly-skilled employees for BCP and BPRs in
2012. At present, Crédit Populaire has a total staff of
8,127 people.
25
with improvements in the professional skills of trainers, have been areas of notable innovation. The establishment
of efficient and synchronized programming, the optimisation and rationalisation of budgetary matters, and improved
training to reach the level of the National Training Centre are also among the key actions undertaken during the course
of this year.
2. A Constantly-Evolving Social Policy
As a leading factor of cohesion, the social policy of Groupe Banque Populaire has remained focused on the
involvement of staff with their jobs and on the development of their skills.
Priority was given in 2012 to consolidating employee social benefits by implementing the Social Development
and Loyalty Plan through such benefits as access to home-ownership, acquisition of BCP shares and
assistance with social services.
Added to this, the provision of adequate means to improve the replacement rate (pensions relative to last salary
received); improvement in the well-being of Group staff and their families through new agreements (leisure,
travel, sporting and cultural activities, summer camps, etc.); continuing improvement of our job-related system
of preventative medicine and the completion of new holiday centres.
3. An Effective Social Dialogue
Apart from the major social actions mentioned above, the Group—as guarantor of the cohesion and social stability
within our Institution—remains deeply attached to maintaining social dialogue, supporting the various committees
which involve our social partners and developing communication channels with, and assistance to, retired staff.
An Information System at the Core
of Group Development Strategy
The OIS Pole thus worked on :
• Implementing the Projects Portfolio arising from the
Medium-Term Plan of the Group;
towards completing other lots (branch office
management operations and management of
securities) so as to ensure effective deployment
during 2013.
• The implementation of the same banking platform at
two branches of Chaâbi Bank in Europe.
related
• The effective mainstreaming of the new Credit and
Guarantees Management Platform. This has allowed
access to an efficient tool for the support of business
units concerned with the development of loan
activities, both in terms of enhancing the launch of
new offers and ensuring sustained production.
All this was done to guarantee users the availability and
permanent security of the Information System (IS).
• The production of an exchange platform which
facilitates contact with Bank partners and major
account clients.
• Improving its activity indicators;
• Improving the quality of services supplied bodies
within the Group;
•
Optimising business
organisations.
processes
and
Implementation of Projects
Portfolio
The Projects Portfolio adopted in 2012 is built around
several different types of projects :
1. Projects relating to the IS Master Plan.
2. Projects relating to the evolution of the current
IS in order to respond to business needs by
implementing new products and banking
services and ensuring compliance with external
regulations.
3. Projects relating to ongoing improvement of IS
security.
4. Projects arising from the telecommunications
and infrastructure Master Plan.
Constructing the Future IS
With regard to the first point, several advances were
made in 2012 :
• The start of a process to choose a platform for the
management of customer relations, with a view to
actual launching in 2013.
Ongoing Development of the
Current IS
• Implementation of the “Pack Entreprise”.
• Bancassurance: Enhancement of the “My Retirement”
(“Ma Retraite”) and “My Children’s Future” (“Avenir
Mes Enfants”) services.
• Implementation of several aggreements with
Moroccan organisations (CMR, FAR, AMCI) aimed at
providing targeted customers with improved banking
services at advantageous cost.
• Enhancement of Moroccans Living Abroad (MLA)
remittance channels:
ØImplementation of account transfers through the
French Banque Postale network.
ØImplementation of several agreements with foreign
partners specialised in remittance channelling.
• The effective mainstreaming of the initial lot of the
new, integrated banking platform relating to the
installation of a new and enhanced model of client
database management allows for greater customer
visibility, possibilities of finer segmentation and
advanced management of prospects.
• Enhancement of SWIFT services.
Along with this, significant advancement was made
• Implementation of new credit products: Multi-
ØImprovement of the process of Western Union
transfers.
ØImprovement of the “Eurogiro” Service.
In conformity with the strategic objectives of the Group,
the activity of the Organisation & Information System
(OIS) Pole for the year 2012 focused on the completion
of its main areas of development.
27
tiered credits, advance on specialised contracts
with architects, “Credit Mountji” aimed at business
professionals, credits under contract, etc.
• Final establishment of the “Mourabaha” service.
•
Establishment
Operation.
of
the
Mortgage
Securisation
• Establishment of Small and Medium-Size Business
funds.
• Establishment of the Contractual Mutual Fund (CMF).
• Integration of new bodies to offer improved Automatic
Payment, Availability and Mass Transfer services.
• Enhancement of electronic services by issuing
new cards and setting up new and innovative ATM
services.
• Enhancement of “ChaabiNet” Services:
ØSetting up of a company-targeted offer.
ØIntegration of new services: Payment of bills
(RADEEMA, LYDEC, Maroc Telecom, schools), the
ordering of electronic banking cards, customised
MAD ceilings, real-time position, management
workflows, delegated management, etc.
ØImprovement of the customer experience and
Website usability.
• Enhancement of “Pocket Bank” services:
ØThe offer of new services: Ordering of chequebooks,
bank card blocking, MAD to ATMs and branch
offices, inter-account transfer, etc.
ØImprovement of ergonomic conditions, etc.
ØDeployment in “App Stores”.
• Implementation of several regulatory projects
regarding risk management, anti-money-laundering
efforts, conformity with consumer protection laws
and laws protecting personal data, establisment
of a Centre to deal with incidents of non-payment,
implementation of several regulatory reportings, etc.
The Pole has also begun to reinforce application security
and data-accessing, and to implement the PCI-DSS
standard in order to further secure electronic banking
activities.
Since security is the affair of all aspects of business, a
constant effort has been made to raise awareness of
security issues among various types of IS-users.
In addition, the RSSI continued to generalise the Activity
Continuity Plan throughout 2012, notably amongst
Group subsidiaries. Safety and response tests were also
carried out.
Harmonious Development of
Infrastructure
Recognising the need to reshape IS, consolidate the IS
of subsidaries and promote the growth of our banking
activity, a significant investment in modernising and
increasing the capacities of our telecommunications
infrastructure and hardware has been made. All this
is part of the Telecommunications and Infrastructure
Management Masterplan updated in 2011.
In this light, the following improvements were made
during the past year :
• Deployment of MPLS technology in more than half of
the worksites;
• Implentation of ISDN backup;
• Consolidation of the Data Center;
• Finalisation of server virtualisation;
• Establishment of means to monitor lines.
This investment resulted in a major optimisation of
telephone and telecommunication costs and in a clear
improvement in debit quality which, in turn, has had a
very significant impact on time-response despite growth
in the volume of activity.
Strengthening of IS Security
Improvement in Activity Indicators
Security lies at the core of our daily concerns regarding
the management of our IS. In this spirit, the ISO
Pole began a study in 2012 to update its IS Security
Masterplan in order to have a well-marked road map
as well as to modernise and strengthen our Security
System. The implementation of an Action Plan related to
this road map is anticipated during the course of 2013.
The impact of investments on our IS over the past
years has resulted in a clear improvement in our activity
indicators :
• Telecommunication indicators are now up to standard,
with very good performances demonstrated in terms
of availability, cost and time-response;
• Clear improvement of performance in comparison to
last year, especially in terms of time-response which,
following the deployment of the MPSL connection,
has been significantly reduced;
of investment and operational costs while concentrating
computer, organisational and project-management
expertise within the ISO.
• Processing capacities have grown noticeably,
allowing for increased use and the easy absorption of
the 120 new branch offices opened and the 500,000
new customers acquired in 2012;
The Pole also contributed to the integration of Groupe
Banque Atlantique by making its expertise available for
the implementation of areas of convergence laid down
in the framework of this outside growth operation.
• The availability rate of our electronic platform has also
significantly improved; the growth in the number of
ATMs by 10% and the number of cards in circulation
by 17.6% in 2012 occurred without any deterioration
in the quality of service;
Optimising the Functioning
Structures and Processes
The Pole deployed several projects related to the
re-engineering of processes and the optimising of
organisational structures. The following items should be
noted in this regard :
• The final consolidation of several processing backoffices at the BP subsidiary Shore BO;
• Noticeable improvement in the time needed to issue
electronic banking cards;
• The implementation of steps to improve processes
and the review of several business-related processes;
• Optimisation of equipment expenses for branch
offices, desktop publishing and printing costs.
• The enhancement of the internal regulatory system of
the Bank and of bodies within the Group;
Improved Quality of Services
Provided to Bodies within the
Group
The consolidation of IS in Group subsidiaries continued
throughout 2012, resulting in large-scale savings in terms
• The reshaping of several organisational structures;
• The support given to the creation of Group ABI
structures;
• The improvement of human resource management
systems.
• Increased rate of protection against electronic fraud
thanks to improvements in this area, in particular the
use of relevant processes, surveillance equipment
and updated security systems;
of
29
CORPORATE GOVERNANCE
Governance Rules in Line with Best Practices
The Executive Committee of the CPM
The Executive Committee is the highest organ of CPM. It consists of 5 BPR Supervisory Board chairmen elected by
their peers, and 5 representatives of the Administrative Board of BCP with a mandate to :
ØDefine the strategic guidelines for the Group;
ØExercise administrative, technical and financial control over the organisaion and management of CPM bodies;
ØDefine and control the operating rules common to the Group;
ØTake all measures necessary for the smooth functioning of CPM bodies and safeguard their financial health.
EXECUTIVE COMMITTEE
OF CRÉDIT POPULAIRE DU MAROC
BANQUE CENTRALE POPULAIRE
FOUNDATIONS
BANQUES POPULAIRES RÉGIONALES
Fondation Banque Populaire
Banque Populaire of the Centre-South
Fondation Attawfiq Micro-Finance
Banque Populaire of El Jadida-Safi
Fondation Création d’Entreprises
Banque Populaire of Fez-Taza
Banque Populaire of Laayoune
Banque Populaire of Marrakesh-Beni Mellal
Banque Populaire of Meknes
SUBSIDIARIES
Banks and Merchant Banks
Finance Companies
100 % VIVALIS
CHAABI BANK
64,01 % (87,23%)
Capital Investment
MOUSSAHAMA I
BPMC
62,50 % MAROC LEASING 53,11 % MOUSSAHAMA II
BPMG
55,53 %
Insurance & Assistance
99,86 %
60 %
(100%)
CHAABI CAPITAL INV. 49 % (100%)
MAI
Miscellaneous Services
77,43 % BP OUTSOURCING PR. 52 % (100%)
BP SHORE IMMO
51 % (100%)
BP SHORE BACK-OFFICE 5 %
CIB OFFSHORE
70 %
CHAABI LLD
MEDIA FINANCE
60 %
CHAABI DOC NET 31,84 % (99,97%)
BANK AL ÂMAL* 24,01 % (35,87%)
DAR AD-DAMANE 5,71 % (52,63%)
73,62 %
Banque Populaire of Nador-Al Hoceima
Banque Populaire of Oujda
UPLINE GROUP
74,87 % (100%)
Banque Populaire of Rabat-Kenitra
Banque Populaire of Tangier-Tetouan
ABI
50,00 %
(xx%): CPM Participation Rate
* Body controlled by the Group (right to a double vote)
Members of the Executive Committee
M. Mohamed BENCHAABOUN
Chairman of CPM Executive Committee
Mme Faouzia ZAABOUL
Director of the Treasury and of External Finance of the Ministry of the Economy and Finance
M. Ahmed ASSALHI
Chairman of the Executive Management Board of Banque Populaire, Rabat-Kenitra
M. Abdelhadi BENALLAL
Chairman of the Supervisory Board of Banque Populaire, Tangier-Tetouan
M. Ahmed ZERKDI
Chairman of the Supervisory Board of Banque Populaire, Centre-South
M. Larbi LARAICHI
Chairman of the Supervisory Board of Banque Populaire, Meknes
M. Abdelhadi BERRADA EL AZIZI
Chairman of the Supervisory Board of Banque Populaire, Marrakesh-Beni Mellal
M. Abdellah BOURKADI
Chairman of the Supervisory Board of Banque Populaire, Fez-Taza
M. Abdelaziz TRACHEN
Chairman of the Executive Management Board of Banque Populaire, Meknes
M. Mohamed BOULGHMAIR
Chairman of the Executive Management Board of Banque Populaire, Tangier - Tetouan
M. Aziz ALOUANE
Government Commissioner for CPM
Banque Centrale Populaire (BCP) Governance System
The Administration of BCP consists of supervisors representing the State, the Chief Executive Officer of OCP and 3
BPR Chairmen.
The Administration has ultimate responsibility for the financial solidarity of the Bank, ensures its strategic direction and
supervises the management of its activities.
The Executive Committee of BCP meets three times a year (March, September and December).
NAME AND SURNAME
POSITION
FUNCTION
M. MOHAMED
BENCHAABOUN
CHIEF EXECUTIVE
OFFICER
CHIEF EXECUTIVE OFFICER OF BCP
M. MOHAMED BELGHAZI
OFFICER OF THE
BOARD
--
MME FAOUZIA ZAABOUL
OFFICER OF THE
BOARD
Director of the Treasury and External Finance of the Ministry
of the Economy and Finance
M. MOSTAFA TERRAB
OFFICER OF THE
BOARD
General Manager of OCP
M. AHMED ASSALHI
OFFICER OF THE
BOARD
Chairman of the Board of Directors of Banque Populaire,
Rabat- Kenitra
M. ABDELAZIZ TRACHEN
OFFICER OF THE
BOARD
Meknes
M. Abdelkhalek BENDRISS
OFFICER OF THE
BOARD
Marrakesh-Beni Mellal
M. MOHAMED BOULGHMAIR
OFFICER OF THE
BOARD
Tangier- Tetouan
M. MOHAMED ADIB
OFFICER OF THE
BOARD
Chairman of the Board of Directors of Banque Populaire, El
Jadida- Safi
M. François PEROL
OFFICER OF THE
BOARD
Chairman of the Board of Directors of Banque Populaire
and the Caisse d’Epargne (Savings Bank)
Members of the Executive Committee of Banque Centrale Populaire
33
BCP Organisational Chart
Chief Executive Officer
Mohamed BENCHAABOUN
Inspectorate-General
Noureddine BAROUDI
❻
Banques Populaires Régionales
Fondations Banque Populaire
Executive Committee
Office of the CEO
Institutional Structure & Communications Group
Asma LEBBAR
❹
Retail Banking
& Marocains du Monde
Laïdi EL WARDI
Group Risks
Hassan EL BASRI
Corporate
& International Banking
Rachid AGOUMI
Secretariat-General
Mohamed Karim MOUNIR
❶
❺
❸
❷
❶
❷
❸
❹
❺
❻
Governance System at the BPR Level
Today, CPM consists of 10 Banques Régionales whose capital was held by 427,000 shareholders at the end of 2012.
Whether businesses, local individuals or Moroccans Residing Abroad (MLA), craftsmen, young entrepreneurs or investors,
all these components come together to form the driving force of the regional economy. In all regions, shareholders participate
in the life of their BPR and keep the ties of proximity and connection alive on a daily basis.
The BPRs have a dual governing structure in the manner of a limited company with a Board of Directors and a Supervisory
Board.
The Board of Directors is responsible for overseeing management, helping to define the strategic directions of the Bank and
ensure they cohere with the strategy of the Group, and use certain special powers granted by statutes dealing mainly with
clearance decisions.
It verifies and presents its comments on both the Supervisory Board Report and the Report for the fiscal year at the Annual
Ordinary General Meeting.
Management of the BPR is ensured by a Supervisory Board which is collegially responsible for the actions and performance
of the Bank.
BPR
Chairman of the Supervisory Board
Chairman of the Board of Directors
Rabat-Kenitra
Abdelhai BESSA
Ahmed ASSALHI
Centre-South
Ahmed ZERKDI
Lbachir BENHMADE
Tangier-Tetouan
Abdelhadi BENALLAL
Mohamed BOULGHMAIR
Fez-Taza
Abdellah BOURKADI
Ahmed Rida TADILI
Marrakesh - Beni Mellal
Abdelhadi BERRADA EL AZIZI
Abdelkhalek BENDRISS
Nador-Al Hoceima
Mohamed BOUAMARA
Driss RONDA
El Jadida- Safi
Jamal BEN RABIA
Mohamed ADIB
Meknes
Larbi LARAICHI
Abedlaziz TRACHEN
Oujda
El Bachir HOUCHI
Rédouane ZAKAT
Laayoune
Mohamed Salem EL JOUMANI
Ahmed EL JAMRI
Boards of Directors and Supervisory Boards of the Banques Populaires Régionales
35
A Dynamic Risk Management Mechanism
Risk Management at the core of the Internal
Control Mechanism of the Group
Risk management is inherent in all banking actitivies and
today lies at the core of the concerns of the Group.
Its primary objectives are to:
• Contribute to the development of the business lines
of the Bank by optimising overall profitability adjusted
for risks;
• Guarantee its sustainability by implementing an
effective mechanism to analyse, measure and control
risks;
• Ensure that risk control is a factor of competitivity for
the Bank.
More precisely, risk management allows risks to be
identified in a clear and structured way. An organization
that clearly identifies the risks to which it is exposed
can then prioritise these risks and take appropriate
measures to reduce losses. A risk management plan
entails strategies and techniques aimed at recognising
threats and contain them.
In concrete terms, governance of risk management
rests on three basic principles:
• Forceful involvement of corporate guidelines in the
risk-management process, and promotion of a risk
culture within the Institution;
• Clearly defined rules and procedures;
• Continuous supervision to ensure that risks are
monitored and that rules and procedures are applied.
The approach taken by Group follows this same logic
to perfection. In fact, the GBP has constantly striven to
reduce its risk profile by paying special attention to the
development of standards and risk-monitoring methods
and by creating an efficient operation to overcome risks
in the fields and regions in which it operates.
Today, the Group has a framework of risk management
adapted to both its cooperative structure and its risk
profile by means of which risk management is ensured
by:
• Governance and Steering Bodies:
ØThe Committee Chairman and the Board of Directors
(assisted by the Auditing Committee) which determines
risk tolerance and examines the strategy of the Group
in this area;
ØAn integrated architecture focused on the role of Risk
Managment Committees (Risk Management and
Compliance Committee, Commitments Committee,
Internal Audit Commission, etc.) to establish risk policies
(setting limits and establishing a monitoring system,
among other items) and ensure their efficiency.
• Business lines which form the first line of defence of
healthy risk management for the Group;
• Free-functioning Risk Management, responsible for
the organisation and promotion of all Risk Units at the
Group level;
• Internal supervisory bodies (Inspection, Auditing,
Compliance, etc.) which form the last line of defence
in matters of risk.
Additionally, in particular within the framework of
implementing Basel Commmittee principles, the Group
has continued to strengthen the patterning of its risk
identification, measure and oversight mechanism
according to major areas of risk.
Executive Committee
Audit and
Accountants Committee
Top Management
Risk Management
and Compliance
Committee
Commitment
Oversight
Committee
Investment
Committee
Default and
Provisioning
Committee
Internal Control
Commission
Group Risk Management
Management per Type of Risk
Financial and Market Risks
Credit Risks
Operational Business Units
Operational Risks
1. Main Achievements in 2012
In 2012, the Group strengthened its dynamic for the
development of tools and methods to oversee risks.
Several major projects were deployed to deal with credit
risk as well as market and operational risks.
The Group also significantly enhanced its oversight
and risk-prevention systems by reshaping its overall
commitment control processes and by reviewing in
detail its consumer lending processes.
Similarly, the carrying out of structural projects, such
as retail rating and the implementation of various riskplatform components (ALM, credit risks, etc.), was a
major accomplishment.
1.1. Credit Risks and Commitments Oversight
In the course of 2012, the Group formalised its credit
risk management policy, thereby conveying its vision of
risk-taking and putting in place tools designed to keep
risks at the desired level.
This new approach takes into account the following
elements:
• Reviewing consumer lending processes by updating
scoring tools and procedures;
• Reinforcing controls applicable to sensitive credit
claims (cost overruns and elapsed files) and the
definition of an oversight modus operandi;
• Deploying real estate development oversight tools
(BAPRIM and NOPRIM) in all BPRs (with new
classifications integrated) and reviewing in detail the
sector portfolio;
• Accomplishing the first phase of the prospective
welfare housing study which allowed for the
delineation of a policy of risk management specific to
this sector and for the measurement of the primary
tendencies observed in 10 Moroccan cities in terms
of offer and demand related to welfare housing;
• A generalised system of delegated powers indexed
by ratings attributed to business;
• The continuation of structural projects, whose
modelling aspects are well under way, to rate retail
customers.
• The place of credit risk management in the collegial
governance system of the Institution and the
translation into figures of risk strategy at Development
Plan level;
• The operating principles of credit risk management
which must guide our Institution and serve as a
reference framework;
• The coordination of risk management with credit
processes by covering the steps involved in entering
into relations, taking risks, managing and overseeing,
and dealing with settlements, both amicable and
disputed.
The year 2012 coincided with the fifth anniversary of the
implementation of the corporate and professional rating
system. A special effort was made to mark this event by
updating tools and infrastructures in order to facilitate
the integration of this system into the decision-making
and credit risk oversight mechanism.
• Reshaping the Commitments Control network
(mission, organisation, tools, procedures, manuals,
training and support) for a better functioning of the
Commitments Oversight process;
Other, and no less important, achievements further
marked the year. These include:
37
1.2. Market Risks
The group continued to enlarge its risk-management
infrastructure while ensuring constant improvement
of financial and market risk oversight in compliance
with best practices in this area. It also strove to adapt
oversight systems to financial market volatility and to
tighter liquidity conditions.
Chief amongst the projects and actions accomplished
were the following:
• Reinforcing the control system by establishing a range
of procedures aimed at providing a useful framework
for risk management (setting of market limits, etc .);
• Improving the risk-oversight control system of
counterparty banking on the operations market by
establishing limits based on the principle of credit risk
equivalency;
• Continuing to improve the limit system relative to
market activities based on VaR limits in order to
provide adequate management of risk tolerance and
exposure levels;
• Pursuing the convergence project towards the
integration of internal models in the market-risk
management system by preparing backtesting and
documenting tools and controls;
• Stabilising different risk-management platforms
devoted to daily oversight of risks independent of
operational and support units.
1.3. Rate and Liquidity Structural Risks
A huge effort was made to establish a data platform
and a calculation engine specific to asset/liability
management. This project, planned to last for a twoyear period, will allow the Bank to control rate and
liquidity transformation risks.
Similarly, the review of applicable methodological
aspects have been undertaken with regard to runoff
conventions, as have the launching of several key default
option modelling projects.
Key actions relate to:
• Launch of the first securisation of mortgage-backed
securities to the amount of MAD one billion. Beyond
this limited amount, the Bank aims to diversity its
financial sources by establishing a securistation
mechanism for use in case of need;
• Continuation of the Implementation of the ALM
Tool Project with the support of external providers.
Having been organised by lots, this project will allow
the Bank to make use of automatic and effective
analysis tools according to the nature of the actions
and processes performed;
• Definition of the target model applicable to the interest
rates which govern BCP-BPR financial relations.
This new approach allows present principles to be
maintained while introducing more precision into the
way commercial performance is controlled according
to the nature of each product;
• Continuation of work on the conception of new
indicators to allow a more dynamic management
of rate and liquidity risks, and the launching of work
on default option modelling (early repayment and
changes in the tax rate).
1.4. Operational Risks
If 2011 was devoted to revising operational riskmapping development methodology, 2012 was the year
which saw the culmination of this review for a significant
number of major operational processes of the Bank.
Several previously-identified risks could be eliminated
thanks to the improvements made in various structural
areas (reshaping of back-offices, dematerialisation of
value compensation, complete centralisation of the
information system, among other items).
New approaches to risk-mapping thus allowed for
concentration on critical risk possibilities which require
improvements in the control system. They allowed the
identification of priority action plans which need to be
set up by business lines in order to reduce risks.
To improve the internal control system, more frequent
meetings were held by the Commission of Internal
Control. These meetings now take place on a monthly
basis. This allows the Group to follow the action plans
and recommendations made by the Operational Risk
Board, the Audit Board or by the Inspectorate-General
more precisely.
Several achievements deserve emphasis:
• Accomplishment of risk-mapping review relative to
processes critical for financial markets, insurance
banks, means of payment, electronic banking and
their presentation to the Internal Control Committee;
• Introduction of risk-mapping review into Commitment
processes, securities and international transactions
which should be finalised in 2013;
• Support of subsidiaries, particularly Upline Securities,
for the updating—provided by and in line with the
approach taken by the Group—of their depositary
process risk-mapping;
adopted, the Group has integrated the risk component
into its three-year medium-term plan. This aims to control
the cost of risk and limit its impact on profitability and on
the allocation of shareholders’ equity, in particular by:
• Awareness and mentoring provided by Operational
Risks Correspondents with regard to seizures. This
allows medium- and long-term action plans for risk
reduction to be addressed to the Internal Control
Commission;
• Controlling the risk-taking process and making it
more reliable;
• Association of the business-line aspects of the Activity
Continuity Plan with operational risk functions in
order to define a Group strategy and allow Computer
Security to focus on computer-safety measures.
2- Credit Risks
Credit risk management and control within the Group
are constructed around the following axes: credit risk
strategy; an overall policy of credit risk management;
credit risk management processes and organisation,
and a credit risk management and oversight system.
2.1. Risk Strategy
Along with the strategic development axes already
• Reacting more forcefully to early indications of default
and taking appropriate actions;
• Enhancing the efficiency of the recovery process by
favouring a rapid conclusion in cases of litigation.
This strategy is reflected in a definition of objectives by
risk profile, particularly for businesses. It should result in
improving the quality of the Group portfolio, in reducing
the number and volume of sensitive exposures, and
therefore in mitigating potential losses and collective
financial impact.
2.2. Policy and Procedures
Controlling credit risk within the Group is based on
an extensive body of internal regulations. This body
covers all areas of the credit risk process by means
of information circulars, circular letters and standards
establishing the extent and conditions of risk control and
• Assessment of criticality services and of risk-control
levels associated with services for external activities
on the CPM;
• Measuring and overseeing risk for early signs of
possible default;
39
oversight activities.
These regulatory texts reflect the policy adopted
by the Bank on the subject and were approved by
the Administration and administrative bodies in the
framework of Committees and regular management
meetings.
The general policy of credit risk management aims
to define an overall framework for activities related to
such risks. Its principles are applied to ensure a tranquil
development of activities within the Group.
The credit policy revolves around the following principles:
• Safety and profitability of operations;
• Risk diversification;
• Normalisation of credit risk management at all levels
of CPM;
• Strict selection of credit-granting dossiers;
• Creation of a dossier for all credit operations and
its review at least once a year when businesses are
concerned;
• Corporate and Professional rating, and scoring for
individuals;
• Separation of credit sale functions from those
involving risk assessment and control;
• Collegiality in the decision-making process resulting
in the creation of committees at all levels of the
sector;
combination of processes to ensure a solid selection of
prospects, a deeper understanding of customers from
the start of their relationship with the Bank and regular
oversight of customers throughout the commercial
relationship.
Credit Application Appraisal
Credit application appraisal is structured around the
analysis and evaluation of the following items:
• Solvency and ratings of counterparts;
• Trends in banking habits with Banque Populaire and
with other banking institutions on the market;
• Analysis of the types of credit requested, their
economic rationale and their coverage;
• Terms of present and future repayment;
• Overall profitability of operations conducted with the
customer.
Each credit application conforms to eligibility criteria set
forth in relevant circulars and follows a hierarchical path
(branch office, subsidiary/business centre, BPR and
BPC) until a decision is ultimately taken by the appropriate
department. To allow the use of the “four-eye principle”
and ensure a timely decision, the credit application
must first undergo a preliminary feasibility study by the
commercial body in charge of the application before
undergoing a counter-study for a second interpretation
of risk.
The decision-making system of the Group is based on
the following principles :
• Early detection of counterparty default risks;
• A collegial approach to reaching a decision;
• Recovery reactivity;
• A multi-dimensional delegation chain to ensure
adequacy between risk level and the risk required to
make a decision;
• Accountability of commercial entities (branch offices,
subsidiaries, business centres).
2.3. Processes and Organisation of Credit
Risk Management
Entry into a Relationship
The Group has always made getting to know its
customers a prerequisite for all new commitments.
Prescribed by BAM (cf. 2001 6 g), this requirement
is covered by the BAM Directive of 1st April 2005
concerning information which must necessarily be given
in the framework of credit application appraisals. To this
must be added provisions linked to non-compliance
risks which require respect of these same terms.
In line with these demands, the Bank has created a
• Limits of the competencies established by the group
of beneficiaries;
•The separation of tasks between the commercial
entities and those responsible for assessment,
oversight and risk management as it relates to credit
at both BCP and Banque Régionale levels.
Apart from these procedures, the standards set forth in
the circulars confine policy choices regarding commercial
targeting and conquest (age limit of borrower, the
maximum financing amount, the maximum length of
loans, the allowable level of indebtedness, the amount
of self-financing, the seniority of the relationship and
price terms).
The organisation of decision-making circuits is based on
a delegation chain which corresponds to the structure
and organisation of the Group. The chain consists of the
following three levels :
• Powers delegated by the Chairman of the Board
of Directors addressing BCP Committees and the
Chairmen of Banques Populaires Régionales;
• Powers sub-delegated by the Chairmen of the
Boards of BPR addressing business centres and
branch offices operating in their respective areas;
• Powers sub-delegated by branch office managers
to agency managers attached to their respective
bodies.
These powers are expressed according to several
parameters (type of application, type of credit and
maturity, customer ratings, etc.) and are inversely
proportional to the risk levels (the higher the risk, the
lower the said delegation).
The Group decision-making system is based on the
following principles :
• Analysis of applications by the commercial bodies
instituting the requests and a second analysis of the
risk carried out by the risk bodies within the BPRs
and BCP;
• Risk prevention by means of a more significant role
played by the counter-study function in filtering out
applications and in decision-making;
• Exercise of powers within the framework of
committees, indicating the collegial nature of
decision-making;
• A multi-dimensional delegation chain which ensures
adequacy between risk levels and the risk required to
make a decision;
• Exclusion of BPR powers for credit addressing
the related parties whatever the amounts entailed.
The said amounts are submitted to internal credit
committees meeting at BCP;
• Limits of the competencies established by the group
of beneficiaries as set forth by Bank Al Maghrib
(borrower or group of inter-connected borrowers as
defined by the regulator);
• The separation of tasks between the commercial
bodies and those responsible for assessment,
oversight and risk management at it relates to the
credit at both BCP and BPR levels.
Decision-Making
The decision-making process is structured around the
following items :
• Reducing the workload of committess by prior
filtering out applications by the counter-study on the
basis of precise criteria;
• Preventing risk by the playing of a more significant
role on the part of the counter-study. Its opinion,
signed and motivated, is necessary for the appraisal
of all credit applications and is a determining factor in
the decision-making process;
• Acknowledging the primacy of Credit Committees
which, having explained their decisions, can approve
applications given an unfavourable or reserved
opinion by the counter-study.
Oversight of Relationships
Customer ratings and the review of credit applications
at least once a year and whenever a signficant event
occurs in the situation of a customer are obligatory. This
review is required whatever the type of loan granted to
the customer. The initial business plans of counterparts
benefiting solely from medium- or long-term credit will
be met with actions to allow for corrective measures in
cases of significant divergence.
-The retrieval of financial statements and the timely
provision of accounting documents on the part of the
customer are key elements of a good relationship.
The network must also ensure the retrieval of intermediary
financial statements which allow regular oversight of the
customer’s situation in order to avoid surprises at the
end of the year.
Website visits need also to be made periodically to
ensure close monitoring of the relationship. The network
needs to inform Risk Operations of any elements it
may have detected and which it may judge to have a
potentially harmful impact on the customer’s situation
without waiting for the annual file review. Likewise,
account functions (repeated or chronic over-spending,
difficulties in living up to banking commitments or
commitments to suppliers, etc.) must be monitored
by the bodies concerned (Cf. Risk Management and
Oversight section).
Organisation of Decision-Making Circuits
41
Recovery Management and Provisioning
The policy of the Bank with regard to recovery is based
on the following principles :
• Grouping together in a single body all the recovery
processes under the aegis of the Risk Department
whose role it is to ensure prudent filtering at the
time of credit granting, and permanent and regular
oversight of commitments;
Downgrading and provisioning of outstanding debts
are conducted in compliance with the provisions of
BAM Circular n° 19/G/2002 and the instructions from
Bank Al-Maghrib in the matter. Periodic follow-up of
these debts is provided and reporting devised for the
decision-making bodies of the Bank, particularly for the
Steering Committee.
• Involving sales representatives in preventative
risk management and in debt recovery when the
counterparty first shows signs of difficulty;
At the same time as the said provisioning, the Bank
established a methodology for calculating provisions
according to IFRS standards. These combine a statistical
approach to risk parameters and an estimate of experts
regarding the hope of recovery of large debts.
• Lending first choice to amicable settlement rather
than legal action;
2.4. Risk Control and Oversight Mechanism
• Ensuring the graduation of processes in conjunction
with changes of interlocutor at critical phases;
• Concentrating efforts on large debts and industrialising
the recovery process for the Retail Bank, in particular
for debts which require massive processing;
• Ensuring reactivity when transferring to the Litigation
Department, which can take action before the
regulation deadlines, in particular with regard to
cases with little possibility of recovery.
The risk control and oversight mechanism is stuctured
around the following elements :
• Control architecture deployed within the entire credit
sector;
• Independent assessment and oversight of the quality
of risks;
• Close and permanent oversight of sensitive debts
(overextended credit lines, overdue or unrenewed
credits, unpaid debts, etc.).
Responsibility for and control of credit risk are shared
among the following bodies :
• Operational bodies responsible for controlling the first
level of tasks which fall within their scope;
• Entities relating to Internal Control (Inspection, Audit,
Compliance, etc.);
• The Credit Risk Department through Risk Functions
with Banques Populaires Régionales and the
Directorate-General of the Risk Group of BCP;
• Governance and Steering bodies such as the Risk
Management Committee, Executive Commitment
Committee, Early Warning Committee, Default
Committee, etc.
The following principles guide our Commitment Control
and Oversight approach :
• Control of commitments is the responsibility of all the
players involved in the credit system;
• The control architecture consists of a minimum of
three levels :
ØSelf-control is the first level and is exercised by
the operating staff, branch office managers and
those responsible for technical support, each at
their own level;
ØSecond-level control is exercised a priori by
the National Processing Centres based on
documents submitted by the Front Office or its
support network;
ØThird-level control is exercised a posteriori
by the Commitments Control agents to
ensure
compliance
with
credit-related
decisions (delegation of powers, monitoring of
overspending, etc.).
• The Audit and Inspectorate-General constitute the
last link in the control chain within the framework of
periodic examinations.
Assessment and Oversight of Risk Quality
We assess credit risk as it relates both to individual
counterparties (businesses and individual customers)
and to portfolios in order to enhance management of
losses and limit the impact on results. We use a variety
of tools and risk assessment processes for our business
and individual loan portfolios.
With regard to businesses, the current rating system
lies at the core of the credit risk management system.
Rating is, in fact, an essential element in risk assessment
and credit approval. Particular attention is also paid
to ensuring coherence between the decisions taken
and the risk profile given by each rating as well its
components—in other words, to the various pieces of
qualitative and quantitative information that constitute
the grid. We have several rating engines relating either
to customer category or the sectors in question, and our
tools conform to the requirements of Basel II in terms of
use and purpose.
Current scoring of individual customers covers real
estate loans and consumer credit. In addition, the Bank
has launched a project to cover the needs of its Retail
Rating System which will serve as the basis for the
second instalment still needed to complete its internal
rating model.
In view of the strategic role which these rating tools play
in our Institution (supervision of risks and development
of a healthy workplace, allocation of shareholders’ equity
funds, etc.), a special effort has been made to monitor
their use and to update models (the second version of
the engine was deployed in 2012).
At the portfolio level, credit concentration limits have
been established in order to control the concentration
of unfavourable portfolio credit. An example of this
concerns fixed limits for borrowers, groups of interconnected borrowers or certain activity sectors.
Such limits serve to ensure that our portfolio is well
diversified, that the concentration of risk is reduced and
that it accords with our level of risk tolerance. These
ceilings are the object of regular examination which
considers the general context, the economic climate
and the claims rate of the sector in question.
Oversight of Sensitive Risks
The aim of the sensitive risk oversight system is to
identify advanced signs of potential deterioration of
counterparties in order to deal with them promptly.
It is of particular importance for the Bank that its
commercial bodies are able to identify, as early as
possible, those customers or counterparties whose
financial situation has deteriorated, to place them on
the “Watch List” and, in the most unfavourable cases,
recommend appropriate provisions within the framework
of the Alert Committee.
Within this framework, our Bank has defined more-thanadequate procedures to evaluate asset quality regularly,
review counterparties that are being monitored and
suggest corrective actions if necessary.
Risk Control Mechanism
43
To this end, the Watch List, which constitutes the end-result of these monitoring actions, is itself the object of an
oversight system which allows the Bank to maintain its recovery potential over time.
The procedure for the management of sensible risks applies solely to the sound credit portfolio. It involves all onbalance-sheet and off-balance-sheet commitments relating to business and professional customers.
2.5. Trend of Exposures and of Risk Profile
Beyond the regulatory aspects, credit risk can be evaluated in the light of the following three principle indicators :
• Trend of the portfolio in terms of rating. This reflects the portfolio structure according to different types of risk (by
number and amount);
• Trend of risk concentration by sectors and first hundred risks;
• Trend of delinquent debt rates and the level of provisioning.
Rating and Distribution
As of 31st December 2012, rated portofolio distribution was as follows :
Breakdown of CG Per Risk Category
by number and amount
35%
32%
35%
40%
25%
Effective
21% 22%
18%
Outstanding
18%
15%
10% 10%
10%
5%
0%
36%
37%
39%
29%
30%
20%
Breakdown of SMEs Per Risk Category
by number and amount
B
C
D
E
28%
20%
Effective
Outstanding
17%
16%
10%
4%
A
30%
1% 0%
0% 0%
0% 0%
F
G
H
0%
0%
3%
A
3%
7% 7%
5%
B
C
D
E
F
1% 1%
0% 0%
G
H
Analysis of the SME-CG segment of the portfolio shows a reassuring distribution in the number and amount of risks to
the degree that it is concentrated on rates situated between categories A and E. The rates for categories B, C and D
concentrate 86% of CG businesses rated by number, corresponding to 72% of outstanding amounts. Seventy-three
percent (73%) of rated SMEs are concentrated in categories D and E, representing 67% of outstanding amounts.
An examination of the VSE/PRO (Very Small Enterprise/Professional) category rated by number and by amount shows
a concentration at the B-E category level, thereby revealing a level of controlled risk within this segment. The B-E
profiles represent 82% of professionals, with 81% of the total outstanding amounts represented by these profiles. VSE
profiles concentrate 77% of businesses and 76% of outstanding amounts.
Breakdown of PRO by rating category
Breakdown of VSE segment by rating category
40%
35%
33%
31%
30%
Number
Number
25%
20%
15%
13%
12%
10%
5%
0%
17%
16%
14%
Amount
17%
9%
11%
9%
10%
4%
2%
A
1% 1%
B
C
D
E
F
G
H
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Amount
38%37%
20%
19%
13% 14%
11%11%
9% 9%
7% 8%
F
G
2%3%
A
1% 1%
B
C
D
E
H
Rating Category
Rating Category
Concentration
In terms of individual concentration, the first 100 CPM risks (excluding subsidiaries) represent 480 counterparties for
an outstanding amounts total of MAD 99.7 billion of which 72.6 billion involve disbursement.
On the rated portfolio of the first 100 risks, the rates between A and D concentrate 77% by number and 80% by
outstanding amounts.
35%
30%
25%
Disbursement Credit
20%
Number
15%
Amount
10%
5%
0%
B
A
C
D
E
F
G
In % of productive
employment CPM (*)
First 100 risks CPM (*) 47%
47%
Counterparties qualifying
under the BAM Statement (*)
25%
(*) Excluding Subsidiaries
As of 31st December 2012, sound credits granted to corporate bodies were broken down into 15 macro-sectors as
follows :
Textiles
1%
Real Estate Development
Fishing
1%
Financial Activities
Extraction Industries
2%
21%
19%
Trade and Sundry Services 12%
Agriculture 2%
Electricity, Gas and Water
Chemicals 3%
Construction and Public Works
Iron and Steel Industry 3 %
Miscellaneous Industries
Transport and Communications
Hotels and Restaurants
4%
5%
5%
5%
Food Industry
5%
12%
45
The commitments of CPM with regard to the 15 macro-sectors are concentrated at 21% of the real estate development
sector and at 19% of financial activites (compared respectively to 23% and 25% in 2011).
Relative to the total commitments to enterprises, the contribution of these two sectors respectively amount to 16% (-1
point from 31/12/2011) and 15% (-4 points from last year).
Overall, concentration on these two sectors has been reduced by 6 points, considering that outstanding amounts
related to financial activities increased to 80% at our subsidiaries.
Reflecting the economic fabric of the Kingdom, the geographical breakdown of the portfolio remains dominated by
Banque Centrale Populaire and Banque Populaire of Rabat-Kenitra, which continue to represent more than 60% of
overall resources.
Laayoune 2%
BCP 53%
Nador - Al Hoceima 3%
Rabat - Kenitra 8%
Oujda 4%
Marrakech - Beni Mellal 6%
El Jadida - Safi 4%
Centre Sud 6%
Meknes 4%
Tanger - Tetouan 5%
Fez-Taza
5%
Provisioning
On a parent-company basis, the rate of overdue
payments reached 4% of resources at the end of 2012,
an increase of 0.3 points over 31st December 2011.
This increase, which concerns all customer segments,
reveals the effects of mounting risks in current economic
circumstances.
In response to this situation, our Group has raised the
level of provisions beyond the required minimium by the
following means:
• Constituting an additional provision of MAD 675
million for overdue payments to allow an increase in
the coverage rate which reached 70% as compared
to 59% in 2011;
• Providing credit risk coverage funds with a provision
for general risks of MAD 300 million, thus raising
the amount to MAD 1.1 billion as of 31st December
2012.
Along with these provisions to cover debt, the Group
has established a methodology for calculating provisions
according to IFRS principles. These calculations are
of two kinds: one in which provisions are made on a
collective basis applicable to healthy credit, and another
with an individual base applicable to overdue credit.
• Collective-base provisions are those constituted
on the basis of one or several groups which are
homogeneous in terms of sensitivity to risk trends.
They are calculated to cover heathy credits which
show signs of depreciation and are adopted on the
basis of statistical observations, made over a six-year
period, of risk parameters, in particular probabilities of
default and loss rates.
• The Group has adopted a new methodology to
estimate provisions specific to credit risk, henceforth
integrated into sectors subject to monitoring. This
dynamic approach consists of identifying sectors
considered to be sensitive and allocating provisions
justified by potential deterioration of risk indicators.
• Individual-based provisions are those which cover
overdue payments. They are calculated by means
of an individual approach based on the appraisal of
hope-of-debt-recovery experts for debts over MAD 3
million, and another based on statistical modelling of
hope-of-recovery debts of less than MAD 3 million.
3- Market Risks
Aiming to organise and ensure better control of market
risk, the Group has set up a risk management sytem
which conforms to the principles of Basel II and those
of best practices in this area. This system is based on
clear guidelines and on internal policies and procedures
in line with performance objectives, risk-tolerance levels
and shareholder’s equity.
3.1- Risk Strategy
The strategic guidelines of the Group have the following
aims :
• Control risk exposture;
• Secure the development of the market activities of
the Group within the framework provided by the
strategic directions of the medium-term Plan and
regulatory provisions;
• Comply with banking regulations in the area of
prudent risk management;
• Adopt best practices in all areas of risk management.
These guidelines have been applied to the level
of tolerance of the Bank with regard to market
risks. Likewise, these guiding principles have been
implemented through exposure limits and the delegation
of powers. Levels of tolerance have been fixed so that
exposure to market risks do not result in losses which
would compromise the financial solidity of our Group or
expose it to risks of a major or reckless sort.
3.2- Policies and Procedures
The policies and procedures of market risk management
and oversight have been formalised by taking into
consideration bodies involved in the process of evaluating
risk oversight and control.
The “Market Risk Management” policy describes the
process of identifying, measuring and controlling relevant
market risks. The Group does not envision neutralising risk,
but rather ensuring the balance between risks undertaken
and anticipated performance within the framework of
market activities. The risk market is managed by taking
into account the overall risk management policy of the
Bank, including credit risk, operational risks and overall
rate and liquidity risks.
More precisely, this policy describes the overall policy of
market-risk management by emphasising the following
points:
• The roles and responsibilities of governance
and management bodies, as well as the duties
of operational bodies involved in market-risk
management;
• The determination and review of operational limits;
• The review of risks and exposures with a possible
focus on type of risk;
• Information relating to risk-measurement
methodologies and those relating to the validation of
valuation models. Such validations are made on a
case-by-case basis within the framework of ad hoc
committees;
• Oversight and reporting tools.
The risk-management mechanism represents the
implementation of policy elements and, to this effect,
encompasses other circulars regulating market activities
with regard to the following items :
• The system of portfolio separation: the aim of this
circular is to translate, according to the vision of the
Group, the prerogatives of Circular 26/G/2007 relative
to the calculation of shareholder’s equity demands
as part of market risks into a clear and formalised
system which separates negotiation activities from
those of a purely banking nature.
• The system of exposure limits and delegation
of power, which defines in detail the regulations
concerning these two items. It thereby regulates the
powers delegated to those managers responsible for
market activities. It has the following objectives:
• Secure operations and limit risks;
As of 31st December 2012, the consolidated
provisioning of the Group according to IFRS principles
reached MAD 7,707 million, covering MAD 10,024 of
unpaid debt. The coverage at this same date was 77%,
an improvement of 13 points over 2011 as a result of
additional provisioning undertaken by the Group.
47
• Comply with banking regulations on internal control
and prudent management;
• Optimise decision-making circuits;
• Improve profitability.
• The Derivatives Management System was established
in 2008 and defines in detail the launching, oversight
and management processes of derivatives. It thereby
regulates powers delegated to those dealing with
various functions of this process and the primary
limits to which this activity is subject. This Circular
has the following objectives:
• To define Bank strategy regarding derivatives;
• To specify the role of the various participants in the
derivatives management and oversight process;
• To adopt position and risk-indicator limits (Delta,
Maturity, etc.).
Moreover, the Bank has a range of circulars and market
activity managment procedures available at its different
entities.
3.3- Market Risk Management System
Players and Bodies Involved in Market Risk
Management
The market risk management process entails the
intervention of a certain number of players as well as
specific committees whose roles have previously been
laid out. These consist notably of the Risk Management
and Compliance Committee (CGR&C) and the
Investment Committee (CP).
The main players in the Risk Control System are :
The Financial Risk and Market Board, a body which
defines measure-of-risk methodologies, examines
limits and ensures the oversight of market risks. In this
capacity, its primary duties consist of the following :
• Ensuring the oversight of positions, limits and risks
caused by various market activities;
• Defining methodologies related to the determination
of limits, the measurement of risks and the
measurement of performance;
• Ensuring the development, enhancement and
optimisation of risk-measurement tools and systems;
• Editing regulatory and internal reporting for various
committees and governing bodies.
The Market Bank: Market Bank operations constitute
the first line of self-regulation regarding market risk
management. Market activity managers must :
• Propose a risk limit for each portfolio under
management. Limits are established in relation to
performance objectives and tolerance of risk. These
risk limits are submitted to the Investment Committee
for approval;
• Submit transactions beyond their level of competence
for approval, following a delegation-of-powers
system regulated by the internal circular.
The Middle Office Directorate: The control system
depends on the first level of control provided by the
Middle Office Directorate, which performs operational
functions on a daily basis and is completely independent
from operational agents involved with market activity. Its
principal assignments are as follows :
• Oversight and control of market operations:
Updating of data, oversight of positions, compliance
of operations, and variance analysis and correction;
• Analysis of market activity results: Harmonisation,
reconciliation and oversight of performances, among
other items;
• Oversight of risks: Compliance control related to
risk policy, monitoring of limits, and analysis and
oversight of coverage operations;
• Optimisation and development of processing facilities:
Participation and assistance in conjunction with the
development of information systems, new products,
internal databases and management procedures,
etc.
Counterparty Risk and Risk Oversight Directorates:
Counterparty risk management relating to market
operations is regulated by a specific circular which
involves all bodies, including the BPR. Each body
acts within a framework of delegated responsibilities
conferred thereupon by the Great Exposure Risk and
Recovery Committee. Counterpart limits are evaluated
on the basis of the same standards as those governing
credit risk.
The Counterparty Risk and Risk Oversight Directorates
take action on methodological aspects relating to
banking and customer counterparty risks by devising
and implementing new standards.
By way of example, a specific system for banking
counterparties was established to evaluate the solvency
of foreign banks on the basis of a quantitative model
which integrates the most relevant risk factors. The limits
proceeding from this model are submitted for approval
by the Investment Committee and are subject to revision
in accordance with international economic trends.
Market Risk Management System
The aim of the Market Risk Management System is to
manage and control market risk exposure in order to
optimise risk/performance while preserving a market
profile coherent with the Group’s status as a leading
financial institution which plays a significant role in
financial products.
Market risks related to the banking portfolio are
monitored, managed and integrated into the framework
of structural interest rate and liquidity risk management.
With a view to providing a framework for risks involving
different market activities and ensuring oversight, the
Bank has adopted a system organised around the
following four axes :
• A delegation-of-powers system which defines
the process of application, validation of limits and
authorisation of overstepping;
• Provision of a steering and arbitration service
between various market activities via the Investment
Committee;
• Provision of a follow-up and monitoring service for
risk indicators by market risk control bodies and
entities;
• A set of management and market-risk control tools.
The Counterparty Authorisation and Limit Renewal
Circuit has been reviewed by the Middle Office in order
to optimise decision-making circuits and ensure the
fluidity thereof.
49
Applicable Limits
Beyond limits applicable to all market activities, namely
position limits by instrument and transaction limits,
certain limits have been set up for obligatory and
exchange activities. These limits are identified as follows:
• Maximum-size limit on bond trading, foreign
exchange futures and stock options;
of extreme scenarios, taking into account portfolio
structure and correlations between the different risk
factors.
The system of risk-reporting to the CPM takes the
following two forms:
• Duration and sensitivity limits on bond trading;
• A system of periodic regulatory reporting to the
supervisor and supervisory authorities;
• Stop Loss limits by tranche position relative to
the open foreign exchange position and intraday
transactions on own account;
• A system of internal management reporting on the
processes of risk oversight, internal control and the
conduct of the Basel II project.
• Short limit of foreign exchange position;
• Position limits by currency;
• Maximum position limits for exchange forward
transactions and currency options;
• Limits of interest rate sensitivity by time buckets for
exchange forward transactions, exchange swaps
and currency treasury transactions;
• Limits by sensitivity indicators (Delta, Gama, Vega
and Rhos) for foreign currency option portfolios.
This system is strengthened by limits in terms of VaR
(Value at Risk) just as it is by overall limits defined by risk
factor or portfolio.
The complete limits system is organised in the format
of a grid of delegated powers which fixes limits by
instrument, market and participant. The process of
limit proposal and validation is guided by an internal
circular. Control of limits is performed on a daily basis
by the Middle Office and each month by the Global Risk
Management Pole.
Risk Indicator Follow-up System
The follow-up of risks is performed daily by the Middle
Office and Financial and Market Risk Directorate. By
means of quarterly reporting, the Risk Management
Committee oversees levels of exposure, yields and
performance, asset-backed risks relative to market
activity, and adherence to regulatory requirements and
to limit mechanisms.
The reports submitted to the Risk Management and
Compliance Committee, in addition to an analysis of
portfolio sensitivity, also include simulations in the event
The regulatory reporting system is recognised by and
standardised for the entire profession. In terms of
internal reporting, it focuses in particular on the following
elements :
• Detailed schedules of Basel system implementation
projects as well as advances in methodological
processes, risk information system tools and
convergence plans for Group subsidiaries;
• Risk-monitoring indicators in various fields;
• Proposals for improved systems of oversight and/or
activities, business lines, standards and benchmarks;
• A review of the internal control monitoring system
and possible corrective measures;
• Concertation projects and impact studies conducted
with the supervisor and/or the profession.
Market Risk Control and Management Tools
Evaluation of market risk to the Bank relies on a
combination of two measurement groups. The first
relates to the calculation of the risk value (VaR) and
the second to the use of various sensitivity measures
(including stress scenarios), making it possible to fend
off potential risks.
The Bank has adopted a market risk management and
oversight structure, including use of VaR methodogy for
its entire negotiation portfolio.
VaR can be defined as a technique enabling evaluation
of potential loss incurred on risk positions due to
variations in market rates in a definite time span and a
given confidence interval. In the case of the Bank, this
confidence interval amounts to 99% and one day, based
The method adopted to calculate the VaR is that of a
historic model based on historical average returns of risk
factors inherent in portfolio trading. This model implicitly
takes into account the correlations between various risk
factors. An overall VaR is calculated for all negotiation
activities and per type of instrument.
Although it constitutes a useful risk measurement, VaR
must be judged with respect to its limits. By way of
illustration:
• The use of historical data to estimate future trends
may not detect all the potential events, in particular
extreme ones;
• The choice of a one-day time-frame implies that all
positions can be either liquidated or covered in the
space of one day. It may be that this method does
not allow the market risk in a period of extremely low
activity to be taken sufficiently into account;
• The VaR is calculated on the basis of exposures at
the end of the period and therefore does not reflect
exposure existing during the course of the day.
As well aware as it is of the limits of the VaR model, the
Bank incorporates analyses and limits of sensitivity into
its monitoring mechanism.
Along with the VaR calculations, the impacts in terms
of profits and losses (P/L) based on standard or
historically stressful scenarios are estimated for the
entire negotiation portfolio. These scenarios are chosen
among the following three categories: historically proven,
hypothetical and adverse scenarios.
The principal indicators used are the following :
• Sensitivity to rate variation of +/- 25 bps (global
indicators per maturity);
• Risk indicator of rate curb expressed in potential loss;
• Portfolio profitability threshold indicator (Break Even
Point);
• Sensitivity to extreme rate variation of 200 bps;
• Sensitivity to price variations of +/- 1%, 5% and 10%,
taking into account the correlation between the EUR
and USD in the make-up of the MAD basket.
• ...
3.4- Trend of Exposure and Risk Profile
The table given below depicts the overall VaR of
negotiation activities. The share risk price, the interest
rate risk and exchange rate risk are the three risk
categories to which the Group is exposed.
VaR (MAD million)
VaR/MtM (bps)
Min Max
Average
End
December
13.1 22.4
17.4
13.1
26
35
12
208
The overall VaR (1-day at 99%) of the portfolio at the end
of December 2012 was MAD 13.1 million, or 0.36% of
the portfolio market value and 0.06% of the total amount
of shareholders’ equity.
The VaR outside correlation is MAD 20.2 million, or a
diversification effect of MAD 7.1 million of the overall
portfolio which is split up among the various instruments.
The VaR is primarily concentrated in the bond portfolio
and instruments of title, and secondarily on exchange
transactions and cash currency. This is attributable to the
size of the portfolios, the high volatility of the risk factors
inherent thereto and the weight thereof in comparison to
the other negotiation portfolio factors.
Foreign Exchange Fund
The foreign exchange fund registered a quasi-stable level
throughout the year 2012 combined with an increase in
the volume of exchange Swaps.
Net foreign currency exposure saw a sawtooth trend in
the course of 2012. Despite high variation, net foreign
currency exposure maintained equilibrium considering
the make-up of the MAD basket and the updating of
different term flows. In relation to shareholders’ equity,
regulatory limits for overall exposure and per foreign
currency were respected throughout 2012.
on historic data. This allows for day-to-day monitoring
of market risk taken by the Bank in its trading activities
by quantifying the level considered as maximum risk in
99 cases out of 100 after the completion of a certain
number of risk factors (interest rates, exchange rates,
asset prices, etc.).
51
Net Foreign Currency Exposure
in C/V MAD Million
Shareholders’ Equity
% Shareholders’
Equity
March 2012
-157
21 434
0.7
June 2012
654
23 902
2.7
September 2012
1 804
23 902
7.5
December 2012
390
21 562
1.8
The VaR for exchange-trading activity reached 165 KMAD at the end of the year.
Bond Fund
In 2012, bond limits were reviewed and validated by administration and management bodies. The limits of duration
and maximum position were strengthened by sub-limits for EURO Bond and UCTIS portfolios, and were modified to
adapt to the new market volatility context.
The VaR for bond activity rose to MAD 7.5 million at the end of December 2012.
Shares and UCTIS
The outstanding amounts of this portfolio remained practically stable in the region of MAD 3.4 billion, with a respective
distribution of 10% and 90% for shares and UCTIS.
The goal was to reduce the positions of shares lacking significant worth and to focus on portfolio equity values reputed
to be more liquid.
The VaR for activities on ownership titles represented MAD 3.7 million.
In the framework of its activities, the Bank is exposed to
exchange rate and structural risks stemming from credit
deposit transformation mechanisms and the refinancing
of banking activities. These risks are considered to be
at the core of the business; as such, our Bank attaches
particular importance to them in terms of follow-up and
control.
4.1- Risk Strategy
The strategy of overall risk management of exchange
rates and liquidity conforms to the objective of full control
over risks in the process of development planned and
adopted by the Group. This strategy is based on the
following guiding principles :
• Directing development activities in the framework of
a medium-term plan while taking into account the
exchange rate and liquidity risks;
• Maintaining a stable and varied structure of Group
deposits with full control over the growth potential of
our commitments;
• Improving progressively the overall exchange rate
gap so as to maintain a balance between various
activities in terms of risk profile;
• Developing variable rate assets to immunise one part
of the balance sheet further to a negative trend in
interest rates.
The overall risk policy is part of the Bank’s classic
development plans and follow-up activities. It is
periodically approved by the administration and
management bodies in the framework of the usual
management committees and meetings of the
Institution. Its guiding principles are conveyed by internal
regulatory texts, through circulars and standards, which
fix the extent and conditions of risk control and followup activities.
With regard to the specific case of structural risk, the
governance bodies are directly involved in defining
the overall policy at the time the strategic guidelines
are addressed to the Board of Directors. These
guidelines make it possible to set objectives concerning
development plans. Over the past few years, liquidity
risk has become a significant component of the Group
strategy and has led to a formalised policy relating to
“liquidity and re-financing” risk. This policy sets forth the
main components of the identification, standardisation
and follow-up of liquidity risk in the framework of normal
activity, as well as a remedial plan in the event of a
liquidities crisis.
4.3- Risk Management Mechanism
Liquidity Risk
This risk can stem from the structure of the balance
sheet due to gaps between the actual due dates of
asset and liability items, financing needs for future
activities, customer behaviour or potential disturbance
in the economic situation. Liquidity risk management
aims to guarantee the Bank access to the funds
necessary for it to honour financial commitments when
they become payable. Managing this risk entails holding
liquid securities at a sufficient level and having a supply
of stable and diversified funds. The securities portfolio
consists mainly of Treasury Bills and, supplementarily, of
liquid and UCTIS shares.
Liquidity management is based on :
• Monitoring of different liquidity ratios according
to internal requirements and banking industry
regulations;
• Devising of a liquidities schedule based on a variety
of dynamic, medium-term scenarios, as well as
establishing a static liquidity schedule which provides
indications on the medium- and long-term liquidities
situation of the Bank;
• Following up on the investment portfolio and
projections of cash flow. To ensure a minimum
liquidity reserve, an internal limit has been set up
relating to the bond portfolio;
• Maintaining a wide variety of financing sources and
following up on deposit concentration per type of
product and counterparty, with regular monitoring of
the concentration of the ten largest depositors;
• Maintaining choice relationships with institutional
investors and large corporate customers.
Customer demand deposits (current and savings
accounts) comprise a significant share of the overall
financing of the Group, and this has turned out to be
stable across the years. In addition, the branch office
opening programme was prolonged into 2012 and is
expected to last throughout the medium-term (20132015), contributing to and strengthening the forceful
4- Rates and Liquidity Structural Risks
53
pace of customer deposit collection.
Furthermore, the Bank is an important stakeholder
on money and bond markets by means of its market
activities. Thanks to its position, the Bank is able to
address Bank Al-Maghrib, banks and other financial
institutions, occasionally in the short-term, with regard
to repurchase operations.
Overall Exchange Rate Risk
Analysis of this risk is complex, given the need to
formulate assumptions concerning the behaviour of
depositors with respect to the due date for reimbursable
deposits according to contract and on assets and
liabilities not directly sensitive to interest rates. When
the behavioural characteristics of a product differ from
contractual ones, the behavioural characteristics are
assessed so as to determine the real underlying interest
rate risk.
The assessment and calculation of general overall
interest risk in performed as follows :
• Once per quarter upon issuance of Bank summary
statements;
• Twice per year together with the planning process
(strategic guidelines and planning phase of the
medium-term financial plan) as a mechanism for final
validation of the medium-term plan.
This oversight mechanism is based on the following :
• An assessment methodology founded on the
approach to gaps (dead-ends). This means a
classification of assets and liabilities according to
their profile and rate (fixed or variable), taking into
account the factors of residual duration and future
behavior (forecast approach over a three-year period
and according to the medium-term assumptions);
• A quarterly reporting system addressed to the Risk
Management and Compliance Committee on the
levels of exposure to overall interest rate risks, stress
tests in terms of the impact on NBI, shareholders’
equity and forecast trends of prudential ratios;
• A limit mechanism in terms of the impact of interest
rate risks on Net Banking Income and shareholders’
equity as defined by the Risk Management and
Compliance Committee and validated by the Board
of Directors.
4.4- Trend in Exposure and Risk Profile
Liquidity Risk
Total assets amounted to MAD 241 billion at the end of
December 2012 versus 227 billion in December 2011,
or an increase of 6%. In December 2012, and relative
to December 2011, resources needing cash refinancing
represented MAD 11 billion; these mostly concerned
credits of MAD 5.1 billion (including 3 billion for liquidity
loans) and security holdings(transaction and investment)
of MAD 5.7 billion. These amounts, together with a
decrease in fixed-term deposits of MAD 4 billion, were
principally refinanced by :
• Customer deposits of MAD 5 billion;
• Saving accounts of MAD 1.8 billion;
• More significant receipt of advances from Bank AlMaghrib (+ MAD 7.5 billion);
• Reduction in the BAM account of MAD 0.7 billion
owing to a drop in the monetary reserve rate from
6% to4%.
It should be noted that the drop in the Bank’s
shareholders’ equity following the sale by the State of
10% of BCP capital to the BCRs was compensated for
during the second semester of 2012 by two increases in
captial: 5% for BCPE and 5% for the IFC.
The progressive tightening of liquidity experienced across
the banking sector for the past two years continued to
accentuate in 2012 without any major impact on the
CPM, which enjoyed a greater margin of manuoever
than other banks thanks to the preponderance of noninterest-bearing deposits, a signficant reduction in major
depositor concentration and (still-limited) recourse to
the capital market.
CPM resources collected from customers thus rose by
2%, increasing from MAD 181.7 billion in December
2011 to 185.3 billion at the end of December 2012. This
rise concerned account-book accounts (+10.1) and
demand deposits (+4.4%). On the other hand, long-term
deposits registered a decline of 9.2% further to the nonrenewal by the Bank of the long-term deposits of some
large businesses and the continued drop in savings
bonds.This led to a drop in the share of interest-bearing
resources compared to the overall resource structure.
The CPM transformation ratio settled at 90.7% in
December 2012 compared to 86.8% one year earlier
given the higher development of credit activity compared to customer deposits. To respond to the additional need for
refinancing, CPM issued certificates of deposit amounting to MAD 3.9 billion in 2012, compared to 3 billion in 2011.
However, CPM recourse to the money and bond mark remains rather limited in comparison with other banks.
Overall Interest Rate Risk
On 30th June 2012, the assets and liabilities profile at less than 12 months was more or less the same as that of
assets and liabilities at the end of December 2012, apart from the following items :
• The increase in the BAM account to MAD 6.7 billion, representing 10.6 billion on 30th June 2012. This exceptional
increase is, however, relative, the average required amount being only MAD 6.6 billion;
• The continued rise in securities resold under purchase agreements to MAD 7.5 billion;
• The rise in certificates of deposits by MAD 2 billion;
• The acquisition of ownership titles (MAD 1 billion) and of security transaction titles (1.7 billion).
These operations have only a limited impact on our risk profile. Thus, in the event of a rise of 100 base points in the
rate, profit increases amount to MAD 42 million compared to 78 million in December 2011. In addition, the sensitivity
of profits to rate variation remained well below the limits of our risk objectives.
At the end of December 2012, the risk profile showed signs of slight improvement due to the following events :
• Increases of capital to BPCE amounting to MAD 1.6 billion, then to the IFC amounting to 1.7 billion;
• A drop in the monetary reserve rate from 6% to 4% in September 2012;
• Continued acquisition of ownership titles for trading purposes (amounting to MAD 5.8 billion) in the short-term;
• Continued increase in forward exchange transactions.
Our risk profile on a one-year rolling horizon was therefore positive in December 2012, with impacts reflecting along
the same lines as the prospective short-term movements in interest rates.
In % of productive CPM resources
December 2011
June 2012
December 2012
78
42
107
In relation to Net Banking Income
0,85%
0,46%
1,06%
Economic value in short-term (in
millions)
-105
-129
-107
In relation to shareholders’ equity
-0,48%
-0,55%
-0,51%
Profit (in million)
The following table shows the potential effect of an increase in rates of 100 basis points over a period of 12 months
(short-term) on the net interest income and the economic value of the Bank in 2011 and 2012. The impact of such a
variation represents less than 1.5% of NBI and 1% of shareholders’ equity.
55
5- Operational Risks
According to the definition adopted by Bank Al Maghrib,
“Operational Risks” are the risks and losses resulting from
defects or defiencies attributable to procedures, personnel
and internal systems or to external events. This definition
includes legal risk but excludes strategic and reputation
risks.
5.1- Strategy Risks
Unlike market and credit risks, operational risks are
undergone; they do not represent the counterparty of a
hope of gain or expected future remuneration. In order
to have complete control of operational risks, the Group
has instituted an operational risk policy whose principal
foundations are as follows :
• Being in a position to detect, as soon as possible,
the risks or incidents of an opertational character
which can have financial consequences and/or
consequences on the Group image;
• Analysing potential risks and/or actual incidents, and
estimating the impacts as precisely and dynamically
as possible;
• Alerting and mobilising the principal parties concerned
by said incidents whether they are at the origin of
and/or are affected by the consequences;
• Measuring the effects of this policy and disposing
of the steering tools and indicators intended for the
General Management, the executive management,
the business lines and various players in the
mechanism to enable them to evaluate—per BPR,
business line and function—exposure to operational
risks and reduce them (cost of risk);
• Taking the necessary preventative and remedial
actions to reduce the impact, limit the probability of
incident occurrence, draw conclusions and adapt
the organisational bodies accordingly.
Policies and procedures relating to operational risk
management and follow-up are formalised while taking
into account the bodies involved in the risk follow-up
and control process.
Given the nature of operational risks, the internal
regulatory provisions imply a large number of players
intervening in the:
• Identification and self-assessment of risks;
• Collection and control of incidents;
• Awareness and handling of the operational risk
element;
• Use of risk cartographies in the framework of control
and audit activities.
The primary internal circulars which govern operational
risk are thus as follows :
• Charter of Operational Risk Management: This defines
the general operational risk management policy at
the Crédit Populaire du Maroc and Group Banque
Populaire;
• Internal Control Charter of Groupe Banque Populaire:
This conveys general strategy in terms of control
management and the interaction between the various
players such as the Inspectorate-General, Audit, Risk
Management Pole and operational functions;
• Risk Management linked to the Outside Activities of
CPM: This provides general policy guidelines in terms
of operational risk management, making it possible to
outsource both a Bank activity and the resources to
be implemented in order to obtain a certain degree
of control of risk management amongst service
providers;
• General Policy and Governance of the Activity
Continuity Plan of Crédit Populaire du Maroc: This
defines the Activity Continuity policy adopted by CPM
to allow it to honour its commitments with regard to
customers and suppliers alike in the event of a serious
claim.
5.3- Risk Management Mechanism
Organisation of the Operational Risk Service
The organisation of the Operational Risk Service at the
Group level focuses on the following points :
• Central function at BCP headquarters in charge
of the design and steering of methodological and
computer-based tools;
• A managed network of risk managers who function
within their respective scope (BCP, BPR). They
participate in the updating of the operational risk
cartography and ensure the establishment of action
plans to strengthen the risk control mechanism;
• Correspondents named per business line in the
• Correspondents at the subsidiary level (internal
or other comptrollers) whose task it is to ensure
the establishment of the methodology and tools in
synergy with the mechanism adopted within the
Group
Use of Cartography
The year 2012 witnessed the implementation of a new
operational risk cartography device set up in 2011 under
critical and stable operational processes, namely market
activity, securities, payment methods, money, bank
insurance, etc.
The updating of other major processes, such as
commitments and international activities, also began
and will be completed in 2013.
The primary aims attained by this approach consisted
of the following:
- A more qualitative risk assessment process allowing
for concentration on an action plan which covers the
most critical risks;
- The harmonisation of risk assessment amongst
BPRs, allowing clearer insight into risk exposure by
CPM;
- The concentration of BPR efforts on identifying
specific risks by proposing action plans which can
benefit the entire Group;
- The upgrading of risk cartography to make it less
awkward to concentrate on the true issues identified
by trade experts.
With regard to subsidiaries, methodological assistance
is provided according to the specific nature of the trade
and context while taking particular care to maintain
overall coherence. Periodic follow-up is provided
according to the progress made by each subsidiary.
In this regard, it should be noted that 2012 saw
the finalisation of the Upline Group operational
risk cartography and the commencement of such
cartographies for CIB Offshore and Dar Damane, using
the methodology of the Group.
For the record, the approach proceeds according to the
following phases:
Discovery of the process: An analysis of the mechanisms
established to manage activity in terms of procedures,
players, tools, etc.
• The identification of risk events: Starting from the
various banking trades, risk identification takes
place by scanning the primary potential risks run in
the performance of an activity. This identification is
progressively refined during the course of meetings
with experts in different sectors;
• The measure and assessment of event risks: For
each event, risk is assessed in terms of “Probability
of Occurrence” and of “Impact/Loss”, in case it
occurs, by means of a score-grid adaptable to BPR
and subsidiaries;
• The assessment of means of monitoring and of risk
coverage: This pertains to the evaluation of the quality
of existing control mechanisms for each risk event.
This rating is based on two criteria: the relevance of
the control and its application.
Incident Collection Process
A system of operational risk incident collection now
exists, based on a dual declaratory mechanism and
accessible to various players in the major operational
processes of the Bank.
Operational Risk Correspondents (ORC) have been
appointed at the BPR and BCP, their tasks being to
declare any incident responding to the criteria defined
by the collection procedure independently of body of
origin.
The ORCs of various sections enter relevant information
directly into the dedicated computer system. The
workflow is designed to inform hierarchical managers
in real time of any events occurring within their range
and to allow these managers to control the relevance
of information provided by their co-workers. Several
actions have been brought into play, amongst which are
the following:
• A focus on the declaration of incidents having an
important financial impact;
• Formalisation of a detailed methodological guide on
the qualification and evaluation of incidents;
• Reconciliation between declared incidents and
registered book losses;
framework of the loss collection protocol. These
correspondents have the task of scrutinising
operational losses and of keeping close account of
them in the risk management tool used jointly by all
CPM bodies and by certain subsidiaries;
57
• Cross-checkings are also carried out with the services
in charge of quality and the follow-up of legal matters;
• Use of other internal tools such as the solving of
computer-based incidents so as to collect the
operational risks linked to asset losses and dyfunctions
in the Information System.
The permanent involvement of players in this process
has improved the quality of declarations and the risk
profile visibility of the Bank.
Similarly, the system has been extended to several
subsidiaries such as Maroc Leasing and the Upline
Group, for which incidents are conveyed in the same
computer-based tool, and has allowed the Bank to
integrate them into the Group risk profile.
Follow-up
Activities
Mechanism
for
Outsourced
In compliance with the recommendations of BAM
circular 29/G/2007 which stipulates that outsourced
activities must give rise to relevant risk follow-up policies,
the follow-up mechanism for outsourced activities
was strengthened by the implementation of a specific
evaluation method, the principal components of which
are as follows :
• A rundown and localisation of the outsourced services
in CPM by means of distinguishing centralised
services (electronic payment, desktop publishing,
producing chequebooks, etc.) from regional services
(sorting and packaging of banknotes, transport of
funds, security, etc.);
• A scoring analysis which allows activities to be ranked
by level of risk and providers by level of risk control;
• Visits made by mixed operational and risk teams
in order to gain a more precise idea of the level of
risk control per provider with regard to the activities
entrusted to providers by the Bank;
• Actions plans to allow for better risk control associated
with outsourcing (follow-up on a company’s financial
health, communication of activity continuity plans, on
the quality of follow-up activity, etc.).
Awareness of Operational Risk
A campaign of operational risk awareness was carried
out amongst all Bank services, from the branch office
to top management, by means of adapting support
content to the people concerned. The use of specialised
consultants makes it possible to remain in line with the
best international practices in terms of operational risk
management.
Scope and Nature of Reporting Systems
A reporting system now exists with the objective of
providing the executive bodies of the BPRs and the
Group with a consolidated view of operational risks.
Internal Reporting
To ensure the dissemination of a culture of control over
risks, in particular operational risks, two bodies have
been set up: the Risk Management and Compliance
Committee and the Risk Committees of BPR.
These two bodies constitute the best channels
of information and alert regarding operational risk
management, particularly by means of :
• The proposal of review or development processes:
Certain risks identified in the framework of
cartography and/or collection can reveal structural
problems and therefore require a structural review of
the processes or organisation of different services not
limited to corrective actions only. An example would
be the risks inherent to the activities of the trading
floor which require separation between operations,
processing and control by setting up front, middle
and back offices.
• The restitution of risk cartography review.
With authority over the committees cited above is an
Internal Control Commission, headed by the SecretaryGeneral, which meets each month and allows for :
- all questions to do with improving the Internal Control
Mechanism to be addressed;
- the proposal and follow-up of all action plans
stemming from dysfunctions pinpointed by risk
cartography, the collection of incidents of loss,
follow-up indicators, etc.;
- the oversight of the progress of actions performed
as a result of recommendations made by the
Inspectorate-General or by the Audit Committee.
The regulatory reporting canvass for collection is sent
ever six months to Bank Al-Maghrib. The incidents
are consolidated according to the canvass based on
the information provided by the BPR correspondents.
A complimentary clearing exercise and reconciliation
with book losses is executed manually to fine tune the
summary of consolidated losses.
6- Solvency Risk and Shareholders’ Equity
The aim of solvency risk monitoring is to maintain an
adequate level of shareholders’ equity corresponding to
the Group risk profile in order to enable support for its
activities while contributing to the creation of wealth for
shareholders and corporate members.
Shareholders’ equity demonstrates the level of solvency
and the ability of the Group to cover unexpected risks
while offering depositors and debtors the necessary
protection. Because the Group holds sufficient capital,
it has the flexibility required to foster expansion by
means of internal growth and strategic acquisitions.
The Group’s high equity ratios are primarily attributable
to the quasi-systematic and integral carrying forward of
the income achieved.
External Reporting
59
The process of evaluation of the adequacy of shareholders’ equity constitutes an integral part of the coherency
analyses of our strategic plans which occur at least once a year upon examination of the impacts of the Medium-Term
Plan on shareholders’ equity and prudential ratios.
Since 2007, the Bank has calculated its shareholders’ equity according to the principles of Basel II. Therefore, in
addition to covering risks relative to Pillar I regarding credit, market and operational risks, the adequacy of shareholders’
equity also covers other important risks of Pillar II, in particular with regard to interest rates on bank portfolios and
concentration risk.
6.1- Shareholders’ Equity
The Group calculates regulatory shareholders’ equity on the basis of consolidated data according to IFRS along with
prudential filters in compliance with the guidelines set by Bank Al-Maghrib.
The Group has solid financial foundations linked to the level of regulatory shareholders’ equity. This equity reached
MAD 28,230 million on 31st December 2012 compared to 26,887 million in December 2011, or a growth of 5% due
in particular to the significant amount of income carried forward
Breakdown of Regulatory Shareholders’ (in MAD million)
BASIC SHAREHOLDERS’
EQUITY Dec. 2012
Dec. 2011
Corporate capital
1 731 1 563 Reserves and premiums linked to capital
20 247 19 055 Minority interest
2 154 1 441 Translation difference
107 105 Non-distributed net income
2 154 2 185 Unrealised value added on investment securities
667 175 - 364 - 306 Debtor goodwill
- 1 035 - 418 Prudential restatements
- 1 704 - 1 276 TOTAL BASIC SE
23 958 22 523 Special guarantee fund
2 805 3 043 Unrealised reserves
284 266 Subordinated debts
1 590 1 556 Prudential restatements
882 748 TOTAL COMPLIMENTARY SE
5 562 5 612 - 1 290 - 1 248 28 230 26 887 Net intangible assets (exc. Software)
COMPLEMENTARY
SHAREHOLDERS’ EQUITY
DEDUCTIONS OF STAKES TAKEN OUT
TOTAL SHAREHOLDERS’ EQUITY
Regulatory shareholders’ equity primarily consists of basic equity (81%). The basic shareholders’ equity (before
deductions) is split up as follows :
Unrealised value added on investment securities 3%
8%
Non-distributed net income
Corporate capital 6%
8%
The reserves and premiums linked to capital represent
the largest share of basic shareholders’ equity given that
our policy of capitalisation and distribution is founded
on our internal dynamic and cooperative structure. The
sale by the Treasury of 10% of the capital of BCP to
the BPRs was recompensed by increases in capital
focused on foreign investors (BPCE and then IFC at
5% of BCP capital). Complementary shareholders’
equity amounting to MAD 5.6 billion, or 19% of the total
amount of shareholders’ equity (exc. deductions), is
primarily constituted by the following :
• Support fund of MAD 2.8 billion;
• Subordinated debt of MAD 1.5 billion.
6.2- Solvency Ratio
The solvency ration makes it possible to measure the
financial soundness of a bank. This ratio is calculated
according to the circulars and guidelines issued by Bank
Al-Maghrib based on rules pursuant to the adequacy of
shareholders’ equity initiated by the Basel Committee.
The Basel II standards define two principal shareholders’
equity adequacy ratios: the first category of shareholders’
equity and the ratio of the total amount of shareholders’
equity as follows:
• The first category of the shareholders’ equity ratio is
defined as regulatory shareholders’ equity divided by
the weighted assets according to risks.
• The ratio of the total amount of shareholders’
equity is defined as the total amount of regulatory
shareholders’ equity divided by the weighted assets
according to risks. Bank al- Maghrib requires banks
to aim at 10% of the total amount of shareholders’
equity.
At the end of December 2012, the first category
shareholders’ equity ratio of the Bank and its ratio of the
total amount were 10.10% and 12.20%, respectively.
The variations are attributable to the higher increase in
weighted assets (+14.6%) above that of shareholders’
equity (4.7%).
Minority interest
Reserves and premiums linked to capital 75%
61
GROUP ACTIVITY
GROUP ACTIVITY
GROUP ACTIVITY
Individual Customers, Tailor-made Offers
Consolidation of Gains in Resources and Jobs
The Retail Bank consolidated its resources, which grew
from MAD 63,697 billion in 20122 to 69,660 billion in
2012, representing an additional 2,963 billion. It thereby
registered a rate of growth close to that experienced
between 2010 and 2011.
There was a stable tendancy with regard to jobs, with
real estate loans for 2012 rising to MAD 32,393 billion
(compared to 32,446 billion in 2011) and outstanding
consumer loans amounting to MAD 14,328 billion in
2012 versus 14,330 billion in 2011.
The Same Appetite for Banking within the
Labour Force
The active involvement of commercial teams combined
with effective cooperation between bodies of the central
and regional distribution networks allowed for the gain
of 366,570 new individual and professional customers,
the total TFP rising from 2,725,774 customers in 2011
to 3,092,344 in 2012.
Adapting to Individual
Market Segments
and
Professional
The development strategy of Banque Populaire
privileges winning over new customers and promoting
customer loyalty. The year 2012 was marked by an
effort to adapt to the different segments which comprise
the Retail Bank, in particular young and professional
customers, by making available offers adapted to their
specific needs and expectations.
To this end, the Bank continued to consolidate its
position on the youth market by signing several
partnership agreements with Moroccan universities and
major institutions of higher learning. These agreements
provide students in these institutions with access to a
wide range of banking, para-banking and insurance
services at rates that take into account the purchasing
power of this group.
These agreements also strengthen the policy of Groupe
Banque Populaire which aims to create bridges with
the world of professional training and thus foster the
implementation of partnerships to promote development
• Assisting the financial integration of students;
• Creating internships in the banking and financial
fields;
• Adapting the management and evaluation tools to
the risks inherent to this market;
• Offering a coherent and efficient communications
approach.
At present, more than 250,000 students, representing all
regions of the Kingdom, can benefit from the advantages
offered by these agreements.
As a major player in the field of direct debit financial
flows, Banque Populaire has enhanced its partnerships
by signing several agreements with leading bodies.
Two agreements were thus signed with the Moroccan
Agency for International Cooperation (“AMCI”) and
the Moroccan Pension Fund (“Caisse marocaine des
retraits”, or “CMR”), offering them adapted solutions to
the management of financial flows and facilitating their
service to adherents and beneficiaries.
To communicate what it has on offer to the youth market,
the Bank has favoured a direct approach by sponsoring
and participating in events on both the national and
regional levels (International Student Forum, Vocational
Training Fair, “Orientation Carrefour”, etc.)
With regard to providing Individual and Professional
customers with electronic banking products, the
electronic-banking portfolio rose from 2,120,825
cardholders in 2011 to 2,556,218 at the end of 2012,
representing an additional 435,393 cards.
In line with our strategy to offer the young a more
complete set of services, the “C’POP” Card was altered
to make it more visually appealing to the 12-17 age group
and provided with an adapted management system.
Offers aimed at the young were also enhanced in 2012
by a new support product, “Injad Attalib”, conceived in
partnership with a Group subsidiary, Maroc Assistance
International (M.A.I.).
The Group has a particular interest in developing and
maintaining partnerships and synergies with major
customers. To this end, a wide range of actions were
undertaken during the course of 2012.
• Promoting a permanent dialogue on subjects of
major concern to the Group in terms of developing
competencies in the primary activities of the Group;
• Supporting scientific and cultural actions organised
by institutions of higher learning.
True to its status as an innovative Bank, and to better
serve customers by ensuring first-rate security, the
Group has implemented a new authentification process
for the use of Banque Populaire electronic bank cards
for online purchases. Conceived and deployed in
partnership with Maroc Télécommerce, this new system
protects BP cardholders against all attempts to usurp
their identity with fraudulent intent in case of loss or theft
of said card. It should be noted in this regard that the
Banque Populaire is the first national banking institution
to put in place this method of cardholder authentification
for Internet purchases.
The year 2012 was also marked by the deployment of
an integrated strategy aimed at the Professional Market,
one of the historic markets of Banque Populaire. This
strategy aims to win back the Professional market by
means of an approach based on the following elements:
• Adapting the banking offer to this market;
• Establishing dedicated and expert structures to
manage the requests of players in this market;
Agreements
ØIn the framework of strengthening the privileged
partnership which links Banque Populaire to
the “Office Chérifien des Phosphates” (OCP), a
promotional event was organised in tandem, initially
by the Retail Bank at the principal OCP sites (at
Boucraâ, Laayoune, Khouribga, Benguerir, Safi,
El Jadida, Youssoufia). This meeting had a dual
objective: to present, thanks to the efficiency of the
teams, the banking assets and advantages which
benefit OCP employees within the framework of
BCP-OCP agreement, and to forge new ties amongst
the regional partnership managers.
ØAnother event was jointly carried out with our General
Delegation of National Security (DGSN) partner in the
form of a communicatins caravan which crossed all
the entire nation and involved the participation of all
BPRs.
ØSeveral other agreements were signed with the
Ministry of Justice, the Association of Social Works
for Staff of the High Commission of Planning and
the National Agency of Land, Land Registry and
Cartography Conservation, as well as with Palmeraie
Holding.
by the following means:
65
GROUP ACTIVITY
Development of Mobile Banking Offers
Synergy
ØSupported by CDVM approval, dated 4th April 2012,
of “FCP Upline Rendement Plus” (Upline Capital
Management) contractual funds, by training actions
of the Distribution Network, by identification of
potential customers and the follow-up of this highlyspecific operation.
ØStrengthening of intra-Group synergy and commercial
reorganisation of the regional presence of “Maroc
Assistance International”, particularly by means of:
¬ Introducing Commericial Sales Desks at three
BPRs (Tangier- Tetouan, Fez-Taza et MarrakeshBeni Mellal);
¬ Generalising the commercialisation of “Schengen
Visa” and “Injad Monde” assistance products
to all Group branch offices via the technical
and business training of the sales force, the
deployment of the “MAI-Assur” distribution
platform and the launching by our Network
of a communications campaign for targeted
customers.
Multi-Channel Banking
By subscribing to the Pocket Book service via Chaabi
Net, customers can at any time access their account
balances, pay their bills, transfer funds and block their
bankcards in case of loss, all through their telephones.
Development of the Customer Relations Centre
CRC activities are progressively veering towards beforesale, sale and after-sale services and rely on increased
use of direct marketing. The customer journey will be
especially enhanced by greater acquaintance with
customers on the part of CRC operators and by the
setting up of the multi-channelled CRC.
CRC Performance Improvement
Outgoing calls: Increase of 183.66 %
Incoming calls: Increase of 833.33 %
Analysis of customer appetite indicators in terms of
services and privileged channel distribution, services
adapted to homogeneous segments, the use of remotebanking services as a lever effect and an improved
synergy between distribution channels, all these
elements ensure the long-term success of the innovative
concept of Direct Banking.
With a view to decongesting branch offices and
enhancing customer loyalty, amongst other aims, the
remote banking services “Chaabi Mobile and Chaabi
Net”, “Chaabi Phone”, Pocket Bank and the Customer
Relations Centre (CRC) are undergoing continual
enhancement and restructuring.
Branch Office Network
Flagship services are MAD in real time, retrievable 24/7
from ATMs or without bankcards, and allowing the
recalculation of purchasing codes on the Internet as well
as online bill payment.
The highlight of the year 2012 was the opening of the
showcase branch office in Morocco Mall.
Improvement in Remote Banking Customer Services
Chaabi Mobile :
Chaabi Net :
1 510 672 customers
(+16,64 %)
297 805 customers
(+47,88 %)
With 100 new branch offices opened in 2012 and a
total of 1,145 branch offices on 31st December 2012,
the Banque Populaire network comes in first place
nationally. The Casa-Rabat-Tangier axis takes the lion’s
share, with 45% of banking facilities in the Kingdom.
ATM Network
With 1,180 ATMs in 2011, the CPM closed the year
2012 with a total of 1,323, representing an additional
143 automated units. Encouraging the deployment of
ATMs at external sites, Banque Populaire is a notable
ATM presence at Morocco Mall.
With an optimal-functioning level that approaches 100%,
ATMs continue to enhance accessible services to all
types of cardholders, both national and international.
Private Banking: The Privileged Partner of High NetWorth Customers
The year 2012 was marked by the development of a wide
range of offers dedicated to net-worth customers and the
organisation of meetings between customers and sector
experts.
Expanding the Range of Exclusive Products
and Offers with Real Estate Business Partners
In line with its mission, the Private Banking sector has
assisted customers with investments by proposing
diversified investment products and commodities. This
has led, on the one hand, to the launch of the FCP Upline
“Rendement Plus”, the first mutual fund to be indexed to
the performance of gold and petrol.
Private Banking – Banque Populaire and the Asset
Management Company of the Upline Capital
Management Group have, in effect, brought innovations
to the Management of Collective Savings market and
expanded their range of products with the launch of the
UCITS “Upline Rendement Plus” Contract. This concerns
a mutual fund trust that allows customers to benefit
from 100% protection of capital and a minimum return
guaranteed upon maturity as well as from a performance
indexed to those of gold and petrol.
Upline Rendement Plus has had great success with
customers, with a collection of nearly MAD 200 million.
On the other hand, Private Banking-Banque Populaire has
formed partnerships with major real estate developers in
order to propose exclusive real estate offers to net-worth
customers.
Various events have thus been organised with the
Palmeraie Group, the Prestigia Group and the “Groupe
Alliance” to present real estate projects and specificallynegotiated offers to customers.
Net-worth Circles: A Meeting of Customers
and Experts
True to its objective to satisfy customer expectations,
Private Banking–Banque Populaire initiated its Net-worth
Circle in 2012.
Offering real opportunities to share both experiences and
solutions, these Net-worth Circles are periodic meetings
amongst customers, partners of Banque Populaire and
renowned experts. They focus on themes of current
import relating to Net-worth and take place in all regions
of the country, treating subjects intimately related to the
expectations of net-worth customers.
In 2012, Private Banking–Banque Populaire held two
sessions, in Casablanca and Rabat, with the theme
“Transmission of Family Business”. These sessions were
organised in partnership with the BDO accounting firm
represented by the Certified Public Accountant, Mr.
Zakaria Fahim.
By means of these Net-worth Circles, Private Banking
– Banque Populaire aim to respond to customer
expectations and help customers achieve their objectives,
whether financial, legal or fiscal
Private Banking–Banque Populaire has today reached its
cruising speed and in this way participates significantly in
the GNP of the Bank.
67
GROUP ACTIVITY
Financial Inclusion: A Solid and Indisputable
Experience
A leading figure on the Moroccan banking landscape,
Groupe Banque Populaire enjoys an image as a bank
of proximity at the service of Individuals, Professionals,
Moroccans Residing Abroad and Companies. It
constitutes a grouping of Banks accessible to all and
deeply rooted in all regions of the Kingdom.
Our ambition is to increase this level significantly and
strengthen our market positon thanks to a mixedmarketing approach based on innovative technological
solutions adapted to these segments of the population
together with a pedagogical programme of publicity and
financial education.
At present, we have the densest and most extensive
banking network in the country with a territorial pattern
corresponding to regional breakdown. This allows us to
ensure efficient coverage of the entire country.
The year 2012 was also marked by the establishment
of the first “Auto-Bank” site in the town of Guigou,
Boulemane Province. This new type of branch office
figures in the framework of our financial inclusion strategy
which aims to ensure optimal territorial coverage, in urban
as well as rural areas. This is a means of guaranteeing
everyone access to banking services and working for the
economic development of our country.
This programme of network extension and densification,
combined with investment in new technologies, fits into
the framework of the general interest mission of our
Group which aims to strengthen the regional position of
the Banque Populaire Régionales and contribute to the
banking use of the Moroccan population.
The financial inclusion of greater numbers of Moroccans
figures amongst the top priorities of Groupe Banque
Populaire. It is part of our determination to contribute
significantly to the economic development of the country
and improve the living conditions of people with modest
incomes.
In this domain, our Group has deployed a Low Income
Banking Strategy by establishing an adapted offer in
terms of products and service fees combined with the
development of new, low-cost distribution channels.
These channels profit significantly from technological
advances, in particular in terms of infrastructures.
All these actions resulted in attracting more than 280,000
new, low-income customers in 2012, bringing the overall
portfolio to more than 965,000 customers.
An “Auto-Bank” is a self-service banking and reception
kiosk with slimmed-down format and functions. It offers
a banking service adapted to an urban and suburban
population, especially in terms of opening hours and
service quality. This banking kiosk is fitted with new
techological equipment, with two ATMs and an interactive
terminal with extensive functions, allowing customers to
perform regular banking operations.
In addition, Groupe Banque Populaire was awarded the
Financial Inclusion Trophy – African Banker Awards 2012
– for its Low Income Banking model. This prize gave
international recognition to the efforts made by the Bank
to respond to the requirements of a population previously
excluded from the banking system and to develop
new, low-cost channels of distribution that benefit from
advances in technology.
Moroccans Residing Abroad (MLA): Serving to Develop
New Partnerships
In 2012, the MLA market continued to suffer the effects
of the economic and financial crisis going on in the
principal host countries. This was mainly attested to by a
decrease in remittances of 4% on the national scale and
the deceleration of the collection of customer resources.
Such a trend in commercial activity is explained by :
- A proximity to customers and the synergy existing
amongst Group operators on the market;
- A multi-channelled commercial approach;
- An enhanced offer.
Despite this difficult context, the Group was able to
post solid results in terms of remittances and savings
mobilisation as well as in customer numbers.
Customer Proximity and Synergy
Remittance Activity
MLA remittances channelled by the Group in 2012
amounted to MAD 23.3 billion, bringing our share of
the market to 35.66% and representing an increase
of 17 base points. This performance is explained by
the mobilisation of commercial forces in Morocco
and abroad, as well as by the implementation of new
partnerships.
The year 2012 hence registered a strengthening of
the strategic partnership with Groupe BPCE. At the
same time, the Group signed partnership agreements
with new operators specialised in remittance activity in
various regions of the world while also tightening the
links of cooperation with its traditional partners. Finally,
the Group developed new remittance platforms aimed
at responding to evolving customer expectations and at
reducing the cost of processing transactions.
Consolidating a Leading Position in Terms of
MLA Customer Deposits
Thanks to the commercial dynamic of the network,
customer deposits grew by 4.5%, with an additional
MAD 3.2 billion and an outstanding capital of 74.2
billion. This performance allowed the Group to retain its
leading position with nearly 53% of the market share.
DEPOSITS OF MLA CUSTOMERS (in MAD billion)
Thanks to its permanent presence in principal host
countries via its Chaabi Bank subsidiary and its
representative offices, the Group has provided close
assistance to its customers in Morocco and abroad.
Together with the expansion of our network across the
nation, Chaabi Bank has extended its operations in
Europe with the opening of two branch offices in France
and one in Italy, bringing the network to forty-four outlets.
With such a deployment, the Group ensures proximity
in principal European countries with a high immigrant
concentration.
In synergy with the network, the representative offices of
the Group in North America, the Middle East and Asia
serve to strengthen relational and promotional activities
with regard to Banque Populaire products and services.
Similarly, Group participation in a variety of events in
Morocco and abroad has allowed all operators on the
market to listen responsively to customers.
Finally, the quality of service provided at various
encounters with customers during the MLA Campaign in
summer 2012 attests to the will of the Group to respond
to the expectations of Moroccans residing abroad when
they return to Morocco.
A Multi-channelled Commercial Approach
The year 2012 saw the launch of various commercial
campaigns both abroad and in Morocco. Apart from
customer loyalty already acquired, these campaigns
resulted in 51,320 new relationships, bringing the
portfolio to more than 851,300 customers, an increase
of 4% over 2011. These campaigns were based on the
classic channel—outlets—and on alternative channels—
the Internet and Customer Relations Centre.
Offer Enhancement
Regarding commitments, overall outstanding loans rose to
MAD 8.2 billion, most of which was intended for financing
the acquistion and construction of MLA housing.
Finally, in the framework of its policy of winning over MLA
customers and rendering them loyal, the Bank pursued
efforts to improve its MLA offer called “Solutions Bladi”
by enhancing “Bladi Packs” as well as by introducing
new features in the “Bladi Card”.
69
GROUP ACTIVITY
Professionals: Greater Proximity and a Wider Range of Offers
The year 2012 was marked by determined efforts on the
part of the Bank to accelerate proactive development
of the Professional market. Hence, the Professional
portfolio grew from a total of 92,715 customers to
108,183, or an additional 15,464 customers.
The Retail Bank continues to strengthen its proximity
and expertise for the benefit of Professional customers,
in particular through the following two major actions:
• The adoption of a branch office typology with a
“Professional” vocation;
• The establishment of “dedicated workstations” with
the task of bolstering recruitment within this customer
segment, ensuring guidelines for commercial activity
and advising Professionals on the financing of their
projects (investment, operational, real estate, etc.).
Adequate training (Individual and Professional Customer
Curriculum) relative to the branch office business lines
was provided to these new Front Office profiles in
November-December 2012.
In the areas of financing and support of professional
business customers, the Retail Bank has put together
a complete and integrated range of banking products
and services under the name “Al Mountij”. This new offer
is aimed at professional business people—whatever
their activity—and is part of a progressive partnership
approach.
The Al Montij financing offer is available in the following
forms:
- “Mountij Moubachir” is essentially intended for
operating purposes and can be used for specific
expenses: building up inventories, improving
premises, meeting various payments, etc.;
- “Mountij Facilité” is designed to finance short-term
cash-flow needs linked to business activity;
- “Mountij Tajhiz” is for the creation and growth of
very small enterprises (VSEs).
Some 8,200 professionals benefited from the Mountij
offer in 2012, representing an attained commercial
objective of 116%. For other offers to Professionals,
such as “Trend Pro” (“Evolution Pro”), “Serenity Pro”
(“Sérénité Pro”) and “Notary Pack” (“Pack Notaire”),
96% of the fixed marketing objective was reached.
SME: Strengthened Commitment and Support
Outstanding loans to businesses reached MAD 116.8
billion in 2012, an increase of 1.8% representing 23.8%
of market share. These figures are explained by the
proactive strategy deployed by Banque Populaire in
favour of businesses
Despite an economic climate particularly unfavourable
to SMEs, in 2012 Banque Populaire strengthened its
participation for the benefit of this type of business
for which it is, and will remain, the leading partner in
Morocco.
As early as January, Banque Populaire and the CGEM
renewed, for the third consecutive time, the three-year
SME Partnership Agreement. In additon to supporting
SME development, this new framework lends greater
importance to regions within the context of an advanced
regionalisation process.
It allows the launching of actions begun in concertation
with the CGEM-Régions (regional offshoots of CGEM).
200 SME meetings were thus able to take place over a
period of three days.
Efforts to develop banking support for SMEs were also
boosted. Banque Populaire, in fact, distinguished itself
by achieving first place amongst banks participating in
the IMTIAZ Programme for the development of business
competivity and modernisation. This initiative has
allowed a greater number of businesses to benefit from
State financial aid.
Driven by its determination to ensure that its SME
customers benefit from State support in the framework of
the National Pact for Industrial Emergence, the network
of Banque Populaire business centres were highly
mobilised throughout 2012, including support for the
Ministry of the Economy and Finance (“MOUSSANADA”)
and the Moroccan Institute for the Support of MicroEnterprise (“INMAA”).
Still within the framework of actions favouring SME
development, in March Banque Populaire and the
CGEM received the President of the CGPME (General
Confederation of SMEs in France), accompanied by
a delegation representing French enterprises. This
meeting provided the occasion to present the investment
opportunities offered by Morocco to French SMEs and
to begin the “B to B” meetings planned by Banque
Populaire with some fifty customer businesses.
The year 2012 was further punctuated with several
actions to promote Morocco to foreign businesses, in
particular Dutch, Spanish and Italian ones. In partnership
with the Italian “Banca Popolare”, Banque Populaire
therefore organised a vast operation to establish
relations between SMEs of the two countries: more than
Taking advantage of the meeting in Paris of “Planète
PME”, a yearly front-line event for SMEs in France,
Banque Populaire, in partnership with CGEM, also
supported and assisted the participation of Moroccan
enterprises in this Fair.
71
GROUP ACTIVITY
Several other offers were launched in 2012, supported
by massive communications campaigns:
implemented in 2012 to benefit personnel responsible
for assisting businesses.
- The Global SME Pack (“Pack Global PME”) in its
“national” and “international” versions: Aimed
at supporting the activity of the smallest SMEs
on a daily basis, this new package is unique
in Morocco, distinguishing itself by offering
unlimited access to its services with no provision
for additional billing beyond a certain service
The development of the Business Centre network also
continued with the opening of new Banques Régionales
sales outlets in the Centre-South and in Fez-Taza.
threshold. The “international” version also allows
for substantial savings on costs linked to import
transactions.
- A new range of Business Cards: This responds to
all company needs relating to expense account
management and to high value-added offers and
services borne by the bearer and his business, in
particular during trips abroad.
To lend greater support to SMEs in their investment
process, Banque Populaire further launched a
promotional campaign valid until the end of June 2013.
This is based on a media campaign for the financing
of medium-term investments at a rate of 5.95% before
taxes.
And to facilitate access to credit, the level of recourse
to counter-guarantee systems deployed by the Central
Guarantee Fund (CGF) has risen to the level of the
Business Centre network, thus allowing a greater
number of businesses which lack sufficient financial
coverage to obtain the credit necessary. Thanks to this,
Banque Populaire has maintained first place in terms of
CGF business support systems.
Along with this, BP support has continued to benefit
strategic sectors of the national economy in compliance
with agreements signed with the government. By
way of example, the Banques Populaires Régionales
participated in the International Agricultural Fair in 2012.
They also favoured businesses wishing to become
involved in developing agropoles.
The optimisation of the distribution network also being of
constant concern, a consistent training programme was
The results of the second reading of the business
satisfaction barometer, done in the last quarter of 2012,
further confirmed the high rate of satisfaction with
Banque Populaire Business Centres amongst business
customers. These results also highlighted the relational
qualities of the personnel working at these sales outlets.
Corporate Banking: A Lever of Growth for Large Corporations
The Corporate and Investment Bank has continued its
Bank. The GDP and BDF have thus grown by 15% to
support strategy of major enterprises by the granting of
reach MAD 741 million as compared to 644 million in
short-, medium- and long-term credit and by proposing a
2011.
wide range of enhanced financial services and products
which respond to all the needs of its customers.
The year 2012 confirmed the expertise of Corporate and
Investment Bank teams which garnered the principal
In a difficult economic context marked by the continued
role of arranger for the financing of strategic projects,
effects of the international crisis, the activity of the
notably in sectors of national priority such as the energy
Corporate and Investment Bank has achieved sustained
sector which has seen a significant upswing thanks to
growth, strengthening its status as a financial partner of
the development of renewable energy sources. On that
major enterprises with overall employment earnings in
point, the BDF obtained the role of lead arranger for the
2012 reaching MAD 50.8 billion as compared to 41.7
financing of the JLEC 5 &6 electrical power system, the
billion in 2011, or an increase of 22%. In the light of
most important financing project in Morocco in the past
this, jobs disbursement increased by 18% despite the
ten years, co-financed (for the first time in Morocco) by
decline in the financing of investment projects on the
Korean and Japanese credit bodies. The Corporate and
Moroccan market, from MAD 29.4 billion to 34.7 billion.
Investment Bank has thereby confirmed its vocation as
Signed commitments have also experienced a significant
model player in Project Finance.
rise, increasing from MAD 11.4 billion to 15 billion,
Additionally, the commercial activity of the Corporate and
representing 31% growth.
Investment Bank in 2012 strengthened the presence of
For their part, Resources have decreased from MAD
BCP on the major enterprise segment, in particular by:
10.6 billion to 8.1 billion, primarily owing to the nonrenewal of certain term deposits remunerated in the past
at high rates, leading to an improvement in the Resource
structure at the end of December 2012 which resulted
in lowering the weight of DATs from 79% to 59%.
Nevertheless, the decline in term deposits amounting
to MAD 2.6 billion at the end of December 2012 was
largely recompensed by signficant increase in UCITS
investments amounting to MAD 8 billion versus 5 billion
in December 2011.
Job development, combined with the increase in
arrangement and syndication fees as well as a better
• Consolidating and expanding the portfolio by entering
into relationships with prestigious major enterprises
operating in such diverse sectors as automobiles,
energy, large-scale distribution, food-processing,
grains and cereals, etc;
• Realising several cross-selling transactions in favour
of BPRs and subsidiaries of GBP, in particular the
Upline Group, Maroc Leasing, CIB Offshore, etc.;
• Strengthening uses and drained term financial flows
by corporate customers.
resource structure, has had a favourable impact on
income generated by the Corporate and Investment
73
GROUP ACTIVITY
Market Activities and Trade Finance: A Constant Dynamic
In spite of a difficult economic climate, the year 2012
was marked by good market performance, a fact which
earned Groupe Banque Populaire a major position in all
sub-funds.
Money Market
The money market was marked this year by a rising
liquidity deficit in relation to a widening trade balance
deficit.
A “Market Maker” on the money market, BCP had
a higher volume of transactions than in 2011, thus
reflecting the efforts of the Bank to collect resources and
improve its liquidity ratio.
Bond Market
2012 was undeniably a difficult year for capital markets
owing to the macro-economic situation and to significant
cash-flow needs that combined with a drying-up of
liquidity.
Despite a major decline in allocated amounts at auctions,
MAD 248.13 billion in 2012 versus 581.8 billion in the
Trade Finance Activity: A Significant Increase
Trade Finance activity saw a significant increase in 2012
since the overall volume of import and export payments
reached MAD 74.28 million, an improvement of 16%
over 2011. This increase was the result of multiple
mentoring and loyalty actions provided to our business
customers operating in the field of International Trade.
Correspondent Banking remained just as active: Banque
Populaire, in fact, devoted the year 2012 to strengthening
its relationships with foreign correspondents, achieved
by setting up new lines of financing and negotiating
better pricing policies for the benefit of our customers.
preceding year, Groupe Banque Populaire retained its
position on the primary market (second IVT stakeholder)
and as the benchmark partner of secondary market
institutions (first IVT stakeholder) by ensuring a volume
of transactions amounting to MAD 43 billion in this subfund.
Foreign Exchange Market
The volatility which characterised 2012 notwithstanding,
the Market Bank confirmed its leadership status in
exchange activity by means of a sustained market
presence and an offer of diversified hedging instruments
responding to the multiple needs of its customers.
Customers of Groupe Banque Populaire entrusted the
Group with a signficant volume of transactions, import
as well as export, proof of the constant dynamism
deployed by the Group on the Foreign Exchange and
Derivatives Market. This was reflected in an increase in
these activities of more than 31% over 2011.
These achievements illustrate the excellence of these
relationships and attest to the confidence of our foreign
correspondents. Today, Banque Populaire has a large
network of first-rate foreign correspondents on all five
continents.
Banque Populaire further devoted 2012 to strengthening
synergy with all of its international subsidiaries with the
aim of promoting foreign trade activity amongst the
countries where they are installed.
BCP was furthermore granted the “STP AWARD 2012”
by Standard Chartered Bank for the quality of its handling
of foreign transactions.
Upline.pdf
2/12/10
15:47:52
Subsidiaries: Renewed Growth at the Service of Synergies
C
M
Y
CM
MY
CY
CMY
K
Upline Group:
The Model for Merchant Banking Business Lines
Synopsis
Purpose and mission
The Upline Group brings together and develops all the Investment Banking business lines of the Group and is actively
involved in all fields of Business Banking. Business Lines
- Stock-Market Trading
- Financial Engineering
- Asset Management
- Investment Capital
- Insurance and Reinsurance Brokerage
Shareholding
Capital : MAD 46 783 600
-
BCP: 76,51%
-
10 BPRs: 23,49%
Total: 100,00%
Governance :
Board of Directors - Mr. Mohamed BENCHAABOUN - Mr. Mohamed Karim MOUNIR - Mr. Rachid AGOUMI - Mr. Laïdi EL WARDI - Ms Soumia ALALMI OUALI - Mr. Abdeslam BENNANI - Mr. Othmane TAJEDDINE : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
General Management
- Mr. Rachid AGOUMI
: Director & General Manager
Legal Form
Date of Establishment
Address
Telephone
Fax
Website
Limited-Liability Company with a Board of Directors
1992
37, Bd Abdellatif Ben Kaddour, Casablanca
(+212) 5 22 99 71 71 - 5 22 95 49 60 / 61
(+212) 5 22 95 49 62
www.uplinegroup.ma
Status & Contact Details
75
GROUP ACTIVITY
Activity Newsflash
Advice and Financial Engineering
Despite a difficult economic climate, Upline Corporate
Finance (UCF) experienced 38% growth in turnover
and an increase of 125% in its net earnings over the
preceding year.
That growth in activity is the result of a strategy adopted
to confront the current economic situation. The strategy
is defined as follows:
- a sustained origination approach allowing UCF to
sign mandates for different types of transactions
and in different activity sectors;
- BCP assistance in its strategic operations
(increases in capital and external growth);
- participation in various events that allowe UCF
to enhance its position and its consultative
involvement in market transactions.
That explains the success with which Upline Corporate
Finance met the various tasks entrusted to it during the
course of 2012.
The combination of these efforts enabled Upline
Corporate Finance to increase its market share in
different segments to :
• Bond issues : 30%;
• Treasury bills : 36%;
• Capital increases : 39%.
Stock-Market Trading
2012 witnessed a transactional volume of approximately
MAD 20 billion, despite a nearly 41% decrease in global
market volume.
The market share attained by Upline Securities on 31st
December 2012 was of the order of 16.41%.
As for “Online Stock Market” activities, it was able
to maintain its market share in terms of the number
of orders. Thanks to the Groupe BP dynamic and
continuous improvement in its offer of services, Upline
Securities saw the number of subscribers increase
slightly despite the disaffection of individual investors,
the collapse of volume and the entry onto the scene of
new Online Stock Market players.
Analyses & Research
The Analyses and Research Division of the Group assists
various market participants. Composed of market
specialists (shares, rates, exchange, etc.), the team
provides customers with publications at regular intervals
as well as with specific updates that, in particular, allow
them to follow variations and forecasts concerning various
listed securities, indices, and macro-economic and
sectorial indicators. Those publications include 08H55,
Upline Daily, Upline Weeky, Upline Eco-Flash, Upline
Monthly, Upline Yearly, Investor Guide and Snapshot in
addition to securities and sectorial updates, etc.
Asset Management
Sustained development of outstanding loans increased
market share at the end of 2012 to 9.16%, compared
with 8.67% the preceding year.
The dynamism of that activity confirmed Upline
Capital Management's position amongst the Top 4
collective-management companies, placing it fourth out
of 18 such companies while noticeably reducing the
gap between itself and the third-place company and
significantly widening the gap separating it from the fifthplace player.
Furthermore, 2012 was marked by the launch of several
new funds, including a dedicated equity fund on behalf
of a major trading-floor institution and two general
public contractual funds of guaranteed capital and of
guaranteed capital and yield.
The two latter funds concern contracted mutual funds
of Upline Capital Guarantee, designed specifically for
targeted legal entities and institutions, and contracted
mutual funds of “Upline Rendement Plus” which is
primarily designed for individuals.
Investment Capital
In the framework of its strategy to support economic
development projects in Morocco, Groupe Banque
Populaire (GBP)—a pioneer in the Investment Capital
sector—has set up several general and sectorial
investment funds while also structuring new funds to
assist government efforts to develop sectors with high
growth potential: Infrastructure, Tourism, Residential and
Industrial Property, Logistics, Agri-Foods, etc.
By means of those general and sectorial funds, which
involve varied yield and risk, the Group covers all growth
sectors of the Moroccan economy : funds of funds,
infrastructure funds, tourism funds, funds for industrial
and logistical real estate, funds for new information
technologies, agricultural funds and several general funds
such as capital development and transmissions, etc.
The activity of those funds is managed by several
fund-management companies grouped together within
Upline Alternative Investments.
With assets under management totalling MAD 6.2 billion
at the end of 2012—an increase of 2.5 billion during the
period 2009-2012—Upline Alternative Investments is the
leader of the Investment Capital market in Morocco.
Insurance Brokerage
of traders’ fees—rose by 14% over the preceding year.
Upline Group
For “Upline Courtage”, the insurance consultant for the
Group, 2012 was marked by a change in corporate
name, the signing of a co-brokerage agreement with
one of the leading trading-floor insurance consultants for
the management of major account insurance portfolios,
and a reorganisation that resulted in a new structure to
support the development strategy adopted since the
company linked up with the Upline Group.
In its function as a holding company, the Upline Group
consolidates all subsidiaries operating within the
business lines given below; its net earnings consist
mainly of dividends from these said subsidiaries.
The amount uplifted in 2012 in respect of financial
year 2011 increased by nearly 76% over that of 2011.
The dividends thus received in 2012 amounted to
MAD 65 million.
The commercial effort of the Group network, combined
with the innovation skills demonstrated by the “Upline
Courtage” teams, particularly in the bancassurance field,
resulted in an increase of 30% in the overall amount of
premiums collected in the period 2009-2012.
Net profits for the Upline Group, highly impacted
by this rise in dividends, saw a significant leap from
the preceding year: an increase of 126% to stand at
MAD 68.5 million.
In terms of performance, turnover for 2012—composed
Some Consolidated Indicators of the Group
Lines
Turnover
Trend
Net Earnings
Trend
Financial Consulting and
Engineering
MAD 33.13 million
ä + 38.32%
MAD 8.76 million
ä
+ 125,46%
Asset Management
MAD 64.51 million
ä
+ 8.35%
MAD 17.27 million
ä
+ 18,97%
Investment Capital
MAD 25.46 million
ä
+ 5.16%
MAD 11.87 million
ä
+ 11,76%
Stock-Market Trading
MAD 38.42 million
æ
– 38.39%
MAD 14.33 million
ä
+ 50,28%
Insurance Brokerage
MAD 31.6 million
ä + 13.11%
MAD 17.43 million
ä
+ 8,58%
• Consolidated Turnover
Upline Group ended 2012 with a consolidated turnover
approximating MAD 200 million.
That performance was rooted in the growth the indicator
has experienced since 2009, the year when the Upline
Group joined the Groupe Banque Populaire fold.
By moving from MAD 75 million in 2009 to somewhat
more than 200 million at the end of 2012, the
consolidated turnover of the Upline Group experienced
growth of +167% within this period, an annual average
growth of approximately +42%.
Such a remarkable performance on the part of the
Group was made possible thanks in particular to the
professionalism of the teams operating within the various
business lines of the Group, as well as to the beneficial
effect of synergy with GBP .
• Consolidated Net Earnings
was nearly MAD 73 million at the end of 2012, thus
marking the crowning achievement of efforts made
since 2009, a year in which that same indicator never
rose above MAD 17 million.
Such undeniable progress—at once the result of
growth in turnover and effective control of General and
Operational Expenses—ensured approximately +330%
growth for the indicator between 2009 and 2012, with a
average growth rate of +78%.
• Shareholders’ Equity
By undergoing the positive impact of the earnings
indicators given above, IFRS shareholders’ equity
reached nearly MAD 649 million at the end of 2012,
representing a significant growth of +18% over 2009,
at which time this same indicator never rose above 548
million, for additional net earnings of MAD 101 million
between 2009 and 2012.
The Net Share of the Group in line with IFRS standards
77
GROUP ACTIVITY
Maroc Leasing :
Pioneer of the Leasing Sector
Synopsis
Purpose and mission
Maroc Leasing specialises in the lease financing of fixed and moveable assets for professional, commercial or industrial
use. Strengthened by the backing it receives from Groupe Banque Populaire, Maroc Leasing operates throughout
Morocco, making it the leading distribution network in the country. Principal Products
- Equipment Leases
- Property Leases
- Lease-Back
Shareholders
Capital in MAD
: 277 676 800 MAD
-
B.C.P : 53,11%
- CIH : 34,02%
-TAIC: 5,74%
- Others : 7,13%
Total: 100,00%
Governance :
Board of Directors - Mr. Mohamed BENCHAABOUN - Mr. Ahmed RAHHOU - Mr. Mohamed Karim MOUNIR - Mr. Laïdi EL WARDI
- Mr. Mohamed MESKINE - Mr. Lotfi SEKKAT - Mr. Younes ZOUBIR - Mr. Zied EL ARFAOUI General Management
: Chairman
: Deputy Chairman : Director
: Director
: Director
: Director
: Director
: Director
- Mr. Aziz BOUTALEB : General Manager
- Mr. Mohamed LADID : Deputy General Manager
Status & Contact Details
Legal Form
Date of Establishment
Address
Telephone
Fax
Website
21/04/1965
57, Angle Rue Pinel, Bd Abdelmoumen – Casablanca
05 22 42 95 95(LG)
05 22 42 95 02
www.marocleasing.ma
Activity Newsflash
At the end of financial year 2012, the leasing sector had achieved a total volume of MAD 42.607 billion. Maroc
Leasing, the leader in the sector, had an earned net income of MAD 11.382 billion, representing 26.71% of the market.
The principal activity indicators for Maroc Leasing are as follows :
Outstanding Amounts
MAD 11.4 billion
ä
+ 2,5 %
Operating Revenues
MAD 3.8 billion
ä
+ 7,4 %
NBI
MAD 230 million
ä
+ 26,3 %
Net Earnings
MAD 60 million
æ
- 7.1 %
Operating Ratio
31,5%
Outstanding amounts came to MAD 11.4 billion,
showing 2.5% growth over financial year 2011. It should
be noted that, at 63.29%, equipment leasing remains
the primary source of outstanding amounts for the
company, representing MAD 7.2 billion in respect of
financial year 2012.
• Operating Revenues
Operating revenues amounted to MAD 3.8 billion, an
increase of 7.4% over financial year 2011. That growth
is largely explained by a rise of 7.68% in capital assets
from leased property, the volume of which grew by
2.30% as against the end of 2011.
• Net Banking Income
NBI experienced significant growth of 26.28% to reach
MAD 230 million, compared with MAD 180 million at the
end of 2011. That improvement is owed to the input
- 5,9 Pts
of operating revenues, which compensated for the
increase in operating costs (6.37%).
• Net Earnings
Net earnings amounted to MAD 60 million, compared
with 64.4 million at the end of the preceding financial year.
Despite a clear growth in NBI, net earnings decreased
by 7.15% owing essentially to the combined effects of
actuarial provision for unrealised loss amounting to MAD
20 million and a social-cohesion tax of MAD 0.97 million.
• Operating Ratio
The operating ratio was 31.5% versus 37.4% in
2011. Net Banking Income and operating costs grew
disproportionately, their respective rates being 26.28%
and 7.4%. The improvement in that ratio is explained
in large measure by efforts made by the company to
enhance productivity and to control operating costs.
• Outstanding Amounts
æ
79
GROUP ACTIVITY
Chaabi International Bank Offshore :
The Group’s platform for offshore credit
Synopsis
Purpose and mission
Provide clients with all banking and offshore-credit transactions, serve as the Group’s platform for financing, promoting
foreign trade, and outsources investments.
Main products
- Opening and managing foreign-currency accounts
- Transferring and repatriating funds
- Investments made in foreign currencies and hedging against foreign-exchange risks
- Forfaiting and mobilising export credits
- Foreign-currency financing of international trade
- Issuing sureties and guarantees
- Financing investments and the operation of businesses in free-trade zones.
Shareholding
Capital
: 2 200 000 USD
-
BCP: 70%
- BP TANGER-TETOUAN
: 10% - BP CENTRE SUD
: 10% - BP NADOR - AL HOCEIMA
: 10%
Total: 100%
Governance :
Board of Directors - Mr. Rachid AGOUMI - Mr. Mohamed Karim MOUNIR - Mr. Mohamed MESKINE - Mr. Abdeslam BENNANI - Ms Hanane EL BOURY - Mr. Lbachir BENHMADE - Mr. Mohamed BOULGHMAIR - Mr. Driss RONDA - Mr. Othmane TAJEDDINE General Management
- Mr. Abdelwafi ATIF : Chairman of the Board
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: General Manager
Status & contact details
Legal form
Date of creation
Address
Telephone
Fax
03/03/2005
Lot 45-d Zone Franche d’Exportation Route de Rabat Tanger - Maroc
212 5 39 39 49 49 /50
212 5 39 39 49 51
Activity newsflash
As regards financial 2012, CIB Offshore’s activity and results indicators have posted a clear improvement.
2012 was also marked by the acceleration of the development of synergies with the Group’s various entities, including
the Atlantic Business International subsidiaries. The latter are the subject of special attention, with the aim of exploring
new opportunities.
Productive jobs
USD 827 million
ä
+ 13 %
Resources
USD 816 million
ä
+ 13 %
Net Banking Income
USD 5.456 million
ä
+ 39 %
Net result
USD 4.750 million
ä
+ 45%
Balance-sheet total
USD 830 million
ä
+ 25 %
Own Funds
USD 12 million
ä
+ 36 %
• Productive jobs
• Net profit
Productive jobs increased by 13% with respect to
financial year 2011, i.e. USD 827 million. That increase
is attributable in large measure to the diversification of
CIB Offshore’s activities, as well as the search for new
niches of profitability.
As with net banking income, so with net profit, which –
from 2011 to 2012 – increased by 45% to reach USD
4.75 million. That improvement is explained in large
measure by the rise in Net Banking Income, combined
with control of general operating costs.
• Overall resources
• Balance-sheet total and Own Funds
Overall resources increased by 13% with respect to the
end of 2011 to stand at USD 816 million. That increase
comes essentially from the rise in demand deposits by
274%.
At the end of 2012, CIB offshore posted a balancesheet total of USD 830 million, a rise of 25% over the
previous year. Own funds have increased by 36% to
stand at USD 12 millions.
Net Banking Income posted an improvement of 39%
compared with the end of 2011, reaching USD 5.456
million. 62% of that Net Banking Income is made up of
loans to credit establishments, and 22% is made up of
margins on credits to clients.
81
GROUP ACTIVITY
Chaabi LLD :
Characterised by consolidation
Synopsis
Purpose and mission
CHAABI LLD operates in the long-term rental sector and offers flexible solutions that combine the purchasing and
management of vehicles. It offers a whole range of advantageous services for a flat-rate monthly rent calculated on
the basis of duration and mileage that are fixed at the outset.
Principaux produits
- LLD Pack pro
- LLD Pack Avantage
- LLD Pack Select
Shareholding
Capital
: MAD 31 450 000 -
BCP: 73,62%
- FONDS MOUSSAHAMA I
: 10,00%
-
MAROC LEASING: 1,38%
-AKWA Group: 15,00%
Total: 100%
Governance :
Board of Directors - Mr. Rachid AGOUMI - Mr. Mohamed Karim MOUNIR - Mr. Laïdi EL WARDI - Mr. Abdeslam BENNANI - Mr. Mohamed MESKINE - Mr. Aziz BOUTALEB - Mr. Choukri OIMDINA - Mr. Youssef IRAQI Houssaini General Management
- Mr. Mohamed AMIMI : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: General Manager
Identification & contact details
Legal form
Date of creation
Address
Telephone
Fax
Website
Limited-liability company with board of directors
2004
1, Rue Chella (Ex Avignon) - 20100 Casablanca
05 22 36 77 88 / 05 22 95 72 00
05 22 36 77 87
www.chaabilld.ma
Activity newsflash
Financial year 2012 was marked by the search for structuring projects that aimed at consolidating the financial situation,
improving quality of service, and strengthening synergy with the Group. Those projects, as well as the implementation
of best practices in terms of governance, enabled confirmation of a return to profitability of the LLD subsidiary, which
has posted positive results for two successive years.
Chaabi LLD’s main activity indicators at the end of 2012 are as follows:
Fleet
2 226 vehicles
æ
- 7,25 %
Turnover
MAD 125 million
æ
- 2.82 %
Operating profit
MAD 14.5 million
ä
+ 68 %
Gross operating profit
MAD 60 million
ä
+3%
Net profit
MAD 2.7 million
æ
- 1,34 %
• Commercial activity
• Consolidating the financial situation
With an automobile market up by 16.2% at the end of
December 2012 (130,316 units registered) compared
with the same period in 2011, and with an LLD fleet
of almost 30 000 vehicles, Chaabi LLD delivered 571
vehicles in 2012, which brought its fleet to 2 226 vehicles.
For 2012, the gross operating profit rose by 3% over
2011. In the same vein, the operating profit rose by 68%
to reach MAD 14.5 million, as against MAD 8.6 million in
2011. Net profit was MAD 2.7 million.
Moreover, the offers made stood at 3 429, as against
2 556 for the same period in 2011, i.e. a rise of 34%.
83
GROUP ACTIVITY
Banque Populaire Maroco-Centrafricaine :
sustained growth
Synopsis
Purpose and mission
Banque Populaire Maroco-Centrafricaine is incorporated under Central African Republic law. It emerged from a
Memorandum of Understanding signed on 13 February 1989 between the Kingdom of Morocco and the Central
African Republic, with a view to strengthening the economic and financial links between the two countries.
As reference shareholder, BCP provides management for the bank by redeploying qualified executives to its subsidiary.
The BPMC’s main mission is to provide banking services to the population and to take part in the development of
SMEs / SMIs. The BPMC aims its works at the following sectors: handicrafts, agriculture, foreign trade, etc.
Main products
- LLD Pack Pro
- LLD Pack Avantage
- LLD Pack Select
Shareholding
Capital in MAD
: 10 Mds FCFA - Banque Centrale Populaire
: 62,50%
-The Central African State
: 37,50%
Total: 100%
Gouvernance :
Conseil d'Administration - Mr. Laïdi EL WARDI - Mr. Abdeslam TAHRI - Mr. Mohamed Karim MOUNIR - Mr. Mohammed BELGHAZI - Mr. Mohamed MESKINE - Mr. Valentin Mahamat TAHIR - Mr. Cyriaque SAMBA-PANZA - Mr. Albert BESSE : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
General Management
- Mr. Abdeslam TAHRI JOUTEI : Director & General Manager
Legal form
Date of creation
Address
Telephone
Fax
Limited-liability credit and banking company
1990
Rue Guérillot - BP 844 Bangui - République Centrafricaine
+ 236 (21) 61 31 90 / 16 30 / 64 90
+ 236 (21) 61 62 30
Activity newsflash
For financial year 2012, the Banque Populaire Maroco-Centrafricaine’s activity was marked by :
• a considerable increase in the number of accounts opened
• setting up the “Transfert Centrafricains Résidents à l’Etranger” (Transfers for Central Africans Resident Abroad)
application in collaboration with Chaabi Bank
• capital increased to FCFA 10 billion.
Jobs
FCFA 35.503 billion
æ
+ 8,93%
Resources
FCFA 22.045 million
ä
+ 14,78%
Market share - deposits
18,58%
ä
+ 2,23 %
Market share - jobs
27,02%
ä
+ 7,95 %
Net Banking Income
FCFA 4.693 billion
ä
+ 5,02%
Balance-sheet income
FCFA 42.420 billion
ä
+ 11,39%
Net Own Funds
FCFA 9.303 billion
ä
+ 14,25%
Net profit
FCFA 3.631 billion
ä
+ 5,69 %
Operating co-efficient
21.78%
ä
+ 3 ,16 Pts
Average resources reached FCFA 22.044 billion,
showing a rise of 14.8% due mainly to receiving foreign
funds aimed at financing various infrastructure projects
and at supporting the government’s actions in regard
to securing the hinterland. In terms of market share
for deposits, that assessment showed an increase of
2.23% to 18.58%.
The high demand from clients for investment credit
enabled productive jobs to increase by 8.9%, thus giving
rise to an additional figure of almost FCFA 3 million. That
growth went together with growth in the market share
for jobs, which rose from 25.03% in 2011 to 27.02% at
the end of 2012.
Net banking income recorded growth of 5.02%, rising
from FCFA 4.469 billion in 2011 to FCFA 4.693 billion in
2012, thanks to a remarkable improvement in banking
operation products.
The operating co-efficient fell by 3.16 points to reach
21.78% at the end of 2012, as against 18.62% in 2011.
The balance-sheet total rose from FCFA 38.063 billion
to FCFA 42.420 billion in 2012, an increase of 11.4%.
Net own funds increased by 14.25% to reach FCFA
9.303 billion.
Net profit stood at FCFA 3.631 billion, an increase of
5.69% over financial year 2011.
The analysis of the BPMC’s situation at the end of
financial year 2012 shows that the main indicators have
remained positive.
85
GROUP ACTIVITY
Banque Populaire Maroco-Guinéenne :
confirmed development
Synopsis
Purpose and mission
The Banque Populaire Maroco-Guinéenne is incorporated under Guinean law as a co-operative banking and credit
society with variable capital.
The BPMG was set up as part of developing South-South relationships, taking part in promoting the economy of the
Republic of Guinea, and supporting commercial exchanges between the Kingdom of Morocco and the Republic of
Guinea.
In accordance with statutory provisions and other technical establishment and assistance agreements signed between
the two governments, the Groupe Banque Populaire’s strategy for the BPMG is centred on transferring its proven
know-how in the fields of banking provision for the population, financing SMEs / SMIs, handicrafts, and fishing.
Shareholding
Capital in MAD
: GNF 50 billion -
BCP: 55,53%
-Guinean State
: 43,24%
-Others: 1,23%
Total: 100%
Governance:
Board of Directors - Mr. Emmanuel GNAN
- Mr. Laïdi EL WARDI - Mr. Mohamed Karim MOUNIR - Mr. Mohammed BELGHAZI - Mr. Mohamed MESKINE - Mr. Ahmed IRAQI Houssaini - Mr. Ansoumane CONDE - Mr. Souleymane YELETA DIALO - Mr. Mamadou Cellou BARRY General Management
: Chairman : Deputy Chairman : Director
: Director
: Director
: Director
: Director
: Director
- Mr. Ahmed IRAQI Houssaini : Director & General Manager
Legal form
Date of creation
Address
Telephone
Fax
Limited-liability company with variable capital
1991
BPMG - BP 4400, Bd du Commerce Conakry1 République de Guinée
+224 30 41 23 60 / 36 93 / 92 06 /+224 30 41 23 60 /+224 30 41 23 60
+224 30 41 32 61 / 53 05 / 25 52
Activity newsflash
For the Banque Populaire Maroco-Guinéenne, 2012 included several major events:
- capital increase from GNF 45 to 50 billion
- dividends paid for the 5th consecutive year
- carrying out significant change and transfer operations with positive repercussions on profit.
Furthermore, the network continued to be extended by the opening of two new banks, thus bringing the total number
of operational banks to fifteen.
Analysis of the bank’s results for financial year 2012 showed an increase in the main operating components.
Productive Jobs
GNF 127.276 billion
ä
+ 16,97 %
Average resources
GNF 325.990 billion
ä
+ 61,8 %
Market share - deposits
4,40%
ä
+ 0,90 Pt
Market share - jobs
3,40%
ä
+ 2,2 Pts
Net Banking Income
GNF 34.780 billion
ä
+ 6,32 %
Operating Co-efficient
33.83%
æ
- 3,7 Pts
Balance-Sheet Total
GNF 410.754 billion
ä
+ 9,85 %
Net Own Funds
GNF 70.418 billion
ä
+ 16,42 %
Net profit
GNF 15.801 billion
ä
+ 4,81 %
In terms of productive jobs, market share rose
considerably to reach 3.4%, a rise of over 2 points over
2011. The increase took the form of an 18% rise in jobs,
due mainly to an increase in credits granted.
The operating co-efficient improved by 3.70 points,
rising from 37.53% to 33.83% at the ends of 2012.
Bank operating revenue recorded a significant rise of
22.20% with respect to 2011, in spite of the fall in the
margin on foreign-exchange transactions and in the rate
of transfer commission arising from strong competition
between banks and the coming together of the official
and parallel markets.
Operating costs increased by almost 266% because of
the upwards revision of remunerations rates for savings
and term-deposit accounts.
Net Banking Income rose from GNF 32.714 billion to
GNF 34.780 billion, an increase of 6.32%.
Net profit stood at GNF 15.801 billion, up by 4.81%
over 2011. That enabled consolidation of the bank’s net
own funds, which rose from GNF 60.487 billion to GNF
70.418 billion in 2012, an increase of 16.42%.
2012 showed a significant increase in overall resources
of 61.8% as compared with the end of 2011; that
enabled a 0.90 point increase to be registered in the
market share for deposits.
87
GROUP ACTIVITY
Chaabi Bank :
a European bank serving Non-Resident Moroccans (NRMs)
Synopsis
Purpose and mission
Chaabi Bank was set up in 1972, and provides a Groupe Banque Populaire presence in the main destination countries
for our fellow Moroccans in Europe: France, Belgium, Spain, Italy, Germany, and the Netherlands.
Until the start of the 1990s, Chaabi Bank’s mission consisted of promoting transactions for the collection and transfer
of NRMs’ savings to Morocco. That mission was subsequently widened to exercising other commercial-banking
activities, in order to provide better support for that clientele.
Obtaining the “European Passport” in 2007 and rolling out the “Chaabi Bank” brand in Europe constituted a significant
step in the development of the subsidiary, as well as placing it at the centre of the Group’s strategic plan.
Main products
- Fund transfer
- Collecting resources
- Granting credits
- Carrying our banking transactions
Shareholding
Capital : 30 000 000 EUROS -
BCP: 99,74%
-
Various: 0,26%
Total: 100,00% Governance :
General Management - Mr. Mohamed BENCHAABOUN - Mr. Khalid YACINE - Mr. Mohamed Karim MOUNIR - Mr. Hassan EL BASRI - Mr. Rachid AGOUMI - Mr. Laïdi EL WARDI - Mr. Hassan EL ATTAR Sofi - Mr. Mustapha KHYAR : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
: Director
General Management
- M. Khalid YACINE : Director & General Manager
Legal form
Date of creation
Address
Telephone
Fax
Website
Limited-Liability Company with Board of Directors
1972
49, avenue Kléber 75016 Paris / France
(+33) 1 53 67 80 80
(+33) 1 47 23 57 29
www.banquechaabi.fr
Activity newsflash
In spite of a gloomy European environment, Chaabi Bank’s economic activity in 2012 continued to grow, particularly
in respect of more significant development in the local banking activity, thanks to the enrichment and modernisation
of its offer.
Thus, two major events that give reasons to hope for the future should be kept in mind: the launch of property
financing that is compatible with Islamic finance, and the marketing of the “Injad Achamil Europe” product.
2012 saw the opening of a branch in Bordeaux, the refurbishment of the Clichy branch, refitting the Antwerp branch,
and starting work on rebuilding the head office in Brussels (Belgium).
In financial year 2012, Chaabi Bank continued to work to achieve gains in performance and effectiveness, in branches
and in central departments alike.
Several organisational worksites have been launched in order to bring the bank up to date (regulatory operational
model), as well as improving the quality of customer service.
In addition, with a view to strengthening commercial teams, colleagues have benefited from training programmes
tailored to their new profession.
Thus, main indicators have changed as follows :
Resources
101 835 000 euros
ä
31 886 000 euros
ä
Transfers
1 024 452 000 euros
æ
• Clients
At the end of 2012, CHAABI BANK had over 21 300
accounts, including over 14 000 for France, 2 900 for
Belgium, 2 000 for Spain, and 1 800 for Italy.
The allocation rate for the 2012 period was 10% overall,
with an average of 3% on the European market.
The annual commercial effort took the form of a
net addition, at the end of 2012, of 4 000 accounts
representing 20% of stock.
It should be noted that 16% of those new accounts
come from Islamic financial activity, and represent 30%
of additional resources.
• Resources
Outstanding deposits across all categories stood at €
101 835 000 at the end of 2012, an increase of 18.1%
with respect to the end of December 2011.
Going into detail, resources increased by 21.8% for
“Private Individuals” and 6.7% for “Businesses”.
Note that outstanding amounts from Islamic finance
resources stood at €10 815 000 at the end of 2012.
• Jobs
The additional amount due to productive jobs rose to
€4 552 000, thus contributing to the 16.7% increase in
outstanding amounts, which stood at €31 886 000 at
the end of 2012.
The job co-efficient increased by 1.5 points to 39.2%,
whilst the rate of outstanding credits fell by 10 points
to 8.7%.
• Transfers
At the end of 2012, transfers accounted for over one
billion euros, a fall of 9.5% over the same period the
previous year. That fall is explained by the cessation of
the transfer channel by TIP in France.
Expressed in figures, recorded transfers represented 1
187 231 transactions.
CHAABI BANK branches contributed up to 62% of the
volume of transfers towards the Group, as against 69%
at the end of 2011. That fall in the branches’ share is
explained by the “Bladi Bolletino” transfer solution in
Italy.
Net Banking Income
40 848 000 euros
ä
193 307 000 euros
ä
Net profit
25 000 euros
æ
37 179 000 euros
ä
Balance-Sheet Total
Own Funds
The statement of accounts at 31 December 2012
showed Net Banking Income of €40 848 000, a rise
of 6% over 2011, when it stood at €38 564 000. That
increase comes mainly from bank operating revenue,
which rose from €40 978 000 at the end of December
2011 to €43 027 000 in 2012, a rise of €2 049 000.
That performance is due mainly to income from means
of payment (+41%), various commission payments
(+30%), and income from transactions with clients,
which rose by 5% with respect to December 2011.
+ 5,92%
+ 14,95%
- 79,51 %
+ 0,50 %
• Net Profit
The net profit at the end of December 2012 stood at
€25 000, as against €122 000 in 2011. That result takes
account of corporation tax of €400 000.
• Own Funds
At the end of December 2012, own funds stood at €37
179 000, a slight increase of 0.5%.
Jobs
+ 18.1 %
+ 16.7 %
- 9.53%
89
GROUP ACTIVITY
Bank Al Amal :
the bank of NRM entrepreneurs
Synopsis
Purpose and mission
BANK AL AMAL was set up in 1989 in order to contribute to the financing of investment projects by Moroccans
resident abroad. The Bank carries out its financial mission nationally, by taking part in the financing of projects with
high added value in Morocco and borne by NRM entrepreneurs.
Shareholding
A-class shareholders (double voting rights)
- BCP
: 23,91%
- 10 BPR
: 11,86%
-AttijariWafa bank :1,73%
-Total A : 37,50%
B-class shareholders
-NRMs: 62,45%
-
BCP: 0,05%
-Total B : 62,50%
-
Capital A+B : 100,00%
Governance :
Board of Directors - Mr. Laïdi EL WARDI - Mr. Mohamed Karim MOUNIR - Mr. Hassan EL BASRI - Mr. Mohamed MESKINE - Mr. Jalil SEBTI
- Mr. Mohammed KHIHAL - Mr. Abdelkader AIT OUAÂDDOU - Mr. Bouchaib RAMI - Mr. Mustapha SALAMA - Mr. Jabeur CHEIKH - Mr. Abdellah HANIY - Mr. Tahar TANOUTI : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
General Management
- Mr. Mohammed KHIHAL : Director & General Manager
Legal form
Date of creation
Address
Telephone
Fax
Website
1989
288, Bd ZERKTOUNI - Casablanca
05 22 22 69 26
05 22 26 27 28
05 22 22 69 30
www.baa.ma
Activity newsflash
Occupying a position as the specialist Bank for Non-Resident Moroccans, BANK AL AMAL complies in full with
the financial mission that has been assigned to it, and which essentially covers investment projects borne by NRM
entrepreneurs.
At the end of 2012, the number of investment projects (borne by NRM entrepreneurs) financed by the bank reached
1 118, with an overall investment amount of MAD 8.3 billion, thus contributing to the creation of 25 886 direct jobs.
Changes in the main indicators for 2012 are as follows :
Productive jobs
MAD 489 244 000
æ
- 0,18%
Net Banking Income
MAD 48 644 000
ä
+ 5.17%
Net profit
MAD 21 651 000
æ
- 17,28%
Own Funds
MAD 811 123 000
ä
+ 2,74%
Balance-Sheet Total
MAD 829 036 000
ä
+ 1,05%
• Net Banking Income rose by 4.4% to reach MAD 48 492 000
• The net profit rose to MAD 21 935 000
• Own funds recorded an improvement of 2.74% under the effects of the profits made
91
GROUP ACTIVITY
BP Shore :
towards outsourcing of the Group’s back-office activities
Synopsis
Governance :
BP Outsourcing Process (Holding)
- Mr. Mohamed Karim MOUNIR Chairman General Manager
- Mr. El Mostapha BEDDARI Additional General Manager
BP Shore Back Office
- Mr. Mohamed Karim MOUNIR Chairman of the Board of Directors
- Mr. Abdelilah EL OUARDI General Manager
BP Shore Immo
- Mr. Mohamed Karim MOUNIR Chairman General Manager
- Ms Wafaa DEHLI Additional General Manager
Status & contact details (Holding)
Legal status
Date of creation
2012
Address
9-9bis, Rue d'Oran – Rez-de-chaussée- Quartier Gauthier - Casablanca
Telephone
(+212) 5 22 20 27 68 / (+212) 5 22 20 35 66
Fax
(+212) 5 22 29 70 18
Financial year 2012 was marked by setting up and
bringing into operation certain structures selected as
part of the project to re-engineer back offices.
• CTN Crédits
To that end, the activity of the holding company and of
the operational structures was as follows :
From 1 April 2012 to 31 December 2012, the creditdossier processing activity covered 215 000 transactions
for the 7 BPRs deployed and BCP network, i.e. an
average of 1 138 transactions / day.
BP OUTSOURCING PROCESS
BP SHORE IMMO
The activity of the firm BP Outsourcing Process
was focused essentially on the management of its
subsidiaries’ pooled support services and activities,
which enabled those subsidiaries to refocus on the
operational aspects of their core businesses.
That subsidiary’s activity was marked by carrying out and
taking direct responsibility for almost thirty operations
involving building or fitting out head offices, central sites,
or branches, including, in particular :
The support activities dealt with concerned the
administrative handling of human resources, maintaining
accounts for various entities, the management of
expenses, as well as treasury management.
BP SHORE BACK OFFICE
The current structure of BP Shore Back Office includes
two CTNs (CTN = Centre de Traitement National National Processing Centres):
• CTN Flux domestiques
The Flow activity was characterised by :
• from 1 April 2012 to 31 December 2012, handling
securities worth over 4.8 million (cheques, standard
bills of exchange)
• The completion of some of the Group’s property
projects, and the closure of operations that had
already been completed and handed over during
financial year 2012 (17 projects, accounting for an
implementation budget of MAD 344 million)
• carrying out work to implement significant property
projects (24 projects with an overall budget of more
than MAD 667 million)
• continuing or starting building and fitting-out work
on head offices and branch offices, that work having
been started in the previous financial year
• launching new property projects (20 projects with an
overall budget of more than MAD 720 million);
• monitoring multitechnique maintenance contracts ah
the head offices of some BPR and group subsidiaries.
- clear improvement in the activity: +5% for cheques
Indicators
BP Shore IMMO
BP Shore BO
BP OP
Turnover
MAD 21 814 000
MAD 67 724 000
MAD 2 636 000
Net profit
MAD 2 345 000
MAD 12 796 000
MAD 88 000
- +17% for standard bills of exchange.
93
GROUP ACTIVITY
Fondation Banque Populaire:
Education, Culture, and social work as priorities
Synopsis
Purpose and mission
• Promoting culture and raising awareness of environmental protection, as well as supporting education and protecting
heritage
• Supporting significant events, such as main national festivals as well as local and regional initiatives
• Consolidating cultural links with Non-Resident Moroccans.
Governance :
Board of Directors - Mr. MOHAMED KARIM MOUNIR - Ms Asma LEBBAR - Mr. Mohamed MESKINE - Mr. Abdelatif ZAKHBAT - Mr. Ahmed ASSALHI - Mr. Mohamed BOULGHMAIR - Mr. Lbachir BENHMADE : Chairman of the Board of Directors
: Director
: Director
: Director & General Secretary
: Director
: Director
: Director
General Secretary
- Mr. Abdelatif ZAKHBAT : Director & General Secretary
Legal form
Date of creation
Address
Sector of activity
Telephone
Fax
Website
Non-profit-making association recognised as being in the public interest
1984
Espace Porte d'Anfa 17 rue Bab Mansour porte -B- Casablanca
Associative – Support in the area of Culture, Social Projects, the Environment,
and Heritage.
05 22 36 55 96/98
522 36 55 93
http://www.dimabladna.ma
Activity newsflash
In 2012, the Fondation Banque Populaire ‘FBP’ took
part in most cultural events, thus showing its attachment
to culture, to education, and to social actions, as well as
its commitment to supporting the irreversible movement
towards promoting, diffusing, and protecting the
environment as well as the country’s heritage.
• An essential partner at festivals and other cultural events.
The FBP has accomplished its mission in relation to sociocultural development by renewing its participation in most
festivals organised at national level, taking account of
regional specificities and particularities.
It has also been present in all the regions of Morocco, by
supporting the “Voix des Femmes” festival in the north,
and by supporting the Fes Festival of Sacred Music and a
number of other festivals, such as the Marrakesh Festival of
Popular Arts and the Oujda Raï.
Equine activity also held our Foundation’s interest: it was a
major partner in the El Jadida Horse Show, a celebration of
an animal of which the symbolism is rooted in Moroccan
values and traditions.
Aware of the importance of supporting film development in
Morocco, the FBP sponsored the 12th edition of the Festival
International du Film de Marrakech (FIFM - Marrakesh
International Film Festival), the fame of which goes beyond
borders thanks to screenings of high-quality films as well as
the presence of personalities of international renown.
As regards the Moroccan diaspora, the Fondation Banque
Populaire sponsored a television programme called
“DIASPORAMA”, broadcast on channel 2M in 12 episodes
and dedicated to famous Moroccans living abroad who
belong to the world of art and culture.
as part of a social-action project called “Mazaya” that is
aimed at underprivileged and out-of-school children, with a
view to helping them make music their profession.
After its success in London, our Foundation organised two
presentations of the play “BNAT LALLA MENNANA” by the
Troupe Takoon, in Paris and Madrid, respectively.
• Strong commitment to publishing
The 2012 “Clean Beaches” programme allowed a bringing
together of actions by several intervenors from civil society
as well as public and private bodies that contribute to
showcasing and protecting the coasts of Morocco.
Our Foundation rolled that programme out in the field in
the form of a series of concrete and effectives actions for
beaches that were clean, well-equipped, secure, and run
for the welfare of the summer population. In that way, the
Foundation worked to raise awareness of the fragility of the
coastal environment and of the need to change behaviour
patterns to preserve that environment, by producing a
guide to good citizenship along the coastline.
The Foundation implemented an action plan covering four
beaches (Haouzia at El Jadida and Sidi Rahal at Settat,
as well as Kariat Arekmane and Ras Lma at Nador). The
beaches at Haouzia and Sidi Rahal had their Label Bleu
(Blue Mark) status renewed.
Schools in Agadir and Tangier have retained the label vert
(green mark), and consolidate their commitment as part
of the eco-schools project initiated by the Mohammed VI
Foundation for the Protection of the Environment. They
are moved by the desire to teach pupils the fundamental
concepts that will enable them to place a leading role in
that field.
• A pioneering operator in emancipating the national
education system
The FBP distinguished itself from other large businesses by
setting up and administering two schools that confirmed
once again, regardless of the domain being academic or
extracurricular, their position as regional leaders amongst
other schools..
That performance also extended to the extracurricular
activity of the schools, which were able to carry off several
prizes in 2012 (Mathematics Olympiads, 1st prize in the
“Plaisir de lire” (Pleasure of reading) competition, theatre,
tales, sport, etc.)
In parallel, the Foundation carried out concrete actions in
that field through its support to lycées that make provision
for Classes Préparatoires aux Grandes Ecoles (CPGE
– Preparatory Classes for entrance to Grandes Écoles),
and by launching a national project aimed at upgrading
computer centres ahead of their connection to the internet.
That wide-ranging action comes after the success of the
operation on publishing the annals of preparatory classes.
Furthermore, the Foundation continues to sponsor activities
organised by Moroccan schools of engineering (INPT,
ENIM, etc.), and to provide assistance to NGOs like the
Fondation Academia and the Fondation Ténor for Culture,
In the course of 2012, the Foundation took the initiative
and published a luxury volume containing a selection of
photographs from the Flandrin collection, with a view to
unveiling certain aspects of the contemporary history of
Morocco under the Protectorate, and thus contributing to the
field of publishing beautiful books.
• Preserving heritage: every person’s duty
The Foundation continues to enrich its collection of works
of art by purchasing paintings by great Moroccan artists,
with the aim of promoting the plastic arts in Morocco. In
that vein, a programme of itinerant regional exhibitions is
being set up.
• A patron of choice in the social field
Out of concern for its social environment, the FBP committed
itself to concrete humanitarian actions, such as support for
the Al Ihssane association, which takes responsibility for
abandoned children under school-going age, the Dar Al Bir
Li Talibat facility at Zayou In Nador province, help for the
national observatory for children’s rights, contributions to
various projects set up by AMSAT (Association Marocaine
de Soutien et d’Aide aux Personnes Trisomiques ¬ Moroccan Association for Support and Help for People
with Trisomy), etc.
As part of the DID programme (DID = Développement
Intégré de Douars - Integrated Development of Habitations),
carried out in partnership with the Fondation Zakoura, four
douar houses have been built in the following regions:
Doukkala, Souss Massa, Azilal, and Bouarfa. Building will
soon begin on a fifth house. Those premises are fitted out
and equipped to provide a range of services to the rural
population: raising awareness of health amongst women,
school support, literacy, etc.
• A strong and permanent link with NRMs
Le site www.Dimabladna.ma de la FBP a pour mission
The FBP’s web site at www.dimabladna.ma has the task
of informing visitors about Moroccan socio-cultural reality
on a daily basis, and, in parallel, to shine a spotlight on the
life experiences of NRMs.
The site is updated daily, and is very rich in information on
the various subjects that it covers. It responds to the need
to take account of the new reality of our diaspora, which
is experiencing a changing of the generations and with
whom we wish to maintain a strong and permanent link.
• A Foundation at the service of the Environment.
The FBP continues to support the world of books through its
participation in two Book Fairs organised in Morocco: the one
in Tangier, which brought together a wide range of national
and international publishers, Spanish ones in particular, and
the Salon du livre et de l’édition (Siel – Book and Publishing
Fair) in Casablanca which – as in previous years – was a clear
success.
95
GROUP ACTIVITY
Fondation Création d’Entreprises :
A constant commitment to entrepreneurship
Synopsis
Purpose and mission
The Fondation Création d’Entreprises (FCE) is a not-profit-making association recognised as being in the public
interest on 27 June 2001. Its mission consists of :
- working to spread a modern, public-based entrepreneurial culture amongst project bearers
- promoting and facilitating investment at regional and national level
- facilitating access to finance for bearers of supported projects
- encouraging the sustainability of businesses that benefit from its services
- ensuring local proximity, thanks to its network of Regional Offices
- contributing to a watch on setting up businesses at regional and national level.
Main products
Local clientele
- assistance for bearers of business ideas
- pre-set-up support for bearers of business plans
- post-set-up monitoring of businesses recently set up.
Non-Resident Moroccans Clientele
- Pack Assist / Invest / services dedicated to NRMs in host countries
- Pack Dalil / Invest / services dedicated to NRMs in Morocco
Governance :
Board of Directors
- Mr. Mohamed Karim MOUNIR - Mr. Laïdi EL WARDI - Mr. Rachid AGOUMI - Mr. Mohamed MESKINE - Mr. Mohamed BOULGHMAIR - Mr. Abdelkhalek BENDRISS - Mr.Ahmed ESSALHI General Secretary
- Mr. Abdelhak MARSLI
: Chairman of the Board of Directors
: Director
: Director
: Director
: Director
: Director
: Director
: General Secretary
Legal form
Date of creation
Address
Telephone
Fax
Website
Non-profit-making association regulated by the Dahir of 15 November 1958,
recognised as being in the public interest.
1993
7, Bd Moulay Youssef-1 er étage 20 000 Casablanca
0522-29-32-51/0522-29-32-57/0522-29-57-70
0522-29-73-49/ 0522-29-57-79
www.fondationinvest.ma
Activity newsflash
As part of its activity to raise awareness and to support
young Resident Moroccans and NRMs to turn their
plans into reality, The Fondation Création d’Entreprises
has initiated several actions.
• Performance indicators
For the local market:
Of the 221 entities created, 50 are due to investors from
the NRM population.
• agreement signed with the Ministry for Industry,
Trade, and New Technologies
• training ISCAE scholarship holders.
For the NRM market :
• launching the ACEDIM Programme (ACEDIM =
Accompagnement à la Création d’Entreprises de
la Diaspora avec le Partenaire ACIM – Support for
Setting up Businesses in the Diaspora with partner
ACIM)
• with the FCE, taking part in the 8th GBP Congress
and signing the agreement with the Ministry for NRMs
• launching the PACEIM Programme (PACEIM =
Programme d’Accompagnement à la Création
d’Entreprises Innovantes au Maghreb avec l’IRD
France – Programme to Support the Setting up
of Innovative Businesses in North Africa with IRD
France).
• Activity
The FCE’s activity for 2012 covered 8 381 support
actions benefiting 2 969 project bearers or bearers of
business ideas, as against 7 241 and 2 951, respectively,
over the same period in 2011, an increase of 16% and
1%, respectively.
The FCE’s client portfolio reached 2 969 project bearers,
including 648 drained off thanks to the call for projects.
Of that total, there are 500 clients from the NRM
population; representing a little less than 17% of the
whole portfolio.
It should be noted that since 2005, the FCE has support
1 586 businesses set up financially, with an overall
investment envelope of about 1 billion dirhams. The
average investment is MAD 632 000 per business, the
average number of jobs created is almost 5 posts per
business, i.e. a total of 7 475 direct jobs created and a
credit envelope representing 45% of total investments.
It should be noted that the FCE carried out a study that
covered 1 268 businesses that it supported, with a view
to drawing conclusions that are relevant as regards their
sustainability. The study shows :
• 514 businesses financed by BPRs
- 84% are active and maintain good relations with
BPRs
- 16% have repayment problems.
• 572 businesses set up with self-financing: 437 were
contacted, of which 64% continue to carry out their
activities (312 maintain business relations with the
BP)
• 182 businesses financed by other banks: 103 were
approached, of which 95% are still active.
In sum, for over 5 years now, 77% of the 1 268
businesses covered by the study have been active,
which constitutes an exploit with regard to experience.
• launching the call for Innovative projects
Financial year 2012 experienced a clear improvement of
8% in the number of start-ups, i.e. 221, as against 205
in 2011.
97
GROUP ACTIVITY
Maroc Assistance Internationale:
A leader in providing assistance to residents and NRMs
Synopsis
Purpose and mission
MAI is an assistance pioneer in Morocco. Its aim is to support its policyholders in the following areas :
- medical assistance for persons who are sick or injured
- technical assistance for vehicles
- assistance in case of death
- legal assistance abroad.
Shareholding
- BCP :77,43%
- Private: 22,57%
Total : 100,00%
Governance :
Board of Directors
- Mr. Mohamed BENCHAABOUN - Mr. Mohamed Karim MOUNIR - Mr. Laïdi EL WARDI - Mr. Hassan EL BASRI
- Mr. Khalid YACINE - Mr. Hassan EL ATTAR Sofi
- Mr. Mohamed MESKINE General Management
- Mr. Abdellah HAMZA : Chairman
: Director : Director : Director
: Director
: Director : Director
: General Manager
Legal form
Date of creation
Address
Telephone
Fax
Website
Limited-liability company with a board of directors
1976
25, Bd Rachidi - Casablanca
0522 54 30 30 - 0522 30 30 30
05 22 31 62 40
www.mai.co.ma
Activity newsflash
During financial year 2012, Maroc Assistance Internationale maintained its dominant position in the Assistance market
in Morocco. Its market share was 47%, due in particular to an improvement in premiums in the local and NRM markets
alike.
The main activity indicators for Maroc Assistance Internationale at the end of 2012 are:
Premiums issued
MAD 357 million
ä
+ 9.5 %
Technical profit
MAD 58 million
ä
+ 15.8 %
Net profit
MAD 36 million
ä
+ 14.1 %
Own funds
MAD 186 million
ä
+ 5.9 %
• Sustained growth in the local market
• Organisational performance improving
MAI’s overall turnover increased from MAD 326 million
to MAD 357 million, up by 9.5% with respect to 2011.
That change comes essentially from sales in the local
market, which rose by 17.1% to MAD 118 million,
thanks to strong growth recorded over two segments :
Permanent cost optimisation and rigorous risk
management also contributed to the increase in MAI’s
technical profit by 15.8% to MAD 58 million.
• the banking-clientele segment, of which premiums
increased by 11.4%, i.e. MAD 48 million in 2012 as
against MAD 43 million in 2011. That increase is due
to growth in sales of GBP contracts.
That performance took place in the local market, and
saw its contribution to MAI’s overall turnover rise from
31% in 2011 to 33% in 2012, an improvement of 2
points in the sales structure.
• Solid financial structure
The company’s own funds stand at MAD 186 million,
i.e. 40% of the balance-sheet total. That level enables
MAI to post prudential ratios that are higher than the
minimum required, in particular with a solvency-margin
rate of 237%.
The financial profitability of own funds was maintained
at over 24%.
• the insurance-companies segment, of which sales
have increased significantly: MAD 19 million in 2012,
as against MAD 10 million in 2011. That allowed for
a contribution of over 5% to turnover, as against 3%
in 2011, a rise of 2 points ;
After accounting for corporation tax (MAD 23 million),
the company’s net profit at the end of 2012 stood at
MAD 36 million, a net increase of 10%.
99
GROUP ACTIVITY
Vivalis Salaf :
Sustained progress
Synopsis
Purpose and mission
Presenting clients with a wide range of credit offers and responding to the immediate expectations of beneficiaries
Main products
- Personal loan
- Car Loan
- Rent with Option to Buy
Shareholding
Capital : MAD 177 M
-GBP: 87,22%
- RMA-AL WATANYA : 3,40%
-
MAGHREBAIL: 2,57%
- Others: 6,81%
Total: 100,00%
Governance :
Board of Directors
- Mr. Mohamed BENCHAABOUN - Mr. Mohamed Karim MOUNIR - Mr. Hassan EL BASRI - Mr. Mohamed MESKINE - Mr. Laïdi EL WARDI - Mr. Nourreddine BELMAHJOUBI - BP Tanger-Tetouan
- BP Rabat-Kenitra
- BP Centre Sud
- BP Marrakech-Beni Mellal - BP Fes-Taza
: Chairman
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
: Director
Legal form
Date of creation
Address
Telephone
Fax
Website
1992
Angle boulevard Zerktouni, Bd de Bourgogne et rue de Dijon - Casablanca
(+212) 5 22 39 39 00
(+212) 5 22 39 11 55
www.vivalis.ma
Activity newsflash
In a competitive environment where the consumercredit sector is experiencing strong competition as well
as deep, rapid changes, VIVALIS SALAF has registered
remarkable achievements, with an appreciable increase
in its activity indicators.
Thus, and in spite of a tightening of qualifying conditions,
gross production recorded growth of 13% to 2.038
billion dirhams, and outstanding credits rose by 2.5% to
4.760 billion dirhams. Net Banking Income stood at 276
million dirhams, and the operating co-efficient reached
34.9%.
VIVALIS SALAF is moved by a desire for sustainable
development and a concern for consolidating the basis
for growth that is healthy, profitable, and sustainable.
It is working to set up a centre of excellence, the aim
of which is to create value and to make a significant
contribution to the group’s results.
In 2012, VIVALIS SALAF continued with its development
plan, guiding important projects that aim at revenue
growth, industrialising value chains, optimising risk
management, and attaining the level of advanced
practices. In particular, that involves:
The risk load reduced to average outstanding loans
stood at 1.91%, as against 3.3% one year previously, a
significant fall of 1.39 points – which is an indication of
notable improvement in risk management.
• increasing commercial effectiveness and improving
the quality of services to clients
VIVALIS Salaf has sought to improve its Net Profit, which
stood at 63 million dirhams – a strong rise of 57%, and
an ROE of 13.8%.
• improving the grant chain as well as controlling credit
and operational risks
Own funds stood at 455 million dirhams, posting a
significant rise of 11% and strengthening the solvency
ratio, which stood at 11%.
• setting up an industrial platform for recovery
• setting up an individual Client Services platform
• improving the system of internal control in line
with professional benchmarks and regulatory
requirements.
VIVALIS SALAF has not taken on a new dimension, and
is making its presence felt as a reference actor in the
field of consumer credit.
101
GROUP ACTIVITY
Mediafinance:
Results going green
Synopsis
Purpose and mission
-Intermediation in Treasury Securities, Market Bank.
Shareholding
Capital
- BCP - Upline groupe Total
: MAD 506 403 300
: 60%
: 40%
: 100,00%
Governance :
Board of Directors
- Mr. Rachid AGOUMI - Mr. Mohamed Karim MOUNIR - Mr. Laïdi EL WARDI - Mr. Othmane TAJEDDINE - Mr. Mohamed MESKINE - Ms Soumia ALAMI OUALI
: Chairman
: Director
: Director
: Director
: Director
: Director
General Management
- Mr. Mohammed EL AZAAR : Chairman of the Management Board
- Mr. Driss EL IDRISSI MOUMEN : Member of the Management Board
Legal form
Date of creation
Address
Telephone
Fax
Website
Limited-Liability Company with Management Board and Supervisory Council
1994
27, Boulevard Moulay Youssef - Casablanca
0522 26 48 41
0522 26 09 63
www.mediafinance.co.ma
Activity newsflash
The interest-rate market situation was unfavourable in 2012. The money market was characterised by the search for
subliquidity in the banking system. The bond market was market by a general upward trend in rates that began in
2011.
In that context, Mediafinance, a specialist in intermediation of Treasury securities, dealt in the primary market with a
subscription volume of 1.02 billion dirhams, for a total in raised funds of MAD 106.6 billion.
On the secondary market, the bank dealt with a transaction volume of 10.3 billion dirhams. Net banking income rose
to MAD 12.1 million, as against MAD 4.3 million at the end of the previous year. Net profit stood at MAD 1.2 million.
Net Banking Income
MAD 4.3 million
MAD 12 million
ä
+ 180 %
Net Profit
MAD -0.882 million
MAD 1.2 million
ä
-
Own funds
MAD 207.2 million
MAD 208.4 million
ä
+ 0,6 %
The transaction volume in the secondary
market stood at MAD 10.3 billion, as against
MAD 18.1 billion at the end of 2011, i.e. a fall of 43%
• The operating co-efficient stood at 83%, a clear
improvement over 2011, thanks to good performance
from Net Banking Income (up by 180%)
• Net Banking Income at the end of 2012 was MAD
12.1 million, as against MAD 4.3 million in 2011, a
rise of 180%. That increase is due mainly to income
from interest
• Net profit came to MAD 1 221 000, as against a loss
of MAD 882 000 in 2011.
•
At the end of 2012, MEDIFINANCE’s main indicators were trending as follows :
103
GROUP ACTIVITY
Fondation Attawfiq Micro Finance:
From microcredit to microfinance
Synopsis
Purpose and mission
The business purpose mainly covers the following points :
- distribute microcredit in order to enable people of modest means to set up or develop their own production or
service activity, and to ensure their insertion into the economy;
- for the benefit of its clients, carry out all transactions linked to grants of microcredit, in particular: training, consultancy,
and technical assistance.
The Attawfiq Micro-Finance programme has three main aims :
- modernising microbusinesses’ production tools
- facilitating their gradual transition from the informal sector to the organised sector of the economy
- placing their financial transactions in a banking context.
Main products
- Professional loans - Rural loans - Housing loans : AL INTILAKA, AL MOUAKABA, ATTAEHIL, AL FARDI, ATTAKADOUM, ATTAJHIZ, al hirafi,
Salaf attaaounia.
: AL KARAOUI, AL KARAOUI IKHLASS
: ISLAH ASSAKAN, ALMILKIA.
Governance :
Board of Directors Mr. Mohamed BENCHAABOUN Mr. Mohamed Karim MOUNIR Mr. Hassan EL BASRI Mr. Laïdi EL WARDI Mr. Mohamed BOULGHMAIR Mr. Abdelkhalek BENDRISS
Mr. Ahmed ESSALHI
: Chairman
: Director
: Director
: Director
: Director
: Director
: Director
General Management
Mr. Mustapha BIDOUJ Mr. Mohamed ALLOUCH : General Manager
: Deputy General Manager
Legal form
Non-profit-making association governed by the Dahir of 15 November 1958 and
Law 18 / 97 on microcredit.
Date of creation
2000
Address
3, Rue Docteur Veyre – Casablanca
Telephone
0522 26 90 11 - 0522 26 90 15
Fax
0522 29 73 49 - 0522 26 90 18
Website
www.fpbmc.ma
Activity newsflash
During financial year 2012 and as part of strengthening its
position at the level of the national market in microfinance
and in preparation for institutionalisation, the foundation
worked on a number of structuring projects in order to
meet the specific demands and needs of its clients on
the one hand, and to improve its governance on the
other hand.
• Showcasing individual loans (Silatech project) and
non-financial services (training, help with marketing,
etc.)
Projects that are directly linked to improving the
Foundation’s organisation and management include :
• credit scoring
• classifying points of sale
Amongst projects that are aimed directly at beneficiaries
are :
• risk cartography
• LIB (Low-Income Banking) and Low Cost ATMs for
providing banking services to clients
• microsavings and microinsurance, which contribute
to beneficiaries’ social performance whilst making
the risk safe for the Foundation
• transferring money from abroad to Morocco
• mobile banking, which allows clients to have access
to financial services at low cost and in complete
safety
• provision for combating money-laundering and
financing terrorism, in accordance with the
requirements of Bank Al Maghrib.
Moreover, as regards financial year 2012, the Foundation’s
activity showed patent signs of improvement with
respect to the two previous years.
The Foundation’s main activity indicators at the end of
2012 were :
Amount released
MAD 1.9 billion
ä
+ 5%
Number of dossiers released
181 561
æ
- 3%
Loans outstanding
MAD 1.59 billion
ä
+8 %
Active Clients
220 996
ä
+3%
Surplus from the financial year
MAD 71.5 million
ä
+ 76 %
• Activity indicators
• Surplus for the financial year
At the end of 2012 and in spite of a 3% fall in the number
of dossiers released, the amount served rose by 5% to
stand at MAD 1.90 billion, as against MAD 1.82 billion
during the previous financial year.
The Foundation’s surplus for the financial year shows
an increase of 76% over the end of 2011. That
improvement is essentially attributable to an increase in
activity and to a fall in provision for depreciation due to
loans outstanding. Th e Foundation maintained its Risk
Portfolio at the lowest level in the market: 2.08% at the
end of December 2012.
Loans outstanding stands at MAD 1.59 billion, as against
MAD 1.47 billion one year previously, an additional figure
of MAD 114 million (up by 8%).
At the end of 2012, the number of active clients stood at
220 996, an increase of 5 424 clients (up by 3%)
105
GROUP ACTIVITY
Chaabi Doc net:
Optimised management of the Group’s archives
Synopsis
Purpose and mission
The aim of the company is :
- to take on the archiving and conservation of all types of documents, computer supports, and others
- digitising, indexing, and physical, analogue, or digital transfer of all documents or archive supports
- consultancy in organising, studying, and managing documents and archiving areas
- operating all computer systems that optimise the management of remote dossier searches by clients.
Shareholding
-
BCP: 31,84%
-
BPR : 68,13%
-Others : 0,03%
Total: 100,00%
Governance :
Board of Directors - Mr. Mohamed Karim MOUNIR - Mr. Mohamed MESKINE - Mr. Mohamed BOULGHMAIR - Mr. Lbachir BENHMADE - Mr. Abdelkhalek BENDRISS - Mr. Ahmed Rida TADILI
- Mr. Abdelaziz TRACHEN - Mr. Ahmed ESSALHI - Mr. Redouane ZAKAT : Chairman
: Director
: Director
: Director
: Director
: Director
: Director
General Management
- Mr. Chihab EL ADLOUNI : General Manager
Legal form
Date of creation
1996
Address
Route Ouled Abbou/ Route d'El Jadida-Zone industrielle,
Commune Sidi El Mekki- Berrechid BP: 282 Berrechid.
Telephone
(+212) 5 22 32 78 27 / (+212) 5 22 32 78 42
Fax
(+212) 5 22 32 78 48 / (+212) 5 22 32 78 50
Activity newsflash
For financial year 2012, the company’s activity was marked by:
• stock retention, which stood at 150 702 containers, i.e. up by 6.23% with respect to 2011 (141 851 units). The net
flow represented 16 120 containers received in 2012, as against 15 438 in 2011, i.e. up by 4.41%
• the occupancy rate fell from 71.6% in 2011 to 55.8% in 2012, a fall of 22 points. That fall is explained by the entry
into operation of the new warehouse, with an overall capacity of 270 000 containers
• research fell by 7.6% (12 290 operations handled in 2012, as against 13 302 in 2011). The change in that provision
of service remains dependent on network demand
• Consolidation allowed 7 232 containers to be destroyed out of a forecast total of 8 347. That gap is explained by
the extension requested by the owners of 2 328 containers destroyed.
Main indicators changed as follows :
2012
Variation
Turnover
MAD 16 877 000
MAD 17 210 000
ä
+ 1,97%
Net Profit
MAD 6 836 000
MAD 4 530 000
æ
- 33,76%
Balance-Sheet Total
MAD 66 472 000
MAD 58 202 000
æ
- 12,4%
Own Funds
MAD 50 191 000
MAD 51 425 000
ä
+ 2,46%
2011
107
GROUP ACTIVITY
Atlantic Business international:
A growth engine in Africa
Synopsis
Purpose and mission
A Financial Holding company for control and development, with holdings in:
- Banque Atlantique de Côte d’Ivoire - BACI
- Banque Atlantique du Sénégal - BASN
- Banque Atlantique du Bénin -BABN
- Banque Atlantique du Togo - BATG
- Banque Atlantique du Burkina Faso -BABF
- Banque Atlantique du Mali - BAML
- Banque Atlantique du Niger -BANE
-Atlantique Finance
-AtlantiqueTechnologies
Business
- Defining and rolling out high-value strategic priorities
- Validating the broad outlines of country-bank strategies
- Optimising the allocation of own funds
- Proximity steering of performance and risks
- Facilitating commercial and regional development
- Co-ordinating interfaces and synergies between country banks
Shareholding
Capital : 113 964 700 000 XOF
- BCP: 50,00%
- Atlantic Financial Group (AFG)
: 50,00%
Total: 100%
Governance :
Board of Directors - Mr. Koné DOSSONGUI - Mr. Mohamed BENCHAABOUN - Mr. Mohamed Karim MOUNIR - Mr. Rachid AGOUMI - Mr. Laïdi El WARDI - Mr. Hassan El BASRI - Mr. Ahmed Mamadou CISSE - Mr. Georges WILSON (CFI Financial)
- Mr. Soungala TRAORE (AFG)
- Mr. Oumar DIARRA (BOAD)
: Chairman : Director
: Director
: Director
: Director
: Director
: Director
: Director
General Management
Mr. Souleymane DIARRASSOUBA Mr. Sotiguy COULIBALY Mr. Essaid ZIRARI : General Manager
: Finance Director
: Audit Director
Legal form
Limited-liability company with a board of directors
Date of creation
2012
Address
Avenue Nogues - Immeuble Atlantique, 8éme étage, Plateau, 01 BP 23011 Abidjan 01
Telephone
+225 20 30 14 00
Fax
+225 20 32 93 87
Website
http://www.banqueatlantique.net
Strategic orientations & objectives
The structure chosen for the partnership consists
of setting up a common holding company called
Atlantic Bank International, become Atlantic Business
International (ABI), to which AFG contributes its holding
in the following seven banks :
•Banque Atlantique de Côte d’Ivoire - BACI-;
•Banque Atlantique du Sénégal - BASN -;
•Banque Atlantique du Bénin -BABN-;
•Banque Atlantique du Togo – BATG-;
•Banque Atlantique du Burkina Faso – BABF -;
•Banque Atlantique du Mali - BAML –;
•Banque Atlantique du Niger – BANE – as well as its
holdings in the firms Atlantique Finance andAtlantique
Technologies.
It enables BCP to strengthen its strategic development
choices at international level: the partnership enables it
to have a simultaneous presence in the seven countries
of the UEMOA area, i.e. a target market of over 80
million. In that way, BCP accelerates its presence on the
international scene, and now has banking subsidiaries in
10 African and 7 European countries.
It should be noted that the Banque Atlantique network
was built up gradually from the end of the 1980s
onwards. That growth accelerated in the mid-2000s
with the setting up, in 2005, of the Atlantic Financial
Group (AFG), a control holding company of the Banque
Atlantique group, with a significant geographical
presence across West Africa.
Activity newsflash
The final half year for financial year 2012 was marked
by the effective entry of Groupe Atlantique into BCP’s
consolidation perimeter.
ABI’s activity led to Net Banking Income of
MAD 322 million and net profit of MAD 72.9 million,
respectively.
For its part, BCP brings ABI the cash equivalent of the
value of those holdings, which enables it to hold, at par
with AFG, control of the seven aforementioned banks,
as well as of the business bank Atlantique Finance, and
the IT engineering firm Atlantique Technologies.
The Groupe ABI thus begins financial year 2013 with
a healthy balance sheet, a strengthened system of
governance, and ambitious projects for transformation
that are in the course of implementation, with support
from BCP.
It should be noted that BCP provides day-to-day
management of all those subsidiaries under the Banque
Atlantique brand, as well as their strategic, operational,
and financial management.
Budgets for financial year 2013 approved at the latest
meetings of the group entities’ Boards of Directors give
a glimpse of a financial year 2013 that is promising, with
a rise of almost 3-0% in Net Banking Income and good
control of operating costs, which should be contained at
slightly above 10%.
The partnership thus established allows AFG to join
forces with a partner of the first rank that is able to
ensure the development of its subsidiaries' banking
activities, as part of a vision and of objectives that are
shared with Groupe Atlantique.
In that regard, the performance for January 2013 – in
line with the budget in almost all the group’s subsidiaries
– give a clear indication of that trend.
On Thursday 7 June 2012, the Banque Centrale
Populaire (BCP) and the Atlantic Financial Group (AFG),
a company incorporated under Ivorian law, signed a
strategic-partnership agreement for developing banking
activities in seven countries of the Union Économique
et Monétaire Ouest-Africaine (UEMOA - West African
Economic and Monetary Union).
109
Activité du Groupe
Financial Statements
GROUPE BANQUE centrale POPULAIRE
CONSOLIDATED ACCOUNTS TO IFRS STANDARDS of 31 December 2012
1. GENERAL FRAMEWORK
1.1. BANQUE CENTRALE POPULAIRE
Banque Centrale Populaire (BCP) is a credit institution established as a
business corporation with Board of Directors. It has been listed on the
Stock Exchange since 8 July 2004.
BCP plays a central role within the Group. Its mission is twofold:
•Credit institutions empowered to perform all banking operations;
•Central banking entity of Banques Populaires Régionales (Regional
Banks).
BCP coordinates the Group’s financial policy, provides refinancing
of the Banques Populaires Régionales and management of their cash
surpluses, as well as joint interest service on behalf of its entities.
1.2. BANQUES POPULAIRES REGIONALES
The 10 Banques Populaires Régionales (BPR), are credit institutions
empowered to perform all banking transactions in their respective
territorial constituencies.
They are organized as variable capital
cooperative entities with Board of Directors and Supervisory Board.
1.3. CREDIT POPULAIRE DU MAROC
Crédit Populaire du Maroc (CPM) is a banking group consisting of Banque
Centrale Populaire and the Banques Populaires Régionales. It is placed
under the tutelage of the Board of Directors of Crédit Populaire du Maroc
2. SUMMARY OF ACCOUNTING
PRINCIPLES APPLIED BY GROUPE
BANQUE CENTRALE POPULAIRE
2.1 CONTEXT
The International Financial Reporting Standards – IFRS) were applied
to the consolidated accounts of Groupe Banque Centrale Populaire as
of 1 January 2008 with the initial balance sheet on 1 January 2007 in
compliance with the regulations stipulated by IFRS 1 “First Application
of International Reporting Standards” and by the other IFRS standards
taking account of the version and interpretations of the standards as
adopted by the International Accounting Standards Board (IASB).
The prime objective of the regulatory authorities is to provide credit
institutions an accounting and financial information framework in
compliance with the international standards in terms of financial
transparency and quality of information.
2.2 ACCOUNTING STANDARDS APPLIED
2.2.1. SCOPE OF CONSOLIDATION
The consolidated accounts of Banque Centrale Populaire join together all
the corporate entities under exclusive or joint control or under appreciable
influence apart from those the consolidation of which are employed
for the establishment of BCP consolidated statements. A subsidiary is
consolidated as of the date at which CPM effectively procures control. The
entities provisionally controlled are also integrated into the consolidated
statements to the date of transfer. It is worth noting that the BPRs have
been integrated since 2010 in BCP scope of consolidation.
1.4. BOARD OF DIRECTORS
Board of Directors is the supreme body exercising exclusive tutelage over
various entities of CPM. Its principal assignments are as follows:
GROUPE BANQUE POPULAIRE SCOPE OF CONSOLIDATION
•Provide administrative, technical and financial management over the
organization as well as management of CPM entities;
•Define and control the operating rules jointly applicable to the Group;
•Take all the measures required for proper operating of the CPM entities
and maintaining of the financial equilibrium thereof.
1.5. GUARANTEE MECHANISM
CORPORATE
CONSOLIDATION
CAPITAL IN
METHOD
THOUSANDS
% BCP
INTEREST
%
CONTROLLED
100,00%
3 836 752
GI*
CHAABI BANK (IN
KEURO)
100,00%
100,00%
30 000
GI
BPMC (IN KCFA)
62,50%
62,50%
10 000 000
GI
DAR ADDaMANE
5.17%
52,63%
75 000
GI
STAKE
•Define the Group’s strategic orientations
CPM (BCP + BPR)
MAI
77,43%
77,43%
50 000
GI
MOUSSAHAMA FUND
99,86%
99,86%
36 400
GI
VIVALIS
64,01%
87,17%
177 000
GI
1.6. HIGHLIGHTS OF FISCAL YEAR
MEDIA FINANCE
89,95%
100,00%
206 403
GI
In compliance with its strategic plan, Banque Centrale Populaire
proceeded to two capital increases in FY 2012:
CHAABI LLD
98,85%
98,85%
31 450
GI
CIB (IN KUSD)
70,00%
100,00%
2 200
GI
BPMG (IN KGNF)
55,53%
55,53%
50 410 450
GI
BANK AL AMAL
24,01%
35,86%
600 000
GI
ATTAWFIQ MICROFINANCE
100,00%
100,00%
439 869
GI
UPLINE GROUP
74,87%
100,00%
46 783
GI
Crédit Populaire du Maroc disposes of a support fund for preserving the
solvency of its different entities. The support fund is funded by BCP and BPRs
via payment of a contribution determined by the Board of Directors.
• Capital increase amounting to MAD 1.65 billion on behalf of Groupe
Banque Populaire Caisse d’Epargne (BPCE);
• Capital increase amounting to MAD 1.74 billion for International
Finance Company (IFC).
Parallelly to these operations, the Moroccan State transferred to the
Banques Populaires Régionales 10% of BCPs equity bringing its stake
to 6%.
Groupe Banque Centrale Populaire also strengthened its sphere abroad
and implantation on the African continent via the external growth
operation carried out in several countries of the WAEMU. This operation
was performed via a subscription to the capital increase of the holding
company of Ivoirian Group Atlantic Bank International (ABI) and its
subsidiary Banque Atlantique de Côte d’Ivoire (BACI). In the framework
of the partnership set up with AFG, BCP plays a dominant role in dayto-day management and supervision of the operational and financial
policies of the ABI holding and its subsidiaries.
Global integration of ABI in the consolidated accounts of BCP Group
led to placement on 31 December 2012 of provisional goodwill into the
balance sheet assets of some MAD 616 million.
Elsewhere, Groupe Banque Centrale Populaire significantly strengthened
its global provisioning level so as to integrate the effects of the prevailing
economic situation. This measure led to the increase in the rate of
outstanding debt coverage at the Group level of 77% and by the setting
aside of an additional general provision in the corporate accounts of MAD
300 million.
MAROC LEASING
53,11%
53,11%
277 676
GI
BP SHORE
51,00%
100,00%
155 150
GI
FPCT SAKANE
49,00%
100,00%
ATLANTIC BANK
INTERNATIONAL (IN KCFA)
50,00%
100,00%
GI
113 964 700
GI
GI* GLOBAL INTEGRATION
Enterprises controlled: Subsidiaries
The enterprises controlled by CPM are consolidated via global integration.
CPM controls a subsidiary when it is in a position to manage the financial
and operational policies of an entity so as to benefit from its activities.
Control is assumed to exist when CPM directly or indirectly holds more
than one half of the voting rights therein.
It exists when CPM has the power to manage the financial and operational
policies of the entity in question by way of an agreement or to appoint,
reject or gather together the majority of the members of the Board of
Directors or equivalent management body.
Determination of the percentage of control takes into account the potential
2.2.1.1. Enterprises under joint control: Joint ventures
Joint ventures are consolidated by proportional integration or on an equity
basis. CPM enjoys joint control when, by way of a contractual agreement,
the financial and operational decisions require unanimous agreement
among the parties sharing control.
2.2.1.2. Enterprises under appreciable influence: Associates
The enterprises under appreciable influence are controlled by the equity
method. Appreciable control exists in conjunction with the ability to
partake in the financial and operational policies of an entity but without
exercising control.
This is assumed if CPM directly or indirectly holds 20% or more of voting
rights in a given entity. Stakes below this threshold are excluded from the
scope of consolidation unless they represent a strategic investment and
if CPM exercises effective appreciable influence.
Variations in shareholders’ equity in enterprises by the equity method
are included in the balance sheet assets under “stakes held on the basis
of the equity method “ and under balance sheet liabilities under the
appropriate shareholders’ equity.
The goodwill of a consolidated enterprise based on the equity method
is listed under the balance sheet as “Stakes in enterprises based on the
equity method”.
If the quota of CPM in the losses of an enterprise based on the equity
method is equal or greater than its interests in the said enterprise, CPM no
longer takes into account its quota in future losses. The stakes are then
presented at nil value. Any additional losses of the associate enterprise
are provisioned only when CPM is legally or implicitly obliged to do so or
when it has made payments on behalf of the enterprise.
2.2.1.3. Minority interests
Minority interests are listed separately in the consolidated income, as well
as in the consolidated balance sheet under shareholders’ equity.
2.2.2. OPTIONS RETAINED BY GROUPE BANQUE CENTRALE
POPULAIRE
2.2.2.1. Definition of scope
To define the companies to be integrated into the scope of consolidation,
the following criteria must be respected :
•CPM must directly or indirectly hold at least 20% of existing or potential
voting rights.
•One of the below limits is reached:
-The total assets of the subsidiary are over 0.5% of total consolidated
assets.
-The net situation of the subsidiary is greater than 0.5% of the net
consolidated situation.
-The turnover or banking income of the subsidiary is greater than 0.5%
of the consolidated banking income.
Ownership interest over which BCP has no control is not integrated in the
scope even if the contribution thereof fulfills the aforementioned criteria.
It is worth nothing that CPM has chosen consolidation according to the
vision of the parent company.
2.2.2.2. Exception
An entity with a non significant contribution must integrate the scope
of consolidation if it holds shares in the subsidiaries answering to the
aforementioned criteria.
activity or whether they are corporate persons.
Acquisition of minority interests are entered under “parent equity
extension method” through which the difference between the price paid
and the book value of the quota of the net shares acquired is entered
under goodwill.
2.3. FIXED ASSETS
The fixed assets entered in the Group balance sheet include the tangible
and intangible fixed assets in or out of operation, as well as investment
property.
Operating fixed assets are used for production or administrative purposes.
They include property other than real estate and leasing contracts.
Investment property is real estate held for purposes of rental and
appreciation of the capital invested.
2.3.1. INITIAL RECORDING
Fixed assets are recorded at the acquisition price with addition of the
expenses directly related thereto and the cost of borrowing when
the commissioning is preceded by a long period for construction or
adaptation.
The software developed internally, when fulfilling fixed asset criteria, are
listed at the direct cost of development including external expenditures
and payroll expenses directly assigned to the project.
2.3.2. FUTURE ASSESSMENT AND RECORDING
After initial entry the fixed assets are assessed at cost with deduction of
depreciation and eventual losses in value. It is also possible to opt for
reevaluation after the initial recording.
2.3.3. AMORTIZATION
The depreciable amount of a fixed asset is determined after deduction
of the residual value. Only property under lease is assumed to have a
residual value as the duration of use of operating fixed assets is generally
equal to the expected life span of the property.
Fixed assets are amortized according to the linear method over
the expected economic life useful to the enterprise. Allocations to
amortization are entered under “Allocation to amortization and provisions
for depreciation of tangible and intangible fixed assets in the profits and
losses account.
When amortization consists of several items replaceable at regular
intervals but having different uses or that enable economic advantages
according to a different pace, each item is entered separately and each
of the components is amortized according to a specific plan.
2.3.4. DEPRECIATION
Depreciable fixed assets are subjected to a depreciation test when the
closing date of any loss indices is identified. The non depreciable fixed
assets as well and the goodwill are subjected to a depreciation at least
once per year. If such a depreciation index exists the recoverable value
of the asset is compared to the net book value of the fixed asset.
In the event of loss of value, depreciation is recorded in the profits and
losses account. The depreciation is resumed in the event of improvement
of the recoverable value or disappearance of the depreciation indices.
Depreciation is recorded under “Allocations to depreciation and
provisions for depreciation of tangible and intangible assets in the profits
and losses account.
2.3.5. DISPOSAL GAINS OR LOSSES
The disposal gains or losses of operating fixed assets are recorded in the
profits and losses account under “Net gains on other assets”.
The disposal gains or losses on investment property are recorded in
the profits and losses account under “revenues” or “expenses for other
activities”.
2.2.2.3. Consolidation of ad hoc entities
2.3.6.
OPTIONS RETAINED BY THE GROUPE BANQUE
CENTRALE POPULAIRE
Consolidation of ad hoc entities and in particular funds under the
exclusive control was described by SIC 12. By way of application of this
text Banque Populaire Foundation for Microcredit has been integrated
into the scope of consolidation. The chairmanship of the Foundation
Board of Directors is provided by the Managing Director of Banque
Centrale Populaire further to modification of its by-laws.
In the corporate accounts buildings are linearly depreciated over 25
years even though they consist of several components that, in principle,
have the same durations of utility.
Exclusions from the scope of consolidation :
An entity under control or appreciable influence is excluded from the
scope of consolidation when at acquisition the shares of the said entity
are exclusively held in view of an eventual transfer in the near future.
These shares are listed under the category of assets to be transferred
and evaluated at fair value per statement. The stakes (apart from majority
holdings) held by risk capital entities are also excluded from the scope of
consolidation to the extent in which they are recorded as financial assets
at fair value per statement upon options.
2.2.2.4. Consolidation methods
The consolidation methods are established respectively by standards IAS
27, 28 and 31. They result from the type of control exercised by Groupe
Banque Populaire over the entities to be consolidated regardless of their
Approach per component
The definition of standard components of the different categories of
building has been done further to a professional expertise and study
conducted among certain BPRs. Distribution of the components is
applicable in different ways depending of the type building.
Four families of building have been defined. For each one an average
distribution per component has been established. Each component has
been amortized over duration of utility internally documented.
Evaluation
The Group has opted for the cost model. The reevaluation option set by
IAS 16 has not been retained.
After its entry as an asset, a tangible fixed asset must be recorded at its
cost less the depreciation and total losses in value.
However, according to IFRS 1 an entity can decide to assess a tangible
fixed asset at the date of transition to IFRS at the fair value and used that
voting rights giving access to complementary voting rights as they are
immediately exercisable or convertible.
113
value as an assumed cost at that date. This option has been retained for
land reassessed by external experts.
or whose uses are indefinite over time and in their amount, are linearly
spread out over the duration of the commitment.
2.4. LEASE CONTRACTS
2.5.2. FINANCING COMMITMENTS
The companies in the Group can be the lessee or the lessor of rental
contracts.
2.4.1. THE GROUP IS LESSOR
Rentals granted by a company of the Group are analyzed as financial
lease contracts (financial leases with purchase option and other form) or
leasing contracts.
2.4.1.1. Financial lease contracts
In a financial lease contract, the lessor transfers to the lessee almost all
of the risks and benefits attached to the asset. It is analyzed as financing
granted to the lessee for the purchase of property.
The current value of payments owed according to contract, if necessary
increased by the residual value, is recorded as a debt.
The net income from the operation and for the lessor or lessee
corresponds to the amount of interest on the loan and is recorded in the
profits and losses account under “Interest and similar products”. The
rents cashed in are spread out over the duration of the financing lease
contract by attributing them to depreciation of capital and interest so that
the net income is the implicit interest rate of the contract.
The depreciation on the said loans and debts, whether individual or
collective, adhere to the same rules as those described for loans and
debts.
2.4.1.2. Lease contracts
A lease contract is a contract through which almost all the risks and
benefits of the asset leased are not transferred to the lessee.
The property is entered into the assets of the lessor as fixed asset and
linearly depreciated over the period of rental after deduction, if applicable,
from the price of acquisition the estimate of the residual value.
The rents are totally entered into the income in linear fashion over the
period of the rental contract.
The said rents and allocations to depreciation are entered in the profits
and losses account at the “income from other activities” and “expenses
of other activities” lines.
2.4.1.3. The Group is the lessee
Lease contracts signed by a Group company are analyzed as financial
leases (and other) or lease contracts.
2.4.1.4. Financial lease contracts
A financial lease contract is considered to be property acquired by the
lessee and financed by a loan.
The rented asset is entered at its market value under the assets of the
lessee balance sheet or it is lower, at the updated value at the implicit
interest rate of the contract.
As counterparty, the financial debt of an amount equal to the market
value of the fixed asset or the updated value of the minimal payments is
recorded in the lessee liabilities.
Property is depreciated according to the same method as that applicable
to fixed assets held in the own account after deduction, if applicable, from
the acquisition price, of the residual value estimate.
The duration of use retained is the duration of useful like of the asset. The
financial debt is entered into the amortized cost.
2.4.1.5. Lease contracts
The property is not entered into the assets of the lessee. The payments
made for lease contracts are linearly recorded in the profits and losses
accounts over the period of rental.
2.5. LOANS AND DEBTS, FINANCING AND GUARANTEE
COMMITMENTS
2.5.1. LOANS AND DEBTS
The “loans and debts” category includes customer loans and interbank
transactions by the Group, and Group stakes taken out in syndicated
loans.
The loans and debts are initially assessed at their fair value that generally
is the net amount originally disbursed and include the origination costs
directly chargeable to the operation, as well as certain commission paid
(administrative charge, participation and commitment commissions)
considered as an adjustment of the actual yield on the loan.
The loans and debts are assessed at a later date at the depreciated cost
and the interests and cost of transactions and commission are included in
the initial value of the loans participate in the formation of the outcomes of
these operation throughout the duration of the loan, calculated according
to the effective interest rate method.
The commissions paid on financing commitments prior to the granting
of a loan are differed and then integrated at the value of the loan at the
time of assignment. The commission paid on the financing commitments
Financing commitments are entered at fair value which is generally the
amount of the commitment commission paid. They are recorded in
compliance with aforementioned rules.
If required a risk provision is entered if it is found that the said commitment
will lead to a probable loss due to failure to pay by the debtor.
2.5.3. COMMITMENTS ON GUARANTEES ACCORDED
The guarantee commitments are entered at their fair value which is
generally the amount of the guarantee commission paid. The said
commissions are then entered at the prorata temporis over the period of
guarantee.
A provision for risks is entered, if necessary, if it occurs that the said
commitment will lead to a probable loss, in particular owing to failure to
pay by the debtor.
2.6. DETERMINATION OF FAIR VALUE
2.6.1. GENERAL PRINCIPLES
All the financial instruments are assessed at their fair value either in the
balance sheet (assets and liabilities at fair value per statement including
derivatives and financial assets up for sale) or in the annotations to the
financial statement for other financial assets and liabilities.
Fair value is amount at which an asset can be exchanged, or a liability
extinguished between two consenting parties well informed and acting in
the framework of a competitive market.
The fair price is the price quoted on the active market when it exists or
otherwise the price determined internally via use of a valuation method
incorporating the maximum amount of market information observable in
coherence with the methods used by other players on the market.
2.6.2. PRICES QUOTED ON ACTIVE MARKET
When the prices quoted on an active market are available they are
retained for determining the fair market price. Also valuated are the
securities listed and derivatives on organized markets such as futures
and options.
2.6.3. PRICES NOT QUOTED ON ACTIVE MARKET
When the price of a financial instrument is not quoted on an active market
the valuation is done via use of models generally employed by market
plays (updating of future cash flows, Black-Scholes model for options).
The valuation model incorporates the maximum amount observable
market data: quoted market price of instruments of similar underlying
values, interest rate curve, currency prices, implicit volatility, goods
prices.
The valuation originating from the models is carried out on prudent bases.
It is adjusted to take account of the liquidity and credit risk to reflect the
quality credit of the relevant financial instruments.
2.6.4. MARGIN OBTAINED IN CONJUCTION WITH NEGOTIATION
OF FINANCIAL INSTRUMENTS
The margin obtained in conjunction with negotiation of these financial
instruments (day one profit):
• Is immediately entered into the income if the prices are quoted on an
active market or if the valuation model incorporates only observable
market data;
• Is deferred and included in the income over the duration of the contract
when all the data is not observable on the market, or when the parameters
originally non observable become so; the share of the margin not yet
recognized is entered into the income.
2.6. 5. NON QUOTED SHARES
The fair value of non quoted shares is determined by comparison with a
recent transaction dealing with the equity of the relevant company carried
out by an independent third party under normal market conditions. In the
absence of this type of reference, the valuation is executed either based
on techniques normally employed (updating of future cash flows) or on
the basis of the quota of the net asset of the Group calculated according
to the information most recently available.
The shares whose book value is less than 1 million MAD are not subject
to reassessment.
2.7. SECURITIES
The securities held by the Group are classified into three categories:
•Financial assets at fair value per statement;
•Financial assets up for sale;
•Investments held up to MATURITY.
2.7.1. FINANCIAL ASSETS AT FAIR VALUE PER STATEMENT
The category of financial assets at fair value per statement includes:
• Financial assets held for transactions;
• Financial assets the Group has chosen via the option of entering
At the date of the statement they are assessed at their fair price and
the fair price changes, the coupon included for fixed income securities,
are entered into the statement under “net gains or losses on financial
instruments at fair value per statement”. Likewise, dividends from variable
income securities and the positive or negative values on the operations
performed are entered under this heading. The credit risk assessment on
these securities is included at their fair price.
2.7.2. FINANCIAL ASSETS UP FOR SALE
The category of “financial assets up for sale” includes fixed or variable
income securities not falling into the two other categories.
Securities in this category are initially entered at fair price, including
transaction fees when of significant amount.
At the date of the statement they are assessed at fair price and the fair
price changes, apart from the coupon for fixed income securities, and
are listed in shareholders’ equity under “underlying or differed gains or
losses”.
The rules of evaluation of fixed or variable income not quoted on a
regulated market are internally formalized and adhered to from one
statement to another.
Upon transfer of securities the said unrealized losses recorded as
shareholders’ equity are entered into the profits and losses account under
“net gains or losses on assets up for sale”.
The income recorded according to the effective interest rate method on
fixed income securities in this category are listed under “similar interest
and income” of the profits and losses account.
The dividends paid on variable income securities are entered under “net
gains or losses on financial assets up for sale” when the Group’s right to
receive them is duly established.
2.7.3. INVESTMENTS HELD TO MATURITY
The category of “investments held to maturity” includes fixed or
determined income securities with fixed maturity that the Group has the
intention and the capacity to hold until the said maturity.
The interest rate risk coverage eventually established in this category of
securities is not eligible for the coverage as spelled out by the IAS 39
standard.
The securities held to maturity are entered at cost amortized according to
the effective interest rate method integrating the amortization of premiums
and losses corresponding to the difference between the acquisition
value (including the transaction costs if significant) and the value of
reimbursement of the said securities. The revenues gained on these
securities are listed under “similar interest and income” of the profits and
losses account.
2.7.4. REPURCHASE AND LOAN OPERATIONS/SECURITIES
BORROWING
The securities provisionally transferred in the event of a repurchase
agreement remain entered in the Group balance sheet in their original
portfolio. The corresponding liabilities are entered under the appropriate
“debt” title. Nevertheless, for repurchase agreement operations initiated
by transaction activities the corresponding liability is entered under
“financial liabilities at fair value per statement”.
The securities acquired provisionally in the event of a repurchase
agreement are not entered into the Group balance sheet.
The
corresponding debt is entered under “loans and debts” with the exception
of repurchase agreements initiated by transaction activities for which the
corresponding debt is recorded under “financial assets at fair value per
statement”.
Securities loan operations do not give rise to the de-recognition of
securities loaned and loan operations do not give rise to entry into the
balance sheet of securities borrowed with the exception of instance where
the securities borrowed are then transferred by the Group. In this case,
the obligation to deliver the securities at the maturity is materialized by a
financial liability entered in the balance sheet under “financial liabilities at
fair value per statement”
2.7.5. DATE OF ENTRY AND DERECOGNITION
The securities are entered in the balance sheet at the date of settlement
and delivery. During these timeframes the consequences of the fair
price changes are taken into account depending on the category under
which they are classified. These operations are kept in the balance sheet
until discontinuance of the Group’s rights to receive the flows connected
thereto or the Group has substantially transferred all the risks and benefits
in this connection. Then they are derecognized and the transfers of plus
or minus values are listed in the statement under the appropriate heading.
POPULAIRE
The options retained for classification of the various securities portfolios
are as follows:
Financial assets at fair value per statement
•Transaction securities
•Derivatives
Financial assets up for sale
•Treasury bills classified as investment securities
•Non quoted Moroccan bonds
•Mutual Funds securities held (securitization)
•Mutual Funds and shares
•Reclassified treasury bills of investment securities
Investments held to maturity
•Investment securities (apart from treasury bills reclassified AFS)
•Treasury bills for low-cost housing classified as investment securities
2.8. CURRENCY OPERATIONS
2.8.1. MONETARY ASSETS AND LIABILITIES IN CURRENCY
Monetary assets and liabilities correspond to the assets and liabilities
to be received or paid for a determined or determinable cash amount.
Monetary assets and liabilities in currency are converted into the
functional currency of the relevant entity of the Group at the closing price.
The exchange rate differences are entered into the income with the
exception of exchange rate difference concerning financial instruments
designated as instruments for coverage of future revenues or coverage
for net investments in currency which, in this event, are recorded as
shareholders’ equity.
Future exchange rate operations are assessed at the price of the term
remaining to be completed. The exchange rate operations are entered
into the income except when the operation is qualified as coverage of
cash flow. The translation differences are entered into the income except
when the operation is qualified as coverage of cash flow. In this case
the translation differences are entered under shareholders’ equity for the
efficient part of the coverage and recorded as income in the same way
and same periodicity as the income from the operation covered.
2.8.2. NON MONETARY ASSETS IN CURRENCY
The exchange differences regarding non monetary assets in currency
and assessed at fair price (variable income securities) are entered as
follows:
They are entered into the income when the asset is classified under
“financial assets at fair value per statement”.
They are entered under shareholders’ equity when the assets are placed
under “financial assets up for sale” unless the said assets are not
specified as an item covered for an exchange rate risk for coverage at
fair value the exchange rate differences are entered into earnings.
Non monetary assets not evaluated at the fair price remain at their
historical exchange rate.
2.9 DEPRECIATION OF FINANCIAL ASSETS
2.9.1. DEPRECIATION ON LOANS, DEBTS AND THE LIKE
Scope: Loans and debts, financial assets held to maturity and financing
and guarantee commitments.
Depreciation is accorded to credits and on financial assets held to maturity
as soon as there exists an objective indication of a loss in the measurable
value in connection with an event occurring after the issuance of the loan
or acquisition of the asset. The analysis of any existence of depreciation
is first performed at the individual level and afterwards at the portfolio
level.
2.9.1.1. Depreciation on individual basis
Provisions concerning financing and guarantee commitments given by
the Group follow similar principles. At the individual level depreciation is
measured as the difference between the book value before deprecation
and the updated value at the effective interest rate of components
deemed to be recoverable, in particular guarantees and perspective for
recovery of principal and interest.
Depreciation is entered into the profits and losses account under “cost
of risk”. Any subsequent re-appreciation owing to an objective cause
occurring after entry of the depreciation is recorded in the profits and
losses account under “cost of risk”.
As of depreciation of the asset, the heading entitled “interest and income
of the like” of the profits and losses account record the theoretical
remuneration of the net book value of the asset calculated at the original
interest rate used for updating the flows deemed recoverable.
For FY 2012 Groupe Banque Centrale Populaire, anticipating the
potential incidents due to the prevailing economic situation, strengthened
provisioning on an individual basis according to IFRS, via a contribution
by its support fund.
2.9.1.2. Depreciation on collective basis
Assets not collectively depreciated are subject to risk analysis per
homogeneous portfolio.
This analysis makes it possible to identify the groups of counterparties
and evaluating at fair price per statement right from the outset as this
option makes it possible to obtain more pertinent information.
The securities classified in this category are initially entered at their fair
price and the transaction costs are directed recorded in the profits and
losses account.
115
that, given events occurring since the establishment of the loans, have
collectively reached a probability of maturity default supplying an
objective indication of loss of value for the portfolio as a whole, but without
the said loss at this juncture being individually ascribed to the various
counterparties making up the portfolio.
The analysis also provides and estimate of the losses concerning the
relevant portfolios taking account of the trend in the economic cycle
over the period under analysis. Modifications in the value of portfolio
depreciation are recorded in the operating account under “cost of risk”.
By way of application of the provisions of the IFRS standard it is possible
to use expert opinion to correct the flows of recovery issuing from the
statistical data and adapt them to the conditions prevailing at the time of
the statement.
2.9.2. DEPRECIATION OF FINANCIAL ASSETS UP FOR SALE
The financial assets up for sale are depreciated individually per
counterparty in the profits and losses account when there is an objective
indication of sustainable depreciation resulting from one or more events
coming into play since the time of acquisition.
In particular, with regard to viable income securities listed on an active
market, a prolonged or significant drop in the price below its acquisition
cost constitutes an objective indication of depreciation.
Depreciation concerning a fixed income security is entered under “cost
of risk” and can be entered into the profits and looses account when the
market value of the security has appreciated due to an objective cause
occurring after the last depreciation.
Depreciation on a variable income security is entered under “net gains or
losses on financial assets up for sale” and can be ascribed to a profits
and losses account, if required, only at the date of transfer of the security.
In addition, any eventual fall in the market price constitutes depreciation
recognized in the statement.
POPULAIRE
• For individual provision of loans (individually significant debts
All outstanding debts qualified as “major cases” are reviewed caseby-case to determine the recovery flow expected over a 5 year period
and therefore to calculate the IFRS provision via the difference between
the gross amount of the debt and the updated value of the flows at the
original rate.
• For the individual provision of loans (individually non significant debts)
Outstanding debts qualified as “minor cases” are subject to statistical
model-building (model-building of historical recovery flows) per
homogeneous risk class.
• For collective provision:
The Group has defined identification criteria for sensitive debts and has
developed statistical models to calculate the collective provisions on the
basis of the historical records of transformation of sensitive debts into
outstanding debts.
The collective provisioning methodology takes inspiration from the Basel
provisions.
2.10. DEBTS REPRESENTED PER SECURITY AND OWN
SHARES
2.10.1. DEBTS REPRESENTED BY A SECURITY
The financial instruments issued by the Group are qualified as debt
instruments if there is a contractual obligation for the Group company
issuing the said instruments to deliver specie or a financial asset to the
security holder.
This also applies in the event where the Group can be obliged to exchange
assets or financial assets or liabilities with another entity at potentially
unfavorable conditions or to deliver a variable number of its own shares.
The debts issued represented by a security are originally recorded at
their issue value comprising the transaction costs and are assessed at
their depreciated cost according to the effective interest rate method.
The bonds reimbursable or convertible in own shares are considered
as hybrid instruments comprising at the same time a debt and equity
component determined at the time of initial entry of the operation.
POPULAIRE
Shares:
Further to updating of the internal regulations of the BPRs, these banks
henceforth retain the unconditional rights to respond favorably to
requests for reimbursement of share holders. This new provision means
that a quota of the equity of the BPRs cannot be classified under financial
liabilities.
2.10.3. OWN SHARES
Own shares held by the Group are deducted from the consolidated
shareholders’ equity regardless of the objective of holding and the
earnings related thereto are removed from the consolidated profits and
losses account.
2.11. DERIVATIVES AND INCORPORATED DERIVATIVES
All the derivative instruments are entered into the balance sheet at their
fair price.
2.11.1. GENERAL PRINCIPLE
The derivatives are entered in the balance sheet at their fair price under
“financial assets and liabilities at fair value per statement”. They are
recorded as financial assets when the value is positive and as liabilities
when is negative.
The gains and losses made and underlying are entered in the profits and
losses account under “net gains and losses on financial liabilities at fair
price”.
2.11.2. DERIVATIVES AND COVERAGE ACCOUNTING
The derivatives entered into in the framework of coverage relations are
designated according to the objective set.
• Coverage at fair value is used to cover the interest rate risk of fixed income
assets and liabilities.
• Coverage of cash flow is used to cover the interest rate risk of variable
income assets and liabilities and the exchange risk of future revenues likely
to be paid in currency.
In conjunction with the establishment of coverage relations, the Group
puts in place formalized documentation: designation of the instrument
and risk coverage strategy and type of risk covered, designation of the
coverage instrument, and the modalities of assessment of the efficiency
of the coverage relation.
In compliance with this documentation, at the time of initiation and at least
on a minimum six monthly basis, the Group assesses the retrospective
and prospective efficiency of the coverage relations put in place.
The purpose of the retrospective efficiency test is to make sure that
relation between the effective variations in value or outcome of the
coverage derivatives and those of the instruments covered is between
80 and 125%.
The purpose of the prospective test is to make sure the variations in value
or the outcome of derivatives throughout the residual life span of the
coverage adequately compensate for the existence of historical records
on similar type transactions.
With regard to the highly probable transactions, the character thereof is
appreciated via the existence of historical records on similar transactions.
In the event of interruption of the coverage relation or when it no longer
satisfies the efficiency tests, the coverage derivatives are transferred
to the transaction portfolio and entered according to the principles
applicable to the said category.
2.11.3. INCORPORATED DERIVATIVES
The derivatives incorporated into composed financial instruments are
separated from the value of the host instrument when the economic
characteristics and risks relative to the derivative instrument are not
closed linked to those of the host contract.
The derivatives are entered separately as derivatives and the host
contract according to the category in which it is classified.
Nevertheless, when the composed instrument is integrally entered under
“financial assets and liabilities at fair value per statement”, no separation
is made.
2.12. COMMISSIONS ON SERVICE PROVISION
The commissions on the provision of services are recorded as follows:
•Commission that are an integral part of the effective yield of a financial
instrument: administrative commissions, commitment commissions, etc.
Such commissions are dealt with as an adjustment of the effective interest
rate (except when the instrument is evaluated at fair value per statement).
•Commissions remunerating continuous service: rental of safes, custody fees
for securities on deposit, telematic subscriptions or bank cards, etc. They
are entered into the statement for the duration of the services gradually as
the service is provided.
•Commissions remunerating a specific service: stock market commissions
paid, foreign exchange commissions; etc. These are entered into the
income when the said service has been rendered.
General principle:
The entity must no only enter the legal obligation in connection with
the formal terms of the specific service scheme but also any implicit
obligation in connection with the use thereof. The said uses generate
an implicit obligation when the entity has no other realistic solution than
to pay for services rendered to staff members. For example, an implicit
obligation exists if a change in the habits of the entity gives rise to an
unacceptable degradation in relations with the personnel.
Typology of benefits to personnel:
The benefits granted to the Groupe Banque Populaire staff are classified
into four categories:
•Short term benefits such as wages, annual vacation, insurance, participation,
top-ups;
•Long term benefits including bonuses for seniority and departure for
retirement;
•Indemnities for end of employment contract;
•Benefits after employment consisting of medical insurance and retirement.
2.13.1. SHORT TERM BENEFITS
The Group enters an expense when the services rendered by staff
members have been used in counterpart to the benefits granted.
2.13.2. LONG TERM BENEFITS
Long term benefits refer to the benefits, other than those after employment
and end of contract indemnities that are not integrally due within the
twelve months after the end of position during which the staff member
has provided corresponding service.
This particularly concerns bonuses for seniority and departure on
retirement. These benefits are provisioned in the account of the year
to which they refer. The actuarial evaluation method is similar to the
one applicable to the benefits after employment for specific services
but the actuarial variations are entered immediately and no corridor is
applicable. In addition, the effect linked to possible modification in the
system considered as akin to past service is immediately recorded.
2.13.3. END OF EMPLOYMENT CONTRACT InDEMNITIES
The end of work contract indemnities result from the benefit granted to
staff members at the time of termination by the Group of the work contract
before the legal age of retirement or the decision of the staff members to
leave voluntarily against an indemnity. The indemnities for end of work
contract payable at more than twelve months after the closing date are
currently being updated.
2.13.4. BENEFITS AFTER EMPLOYMENT
The Group distinguishes between the definite contribution system and
definite service schemes. The definite contribution schemes are not
representative of a commitment for the Group and have no provision
attached thereto. The amount of the contributions paid during the fiscal
year is recorded in the expenses.
Only the schemes qualified as “definite service schemes” are
representative of a commitment to be honored by the Group which gives
rise to assessment and provisioning. Classification in one or other of
these categories is based on the economic substance of the scheme in
determining whether the Group is required or not via the clauses of an
agreement or by implicit obligation, to ensure the services promised to
staff members. The principal definite service scheme identified by the
Group is that concerning medical coverage for retired members and their
families.
The benefits after employment with definite services are the subject
of actuarial evaluations taking account of demographic and financial
assumptions.
The provisioned amount of the commitment is determined by using
the actuarial assumptions retained by the Group and by applying the
projected unit credit method. This evaluation method takes account of
a certain number of parameters such as demographic assumptions,
early departures, salary increases, and discount and inflation rates. The
value of future contributions or a reimbursement expected of a part of the
amount paid into the scheme.
When the amount of coverage assets surpasses the value of the
commitment, an asset is entered if it is representative of a future economic
benefit to the Group taking on the form of economy of future contributions
or of an expected reimbursement of a part of the amount paid into the
scheme.
Measurement of the obligation due to a particular scheme and the value
of its coverage assets can change considerably from one fiscal year
to the next depending on the changes in actuarial assumptions and
as a result can cause actuarial gaps. The Group applies the so-called
“corridor” methodology to enter the actuarial gaps on these commitments.
This method authorizes refraining from recognition the following fiscal
year and spread over the average residual duration of activity of staff
members, that the fraction of the actuarial gaps surpass the highest of the
two following values: 10% of the updated value of the gross obligation or
10% of the market value of the coverage assets at the end of the previous
fiscal year.
The consequences of the modification of schemes for past service are
recognized in the statement on the complete duration of rights the said
modifications.
The annual expenses entered as payroll costs for definite service
schemes is representative of the rights acquired over the period by each
wage earner corresponding to the cost of services rendered, the financial
cost linked to the updating of commitments, of the returns expected
from investments, depreciation of the actuarial gaps and costs of past
serves, resulting from any modifications in the schemes, as well as the
consequences of the reduction or liquidation thereof. The calculations
made by the Group are examined on a regular basis by an independent
actuary.
POPULAIRE
In compliance with the option provided in IFRS 1 the cumulative amount
of the actuarial differences at the date of transition was included in
shareholders’ equity.
At the time of transition to IFRS the significant commitment for medical
coverage for the retired and early departures were provisioned for the
first time.
To proceed to these actuarial evaluations the basic assumptions of the
calculated have been specifically determined for each scheme.
The discount rates retained are obtained via reference to the rate of yield
of bonds issued by the Moroccan State to which a risk premium is added,
for estimation of the rate of yield of top category enterprise bonds with
equivalent maturity for the duration of the scheme.
The coverage assets for the medical coverage scheme exclusively
comprise treasury bills issued by the Moroccan State. The rate of yield of
investments is equivalent thereto.
2.14. PROVISIONS FOR LIABILITIES
The provisions recorded in the liabilities of the Group balance sheet,
other than those for financial instruments and social commitments, mainly
concern provisions for litigation, fines, penalties and tax risks. A provision
is made when it is likely that an exit of resources representing economic
benefits will be necessary to extinguish and was born from a past event
and when the amount of the bond can be reliably estimated. The amount
of this bond is discounted to determine the amount of the provision when
significant.
POPULAIRE
The provisions for risks and expenses of more than MAD 1 million have
been analyzed to make sure of their eligibility according to the conditions
stipulated by IFRS standards.
2.15. CURRENT AND DIFFERED TAXES
2.15.1. DIFFERED TAX
The income tax payable is determined on the basis of rules and the rates
in force in each country of operation of Group companies over the period
covered by the statement.
2.15.2. IMPOT DIFFERE
Differed taxes are recorded when there are time differences between the
book values of balance sheet assets and liabilities and the corresponding
fiscal values. Differed tax liabilities are recognized for all the taxable time
differences with the exception of:
• Taxable time differences generated by the initial entry of an acquisition
difference;
• Taxable time differences concerning investments in companies under
exclusive and joint control to the extent in which the Group is capable of
controlling the date at which the time difference will be reversed and it is
probable that the said time difference will not be reversed in the foreseeable
future.
Differed tax assets are recorded for all deductible time differences
and tax losses carried over to the extent in which it is probable that the
relevant entity will have taxable income in the future on which the said
time difference and tax losses can be charged.
The asset and liabilities differed taxes are evaluated according to the
variable carry-forward method at the tax rate the application thereof is
assumed over the period in which the asset will be earned or the liability
2.13. PERSONNEL BENEFITS
117
settled on the basis of the tax rates and fiscal regulations either adopted
or to be adopted before the closing date of the period. They are not
discounted.
The asset or liabilities differed taxes are compensated for when their
origin in within a given tax group falls under the authority of a given tax
office and when a legal right for compensation exists.
The payable and differed taxes are entered as a tax product or expense
in the profits and losses account with the exception of those relevant to
underlying gains and losses on the assets up for sale and the variations
in value of the derivative instruments for coverage of cash flow for which
the corresponding differed taxes are recorded as shareholders’ equity.
The tax credits on income for debts and securities portfolios, when
effectively used for settlement of income tax payable for the fiscal year,
are registered under the same heading as the incomes to which they are
connected. The corresponding tax expense is kept under “income tax”
in the profits and losses account.
2.16 RECYCLABLE AND NON RECYLABLE
The FTA adjustments have been entered into the bank consolidated
accounts in counterpart to shareholders’ equity.
The impacts of value corrections on equity can be final or temporary.
If the FTA adjustment stems from an IFRS entry that should have impacted
the outcome, the value difference is definitively frozen in equity through
the use of non recyclable equity account.
If the FTA adjustment is due to an IFRS entry impacting shareholders’
equity, recycling into income is possible at the time of transfer or when
materialization of the coverage via use of recyclable equity account is
used.
2.17. CASH FLOW TABLE
The balance of cash and similar accounts consists of the net balances
of cash accounts, central banks, postal checks and the net balances of
loans and sight borrowings from credit institutions.
Variations in the cash flow generated by the operational activity record
the cash flows generated by Group activities including those with
regard to investment property, the financial assets held to maturity and
negotiable debt securities. Variations in cash flow linked to investment
operations result from cash flows linked to acquisitions and transfers of
subsidiaries, associate enterprises or consolidated joint ventures, as well
as those in connection with acquisitions and fixed asset transfer apart
from investment property and lease contracts.
Variations in cash flow linked to financing operations include payments
and disbursements originating from operations with shareholders and
flows linked to subordinated and bond debts and debts represented by a
security (apart from negotiable debt securities).
2.18. NON CURRENT ASSETS TO BE TRANSFERRED
AND ABANDONED ACTIVITIES
When the Group decides to sell non current assets and when it is highly
likely that the said sale will occur within twelve months, the said assets
are inscribed separately in the balance sheet under “non current assets
up for sale”.
The liabilities that may be connected thereto are inscribed separately
under “debts linked to non current assets up for sale”. When they are
classified in this category, the non current assets and assets and liabilities
groups are evaluated at their lowest book value and fair price less the
cost of sale. The concerned assets cease to be depreciated.
In the event of loss of value on an assets or group of assets and liabilities
the depreciation is entered income.
Abandoned activities include activities to be sold, activities stopped, as
well as subsidiaries exclusively acquired with a view to re-sale. All profits
and losses concerning these operations are inscribed separately in the
profits and losses account under “outcome net of tax for activities either
stopped or in the process of being stopped”.
2.19. SECTORAL INFORMATION
Groupe Banque Populaire is organized around four principal activity
hubs:
• Banque Maroc comprising Crédit Populaire du Maroc, Media
Finance, Moussahama Fund I, Upline Group, Dar Addamane, Maroc
Assistance Internationale, Bank Al Amal, Attawfiq Micro Finances, BP
Shore and FPTC Sakane;
• Specialized financing companies comprising Chaabi Bank, Banque
Populaire Morocco- Centrafricaine, Banque Populaire MarocoGuinéenne, Chaabi International Bank Off Shore and Atlantic Bank
International.
Each of these business lines registers expenses and income, as well
as assets and liabilities attached thereto after elimination of intra group
transactions.
2.20. USE OF ESTIMATES IN THE PREPARATION OF
FINANCIAL STATEMENTS
The preparation of Group financial statements requires the management
and executives to formulate assumptions and the production of estimates
which are reflected in the determination of profits and expenses in the
profits and losses account and in the evaluation of balance sheet assets
and liabilities and editing of associated notes.
This exercise assumes that the managers make use of their judgment
and exploit the information available at the date of production of the
financial statements to proceed to the required estimates. The final
future outcomes of the operations for which the manager has resorted
to estimates can obviously be different therefrom and have a significant
effect of the financial statement. In particular, this is the case for:
•Depreciations made to cover credit risks;
•Use of internal models to valuate the financial instruments not quoted
on active markets;
•Calculation of the fair value of non quoted financial instruments
classified under “assets up for sale” or “financial instruments at fair
value per statement” under assets or liabilities, and more generally
calculation of the market values of financial instruments for which
this information must be inscribed in the annotations to financial
statements;
•Depreciation tests carried out on incorporated assets;
•Determination of the provisions to be provided for coverage of the
expenses and losses risk.
2.21. FINANCIAL STATEMENT LAYOUT
2.21.1. FINANCIAL STATEMENT FORMAT
In the absence of any format required by IFRS the Group financial
statements are drawn up in compliance with the models imposed by Bank
Al-Maghrib.
2.21.2. ASSETS AND LIABILTIIES COMPENSATION RULES
A financial asset or liability is compensated for and a net balance is
recorded in the balance sheet if and only if the Group disposes of a legal
right to compensate for the amounts stated and if it has the intention of
either settling the net amount or selling the asset and settle the liability at
the same time.
CONSOLIDATED IFRS BALANCE SHEET
Values deposited, Central Banks, Public Treasury, Postal Check service
Financial assets at fair value per statement
(in thousand MAD)
31/12/12
7 447 849
5 403 785
17 485 652
10 037 900
Derivative coverage instruments
Loans and debts on Credit Institutions and the like
Loans and debts on customers
-
-
17 274 010
13 917 627
12 892 641
9 159 184
184 200 314
170 497 633
Revaluation difference on assets in portfolios covered by rates
-
-
17 974 336
17 256 799
Payable tax assets
735 944
733 267
Differed tax assets
301 556
65 354
4 474 797
3 317 696
Accruals and other assets
Non current assets up for sale
Stakes in equity method companies
-
-
22 569
28 962
Investment property
-
-
Tangible fixed assets
7 148 292
6 150 391
442 141
372 664
Intangible fixed assets
Goodwill
TOTAL IFRS ASSETS
1 034 595
418 259
271 434 696
237 359 521
CONSOLIDATED IFRS OUTCOME
Interest and similar income
Interest and similar expenses
INTEREST MARGIN
Commissions cashed in
Commissions paid
MARGIN ON COMMISSIONS
Net gains or losses on financial instruments at fair value per statement
Net gains or losses on financial assets up for sale
MARKET ACTIVITIES OUTCOME
Income from other activities
Expense son other activities
NET BANKING INCOME
General operating expenses
Allocations to amortization and depreciation of tangible and intangible fixed assets
GROSS OPERATING INCOME
Cost of risk
OPERATING INCOME
Quota of net income of equity method companies
Net gains or losses on other assets
Variations in values of goodwill
PRETAX INCOME
Income tax
NET INCOME
Income – BPR share
Income outside of Group
NET INCOME BCP GROUP SHARE
Income per share (in Dirhams)
Income diluted per share (in Dirhams)
(in thousand MAD)
IFRS LIABILITIES
Central Banks, Public Treasury, postal checks
Financial liabilities at fair value per statement
Derivative coverage instruments
Debts to credit institutions and similar
Debts to customers
Debts represented by securities
Debt securities issued
Liability reevaluation difference of portfolios covered by rates
Current tax liabilities
Differed tax liabilities
Adjustment accounts and other liabilities
Debts linked to non current assets up for sale
Technical provisions for insurance contracts
Provisions for risks and expenses
Subsidies, public funds assigned and special guarantee funds
Subordinated debts
Related equity and reserves
Own shares
Consolidated reserves
- Group share
- BPR share
- Minority shares
Unrealized gains or losses or deferred
- Group share
- PR share
- Minority shares
Net income for the FY
- Group share
- PR share
- Minority shares
TOTAL IFRS LIABILITIES
31/12/11
31/12/11
11 494 021
-3 681 927
7 812 094
1 058 616
-74 766
983 850
500 599
538 142
1 038 741
523 499
-202 386
10 155 798
-4 425 220
-511 921
5 218 657
-696 996
4 521 661
1 470
74 512
-416
4 597 227
-1 558 077
3 039 150
1 022 140
190 418
1 826 592
11,69
11,69
31/12/12
3 208 791
2 553
497 569
500 122
3 708 913
2 398 976
1 083 276
226 661
+/- Net allocations to depreciation of tangible and intangible fixed assets
+/- Net allocations for depreciation of goodwill an other fixed assets
+/- Net allocations for depreciation of financial assets
+/- Net allocations to provisions
31/12/12
4 883 727
31/12/11
4 597 227
574 006
504 233
1 234
416
2 102 173
686 231
-98 079
42 453
+/- Quota of income in connection with companies by equity method
+/- Net loss (net gain) of investment activities
591
-1 470
-1 131 707
-1 020 414
+/- Net loss/gain financing activities
+/- Other movements
-
-
-149 258
25 818
Total of non monetary items included in pretax net income and other
adjustments
1 298 960
237 267
+/- Flows linked to operations with credit and similar institutions
4 960 287
9 104 516
+/- Flows linked to operations with customers
-2 132 062
-9 797 448
+/- Flows linked to other operations affecting financial assets or liabilities
-5 344 127
-3 943 880
-598 393
-1 043 319
- Taxes paid
+/- Flows linked to other operations affecting non financial assets or liabilities
-1 722 575
-1 627 998
Net decrease (increase) of assets and liabilities stemming from operational activities
-4 836 870
-7 308 129
1 345 817
-2 473 635
-2 942 561
-4 455 802
Net cash flow generated by operational activity
+/- Flows linked to financial assets and stakes taken out
+/- Flows linked to investment property
31/12/11
3 039 150
7 786
30 075
37 861
3 077 011
1 899 009
993 441
184 561
-
-
+/- Flows linked to tangible and intangible fixed assets
-1 047 254
-1 208 938
Net cash flow linked to investment operations ash flow
-3 989 815
-5 664 740
+/- Cash flow from or to shareholders
3 371 376
4 229 123
+/- Other net cash flows linked to financing activities
1 336 026
1 000 915
Net cash flow linked to financing operations
4 707 402
5 230 038
Effect of variation in exchange rates on cash flow and cash flow equivalents
Net increase (decrease) in cash flow and cash flow equivalents
-7 581
24 401
2 055 823
-2 883 936
Cash flow and cash flow equivalents at opening
7 478 260
10 362 196
Window, Central Banks, Postal checks (assets and liabilities)
5 400 489
9 088 945
Accounts (assets and liabilities) and loans/sight borrowings from credit institutions
2 077 771
1 273 251
Cash flow and equivalents at closing of fy
9 534 083
7 478 260
Window, Central Banks, Postal checks (assets and liabilities)
7 243 562
5 400 489
Accounts (assets and liabilities) and loans/sight borrowings from credit institutions
2 290 521
2 077 771
Variation in net cash flow
2 055 823
-2 883 936
VARIATION IN SHAREHOLDERS’ EQUITY
(in thousand MAD)
664 107
Reserves
linked to
capital
5 447 741
664 107
898 501
5 447 741
3 578 365
-
1 643 050
-531 285
-
-
-
1 562 608
168 813
239 187
10 377 058
3 224 335
-
1 651 659
-687 546
-
-
-
1 731 421
-266 346
14 299 160
Equity
Equity year ending 31.12.10 published
Impact of method change
Impact in method change year ending 31.12.2010 retired
Operations on capital
Payments founded on shares
Operation on own shares
Income assignment
Dividends
FY Income
Tangible and intangible fixed assets – reevaluations and transfers (D)
Financial instruments: variations at fair value and transfer to income (E)
Translation differences: variations and transfers to income (F)
Underlying or differed gains or losses (D) + (E) + (F)
Variation in scope
Other variations
Shareholders’ equity at year ending 31.12.2011
Operations on capital
Payments founded on shares
Operation on equity shares
Income assignment
Dividends
FY outcome
Tangible and intangible fixed assets: reevaluations and transfers (D)
Financial instruments: variations at fair price and transfer to income (E)
Translation differences: variations and transfers to income (F)
Underlying or differed gains or losses (D) + (E) + (F)
Variation in scope
Other variations
Shareholders’ equity year ending 31.12.2012
(*) restated further to wider scope of collective provisioning
237 359 521
(in thousand MAD)
Pretax income
STATEMENT OF NET INCOME AND GAINS AND LOSSES
DIRECTLY ENTERED AS SHAREHOLDERS’ EQUITY (in thousand MAD)
Net income
Translation differences
Revaluation of financial assets up for sale
Revaluation of derivative coverage instruments
Revaluation of fixed assets
Actuarial differences on definite service schemes
Quota of gains and losses directly entered as equity on companies by equity method
Total gains and losses directly entered into shareholders’ equity
Net income and gains and losses recognized directly in equity
Group share
BPR share
Minority shares
31/12/11
3 297
14 954 351
183 584 506
634 941
3 066 943
501 581
794 281
2 800 135
202 199
1 399 658
3 042 687
1 555 691
11 939 666
9 552 248
2 266 718
6 043 055
1 242 475
288 187
301 416
-20 930
7 701
3 039 150
1 826 592
1 022 140
190 418
CASH FLOW TABLE
(in thousand MAD)
31/12/12
12 689 570
-4 098 419
8 591 151
1 423 256
-92 185
1 331 071
696 302
460 649
1 156 951
542 711
-116 585
11 505 299
-4 773 567
-587 570
6 144 162
-1 272 837
4 871 325
-1 053
13 753
-298
4 883 727
-1 674 936
3 208 791
1 107 260
224 955
1 876 576
10,84
10,84
31/12/12
204 286
25 489 110
201 912 801
4 851 947
540 159
1 027 952
3 081 483
84 141
1 672 841
2 804 644
1 590 224
16 030 582
8 158 034
2 714 635
3 517 609
1 925 789
777 701
819 453
-44 914
3 161
3 208 791
1 876 576
1 107 260
224 955
271 434 696
Own
shares
Consolidated Underlying or
Equity group
income and
differed gains
share
reserves
or losses
7 227 401
223 045
13 562 294
-319 410
-319 410
6 907 991
223 045
13 242 884
27 878
4 504 744
-1 643 050
-531 285
1 826 591
1 826 591
68 066
68 066
4 351
4 351
72 417
72 417
16 586
5 954
261 727
7 135 996
301 416
19 377 077
201 515
3 594 663
-1 651 659
-687 546
1 876 576
1 876 576
520 033
520 033
2 367
2 367
522 400
522 400
-33 594
-4 362
-37 956
-132 979
-399 325
7 395 855
819 454
24 245 889
Equity BPR
share
12 178 773
-183 960
11 994 813
233 006
Minority
interests
1 395 282
1 395 282
-5 998 365
107 987
1 022 142
-59 405
190 418
-28 699
-9 292
3 435
-5 857
-25 166
-54 678
1 440 593
39 566
-28 699
-286 617
7 044 268
371 203
-4 307 778
131 908
1 107 260
-78 417
224 955
-23 984
1 520
186
1 706
523 838
1 665
2 153 906
-23 984
257 079
4 579 956
Total
27 136 349
-503 370
26 632 979
4 737 750
-5 998 365
-482 703
3 039 151
30 075
7 786
37 861
-25 166
-79 568
27 861 939
4 005 432
-4 307 778
-634 055
3 208 791
497 569
2 553
500 122
485 882
-140 581
30 979 752
IFRS ASSETS
119
3.1 ASSETS, LIABILITIES AND DERIVATIVE FINANCIAL INSTRUMENTS IN MARKET VALUE PER STATEMENT
(in thousand MAD)
31/12/12
Transaction
portfolio
31/12/11
Portfolio in market value
with option
17 385 650
10 670 255
630 210
6 085 185
100 002
100 002
17 485 652
Transaction securities
Treasury bills and similar securities
Other debt securities
Ownership title
Derivative transaction financial instruments
Derivative exchange rate instruments
TOTAL FINANCIAL ASSETS IN MARKET VALUE PER STATEMENT
3.2. FINANCIAL ASSETS UP FOR SALE
Transaction
portfolio
Total
17 385 650
10 670 255
630 210
6 085 185
100 002
100 002
17 485 652
Portfolio in market value
with option
10 181 266
5 521 402
582 639
4 077 225
-143 366
-143 366
10 037 900
3.3. LOANS AND DEBTS ON CREDIT INSTITUTIONS
(in thousand MAD)
31/12/12
31/12/11
Negotiable debt securities
5 167 405
3 617 960
Treasury bills and other items obtainable from the central bank
3 282 841
3 443 697
0ther negotiable debt securities
1 884 564
174 263
Bonds
1 684 821
109 801
139 803
43 540
Government bonds
Other bonds
1 545 018
66 261
10 421 784
10 189 866
Including quoted securities
4 717 841
3 647 145
Including non quoted securities
5 703 943
6 542 721
17 274 010
13 917 627
1 265 727
437 615
Including fixed income securities
-
-
Including securities on loan
-
-
Provisions for depreciation of assets up for sale
-
-
17 274 010
13 917 627
-
-
Shares and other variable income securities
TOTAL ASSETS UP FOR SALE BEFORE DEPRECIATION
Including underlying gains and losses
TOTAL ASSETS UP FOR SALE NET OF DEPRECIATION
Total
10 181 266
5 521 402
582 639
4 077 225
-143 366
-143 366
10 037 900
Including fixed income securities net of depreciation
(in thousand MAD)
31/12/11
3.3.1. Loans and debts on credit institutions
31/12/12
Sight accounts
4 454 808
3 050 137
Loans
8 276 045
6 165 567
Repurchase operations
TOTAL OF LOANS GRANTED AND DEBTS ON CREDIT INSTITUTIONS
BEFORE DEPRECIATION
Depreciation of loans and debts issued on credit institutions
TOTAL OF LOANS AND DEBTS ON CREDIT INSTITUTIONS NET OF
DEPRECIATION
295 587
12 300
13 026 440
9 228 004
133 799
68 820
12 892 641
9 159 184
(in thousand MAD)
3.3.2. Breakdown of loans and debts on credit institutions per
geographical area
Morocco
9 692 708
Off shore zone
Africa
Europe
TOTAL OF LOANS AND DEBTS ON CREDIT INSTITUTIONS BEFORE
DEPRECIATION
Provisions for depreciation
TOTAL OF LOANS AND DEBTS ON CREDIT INSTITUTIONS NET OF
DEPRECIATION
31/12/11
31/12/12
7 985 179
397 131
99 116
1 999 314
332 449
937 287
811 260
13 026 440
9 228 004
133 799
68 820
12 892 641
9 159 184
3.4. CUSTOMER LOANS AND DEBTS
(in thousand MAD)
3.4.1.Customer loans and debts
31/12/12
Ordinary debtor accounts
Loans granted to customers
Financial lease operations
TOTAL OF CUSTOMER LOANS AND DEBTS BEORE DEPRECIATION
Depreciation of customer loans and debts
TOTAL OF CUSTOMER LOANS AND DEBTS BEFORE DEPRECIATION
31/12/11
25 013 630
25 514 399
153 919 876
137 750 091
430 163
1 501 697
12 543 772
11 688 001
191 907 441
176 454 188
7 707 127
5 956 555
184 200 314
170 497 633
(in thousand MAD)
(in thousand MAD)
3.4.2. Breakdown of customer loans and debts per geographical area
31/12/12
31/12/11
172 577 831
167 999 481
Off shore zone
1 612 726
1 800 702
Africa
9 641 209
313 188
Morocco
3.4.3. Details of customer debts
31/12/12
Sound outstanding debts
Pending outstanding debts
Europe
TOTAL OF CUSTOMER LOANS AND DEBTS
368 548
384 261
184 200 314
170 497 633
31/12/11
181 882 777
166 968 499
10 024 664
9 485 688
Total outstanding
191 907 441
176 454 188
Individual provision
6 643 846
5 239 347
Collective provision
1 063 281
717 208
Total provisions
7 707 127
5 956 555
184 200 314
170 497 633
TOTAL CUSTOMER LOANS AND DEBTS NET OF DEPRECIATION
3.5. INVESTMENTS HELD TO MATURITY
(in thousand MAD)
31/12/11
31/12/12
16 528 845
16 111 172
Treasury bills and other items obtainable from central banks
16 130 715
15 894 443
Other negotiable debt securities
Bonds
Government bonds
Other bonds
TOTAL OF FINANCIAL INVESTMENTS HELD TO MATURITY
398 130
216 729
1 445 491
1 145 627
201 800
97 638
1 243 691
1 047 989
17 974 336
17 256 799
3.6. TANGIBLE AND INTANGIBLE FIXED ASSETS
(in thousand MAD)
31/12/12
31/12/11
Cumulative depreciation and loss in value
Gross book value
Net book value
Cumulative depreciation and loss in value
Gross book value
Net book value
11 934 991
4 786 699
7 148 292
9 974 733
3 824 342
6 150 391
Land and buildings
6 551 025
1 963 481
4 587 544
5 842 098
1 621 768
4 220 330
Equipment, furnishings, installations
2 930 011
1 816 468
1 113 543
2 248 706
1 347 815
900 891
-
-
-
-
-
-
2 453 955
1 006 750
1 447 205
1 883 929
854 759
1 029 270
INTANGIBLE FIXED ASSETS
863 478
421 337
442 141
705 762
333 099
372 664
Lease rights
254 050
-
254 050
229 938
-
229 938
TANGIBLE FIXED ASSETS
Moveable property rented
Other fixed assets
Patents and brand names
Software purchased
Software produced by company
Other intangible fixed assets
TOTAL FIXED ASSETS
10 169
-
10 169
2 252
-
2 252
499 430
421 337
78 093
399 326
333 098
66 228
-
-
-
-
-
-
99 829
-
99 829
74 246
-
74 246
12 798 469
5 208 036
7 590 433
10 680 495
4 157 440
6 523 055
3.7. GOODWILL
(in thousand MAD)
Gross value
31/12/11
Scope of variation
418 259
613 878
2 458
-
-
-
-
-
-
418 259
613 878
2 458
-
1 034 595
Cumulative losses in value
Net balance sheet value
Translation different
Other movements
31/12/12
1 034 595
3.8. DEBTS TO CREDIT INSTITUTIONS
(in thousand MAD)
31/12/12
31/12/11
Sight accounts
2 164 289
972 366
Borrowing
9 235 433
7 700 512
TOTAL DEBTS TO CREDIT INSTITUTIONS
14 089 388
6 281 473
25 489 110
14 954 351
3.9. DEBTS TO CUSTOMERS
(in thousand MAD)
3.9.1. Debts to customers
Ordinary creditor accounts
31/12/12
31/12/11
(in thousand MAD)
3.9.2. Breakdown of debts on customers per geographical zone
31/12/12
31/12/11
Morocco
185 592 266
181 774 678
234 593
155 736
697 553
125 383 434
113 551 804
Time accounts
46 080 350
45 125 108
Off Shore ZONE
Savings accounts at administered rate
22 432 812
18 330 693
Africa
14 937 373
Cash vouchers
1 256 705
1 881 505
Europe
1 148 569
956 539
1 653 848
628 879
201 912 801
183 584 506
Other debts to customer
TOTAL DEBTS TO CUSTOMERS
5 105 652
4 066 517
201 912 801
183 584 506
Total in principal
Attached debts
Balance sheet value
-
-
201 912 801
183 584 506
3.10. PROVISIONS FOR RISKS AND EXPENSES
(in thousand MAD)
AMOUNT ON
31/12/2011
VARIATION IN
SCOPE
ALLOCATIONS
WRITE BACKS
OTHER
VARIATIONS
AMOUNT ON
31/12/2012
Provisions for risk of execution of commitments by signature
219 281
-
24 370
10 617
8 124
241 158
Provisions for social commitments
960 003
18 443
79 628
187 960
-
870 114
Other provisions for risks and expenses
220 374
332 252
150 529
124 435
-17 150
561 569
PROVISIONS FOR RISKS AND EXPENSES
1 399 658
350 695
254 527
323 012
-9 026
1 672 841
4.1. INTEREST MARGIN
(in thousand MAD)
31/12/12
Income
OPERATIONS WITH CUSTOMERS
31/12/11
Expenses
Net
Income
Expenses
Net
10 177 933
2 337 127
7 840 806
9 347 084
2 412 669
6 934 415
9 371 606
2 311 462
7 060 144
8 665 221
2 371 871
6 293 350
4 101
10 332
-6 231
6 377
17 582
-11 205
Financial lease operations
802 226
15 333
786 893
675 486
23 216
652 270
INTERBANK OPERATIONS
455 935
604 926
-148 991
379 683
291 233
88 450
Accounts and loans/borrowings
453 484
287 386
166 097
378 483
229 636
148 847
2 451
317 540
-315 089
1 200
61 597
-60 397
Loans issued by Group
-
256 561
-256 561
-
224 627
-224 627
36 323
-36 323
-
103 049
762 262
Accounts and loans/borrowing
Debts represented by security
Assets up for sale
Assets held to maturity
Other interest and similar income
TOTAL OF INTREST OR SIMILAR INCOME AND EXPENSES
-
-
-
254 230
-
254 230
103 049
745 169
-
745 169
762 262
-
1 056 302
899 805
156 498
901 943
717 075
184 868
12 689 570
4 098 419
8 591 151
11 494 021
3 681 927
7 812 094
4.2. NET COMMISSIONS
(in thousand MAD)
Income
Expenses
31/12/11
Net
Income
Expenses
Net
Commissions on securities
159 956
2 962
156 994
156 185
625
155 560
Net income on means of payment
322 030
27 280
294 750
172 474
24 280
148 194
941 270
61 943
879 327
729 957
49 861
680 096
1 423 256
92 185
1 331 071
1 058 616
74 766
983 850
Other commissions
INCOME NET OF COMMISSIONS
31/12/12
121
4.3. COST OF RISK
(in thousand MAD)
ALLOCATIONS TO PROVISIONS
Provisions for depreciation of loans and debts
Provisions for depreciation of securities held to maturity (apart from rate risk)
Provisions for commitments by signature
Other provisions for risks and expenses
PROVISION WRTE BACKS
Write backs from provisions for depreciation of loans and debts
Write backs from provisions for depreciation of securities held to maturity (apart from rate risk)
Write backs commitments by signature
Write backs from other provisions for risks and expenses
VARIATION IN PROVISIONS
Losses for counterparty risk of financial assets up for sale (fixed income securities)
Losses for counterparty risk of financial assets held to maturity
Losses on unrecoverable provisions loans and debts
Losses on unrecoverable provisioned loans and debts
Decrease on restructured products
Recovery on depreciated loans and debts
Losses on commitments by signature
Other losses
Cost of risk
31/12/12
31/12/11
1 823 234
1 568 707
24 370
230 157
884 399
559 155
2 232
10 617
312 395
334 002
4 701
467 223
137 922
1 272 837
1 794 654
1 619 102
78 806
96 746
1 218 174
1 046 161
43 680
128 333
120 516
5 181
258 331
142 996
696 996
SECTORAL INFORMATION
(in thousand MAD)
5.1. BALANCE SHEET
Morocco Bank
TOTAL ASSETS
Including
ASSET COMPONENTS
Loans and debts on credit and similar institutions
Loans and debts on customers
LIABILITIES COMPONENTS
Debts to credit and similar institutions
Debts to customers
SPECIALIZED FINANCE RETAIL BANK ABROAD
AND OFF SHORE BANK
COMPANIES
interco
Total
247 943 109
16 730 804
32 818 390
-26 057 608
271 434 696
14 707 650
25 215 796
156 886 408
12 649
15 956 427
-
6 498 966
9 675 141
11 627 718
376 934
-3 932 607
-22 010 945
-270 239
-
17 274 010
12 892 641
184 200 314
17 974 336
22 547 849
185 186 974
29 109 900
14 039 969
405 292
1 479 208
11 138 382
16 532 699
3 704 472
-22 237 090
-212 164
-3 313 828
25 489 110
201 912 801
30 979 752
(in thousand MAD)
5.2. PROFITS LOSSES ACCOUNT
Morocco Bank
SPECIALIZED FINANCE RETAIL BANK ABROAD
AND OFF SHORE BANK
COMPANIES
interco
Total
8 591 151
Interest margin
7 637 630
588 705
361 185
3 631
Margin on commissions
1 198 016
-17 814
556 671
-405 803
1 331 071
10 335 495
699 959
975 236
-505 391
11 505 299
Gross operating income
5 507 647
433 683
202 832
-
6 144 162
Operating income
4 451 208
169 060
251 057
-
4 871 325
Net income
2 892 733
114 663
201 395
-
3 208 791
NET INCOME GROUP SHARE
1 707 372
63 918
105 286
-
1 876 576
Net banking income
GROUPE BANQUE CENTRALE POPULAIRE (GBCP)
AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
FISCAL YEAR 1ST JANUARY TO 31ST TO DECEMBER 2012 EXERCICE
Deloitte Audit
288, Boulevard Zerktouni
Casablanca, Morocco
Mazars Audit et Conseil
101, Boulevard
Abdelmoumen
Casablanca, Morocco
To the Shareholders of BANQUE CENTRALE POPULAIRE
Casablanca
AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
FISCAL YEAR 1ST JANUARY TO 31ST TO DECEMBER 2012 EXERCICE
We have conducted the audit on the enclosed financial statement of BANQUE CENTRALE POPULAIRE and its subsidiaries, including the balance sheet at 31st December 2012, as well as the profits and losses account,
the global income statement, the shareholders’ equity variation statement and the cash flow table for the fiscal year ending at that date, in addition to the notes containing a summary of the principle accounting methods
and other explanatory material. These financial statements show the amount of consolidated shareholders’ equity of KMAD 30,979,752, including a net consolidated profit of KMAD 3,208,791.
Top Management Responsibility
The top management is responsible for the drawing up and true and sincere preparation of these financial statements in compliance with International Financial Reporting Standards (IFRS). This responsibility includes
the format, organisation and follow-up of internal control pursuant to the drawing up and presentation of the financial statements and the assurance that they contain no significant discrepancy resulting from fraud or
error, as well as the determination of the reasonable accounting estimates taking account of the prevailing circumstances.
Auditors’ Responsibility
It is our responsibility to put forth an opinion on the financial statements based on our audit. We have conducted our audit according to the professional standards practised in Morocco. These standards require that
we comply with the rules of ethics, planning and conducting the audit to obtain reasonable assurance that the summary financial statements comprise no significant discrepancy.
An audit implies the establishment of procedures designed to make possible the gathering of significant items concerning the amounts and information contained in the summary statements. The choice of the
procedures used is the decision of the auditor, as is the evaluation of whether the summary statements contain any significant discrepancies due to fraud or error. In carrying out the said risk evaluations, the auditor
takes into account the internal control in force in the entity with regard to the establishment and presentation of the summary statements so as to define the appropriate auditing procedure corresponding to the
prevailing circumstances and not in order to express an opinion on its effectiveness.
An audit also comprises an estimate of the pertinent nature of the accounting methods used and the reasonable character of the accounting estimates made by the management, as well as an evaluation of the overall
format of the summary statements.
Our judgement is that the significant items gathered are sufficient and pertinent enough for us to base our opinion.
Opinion on Summary Statements
Herewith we certify that the summary statements mentioned in the first paragraph hereabove give a fair and sincere image of the financial situation of the entities included in the consolidation as of 31st December 2012,
as well as of the financial performance and cash flows for the fiscal year ending at that date in compliance with International Financial Reporting Standards (IFRS).
Without challenging the opinion put forth hereabove, we call attention to note 2.9 of the Appendix which presents the strengthening on 31/12/2012 of the provisioning scope on an individual basis according to IFRS.
Casablanca, 25th March 2013
Deloitte Audit
Statutory Auditors
A. Benabdelkhalek
Associate
K. Mokdad
Managing Associate
BANQUE centrale POPULAIRE
CORPORATE ACCOUNTS 31 December 2012
BALANCE SHEET
(in thousand MAD)
(in thousand MAD)
Assets
Cash, central banks, public treasury, postal check services
Debts on credit and similar institutions
Short-term account
Long-term account
Customer debts
Cash and consumption loans
Equipment loans
Real Estate loans
Other loans
Debts acquired by factoring
Transaction and investment securities
Treasury bills and securities of the like
Ownership deeds
Other assets
Investment securities
Equity shares and similar
Subordinated debts
Fixed assets handed over as financial loans and rental
Intangible fixed assets
Tangible fixed assets
TOTAL ASSETS
31/12/12
3 157 624
20 978 480
3 824 335
17 154 145
78 645 330
33 543 346
19 287 017
20 171 993
5 642 974
2 301 695
21 103 973
11 123 772
1 088 606
8 891 595
1 975 502
16 954 605
16 036 134
918 471
8 020 665
1 154 240
183 180
2 012 627
156 487 921
31/12/11
3 281 599
19 659 192
5 059 154
14 600 038
78 595 524
31 848 641
21 871 397
19 558 304
5 317 182
1 451 212
15 550 286
7 747 638
712 801
7 089 847
1 461 621
16 549 349
15 800 246
749 103
7 704 006
1 154 245
163 844
1 740 622
147 311 500
PROFITS AND LOSSES ACCOUNT
(in thousand MAD)
BANK OPERATING INCOME
Interest and income on operations with credit institutions
Interest and income on customer operations
Interest and income of debt securities
Income on ownership deeds
Income on financial lease and rental fixed assets
Commissions on service provision
Other banking income
BANK OPERATING EXPENSES
Interest and expenses on operations with credit institutions
Interest and expenses on customer operations
Interest and expenses on debt securities issues
Expenses on financial leases and rental
Other bank expenses
NET BANKING
Nonbank revenues
Nonbank operating expenses
GENERAL OpeRATION EXPENSES
Payroll
Taxes and duty
External expenses
Other general operating expenses
Allocations to depreciation and provisions for tangible and intangible fixed assets
ALLOCATION TO PROVISIONS AND UNRECOVERABLE DEBT LOSSES
Allocations to provisions for debts and outstanding commitments by signature
Loss on provisions on unrecoverable debts
Other allocation to provisions
WRITE BACKS OF PROVISIONS AND RECOVERIES ON DEPRECIATED DEBTS
Write down from provisions for debts and outstanding commitments by signature
Recovery of depreciated debts
Other write backs from provisions
CURRENT INCOME
Non current income
Non current expenses
PRETAX INCOME
Income tax
NET INCOME OF FY
31/12/12
8 639 032
1 130 078
3 806 255
895 267
481 797
429 175
1 896 460
4 782 641
2 604 713
749 637
158 914
1 269 377
3 856 391
1 138 193
8
2 068 288
782 446
33 053
1 038 672
46 429
167 688
1 241 731
905 019
97 755
238 957
260 269
204 211
26 184
29 874
1 944 826
398 502
51 354
2 291 974
585 612
1 706 362
31/12/11
9 150 279
968 830
3 481 192
901 734
361 769
342 583
3 094 171
5 571 989
2 168 413
911 446
149 627
2 342 503
3 578 290
1 160 765
161 080
1 965 159
776 503
30 917
965 112
46 871
145 756
903 134
672 489
104 008
126 637
338 840
269 806
31 674
37 360
2 048 522
1 056 552
835 206
2 269 868
618 207
1 651 660
LIABILITIES
Central banks, Public treasury, postal check service
Debts to credit and similar institutions
Short-term
Long-term
Customer deposits
Savings accounts
Term accounts
Term deposits
Other creditor accounts
Bond borrowings
Other debt securities issues
Other liabilities
Provisions for risks and expenses
Regulated provisions
Subsidies, public funds assigned and special guarantee funds
Subordinated debts
Revaluation differences
Reserves and premiums linked to equity
Equity
Shareholders, unpaid capital (-)
Carried forward (+/-)
Net income pending assignment (+/-)
FY net income (+/-)
TOTAL LIABILITIES
31/12/12
21
78 225 095
54 918 560
23 306 535
49 554 642
30 594 855
3 646 816
12 185 555
3 127 416
3 927 674
3 927 674
1 408 559
1 276 070
2 804 259
1 554 658
13 911 204
1 731 419
387 958
1 706 362
156 487 921
31/12/11
12
73 698 432
55 447 964
18 250 468
49 877 859
27 909 208
3 352 188
15 676 145
2 940 318
3 071 943
3 071 943
1 348 776
1 125 831
3 042 663
1 554 658
10 006 346
1 562 606
370 714
1 651 660
147 311 500
(in thousand MAD)
OFF BALANCE SHEET
31/12/12
43 803 053
2 125 401
27 442 300
6 198 350
8 037 002
6 613 502
5 700
6 576 762
31 040
-
Commitments made
Financing commitments given to credit and similar institutions
Financing commitments given to customers
Guarantee commitments to credit and similar institutions
Guarantee commitment to customers
Securities purchased by repo
Other securities deliverable
Commitments received
Financing commitments received from credit and similar institutions
Guarantee commitments received from credit and similar institutions
Guarantee commitment received from State and various guarantee bodies
Securities sold by repo
Other securities receivable
MANAGEMENT BALANCE STATEMENT
31/12/11
35 846 574
2 927 642
19 805 448
5 006 997
8 082 940
23 547
7 304 378
6 960
7 257 538
31 039
8 841
(in thousand MAD)
INCOME FORMATION TABLE
(+) Interest and similar income
(-) Interest and similar expenses
INTEREST MARGIN
(+) Income from financial leases and rental fixed assets
(-) Expenses on financial leases and rental fixed assets
Income on financial leases and rental operations
(+) Commissions received
(-) Commissions served
MARGIN ON COMMISSIONS
(+) Income from transaction securities operations
(+) Income from investment securities operations
(+) Income from foreign exchange operations
(+) Income from derivative income operations
INCOME from MARKET OPERATIONS
(+) Various other bank income
(-) Various other bank expenses
NET BANKing INCOME
(+) Income from financial fixed asset operations
(+) Other non banking operating income
(-) Other non banking operating expenses
(-) General operating expenses
GROSS OPERATING INCOME
(+) Net allocations from write backs from provisions for debts and outstanding commitments by signature
(+) Other net allocations from provision write backs
CURRENT INCOME
NON CURRENT INCOME
(-) Income tax
NET FY INCOME
(+) Allocation to depreciation and provisions of intangible and tangible fixed assets
(+) Allocations to provisions for depreciation of financial fixed assets
(+) Allocations to provisions for general risks
(+) Allowances for regulated provisions
(+) Non current allocations
(-) Write backs from provisions
(-) Value added from sale of tangible and intangible fixed assets
(+) Capital loss from sale of tangible and intangible fixed assets
(-) Value added from sale of financial fixed assets
(+) Capital loss from investment subsidies
(-) Write backs from investment subsidies received
(+) SELF FINANCING CAPACITY
(-) Profits distributed
(+) SELF FINANCING
31/12/12
5 831 600
3 513 264
2 318 336
429 752
11 144
418 608
342 331
135 141
208 248
41 272
726 992
489 580
97 125
3 856 391
-62 072
1 138 193
8
2 068 288
2 864 216
-772 380
-147 010
1 944 826
347 148
585 612
1 706 362
167 688
67 002
100 000
4 930
549
8
2 035 581
687 547
1 348 034
31/12/11
5 351 756
3 229 486
2 122 270
347 105
8 606
338 499
253 512
395 128
188 238
1 628
838 506
363 075
84 061
3 578 289
-249 799
1 160 765
1 965 158
2 524 097
-475 016
-559
2 048 522
221 345
618 207
1 651 660
145 756
96 795
29
800 000
8 076
84 831
161 080
2 762 413
531 286
2 231 127
BANQUE CENTRALE POPULAIRE (BCP)
GENERAL REPORT OF STATUTORY AUDITORS
FISCAL YEAR 1ST JANUARY TO 31ST DECEMBER 2012
Deloitte Audit
288, Boulevard Zerktouni
Casablanca, Morocco
101, Boulevard
Abdelmoumen
Casablanca, Morocco
To the Shareholders of BANQUE CENTRALE POPULAIRE
Casablanca
GENERAL REPORT OF STATUTORY AUDITORS
FISCAL YEAR 1ST JANUARY TO 31ST DECEMBER 2012
In compliance with the mission entrusted to us by your General Meeting, we have conducted the audit of the enclosed summary statements of BANQUE CENTRALE POPULAIRE, comprising the balance sheet, the income statement, the management
balance statement, the cash flow table and the complementary information table (ETIC) pursuant to the fiscal year ending on 31st December 2012. The said summary statements show shareholders’ equity and similar at KMAD 22,095,860, including a
net profit of KMAD 1,706,362.
Top Management Responsibility
The top management is responsible for the drawing up and true and sincere preparation of these financial statements in compliance with International Financial Reporting Standards (IFRS). This responsibility includes the format, organisation and follow-up
of internal control pursuant to the drawing up and presentation of the financial statements and the assurance that they contain no significant discrepancy resulting from fraud or error, as well as the determination of the reasonable accounting estimates
taking account of the prevailing circumstances.
Auditors’ Responsibility
It is our responsibility to put forth an opinion on the financial statements based on our audit. We have conducted our audit according to the professional standards practised in Morocco. These standards require that we comply with the rules of ethics,
planning and conducting the audit to obtain reasonable assurance that the summary statements comprise no significant discrepancy.
An audit implies the establishment of procedures designed to make possible the gathering of significant items concerning the amounts and information contained in the summary statements. The choice of the procedures used is the decision of the
auditor, as is the evaluation of whether the summary statements contain any significant discrepancies due to fraud or error. In carrying out the said risk evaluations, the auditor takes into account the internal control in force in the entity with regard to the
establishment and presentation of the summary statements so as to define the appropriate auditing procedure corresponding to the prevailing circumstances and not in order to express an opinion on its effectiveness.
An audit also comprises an estimate of the pertinent nature of the accounting methods used and the reasonable character of the accounting estimates made by the management, as well as an evaluation of the overall format of the summary statements.
Our judgement is that the significant items gathered are sufficient and pertinent enough for us to base our opinion.
Opinion on Summary Statements
We have also conducted the specific checks required by law, and we are convinced of the concordance of the information given in the Board of Directors’ Management Report addressed to the shareholders along with the Bank summary statements.
In compliance with the provisions of Article 172 of Law 17-95 as amended by Law 20-05, herewith we inform you of the main interests and control taken out by BANQUE CENTRALe POPULAIRE during fiscal year 2012:
• BP OUTSOURCING PROCESS: Stake acquisition representing 52% of corporate capital.
• ATLANTIC BUSINESS INTERNATIONAL (ABI): Stake acquisition representing 50% of corporate capital.
Casablanca, 25th March 2013
Statutory Auditors
Deloitte Audit
A. Benabdelkhalek
K. Mokdad
Associate Manager Associate
Herewith we certify that the summary statements mentioned in the first paragraph hereabove give a fair and sincere image of the outcomes and operations of the past fiscal year, as well as of the financial situation and assets of BANQUE CENTRALE
POPULAIRE as of 31st December 2012 in compliance with the terms of reference of financial reporting in Morocco.
Verifications and Specific Information
123
CASH FLOW TABLE
DEBTS ON CREDIT AND SIMILAR INSTITUTIONS
(in thousand MAD)
31/12/12
1) Bank operating income received
2) Recovery of depreciated debts
3) Non banking operating income received
4) Non banking operation expenses paid
(in thousand MAD)
7 666 604
8 263 625
26 183
31 674
797 742
1 052 038
(5 710 313)
(6 253 343)
5) Non banking operating expenses paid
6) General operation expenses paid
31/12/11
(51 204)
(35 207)
(1 897 056)
(1 815 130)
(585 612)
(618 207)
246 344
625 450
(1 319 288)
(3 485 329)
7) Income tax paid
I- NET CASH FLOW FROM PROFITS AND LOSSES ACCOUNT
Variation in:
8) Debts on credit and similar institutions
9) Customer debts
(900 289) (14 416 946)
10) Transaction and investment securities
(4 703 687)
(3 971 255)
(513 805)
46 725
-
-
13) Debts to credit and similar institutions
4 526 663
6 349 721
14) Customer deposits
(589 563)
4 910 193
855 731
1 069 749
59 783
(117 057)
11) Other assets
12) Fixed assets for financial leases and rentals
15) Debt securities issued
16) Other liabilities
II- BALANCE OF VARIATIONS ON OPERATING ASSETS AND LIABILITIES
(2 584 455) (9 614 199)
III- NET CASH FLOW FROM OPERATING ACTIVITIES (I+II)
(2 338 111) (8 988 749)
17) Income from sale of financial fixed assets
2 045 839
18) Income from sale of tangible and intangible fixed assets
19) Acquisition of financial assets
1 194 782
4 314
110 451
(3 779 860)
(640 920)
(626 468)
20) Acquisition of tangible and intangible fixed assets
(462 952)
21) Interest paid
878 663
940 755
22) Dividends paid
397 522
354 586
(916 474)
1 333 186
IV- NET CASH FLOW FROM INVESTMENT ACTIVITIES
23) Subsidies, public funds and special guarantee funds received
500 000
-
-
-
3 393 148
4 476 867
24) Issuance of subordinated debts
25) Share issues
26) Reimbursement of shareholders’ and similar equity
-
-
(75 000)
(75 000)
(687 547)
(531 286)
3 130 601
3 870 581
(3 784 982)
27) Interest paid
28) Dividends paid
V- NET CASH FLOWS FROM FINANCING ACTIVITIES
VI- NET CASH FLOW VARIATION (III+IV+V)
(123 984)
VII – CASH POSITION AT OPENING OF FISCAL YEAR
3 281 587
7 066 569
VIII – CASH POSITION AT CLOSURE OF FISCAL YEAR
3 157 603
3 281 587
PRINCIPLE METHODS OF EVALUATION APPLIED
INDICATION OF EVALUATION METHODS APPLIED BY THE INSTITUTION
*Application of evaluation methods stipulated by the accounting plan of credit institutions (P.C.E.C.) entered
into force on 01/01/2000, updated in October 2007 and applicable as of 01/01/2008.
STATEMENT OF CHANGES IN METHOD
JUSTIFICATION OF CHANGES
I- Change affecting evaluation methods
NIL
II- Change affecting format rules
INFLUENCE ON ASSETS,
FINANCIAL SITUATION AND
INCOME
NIL
STATEMENT OF WAIVERS
INDICATION OF WAIVERS
JUSTIFICATION OF WAIVERS
INFLUNCE ON ASSETS,
FINANCIAL SITUATION AND
INCOME
I- Waivers to fundamental accounting
principles
II- Waivers to evaluation methods
III- Waivers to the rules governing
the devising and format of summary
statements
NIL
ORDINARY DEBTOR ACCOUNTS
SECURITIES RECEIVED IN REPURCHASE
- Day to day
- Forward
CASH FLOW LOANS
- Daily
- Time
FINANCIAL LOANS
OTHER DEBTS
INTEREST RECEIVABLE
OUTSTANDING DEBTS
TOTAL
NIL
2 785 737
500 000
Daily
Time
45
3 285 782
Banks in
Morocco
DEBTS
CASH FLOW LOANS
- Debtor sight accounts
- Commercial loans in Morocco
- Export loans
- Other cash loans
CONSUMER LOANS
EQUIPMENT LOANS
REAL ESTATE LOANS
OTHER LOANS
DEBTS ACQUIRED BY FACTORING
INTEREST RECEIVABLE
OUTSTANDING DEBTS
- Pre-doubtful debts
- Doubtful debts
- Compromised debts
TOTAL
Other credit
and similar
institutions in
Morocco
Credit
institutions
abroad
Total
31/12/12
(in thousand MAD)
PUBLIC
SECTOR
1 839 200
1 489 200
350 000
2 533 259
1 859 580
84 402
6 316 441
PRIVATE SECTOR
Non
Other
Financial
financial
customers
institutions institutions
42 959 28 628 460
757 767
42 959 14 249 072
49 404
- 2 460 797
66 385
- 11 852 206
708 363
- 1 999 756
617 500 15 476 730
202 387
- 10 880 637 9 153 491
1 818
3 127 073
538
- 2 277 937
679 045
15 048
124 036
416 625
228 777
62 745
87 190
40 382
42 604
313 498
98 983
3 802 580 58 361 252 12 466 752
Total
31/12/2012
Total
31/12/2011
31 268 386
15 830 635
2 460 797
66 385
12 910 569
1 999 756
18 829 876
20 034 128
4 989 009
2 277 937
902 531
645 402
149 935
82 986
412 481
80 947 025
29 608 959
18 088 294
2 083 371
40 745
9 396 549
2 046 801
21 446 515
19 409 714
4 384 705
1 439 906
777 658
932 477
191 461
377 487
363 529
80 046 735
BREAKDOWN OF TRANSACTION AND INVESTMENT
SECURITIES
SECURITIES
Total
31/12/11
1 593 717
249 889 1 458 496 6 087 839 7 088 931
12 300
12 300
910 000
100 000 5 101 285 6 611 285 6 386 139
500 000
952 000
910 000
100 000 5 101 285 6 111 285 5 434 139
328 572 10 375 976
- 10 704 548 8 835 836
215 895
43
215 938
140 595
14 454
115 417
14 692
144 608
135 240
60 000
3 062 638 10 841 282 6 574 516 23 764 218 22 659 041
CUSTOMER DEBTS
Gross book value
Current value
(in thousand MAD)
Reimbursement Underlying value Underlying capital
value
added
losses
17 385 650 17 385 650 11 007 600
TRANSACTION SECURITIES
Treasury bills and similar securities 10 670 255 10 670 255 10 389 700
Bonds
46 676
46 676
45 600
583 534
583 534
572 300
Ownership titles
6 085 185 6 085 185
INVESTMENT TRANSACTIONS
3 831 265 3 718 322
864 050
462 178
453 516
413 650
Bonds
458 396
458 396
450 400
Ownership titles
2 910 691 2 806 410
INVESTMENT SECURITIES
16 957 847 16 954 605 15 640 748
Treasury bills and similar securities 16 039 376 16 036 134 14 757 250
Bonds
791 424
791 424
760 829
127 047
127 047
122 669
GRAND TOTAL
38 174 762 38 058 577 27 512 398
Provisions
-
-
-
-
112 943
8 662
112 943
8 662
-
104 281
3 242
3 242
104 281
3 242
3 242
-
116 185
116 185
BREAKDOWN OF TRANSACTION AND INVESTMENT SECURITIES PER ISSUER CATEGORY
(in thousand MAD)
SECURITIES
* The summary statements are issued in compliance with the provisions of P.C.E.C.
TYPE OF CHANGE
DEBTS
Bank Al-Maghrib,
Public Treasury
and Postal Check
Service
QUOTED SECURITIES
Bonds
Ownership titles
NON QUOTED SECURITIES
Bonds
Ownership titles
TOTAL
Credit and
similar institutions
PRIVATE ISSUERS
Public
issuers
185 593
8 713
176 880
894 702 27 935 094
- 27 159 905
184 121
188 566
710 581
586 623
1 080 295 27 935 094
Financial
66
66
8 127 705
8 127 705
8 127 771
Total
31/12/12
Total
31/12/11
279 908
465 567
279 587
288 300
321
177 267
635 509 37 593 010
- 27 159 905
635 509 1 008 196
710 581
8 714 328
915 417 38 058 577
7 074 922
7 074 922
25 024 713
23 547 884
1 043 518
418 385
14 925
32 099 635
Non
financial
DETAILS OF OTHER ASSETS
OPTIONAL INSTRUMENTS
VARIOUS SECURITIES OPERATIONS (DEBTOR)
Sums paid and recoverable from issuers
Other settlement accounts for securities operations
VARIOUS DEBTORS
- Sums payable by the States
- Sums payable by providence bodies
- Various sums owed by staff
- Customer account for non banking services
- Various other debtors
Various amounts and uses
- Various amounts and uses
Adjustment accounts off balance sheet (debtor)
Currency divergence accounts and securities (debtor)
Potential losses on unsettled coverage operations
Losses spread out over settled coverage expenses
Losses to be spread over several fiscal years
Linkage accounts between headquarters and branch office in Morocco (debtor)
Income receivable and expenses entered in advance
- Income receivable
- Expenses entered in advance
Transitory or pending accounts debtors
Outstanding debts on various operations
Provisions for outstanding debts on various operations
TOTAL
(in thousand MAD)
31/12/2012 31/12/2011
4 107
1 532
1 011 978
779 217
152 876
190 120
623
1 026
5 572
4 155
852 907
583 916
17 939
17 414
17 939
17 414
100 917
10 024
157 989
131 355
22 624
99 387
229 954
153 591
220 269
149 670
9 685
3 921
429 994
269 101
1 975 502
1 461 621
EQUITY SECURITIES AND SIMILAR USES
Name and activity of issuer company
A/ EQUITY IN LINKED ENTERPRISES
CHAABI INTER.BANK OFF SHORE (CIB)
CHAABI BANK
BPMC
BPMG
ATLANTIC BUSINESS INTERNATIONAL (ABI)
MEDIAFINANCE
VIVALIS SALAF
FONDS MOUSSAHAMA 1
BP SHORE (ESSOUKNA)
CHAABI LLD
MAROC ASSISTANCE INTERNATIONALE
DAR ADDAMANE
STE H. PARTNERS GESTION
UPLINE GROUPE
GENEX PARTICIPATION
SCI OASIS YVES
SCI AL MASSIRA
SCI OASIS PAPILLON
SCI OASIS JEAN
CHAABI CAPITAL INVESTISSEMENT
CHAABI DOC NET
BANK AL AMAL
SIBA
FONDS MOUSSAHAMA 2
MAROC LEASING
SCI DAIT ROUMI II
BP OUTSOURCING PROCESS
BPR
B) OTHER EQUITY SECURITIES
IDMAJ SAKANE
SOGEPOS
BENAF
REGIONAL GESTION
SOCIETE MONETIQUE INTERBANCAIRE
MITC
EUROCHEQUE
MITC CAPITAL
MOROCCAN FINANCIAL BOARD
FIROGEST
CASABLANCA TRANSPORTs
CASABLANCA AMENAGEMENT
C) PORTFOLIO ACTIVITY SECURITIES
AWB MOROCCO MAURITANIE
UNIVERSITE INTERNATIONALE DE RABAT
D) SIMILAR ACTIVITIES
OCP
UBAF
BACB
UBAE
OTHER
Grand Total
Sector of activity
(in thousand MAD)
Corporate capital
in thousands
Rate of
equity
Offshore bank
2 200 USD
Bank
30 000 EUR
Bank
8 127 054 FCFA
Banque
50 000 000 GNF
Holding company
113 964 700 FCFA
Capital market
206 403
Construction loan°
177 000
Investment fund
36 400
Real Estate
150 000
Long duration rental
31 450
Assistance
50 000
Credit guarantee
75 000
Management company
5 000
Investment bank
46 784
Portfolio management
1 250
Real Estate
15
Real Estate
10
Real Estate
8
Real Estate
15
Investment fund
600 000
Services
36 626
Bank
600 000
Real Estate
3 333
Investment fund
400 000
Financial leasing
277 677
Real Estate
10
Holding company
5 000
Banks
70,00%
100,00%
62,50%
55,53%
50,00%
60,00%
64,01%
99,86%
51,00%
73,62%
77,43%
5,71%
50,00%
74,87%
100,00%
99,67%
95,00%
99,33%
99,67%
49,00%
31,84%
24,01%
90,10%
60,00%
53,11%
90,00%
52,00%
Real Estate
Service
Real Estate
Management company
Services
Services
Services
Management company
Financial
Management firm
Services
Services
20 000
35 000
192
1 000
98 200
46 000
1 500
2 000
140 000
2 000
140 000
40 000
10,00%
13,20%
100,00%
18,00%
13,24%
17,50%
17,48%
20,00%
14,29%
12,50%
10,71%
12,50%
14 940 EUR
111 000
33,03%
45,05%
8 287 500
250 727 EUR
79 453 LS
151 061 EUR
3,88%
4,99%
8,26%
4,66%
Financial
Education
Industry
Bank
Bank
Bank
Gross book Translation Cumulative
value
difference provisions
4 056 630
12 981
349 688
18 652
89 353
968 286
141 052
166 842
78 028
76 500
23 152
71 267
4 319
2 500
760 375
1 360
3 282
814
1 936
294 000
4 271
143 875
59 200
240 000
493 623
9
2 600
48 665
91 266
2 000
4 622
22 828
180
12 853
8 050
84
400
20 000
250
15 000
5 000
105 003
55 003
50 000
4 005 427
3 300 000
139 417
170 426
92 103
303 482
8 258 326
10 177
91
3 534
2 374
5 581
-1 403
-641
-641
5 606
-1 461
7 474
-965
558
15 142
196 795
78 028
1 654
51
13 122
103 940
10 371
10 111
177
84
15 352
-
15 352
222 519
Net book
value
3 849 657
12 890
346 154
16 279
83 772
969 689
141 052
166 842
76 500
21 499
71 267
4 319
2 500
760 375
1 309
3 282
814
1 936
280 878
4 271
143 875
59 200
136 060
493 623
9
2 600
48 665
80 895
2 000
4 622
12 717
180
12 853
7 873
400
20 000
250
15 000
5 000
105 644
55 644
50 000
3 984 469
3 300 000
140 878
162 952
93 068
287 572
8 020 665
Extract of last summary statements of issuer company
Date of closing Net situation
fiscal year
Net income
Currency
31-Dec-11
30-June-12
31-Dec-11
30-June-12
8 732
40 689
13 563 740
62 868 903
3 276
180
3 434 971
8 321 947
USD
EUR
FCFA
GNF
30-June-12
30-June-12
31-Dec-11
31-Dec-11
30-June-12
30-June-12
31-Dec-11
31-Dec-11
31-Dec-11
31-Dec-11
31-Dec-10
31-Dec-10
31-Dec-10
31-Dec-10
30-June-12
31-Dec-11
31-Dec-11
31-Dec-10
31-Dec-11
30-June-12
31-Dec-10
30-June-12
208 765
426 017
-54 156
197 246
29 182
164 738
222 226
17 335
423 943
1 309
-926
-3 111
-362
-45
467 118
49 899
789 495
21 914
311 085
759 370
80
2 297
1 562
33 581
-91 832
6 798
104
17 753
4 020
6 602
65 695
-1
-176
-184
-19
-16
-1 238
6 836
26 175
15 534
-46 144
33 538
-2
-27
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
31-Dec-10
31-Dec-11
31-Dec-09
31-Dec-11
31-Dec-10
31-Dec-11
31-Dec-03
31-Dec-11
31-Dec-11
31-Dec-11
31-Dec-10
31-Dec-11
33 518
38 918
12 717
-75
195 402
44 990
470
1 833
104 605
3 412
584 070
40 728
4 579
-1 489
12 799
-1 760
48 147
1 213
-51
-285
-11 079
-57
-777
5 642
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
MAD
30-June-11
75 812
-13 452
MAD
30-June-12
31-Dec-11
31-Dec-11
29-févr-12
39 005 000
284 483
178 887
213 617
6 814 000
19 875
238
11 741
MAD
EUR
LS
EUR
INCOME
LISTED IN
CPC
147 265
10 165
25 441
4 138
11 308
12 316
20 000
37 437
1 050
22 120
3 290
7 800
7 800
-
SUBORDINATED DEBTS
242 456
220 884
9 753
9 810
2 009
397 521
(in thousand MAD)
RELATED
Global
Amount
Subordinated debts
Subordinated securities of credit and similar institutions
Subordinated customer loans
Subordinated loans credit and similar institutions
Subordinated customer loans
Subordinated outstanding debts
Charges reserved to subordinated debts
Credit and
similar
institution
Finance
companies
Non finance
companies
Other similar
types
1 154 240
1 154 240
31/12/12
31/12/11
1 154 240
1 154 240
1 154 245
1 154 245
(-) Provisions for outstanding subordinated debts
INTANGIBLE AND TANGIBLE FIXED ASSETS
(in thousand MAD)
DEPRECIATION AND/OR PROVISIONS
Lease rights
Fixed assets for research and development
Other operating intangible fixed assets
Intangible operating fixed assets
OPERATING BUILDING
Gross amount at
beginning of FY
Amount of acquisition during FY
Amount of sale
or withdrawals
during FY
Gross amount at
end of FY
Amount of
depreciation and/
or provisions at
beginning of FY
Amount of depreciation on fixed
assets exited
Allocations
during FY
Net amount at end
of FY
Cumulative
amount
376 108
58 917
2 910
432 115
212 264
36 913
242
248 935
183 180
94 013
7 300
1 643
99 671
-
-
-
-
99 671
-
-
-
-
-
-
-
-
-
282 095
51 617
1 267
332 444
212 264
36 913
242
248 935
83 509
-
-
-
-
-
-
-
-
-
3 120 654
485 666
111 812
3 494 508
1 380 033
130 774
28 926
1 481 881
2 012 627
916 346
110 305
382
1 026 270
448 812
35 508
378
483 942
542 328
Operating land
132 767
-
-
132 767
-
-
-
-
132 767
Office buildings
783 579
110 305
382
893 503
448 812
35 508
378
483 942
409 561
-
-
-
-
-
-
-
-
-
511 850
59 375
31 205
540 020
367 212
36 394
26 259
377 346
162 674
Office furniture
157 265
10 042
5 732
161 574
104 855
8 744
5 732
107 867
53 707
Office furniture
26 017
4 230
1 646
28 601
21 260
1 272
1 646
20 886
7 714
250 068
15 144
12 473
252 739
204 013
17 053
11 292
209 774
42 965
Service residential buildings
OPERATING FURNITURE AND MATERIAL
Computer equipment
Operational rolling stock
Other operating equipment
OTHER OPERATIONAL TANGIBLE FIXED ASSETS
3 079
2
330
2 751
2 439
188
330
2 298
453
75 422
29 957
11 024
94 355
34 645
9 138
7 261
36 521
57 834
367 796
49 100
303
416 593
228 288
25 819
89
254 018
162 575
1 324 662
266 886
79 922
1 511 625
335 721
33 054
2 199
366 575
1 145 050
Non operational land
551 704
227 364
70 000
709 068
-
-
-
-
709 068
Non operating Buildings
627 820
29 176
87
656 909
263 612
21 978
87
285 503
371 406
Non operating furniture and equipment
55 686
4 857
5 534
55 010
31 987
3 945
1 083
34 849
20 161
Other non operating tangible fixed assets
89 452
5 488
4 301
90 639
40 121
7 131
1 029
46 223
44 415
3 496 762
544 583
114 722
3 926 623
1 592 297
167 688
29 168
1 730 817
2 195 807
FIXED TANGIBLE ASSETS NO IN OPERATION
TOTAL
FIXED ASSETS
125
TANGIBLE AND INTANGIBLE FIXED ASSETS SALE
(in thousand MAD)
Gross book
value
- Lease rights
- Research and development fixed assets
- Other operating intangible fixed assets
- Non operating intangible fixed assets
- OPERATIONAL BUILDING
Operational land
Office buildings
Service residential buildings
- OPERATIONAL FURNITURE AND EQUIPMENT
Office furniture
Office equipment
Computer equipment
Operating rolling stock
Other operating equipment
- OTHER OPERATING TANGIBLE FIXED ASSETS
- NON OPERATING TANGIBLE FIXED ASSETS
Non operating land
Non operating buildings
Non operating furniture and equipment
Other non operating tangible fixed assets
TOTAL
242
242
31 844
379
379
30 024
5 732
1 646
11 292
330
11 024
80
1 362
87
1 091
184
32 086
DEBTS TO CREDIT AND SIMILAR INSTITUTIONS
(in thousand MAD)
Credit and similar institutions in
Morocco
DEBTS
Bank AlMaghrib Public
Treasury Post
Office check
services
Banks in
Morocco
4 56 602 261
ORDINARY CREDITOR ACCOUNTS
611 205
SECURITIES UNDER MANAGEMENT 13 135 360
- Daily
13 135 360
611 205
- Forward
77 000
427 690
CASH FLOW BORROWINGS
427 690
- Daily
77 000
- Forward
22 137
FINANCIAL BORROWINGS
3 391
344 496
OTHER DEBTS
15 654
680 003
INTEREST PAYABLE
13 253 546 58 665 655
TOTAL
Other credit and
similar institutions
78 618
0
4 560 960
200 000
4 360 960
5 596
4 645 174
Foreign credit
institutions
85 610
1 571 446
320 858
1 250 588
2 019
1 666
1 660 741
Total
31/12/12
56 766 493
13 746 565
59 667 950
6 274 255
13 746 565
6 637 096
948 548
5 688 548
24 156
347 887
702 919
78 225 116
6 274 255
6 858 428
55 548
6 802 880
27 928
175 755
694 128
73 698 444
CUSTOMER DEPOSITS
DEPOSITS
CREDITOR SIGHT ACCOUNTS
SAVING ACCOUNTS
FORWARD DEPOSITS
OTHER CREDITOR ACCOUNTS
INTEREST PAYABLE
TOTAL
Public
sector
1 091 266
3 500 000
43 455
4 634 721
Total
31/12/11
(in thousand MAD)
PRIVATE SECTOR
Total
Total
Finance
Non finance
Other
31/12/12
31/12/11
companies
companies
customers
2 299 185 13 141 772 14 058 704 30 590 927 27 906 014
- 3 619 580 3 619 580
3 327 891
1 427 900
680 786 6 427 591 12 036 277 15 442 263
4 494 1 160 862 1 961 887 3 127 243 2 940 158
17 969
10 295
108 896
180 615
261 532
3 749 548 14 993 715 26 176 658 49 554 642 49 877 858
Cumulative
depreciation and/or
provisions for
depreciation
242
242
27 921
378
378
26 259
5 732
1 646
11 292
330
7 261
80
1 204
87
1 083
34
28 163
Net book
value
Income from
sale
3 923
1
1
3 764
0
1
0
3 763
158
8
150
3 923
Sale value
added
4 314
2
2
4 290
187
7
11
82
4 004
0
21
1
19
1
4 314
Sale capital
loss
549
2
2
527
186
7
11
82
241
0
20
1
18
0
549
-158
-1
-1
-1
-0
-1
-0
-156
-6
-150
-158
DETAILS ON OTHER LIABILITIES
(in thousand MAD)
31/12/12
2 354
191 909
600 376
123 225
71 327
129
1 457
404 238
2 507
43
482 166
436 071
46 095
129 204
1 408 559
OPTIONAL INSTRUMENTS SOLD
Securities operation settlement accounts
Debts on securities
Payment to be made on unpaid securities
Provisions for financial service to issuers
Sums paid by customer and repayable to issuers
Miscellaneous creditors
- Sums payable to the State
- Sums owed to provident entities
- Various sums payable to shareholders and associated
- Sums payable to staff
- Suppliers of goods and services
- Various other creditors
Adjustment accounts off balance sheet
Divergence accounts on currency and securities
Potential gains on unsettled coverage operations
Gains spread out over settled coverage operations
Linkage accounts between headquarters and branch offices in Morocco (creditor)
Expenses payable and income identified in advance
- Expenses payable
- Income identified in advance
Creditor transitory or pending accounts
TOTAL
31/12/11
1 860
142 339
537 362
77 301
69 454
112
3 338
387 157
147 725
93
412 686
371 698
40 988
106 711
1 348 776
PROVISIONS
(in thousand MAD)
Outstanding
31/12/2011
PROVISIONS DEDUCTED FROM ASSETS
Debts credit institutions and similar
Customer debts
Ownership and similar resources
Financial lease and rental fixed assets
Other assets
PROVISIONS ENTERED IN LIABILITIES
Provisions for risk of commitments by signature
Provisions for foreign exchange risks
Provisions for general risks
Provisions for retirement pensions and similar obligations
Provisions for other risks and expenses
Regulated provisions
GRAND TOTAL
SUBSIDIES, PUBLIC FUNDS ASSIGNED AND
SPECIAL GUARANTEE FUNDS
31/12/2012
SUBSIDIES AND PUBLIC FuNDS ASSIGNED
Investment subsidies received
- Investment subsidies received
- Investment subsidies received and registered in CPC
Public funds assigned
- Public funds assigned
Special guarantee funds
Mutual guarantee funds
- Mutual guarantee funds
- Other special guarantee funds
- Crédit Populaire du Maroc support fund
Allocations
Write backs
Other variations
1 728 179
68 820
1 401 151
99 994
158 215
1 004 157
60 000
844 916
32 241
67 000
222 541
-3 782
203 794
16 050
2 697
-3 782
1 125 832
80 349
82 129
800 000
33 845
129 508
2 854 011
172 056
102
710
100 000
20 151
51 093
25 360
417
3 543
3 543
21 654
3 289
1 503
-1 503
1 176 213
247 901
-239
DEBT SECURITIES ISSUED 31/12/2012
(in thousand MAD)
31/12/2011
2 804 259
3 042 663
2 804 259
3 042 663
2 506 013
128 820
2 038 491
116 185
222 518
1 276 071
83 577
82 839
900 000
33 845
175 809
3 782 084
(in thousand MAD)
CHARACTERISTICS
NATURE DES TITRES
Date of
availability
Certificates of deposit
Interest payable
TOTAL
27/04/12
25/05/12
12/11/12
12/11/12
31/12/12
Maturity
26/04/13
24/05/13
11/02/13
13/05/13
02/04/13
Nominal
value
rates
1 000 000
2 000 000
445 000
255 000
150 000
3,83%
3,90%
3,75%
3,85%
3,70%
Method of
reimbursement
In Fine
In Fine
In Fine
In Fine
In Fine
31/12/12
1 000 000
2 000 000
445 000
255 000
150 000
77 674
3 927 674
FIXED ASSETS GIVEN AS FINANCIAL LEASE AND
RENTAL ON 31/12/2012
FIXED ASSETS GIVEN AS FINANCIAL LEASE AND RENTAL
NIL
SUBORDINATED DEBTS
(in thousand MAD)
GLOBAL
AMOUNT
SUBORDINATED DEBTS
FIXED DURATION SUBORDINATED DEBTS
Fixed duration subordinated securities
Fixed duration subordinated borrowing with credit institutions
Fixed duration borrowings from customers
OPEN DURATION SUBORDINATED DEBTS
Open duration subordinated debts
Open duration subordinated borrowings with credit institutions
Subordinated open borrowings with customers
INTEREST PAYABLE
Outstanding
31/12/2012
1 554 658
1 500 000
119 000
1 381 000
54 658
NON
APPARENTE
1 431 321
1 381 000
119 000
1 262 000
50 321
CREDIT AND
SIMILAR
INSTITUTIONS
-
RELATED
FINANCE
FINANCE
NON FINANCE
AND SIMILAR
COMPANIES
COMPANIES
INSTITUTIONS
102 193
21 144
98 600
20 400
98 600
20 400
3 593
744
-
FISCAL YEAR
31/12/12
1 554 658
1 500 000
119 000
1 381 000
54 658
FISCAL YEAR
31/12/11
1 554 658
1 500 000
119 000
1 381 000
54 658
(in thousand MAD)
Reserves and premiums linked to equity
Legal reserve
Other reserves
Issue, merger and contribution premiums
Capital
Called up capital
Non called up capital
Investment certificates
Allocation funds
Shareholders, unpaid capital
Carried forward (+/-)
Net income pending assignment (+/-)
Net income in FY (+/-)
Total
Outstanding
31/12/11
10 006 346
66 411
3 683 339
6 256 596
1 562 606
1 562 606
Assignment of
income
680 523
82 583
597 940
Other
variations
3 224 335
3 224 335
168 813
168 813
370 714
387 958
1 651 660
13 591 326
1 068 481
3 393 148
Outstanding
31/12/12
13 911 204
148 994
4 281 279
9 480 931
1 731 419
1 731 419
387 958
1 706 362
17 736 943
FINANCING AND GUARANTEE COMMITMENTS
SECURITIES RECEIVED AND GIVEN AS GUARANTEES
(in thousand MAD)
Securities received as guarantee
Other securities
Mortgages
Other securities
TOTAL
Net book value
150 178
16 844 982
1 646 357
54 845 675
73 487 192
Securities received as guarantee
Net book value
Other securities
Mortgages
Other securities
TOTAL
Assets or off balance
sheet recorded debts
or commitments by
signature given
-
Amounts of debts
and commitments
by signature given
and covered
-
-
-
Assets or off balance
sheet recorded debts
or commitments by
signature given
374 300
88 820
463 120
Amounts of debts
and commitments
by signature given
and covered
-
-
-
-
(in thousand MAD)
31/12/12
43 926 875
2 125 401
2 125 401
27 442 300
12 269 576
1 968 819
13 203 905
6 198 350
1 108 714
5 089 636
8 160 824
152 904
2 240 383
5 643 715
123 822
6 613 503
5 701
5 701
6 576 762
6 576 762
31 040
31 040
-
31/12/11
35 992 787
2 927 642
2 927 642
19 805 447
7 526 072
1 323 981
10 955 394
5 006 997
865 917
4 141 080
8 229 154
22 001
2 064 658
5 996 282
146 213
23 547
7 304 378
6 960
6 960
7 257 538
7 257 538
31 039
31 039
8 841
COMMITMENTS ON SECURITIES
(in thousand MAD)
31/12/12
NIL
COMMITMENTS GIVEN
Securities purchased repos
Securities to be delivered
- Primary market
- Grey market
- Regulated markets
- Over the counter market
- Other
COMMITMENTS RECEIVED
Securities sold repos
Securities receivable
- Primary market
- Grey market
- Regulated markets
- Over the counter market
- Other
31/12/11
23 547
23 547
23 547
8 841
8 841
8 841
-
FORWARD FOREIGN EXCHANGE OPERATIONS AND
COMMITMENTS ON DERIVATIVE PRODUCTS
(in thousand MAD)
FORWARD FOREIGN EXCHANGE OPERATIONS
Currency receivable
Dirhams to be delivered
Currency to be delivered
Dirhams receivable
Including currency financial swaps
COMMITMENTS ON DERIVATIVE PRODUCTS
Commitments on regulated interest rate markets
Commitments on interest ate over the counter markets
Commitments on regulated foreign exchange markets
Commitments on regulated foreign exchange markets
Commitments on over the counter markets of other instruments
Commitments on over the counter markets of other instruments
Coverage operations
31/12/12
31/12/11
35 735 840
31 345 030
14 690 939
11 172 574
944 990
1 159 599
16 872 687
14 578 033
3 227 224
4 434 824
225 215
46 288
24 993
44 736
200 222
1 552
BREAKDOWN OF FINANCIAL RESOURCES
ACCORDING TO RESIDUAL DURATION
(in thousand MAD)
D<1 month
1 month<D
<3 months
3 months <1
year
1year <D<5
years
D>5 years
TOTAL
ASSETS
Debts to credit institutions
and similar
2 101 507
3 459 434
5 885 769
5 369 122
Customer debts
6 911 794
13 374 215
11 258 122
18 245 715
11 726 779
61 516 625
76 023
1 039 934
5 462 113
11 683 667
10 357 204
28 618 941
309 907
829 500
1 139 407
35 608 411
22 913 483
108 090 805
Debt securities
Subordinated debts
16 815 832
Financial leases and similar
TOTAL
9 089 324
17 873 583
22 606 004
11 295 475
6 764 387
1 399 407
3 165 516
3 812 463
4 438 256
445 000
3 405 000
LIABILITIES
Debts to credit institutions
and similar
Customer debts
12 036 522
3 850 000
1 500 000
Subordinated borrowings
TOTAL
19 459 269
620 287
14 460 991
11 021 850
9 242 663
1 500 000
2 120 287
-
36 845 791
BREAKDOWN OF ASSETS, LIABILITIES AND OFF
BALANCE SHEET IN FOREIGN CURRENCIES
(in thousand MAD)
31/12/12
31/12/11
ASSETS:
Cash on hand, central banks, public treasury, post office checks
Debts on credit institutions and similar
Customer debts
Transaction and investment securities
Other assets
Interest taken out and similar resources
Subordinated debts
TOTAL ASSETS
LIABILITIES:
Debts to credit institutions and similar
Customer deposits
Other liabilities
TOTAL LIABILITIES
OFF BALANCE SHEET:
COMMITMENTS GIVEN
COMMITMENTS RECEIVED
6 553 500
4 302 547
217 125
111 465
1 912 540
7 030 225
5 240 323
30 241
3 853
942 701
13 097 177
13 247 343
5 974 140
2 362 517
4 760 520
13 097 177
6 862 120
1 913 285
4 471 938
13 247 343
11 674 158
4 973 670
7 988 792
5 818 880
INTEREST MARGIN
(in thousand MAD)
INTEREST PAID
* Interest and similar income on operations with credit institutions
* Interest and similar income on customer operations
* Interest and similar income on debt securities
INTEREST SERVED
* Interest and similar expenses on operations with credit institutions
* Interest and similar expenses on customer operations
* Interest and similar expenses on debt securities issued
INTEREST MARGIN
31/12/12
5 831 600
1 130 078
3 806 255
895 267
3 513 264
2 604 713
749 637
158 914
2 318 336
31/12/11
5 351 756
968 830
3 481 192
901 734
3 229 486
2 168 413
911 446
149 627
2 122 270
income on ownership titles
(in thousand MAD)
Income on investment securities (ownership interests)
- OCIT dividends
- Dividends on other ownership interests
- Other income on ownership interests
Income on ownership interests and similar resources
- Dividends on ownership interests
- Dividends on linked ownership interests
- Other income on ownership interests
31/12/12
84 275
66 736
17 539
397 522
7 800
147 265
242 457
31/12/11
7 183
5 998
1 185
354 586
9 300
134 732
210 554
FINANCING AND GUARANTEE COMMITMENTS GIVEN
Financing commitments to credit and similar institutions
Import documentary credit
Payment acceptances or commitments
Confirmed credit openings
Substitution commitments upon securities issue
Irrevocable financing lease commitments
Other financing commitments given
Financing commitments customers
Import documentary credits
Acceptances and commitments to pay
Confirmed opening of credit
Substitution commitments on securities issue
Irrevocable financing lease commitments
Other financing commitments given
Guarantee commitments for credit institutions and similar orders
Confirmed export documentary credits
Acceptances or commitments to pay
Credit guarantees given
Other guarantees, approvals and authorizations given
Pending commitments
Guarantee commitments orders customers
Credit guarantees given
Guarantees given for public administration
Other guarantees given
Pending commitments
Other securities to be issued
FINANCING AND GUARANTEE COMMITMENTS RECEIVED
Financing commitments received from credit and similar institution
Credit guarantee
Other guarantees received
Substitution commitments upon securities issue
Guarantee commitments received from credit institutions and similar
Credit guarantees
Guarantee commitments received from State and sundry guarantee bodies
Credit guarantees
Other securities receivable
127
COMMISSIONS RECEIVED AND PAID
GENERAL OPERATING EXPENSES
(in thousand MAD)
(in thousand MAD)
GENERAL OPERATING EXPENSES
Payroll expenses
Salaries and wages
Bonuses and gratuities
Other staff remuneration
Social insurance charges
Retirement charges
Training charges
OTHER PAYROLL EXPENSES
Taxes and duty
Urban taxes
Operating license
City taxes
Registration fees
Stamp duty and forms
Automotive tax
OTHER TAXES, DUTY, AND SIMILAR FEES
External Expenses
Financial lease rents
Operating lease rents
Maintenance and upkeep costs
Temporary staff remuneration
Middlemen payments and fees
Insurance premiums
Deeds and legal costs
ELECTRICITY, WATER, HEATING AND FUEL
External expenses
Transport and travel expenses
Missions and receptions
Advertising, publications and public relations
Postal and telecommunications costs
Research and documentation costs
Consultancy and meeting costs
Donations and contributions
Office supplies and printed materials
OTHER EXTERNAL EXPENSES
Other operating expenses
Preliminary costs
Fixed asset purchase costs
Other expenses spread out over several fiscal years
Penalties and fines
Back taxes other than income tax
Gratuities donations and contributions
Investment and operating subsidies granted
General operating costs of previous years
Sundry other general operating costs
Allocations to depreciation and tangible and intangible
fixed asset provisions
31/12/12
2 068 288
782 446
235 850
314 176
17 550
50 059
144 767
17 796
2 248
33 053
5 631
12 620
1
5
21
14 775
253 103
13 705
63 296
117 016
167
32 923
4 746
395
20 855
785 569
31 517
4 696
94 358
70 727
12 168
1 094
26 635
10 364
534 010
46 429
45 214
1 215
-
31/12/11
1 965 159
776 503
246 949
298 820
22 662
48 251
139 202
18 633
1 986
30 917
5 765
11 972
66
11
13 103
232 546
14 262
64 473
84 923
249
43 343
4 038
990
20 268
732 566
37 178
8 992
79 437
57 646
14 352
457
30 003
15 026
489 475
46 871
167 688
145 756
26 521
COMMISSIONS 2012
E. CREDIT
COMMISSIONS RECEIVED
Commissions on account operations
Commissions of means of payment
Commissions on securities transactions
Commissions of management/ deposit transactions
Commissions on credit-based services rendered
Income on consultancy and assistance activities
Other income on services rendered
Commissions for investments on primary market
Guarantee commissions on primary market
Commissions on derivative income
Commissions on foreign exchange transfer operations
Commissions on bank note exchange operations
COMMISSIONS PAID
Charges on means of payment
Commissions on purchase and sale of securities
Commissions on security custody fees
Commissions and brokerage fees on market transactions
Commissions on securities commitments
Commissions on transfer foreign exchange operations
Commissions on bank note foreign exchange operations
Other expenses for services rendered
CLIENTELE
23 076
22 499
577
-
TRANSITION FROM NET BOOK INCOME TO NET FISCAL INCOME
I – NET BOOK INCOME
. Net profit
. Net loss
II – FISCAL REINTEGRATION
1- Current
- Expenses on relevant fiscal years
- VAT/real estate loans to staff members
- Depreciation surpluses
- Non deductible donations
- Write-offs
- Clearing out of small non deductible debts
- Allocation for end of career premium
- Corporate tax
2 – Non current
- Fines and penalties of all kinds and non deductible increases
- Miscellaneous
III – FISCAL DEDUCTIONS
1 – Current
Deduction on equity income
Write down of provision for investment
2 – Non current
Support fund subsidy
Other deductions
TOTAL
IV – GROSS FISCAL INCOME
. Gross profit if
. Gross fiscal deficit if
V – DEFICITARY CARRY OVERS (C) (1)
. Fiscal year n-4
. Fiscal year n-3
. Fiscal year n-2
. Fiscal year n-1
VI – NET FISCAL INCOME
. Net fiscal profit
OR
. Net fiscal deficit (B)
VII – CUMULATIVE FISCALLY DIFERRED DEPRECIATION
VIII – CUMULATIVE FISCAL DEFICITS TO BE CARRIED FORWARD
. Fiscal year n-4
. Fiscal year n-3
. Fiscal year n-2
. Fiscal year n-1
(1) In the limit of the amount of the gross fiscal profit (A)
Deductions
1 706 362
735 079
588 498
1 003
1 309
2
73
410
89
585 612
146 580
196
146 385
858 705
463 278
463 278
395 428
395 428
2 441 441
858 705
1 582 735
1 582 735
CLIENTELE
26 567
22 045
4 522
-
320 538
31 899
55 079
30 887
202 673
8 606
3 854
1 812
2 940
(in thousand MAD)
31/12/12
Gains on transaction securities
Losses on transaction securities
INCOME ON TRANSATION SECURITIES
Value added on sale of investment securities
Write down from provisions on depreciation of investment securities
Capital loss on sale of investment securities
Allocation to provisions on depreciation of investment securities
INCOME ON INVESTMENT SECURITIES
Income on securities commitments
Expenses on securities commitments
INCOME ON SECURITIES COMMITMENTS
Income on derivative product commitments
Expenses on derivative product commitments
357 553
15 222
342 331
247 516
13 817
93 951
32 241
135 141
174 642
133 371
31/12/11
262 804
9 292
253 512
522 691
5 033
74 037
58 559
395 128
5 629
4 001
41 271
1 628
1 094 572
2 292 186
Expenses on foreign exchange operations
886 323
2 103 948
INCOME ON FOREIGN EXCHANGE OPERATIONS
208 249
188 238
Income on foreign exchange operations
OTHER INCOME AND EXPENSES
(in thousand MAD)
31/12/12
(in thousand MAD)
Reintegration
E. CREDIT
406 675
61 071
48 770
3 938
46 188
246 708
11 144
3 887
5 219
2 038
MARKET OPERATIONS INCOME
INCOME ON DERIVATIVE PRODUCT COMMITMENTS
20 350
COMMISSIONS 2011
Other banking income
Value added from sale of investment securities
Gains on derivative foreign exchange rate income
Income on foreign exchange operations
Sundry other banking income
Quota of mutual banking transactions
Income from previous fiscal years
Sundry other banking income
Write-downs from provisions for depreciation on investment securities
Other banking expenses
Negative values on sale of investment securities
Charges on means of payment
Sundry charges on ownership interests
Loan issue costs
Other security operation charges
Losses on foreign exchange rate derivative income
OTHER EXPENSES ON SERVICE PROVISION
Charge on foreign exchange operations
Sundry other banking charges
Quota on banking operating transactions
Depositor guarantee fund contribution
Reverted income
Charges in previous FYs
Other sundry banking charges
Allocations to provisions for depreciation of investment securities
NON BANKING OPERATING INCOME
Income from securities and similar resources
Value added on sale of financial fixed assets
Value added on sale of tangible and intangible fixed assets
Fixed assets produced by enterprise on its own behalf
Accessory income
Subsidies received
Other non banking operating income
NON BANKING OPERATING EXPENSES
Charges on securities and similar resources
NEGATIVE VALUES FOR SALE OF FINANCIAL FIXED ASSETS
Negative values for sale of tangible and intangible fixed assets
Crédit Populaire du Maroc support fund
1 896 460
247 516
577
174 642
1 094 572
365 336
7 783
357 553
13 817
1 269 377
93 951
3 887
15 222
133 371
7 257
886 323
97 125
95 337
1 788
32 241
1 138 193
549
1 128 285
9 359
8
8
-
31/12/11
3 094 171
522 691
4 522
5 629
2 292 186
264 110
1 306
262 804
5 033
2 342 503
74 037
3 853
9 291
4 001
4 753
2 103 948
84 061
82 305
1 756
58 559
1 160 765
84 831
1 040 692
35 242
161 080
161 080
DETERMINATION OF CURRENT INCOME AFTER
TAX
NETWORK
(in number)
(in thousand MAD)
I. DETERMINATION OF INCOME
Current income after profits and losses account (+ or -)
Fiscal reintegration on current operations
Tax deductions on current operations
Current income theoretically taxable
Theoretical tax on current income
Current income after tax
II. INDICATION OF FISCAL SCHEME AND BENEFITS GRANTED BY THE INVESTMENT
CODE OR BY SPECIFIC LEGAL PROVISIONS
Amounts
1 944 826
2 886
463 278
1 484 435
549 241
935 194
NETWORK
31/12/12
Permanent windows
31/12/11
215
199
Temporary windows
Automatic distributors and automatic teller machines
234
204
Branch offices abroad
2
2
Representation office abroad
7
7
CUSTOMER ACCOUNTS
VAT TAX DETAILS
(in thousand MAD)
BALANCE AT
BEGINNING
OF FY 1
TYPE
FY BOOK
OPERATIONS
2
VAT TAX
DECLARATIONS
3
BALANCE AT
END OF YEAR
(1+2-3=4)
A. VAT COLLECTED
GIVEN FISCAL UNICITY THE TABLE IS AVAILABLE AT CPM
B. VAT to be recovered
. On expenses
CUSTOMER ACCOUNTS
31/12/12
31/12/11
37 033
36 304
Checking accounts of Moroccans residing abroad
111 355
108 441
Other checking accounts
428 726
372 846
Current accounts
Factoring accounts
Saving accounts
. On fixed assets
Forward accounts
C. VAT payable or VAT = (A-B)
Cash vouchers
101
40
117 738
106 786
22 989
23 322
205
740
Other deposit accounts
DISTRIBUTION OF BCP CORPORATE CAPITAL
Number of shares held
Name of principal shareholders or
associates
Address
BANQUES POPULAIRES REGIONALES
GENERAL TREASURY
RABAT
Previous FY
Current FY
DATES AND FOLLOWING EVENTS
Share of capital
held %
54 948 059
76 357 911
44,10%
26 869 360
10 420 877
6,02%
8 752 736
8 752 736
5,06%
65 690 431
77 610 399
44,82%
156 260 586
173 141 923
100%
I- DATES
• Date of fiscal year end
31//12/2012
• Date of drawing up summary statements
February 2013
II- EVENTS AFTER 31/12/2012:
NIL
OCP
MISCELLANEOUS
STAFF MEMBERS
(in number)
Total
APPROPRIATION OF EARNINGS TAKING
PLACE DURING FISCAL YEAR
(in thousand MAD)
AMOUNTS
A. ORIGIN OF INCOME APPROPRIATED
Decision of A.G.O. 24/05/2011
AMOUNTS
B. APPROPRIATION OF EARNINGS
• Carried forward
370 714
82 583
• Other reserves
597 940
• Dividends
687 547
• Deductions from profits
• Other assignments
266 346
• Other deductions
• Carried forward
387 958
• Net income in FY
1 651 660
TOTAL (A)
INCOME AND OTHER COMPONENTS OF THE PAST
THREE FISCAL YEARS
(in thousand MAD)
SHAREHOLDERS’ EQUITY AND SIMILAR (CAPITAL)
Paid staff members
2 448
2 371
2 448
2 371
Equivalent full time staff members
2 448
2 371
Administrative and technical staff members (full time equivalent)
1 449
1 521
Managerial staff (full time equivalent)
Employees (full time equivalent)
FISCAL YEAR
2012
FISCAL YEAR
2011
FISCAL YEAR
2010
22 095 860
18 188 647
13 737 968
FISCAL YEAR OPERATIONS AND INCOME
1. Ne banking income
3 856 391
3 578 290
3 257 784
2. Pre-tax income
2 291 974
2 269 868
2 343 527
3. Income tax
585 612
618 207
700 477
4. Profits distributed
687 547
531 286
396 589
5. Income not distributed (placed in reserve or
697 767
1 045 652
695 048
10
11
25
4
8
6
999
850
1 768
1 738
680
633
4
7
Including employees working abroad
SECURITIES AND OTHER ASSETS MANAGED OR DEPOSITED
(in thousand MAD)
2 022 374
2 022 374 TOTAL (B)
31/12/2011
Staff members used
Staff member assigned to banking tasks (full time equivalent)
• Legal reserve
• Net income pending appropriation
31/12/2012
AMOUNTS
NUMBER OF ACOUNT
31/12/12
31/12/11
31/12/12
31/12/11
2 216
6
1 349
123 270 117
121 012 595
3
4 448 492
Mutual funds deposited in bank
5 508 732
22
16
19 022 393
14 965 259
Mutual Funds managed under management mandate
NIL
NIL
NIL
NIL
Other assets deposited in bank
NIL
NIL
NIL
NIL
Other assets managed under management mandate
NIL
NIL
NIL
NIL
Securities deposited in bank
Securities managed under management mandate
STATUS OF TURNOVER ON 31/12/12
(in thousand MAD)
31/12/2012
TURNOVER
8 639 032
30/06/2012
31/12/2011
4 139 312
9 150 279
pending assignment)
INCOME PER SECURITY (in MAD)
Profit distributed per share
year N-1 (*)
STATUS OF OUTSTANDING DEBTS AND CORRESPONDING PROVISIONS
(in thousand MAD)
AMOUNT ON 31/12/12
STAFF
Amount of gross remunerations in fiscal year
Average number of wage earners during fiscal year
782 446
776 503
776 610
2 448
2 371
2 529
(*)The average number of BCP shares was multiplied by 2 further to the capital increase via incorporation of reserves as of 01/11/2011
By disbursement
By signature
DEBTS
2 812 880
123 822
PROVISIONS
2 167 311
83 577
Net income per share (*)
129
www.gbp.ma

activity report - Banque Populaire

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