financial communication

Transcription

FINANCIAL COMMUNICATION
31 December 2012
GROUPE BANQUE CENTRALE POPULAIRE
31 December 2012
CONSOLIDATED ACCOUNTS TO IFRS STANDARDS
The Executive Committee of Crédit Populaire du Maroc and the Board of Directors of Banque Centrale Populaire met on 19 February 2013
under the chairmanship of Mohamed BENCHAABOUN to assess the business activity as it currently stands and wind up accounts as of
31 December 2012.
NET BANKING INCOME
GROSS OPERATING INCOME
11,5 BILLION MAD
6,1 BILLION MAD
+ 13,3%
+ 17,7%
NET CONSOLIDATED INCOME
BCP NET GROUP SHARE
CONSOLIDATED SHAREHOLDERS’ EQUITY
3,2 BILLION MAD
1,9 BILLION MAD
30,9 BILLION MAD
+ 5,6%
+ 2,7%
+ 11,2%
271,4 BILLION MAD
201,9 BILLION MAD
184,2 BILLION MAD
+ 14,4%
+ 10%
+
8%
TOTAL ASSETS
CUSTOMER DEPOSITS
CUSTOMER DEBTS
OUTLET NETWORK : 1 145 BRANCH OFFICES, 604 DISTRIBUTION POINTS
AND 1 323 AUTOMATIC TELLER MACHINES
SERVING OUR 4.2 MILLION CUSTOMERS IN MOROCCO
INVESTMENT GRADE
Best Moroccan and North African bank rating granted by Standard & Poor’s
TOP RANKING FINANCIAL PERFORMANCE
10,2
NET BANKing
INCOME
In billion MAD
Dec 2011
Dec 2012
The net banking income came to 11.5 MAD, significantly up by 13.3% in spite of the generally
unfavorable economic situation. This performance was registered by steady progression in all
components of net banking income bearing witness to the viability of the Group business model and
the multiple business unit vocation: margin on commissions: +35.3%, income from market activities
+11.4% and interest margin +10%.
11,5
NET BANKing INCOME : 11.5 billion MAD +13.3%
+ 13,3%
OPERATING RATIO : 46.6, up by 202 basis points
Dec 2011
3
Dec 2012
The net consolidated income came to MAD 3.2 billion, up by 5.6% in spite of a determined
provisioning effort with the aim of improving the level of outstanding debt coverage by provisions.
The rate of coverage reached 77% vs. 63% one year earlier.
+ 17,7%
3,2
NET CONSOLIDATED INCOME : 3.2 billion MAD +5.6 %
GROSS OPERATING
INCOME
In billion MAD
NET CONSOLIDATED
INCOME
In billion MAD
Dec 2011
The net operating income moved ahead by 17.7% at MAD 6.1 billion bolstered by the good
performance in net banking income and the improvement in operational efficiency, thereby
reflecting the potential of the Banque Populaire model in terms of value creation.
Dec 2012
GROSS OPERATING INCOME : 6.1 billion MAD, +17.7%
5,2
6,1
The result of a continuous dynamic of resource optimization and process improvement, the operating ratio substantially improved by 202
basis points at 46.6% in a context marked by the continuation of structure-building projects, the maintaining of investments bolstering
the pace of development and the strengthening of Group staff members with the hiring of 810 new recruits.
+ 5,6%
Elsewhere, on a corporate basis, the Group allocated an additional MAD 300 million to provisions
for general risks bringing the total to MAD 1.1 billion. This provision forms part of the drive to guarantee secure Group development
while maintaining its commitment to financing of the promising sectors of the domestic economy.
The net income group share of the BCP Group amounted to MAD 1.9 MAD, up by +2.7%.
+ 11,2%
Dec 2011
In billion MAD
237,4
271,4
CONSOLIDATED
SHAREHOLDERS’
EQUITY
Dec 2012
27,9
Dec 2011
Dec 2012
The Group is continuing to strengthen its financial foundation with
consolidated shareholders’ equity up by 11.2% at MAD 30.9 billion
bolstered by the constancy of financial income and opening up of
BCP capital to institutional partners in support of its development
strategy. Total assets reached MAD 271.4 billion, a net rise of +14.1%,
i.e. an additional MAD 34 billion.
30,9
CONSOLIDATED SHAREHOLDERS’ EQUITY : MAD 30.9 billion, +11.2%
TOTAL
ASSETS
In billion MAD
+ 14,4%
COMMERCIAL DYNAMISM OF RETAIL ACTIVITY
183,6
201,9
DEPOSIT COLLECTION : MAD 201.9 billion, +10%
27.9 % market share
CUSTOMER
DEPOSITS
Dec 2011
Dec 2012
In billion MAD
Benefiting from a high performance economic model in the mobilization of savings, backed by an extensive
local network, customer deposits amounted to MAD 201.9 billion, steadily rising by 10%. On the domestic
+ 10%
market, the Group posted private customer deposits up by 5.6% at MAD 143.9 billion, i.e. an additional
uptake of MAD 7.6 billion and improved positioning of 30 basis points at 31.1%. This commercial surge
went hand in hand with steady optimization of the cost of collection with a share of interest-bearing resources at 35.6%, up by 109 basis points and
287 basis points compared to 2007 thereby giving the Group a competitive edge. The Group reinforced its rank as the number one deposit collector
with a Morocco market share of 27.9%, rising by 102 basis points over the past three fiscal years.
31 December 2012
1 045
NUMBER OF
BRANCH OFFICES
In terms of number
Dec 2011
Dec 2012
Benefiting from the notoriety of the Banque Populaire image, the extent of the distribution network
and the high degree of mobilization of its sales force, the Group has maintained its successful
commercial policy with the recruitment of 538 000 new customers bringing the customer portfolio to
4.2 million in Morocco.
1 145
This performance was backed by a local policy at the service of bank use via a continuous development
network with 1 145 branch office at the end of 2012, i.e. the widest coverage in the banking sector in
Morocco. This network is reinforced by 604 additional distribution points and 1 323 automatic teller
machine offering increasingly diversified products and services to 3 million electronic card holders.
+ 100
DEPOSITS BY MOROCCANS living ABROAD : MAD 74.2 billion, +4.5%
On the Moroccans Living Abroad market the Group consolidated its leadership position with a deposit volume of MAD 74.2 billion, up by
+4.5%. This level of performance is largely attributable to the diversification of transfer channels, the locally based services offered, and
the solid commercial dynamics in Morocco and abroad.
184,2
STEADY COMMITMENT IN FINANCING THE ECONOMY
Dec 2012
Dec 2011
170,5
Customer debts amounted to MAD 184.2 billion, up by 8%. Additional distribution on the domestic
CUSTOMER
market came to MAD 6.6 billion for FY 2012, indicative of the Group’s actual implication in financing
DEBTS
of the real economy.
In billion MAD
This growth occurred in the framework of a policy joining together development and security with a
+ 8%
3.9% rate in outstanding debts.
A top reference on the private individual market, the Group posted outstanding loans at MAD 51.8 billion, up by 6.4% representing more
than one fourth of the domestic market (25.6%).
This distribution dynamic will be improved to work hand in hand with the development of regional economies via the employment coefficient
of approximately 94.1%
20
Dec 2011
Dec 2012
The Group is continuing its forward growth in corporate and investment banking activities. The
outstanding loans granted to Corporate customers amounted to MAD 35.8 billion, clearly up by 10.5%.
The outcome of market activities, in an economic environment of little promise, showed a positive
trend of +11.4% at MAD 1.2 billion.
22,4
GROWTH IN FINANCE AND INVESTMENT BANK
ASSET
MANAGEMENT
In billion MAD
+ 12%
The Upline group subsidiary strengthened its position in financial and stock exchange intermediation
services with a gain of 420 basis points in market share for stock exchange transactions at 16.5%, i.e. a transaction volume of MAD 20.2
billion. Outstanding assets managed reached MAD 22.4 billion, up by 12%.
RATING: RENEWAL OF INVESTMENT GRADE
In its report published on 24 January 2013, rating agency Standard and Poor’s reiterated its confidence in GBP awarding it for the fourth
year round Investment Grade (BBB-/A-3). This is the best ratings in the Moroccan and North African banking sector and one of the highest
grades granted to 17 Arab and Mediterranean banks.
A genuine indication of confidence for investors, this rating once again is indicative of the consecration of the role played the Group and
its “high” commercial standing in the Moroccan banking landscape, in particular with regard to the mobilization of savings, remittances
from Moroccans Living Abroad and financing of Morocco’s economy.
BCP Group enjoys a high degree of financial flexibility thanks to the Support Fund (Fonds de Soutien) provided by BCP and the Banques
Populaires Régionales for guaranteeing solvency, says the rating agency. Further, the Group’s position with regard to risk is deemed by
Standard & Poor’s as being sufficient with good measure of resistance to the economic crisis.
The Group’s internal policy pertaining to shareholders’ equity, its prudent management and strategy, as well as its satisfactory financing
and liquidity profile are all qualities on which the rating agency’s opinion is based.
GROWTH RELAYS
Group strengthened its influence abroad and establishment in Africa via the external growth operation achieved in seven countries of the
West African Economic and Monetary Union (WAEMU). This operation will lend a new thrust in growth to the Atlantic Bank network,
in particular for the promotion of external exchange and development of Retail banking benefiting from the expertise of Groupe
Banque Populaire in its full range of business lines.
BCP SHARE: BEST PERFORMANCE IN BANKING SECTOR
BCP share continued its resilience on a bearish stock exchange with a price on 31/12/2012 of MAD 196.9 bearing witness to reiterated
market confidence (-0.8% vs. 11.6% for bank index and -15.1% for the MASI).
Banque Centrale Populaire will continue its distribution policy reconciling remuneration of shareholders and strengthening of the
financial foundation. Along these lines, the BCP Board of Directors will propose to the General Meeting payment of a dividend of
MAD 4.75 per share, i.e. an increase of 8%.
The Executive Committee expressed its congratulations to all co-workers for their unyielding commitment and
unceasingly confirmed contribution to consolidation of the Group’s fundamentals and its influence within
Morocco’s banking landscape. The Committee also thanked its policyholders as well as all the shareholders
and private individuals for the confidence they express on a daily basis with regard to the Group.
31 December 2012
1. GENERAL FRAMEWORK
GROUPE BANQUE POPULAIRE SCOPE OF CONSOLIDATION
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.
STAKE
% BCP
INTEREST
CPM (BCP + BPR)
%
CONTROLLED
CORPORATE
CAPITAL IN
THOUSANDS
CONSOLIDATION
METHOD
100,00%
3 836 752
GI*
BCP plays a central role within the Group. Its mission is twofold:
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
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
MEDIA FINANCE
89,95%
100,00%
206 403 GI
CHAABI LLD
98,85%
98,85%
31 450 GI
CIB (IN KUSD)
70,00%
100,00%
1.4. BOARD OF DIRECTORS
BPMG (IN KGNF)
55,53%
55,53%
50 410 450 GI
Board of Directors is the supreme body exercising exclusive tutelage over various entities of CPM. Its principal assignments are as follows:
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
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%
•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
•Define the Group’s strategic orientations
•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
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.
1.6. HIGHLIGHTS OF FISCAL YEAR
In compliance with its strategic plan, Banque Centrale Populaire proceeded to two capital
increases in FY 2012:
• 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 day-to-day management and supervision of the operational and
financial policies of the ABI holding and its subsidiaries.
2 200
GI
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 voting rights giving
access to complementary voting rights as they are immediately exercisable or convertible.
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.
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.
2.2.1.2. Enterprises under appreciable influence: Associates
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.
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.
2. SUMMARY OF ACCOUNTING PRINCIPLES
APPLIED BY GROUPE BANQUE CENTRALE
POPULAIRE
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.
2.1 CONTEXT
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.
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.
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.
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”.
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.
31 December 2012
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.
2.2.2.3. Consolidation of ad hoc entities
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.
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 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”.
2.3.6. OPTIONS RETAINED BY THE GROUPE BANQUE CENTRALE POPULAIRE
Approach per component
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 value as an assumed cost at that date. This
option has been retained for land reassessed by external experts.
2.4. LEASE CONTRACTS
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 or whose uses are indefinite over time and in their amount, are linearly
spread out over the duration of the commitment.
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.
2.5.2. FINANCING COMMITMENTS
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.
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.
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
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 Group has opted for the cost model. The reevaluation option set by IAS 16 has not been
retained.
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.
After its entry as an asset, a tangible fixed asset must be recorded at its cost less the depreciation
and total losses in value.
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.
31 December 2012
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, BlackScholes 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 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.
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.
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.
31 December 2012
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 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.
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.
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.
Nevertheless, when the composed instrument is integrally entered under “financial assets and
liabilities at fair value per statement”, no separation is made.
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.
2.12. COMMISSIONS ON SERVICE PROVISION
• For individual provision of loans (individually significant debts
All outstanding debts qualified as “major cases” are reviewed case-by-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 (modelbuilding 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.
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
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.
2.13. PERSONNEL BENEFITS
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
31 December 2012
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.
shareholders’ equity.
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.
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.
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 socalled “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.
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 impacts of value corrections on equity can be final or temporary.
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.
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.
In the event of loss of value on an assets or group of assets and liabilities the depreciation is
entered income.
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.
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”. 2.14. 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.
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 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.
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 MoroccoCentrafricaine, Banque Populaire Maroco-Guinéenne, 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.
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.
2.21. FINANCIAL STATEMENT LAYOUT
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.
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.
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 SHAREHOLDERS’ EQUITY
The FTA adjustments have been entered into the bank consolidated accounts in counterpart to
2.21.1. FINANCIAL STATEMENT FORMAT
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.
31 December 2012
CONSOLIDATED IFRS BALANCE SHEET
IFRS ASSETS
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
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
Pretax income
+/- 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
Total of non monetary items included in pretax net income and other
adjustments
+/- Flows linked to operations with credit and similar institutions
-
-
-149 258
25 818
1 298 960
237 267
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
+/- Flows linked to other operations affecting non financial assets or liabilities
-598 393
-1 043 319
- Taxes paid
-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
-
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)
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
-
-
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
Consolidated Underlying or
Own
Equity group
income and
differed gains
shares
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
31 December 2012
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
Government bonds
Other bonds
Shares and other variable income securities
139 803
43 540
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
-
-
TOTAL ASSETS UP FOR SALE BEFORE DEPRECIATION
Including underlying gains and losses
Provisions for depreciation of assets up for sale
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
-
-
17 274 010
13 917 627
-
-
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
31 December 2012
3.7. GOODWILL
(in thousand MAD)
Gross value
31/12/11
Scope of variation
418 259
613 878
Other movements
2 458
31/12/12
-
1 034 595
-
-
-
-
-
418 259
613 878
2 458
-
1 034 595
Cumulative losses in value
Net balance sheet value
Translation different
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
Morocco
185 592 266
181 774 678
234 593
155 736
125 383 434
113 551 804
Time accounts
46 080 350
45 125 108
Off Shore ZONE
Savings accounts at administered rate
31/12/11
22 432 812
18 330 693
Africa
14 937 373
697 553
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
(en milliers de DH)
31/12/12
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 December 2012
4.3. COST OF RISK
(in thousand MAD)
31/12/12
31/12/11
ALLOCATIONS TO PROVISIONS
1 823 234
1 794 654
Provisions for depreciation of loans and debts
1 568 707
1 619 102
Provisions for depreciation of securities held to maturity (apart from rate risk)
Provisions for commitments by signature
-
-
24 370
78 806
Other provisions for risks and expenses
230 157
96 746
PROVISION WRTE BACKS
884 399
1 218 174
Write backs from provisions for depreciation of loans and debts
559 155
1 046 161
Write backs from provisions for depreciation of securities held to maturity (apart from rate risk)
2 232
-
10 617
43 680
Write backs from other provisions for risks and expenses
312 395
128 333
VARIATION IN PROVISIONS
334 002
120 516
Losses for counterparty risk of financial assets up for sale (fixed income securities)
-
-
Losses for counterparty risk of financial assets held to maturity
-
-
4 701
5 181
467 223
258 331
Write backs commitments by signature
Losses on unrecoverable provisions loans and debts
Losses on unrecoverable provisioned loans and debts
Decrease on restructured products
-
-
137 922
142 996
Losses on commitments by signature
-
-
Other losses
-
-
1 272 837
696 996
Recovery on depreciated loans and debts
Cost of risk
SECTORAL INFORMATION
(in thousand MAD)
5.1. BALANCE SHEET
TOTAL ASSETS
Morocco Bank
SPECIALIZED FINANCE RETAIL BANK ABROAD
AND OFF SHORE BANK
COMPANIES
247 943 109
16 730 804
32 818 390
interco
Total
-26 057 608
271 434 696
17 274 010
Including
ASSET COMPONENTS
14 707 650
-
6 498 966
-3 932 607
Loans and debts on credit and similar institutions
25 215 796
12 649
9 675 141
-22 010 945
12 892 641
156 886 408
15 956 427
11 627 718
-270 239
184 200 314
-
376 934
-
17 974 336
Loans and debts on customers
LIABILITIES COMPONENTS
Debts to credit and similar institutions
Debts to customers
SHAREHOLDERS’ EQUITY
22 547 849
14 039 969
11 138 382
-22 237 090
25 489 110
185 186 974
405 292
16 532 699
-212 164
201 912 801
29 109 900
1 479 208
3 704 472
-3 313 828
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
Interest margin
7 637 630
588 705
361 185
3 631
8 591 151
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)
DECLARATION OF STATUTORY AUDITORS
FOR PERIOD FROM 1 JANUARY TO 31 DECEMBER 2012
We have proceeded to a limited examination of the provisional situation of BANQUE CENTRale POPULAIRE and its subsidiaries (BANQUE CENTRALE POPULAIRE Group) comprising the balance sheet the
profits and losses account, the global income statement, the cash flow table, the shareholders’ equity variation status and a selection of explanatory notes at the end of period stretching from 1 January to 31
December 2012. This temporary situation shows the consolidated shareholders’ equity at KMAD 30 979 752 including a net consolidated profit of KMAD 3 208 791.
We carried out our limited examination according to professional standards in Morocco. The said standards require that the examination be planned and executed to obtain moderately accurate assurance
that the provisional situation of the consolidated financial statement comprises no significant discrepancy. A limited examination basically comprises interviews with corporate staff and analytical checks
applied to financial data. Therefore it is indicative of a less high level of assurance than an audit. We have not conducted an audit and therefore we put forth no opinion in this regard.
On the basis of our limited examination we did not identity any facts that would lead us to suspect that the consolidated statement attached hereto do not give a faithful image of the outcome of operations
during the relevant period as well as of the financial situation and assets of the BANQUE CENTRALE POPULAIRE Group as established on 31 December 2012 in compliance with international financial reporting
standards (IAS/IFRS).
Without challenging the conclusion put forth hereabove, we refer to note 2.9 in the appendix presenting the modalities involved with strengthening the provisions for customer debts.
Casablanca 19 February 2013
Statutory Auditors
Deloitte Audit
A. Benabdelkhalek
Associate
Mazars Audit et Conseil
K. Mokdad
Managing Associate
31 December 2012
ORGANIZATION AND STRUCTURE DEDICATED TO RISK
MANAGEMENT
CPM has a risk management framework adapted to its cooperative structure and risk profile for
which accountability for control, measurement and supervision is shared between:
• The bodies attached to the internal control system (inspection, audit, compliance);
• Group General Risk Management, Risk Management pole and other functions dedicated
and/or implicated in the monitoring of risks (credit, market, liquidity and operational),
• Governance and management bodies (Board of Directors, Risk Management Committee,
Investment Committee, Executive commitment Committee, etc.).
Elsewhere, in the framework of the implementation of new provisions resulting from Basel II, the
Group continues to strengthen the structuring of its system for identification, measurement, and
follow-up of risks per major risk compartments.
1. CREDIT OR COUNTERPARTY RISK
The credit risk is the risk of inherent loss or of default of a borrower with respect to the
reimbursement of debts (bonds, bank loans, commercial debts, etc.). This risk can be broken
down into default risk which occurs in the event of failure or belatedness on the part of the
borrower in payment of the principal and/or interest on its debt, the risk on recovery rate in the
event of default, and the risk of degraded quality of the credit portfolio.
GENERAL CREDIT POLICY
included in the grid.
Elsewhere, our objectives in terms of uses are henceforth laid down in the risk profile.
Also, monitoring of exposure is provided via analysis of the portfolio devised. For this purpose,
periodic reports are drawn up by Risk Management at the level of BCP and BPR and addressed
to the various Committees dedicated to risk follow-up.
It is worth noting that particular attention is given to the counterparties showing deterioration
in the risk quality (grades G and H). The cases identified are subjected to an examination at the
level of each Risk or Commitment Committee.
Through its strategic role the rating tool for our institution, particular efforts are devoted to the
follow-up of how this tool is employed. In this respect, a permanent control system has been
set up to permanently ensure proper functioning of our rating system, in particular with regard
to the authenticity of the information and grades assigned.
To be recalled is that in 2011 the internal rating system was expanded by a new model put in
place to cover rating of real estate projects.
With regard to private customers, the scoring for credit grants currently covers real estate and
consumer loans. In addition, the bank is now involved with a project covering the needs of its
Retail rating system (private parties, professionals and TPE) which will serve the foundation of the
2nd operation still necessary for transitioning to the internal rating model.
Distribution of large enterprises per risk class (in %)
The bank credit policy complies with the framework of the general credit policy approved by the
CPM Board of Directors. This policy focuses around the following items:
35
• Security and profitability of operations,
32
• Diversification of risks,
29
21 22
• Standardization of credit risk management throughout all CPM bodies,
18
18
• Strict selection of files in conjunction with granting credits,
10 10
• Devising of a file for any credit operation and review thereof at least once per year,
4
1
• Necessity of prior authorization for any operation giving rise to a credit risk,
• Systematic recourse to internal rating counterparties (corporate entities and professional
clients),
• Strengthening of the risk prevention system,
For large enterprises the first four risk classes concentrate approximately
89% exposures and 90% outstanding.
• Recovery reactivity
Distribution of SMEs per risk class (in %)
• Separation between the credit sales functions and those for appreciation and control of
risks,
The foundation of this policy has led to the devising of internal exercise of risk control regulatory
texts via circulars, circular letters and standards covering the full extent and conditions and
monitoring activities.
39
37
36
28
DECISION-MAKING SYSTEM
16 17
The Group’s decision-making system is based on the following principles:
•Collegial decisions: this has led to the setting up of credit committees at all levels (branch
office, agency, business center, BPR and BCP headquarters). Indeed, the Board of Directors
upon proposals by CPM entities, sets the ceilings of the powers within which the said bodies
can make decisions on the credit applications issued by clients via regional credit committee
set up at the level of the headquarters of each BPR.
The risks surpassing the powers of the BPR Regional Committees, as well as the credits addressing
the members of the supervisory board and boards of directors regardless of the amounts, are
submitted to the internal credit committees at BCP.
7
7
1 1
0 0
89% of the SMEs noted are concentrated in risk classes C, D and E
representing 84% outstanding
Distribution of very small enterprises per risk class (in %)
The assignments and methods of operation of all the committees are spelled out by circulars.
•The limits of competency of each CPM entity are established taking account of the type of
application, of credit, the maturity thereof and the internal rating of the counterparties. They
are set taking account of the level of consumption of equity, the potential for development
of the entity concerned and the quality of its commitments.
36
•Application of the ceilings by the credit beneficiary in the meaning of Bank Al-Maghrib (a
borrower or group of borrowers linked together as laid down by the Issuing Institution).
16 17
12
RISK SUPERVISION SYSTEM
•Global supervision of commitments,
39
28
•Separation of duties between the commercial entities and entities in charge of evaluation,
monitoring and management of the credit risks at the level of both BCP and regional banks.
At CPM the same sort of system for follow-up and control exposure is set up for all customer
segments. For this purpose the Risk Management pole is relayed by other functions in charge
of operational and permanent risk control of. In particular this refers to the business lines within
BCP which ensure the selection and framework of the authorizations, and the entities in charge
of risks at the BPR level which play a key role in the follow-up and supervision of credit risks via:
37
4
13
7
7
2
1
1
0
0
For very small enterprises; 76% of the outstanding number is concentrated
in risk classes B, C, D and E in number representing 77%.
Distribution of professionals per risk class (in %)
•Control of delegations (delegation of powers, computer based empowerment)
•Process dealing with control of the quality of the risks involved.
•Permanent and close follow up of sensitive debts (overstepping on credit lines, authorizations
terminated and not renewed, unpaid debts, etc.); For this purpose the Watch List
constituting the end purpose of this supervisory actions is itself the subject of monitoring
enabling over time the bank to conserve its potential for any need of recovery.
38 37
RATING SYSTEM
To provide the credit system with tools for aid to decision-making for credits to Corporate
Entities and Professionals, CPM has in place a rating system complying with the requirements of
Basel II in terms of the conditions for use.
The said rating system constitutes the core of the credit risk management system. Indeed, rating
is a key item in judgment of the risk and for approval of the credit. Particular attention is paid
to the coherency between the decisions made, the risk profile implicated by each rating, as well
as the components thereof. In other words the diverse qualitative and quantitative information
20 19
11 11
2
3
13 14
9
9
7
8
1
1
Exposure by Professionals is concentrated by more than 69% in risk classes
(C, D and E) in both number and outstanding.
31 December 2012
PRINCIPAL LIMITS
Monitoring of concentration risk
•Individual concentration :
Individual concentration of risks is carefully monitored by the bank, on one hand to adhere to
the prudential rules required by the need for division of risks, and on the other hand, to ensure
diversification of the counterparties required for risk dilution. In this respect, our institution has
set up a process for examination of the first 100 risks in the meaning of linked counterparty or
group of counter parties (about 480 counterparties apart from subsidiaries). The said process is
duplicated at the BPR level, each one remaining in its own scope.
Along with this monitoring, special attention is paid to commitments as soon as the level exceeds
5% of shareholders’ equity.
Credits by disbursement
In % of CPM productive uses
Beyond the limits applicable to all market activities, i.e. the position limits per instrument, the
counterparty limits and transaction limits, certain ones have been put in place for bonds and
foreign exchange. These limits are identified as follows:
•Limitation of the maximum size of the negotiation portfolio for banks, forward foreign
exchange and options;
•Limitation in duration and sensitivity for the bond negotiation portfolio;
•Stop loss limit per position concerning the foreign exchange position opened and intraday
transaction for own accounts;
•Short limitation of foreign exchange position;
•Limitation of position per currency
First 100 CPM risks (*)
47%
•Limitation of maximum positions for forward foreign exchange operation and options;
Counterparties eligible upon BAM declaration (*)
25%
•Limitation of sensitivity to foreign exchange risks per time buckets for forward foreign
exchange operations, foreign exchange swaps and cash in currency
(*) Apart from subsidiaries
•Sectoral concentration
CPM has a management and monitoring system for sectoral concentration of risk organized
around qualitative and quantitative rules and standards.
Monitoring of sectoral exposure in based in periodic reporting, sectoral studies and follow-up
records. With regard to the operational monitoring of the process for such exposure per sector,
this is based on indicators and limits to which failure to adherence leads to the application of
pre-established measures and requirements.
2. MARKET RISKS
A market risk is a risk of loss resulting from unfavorable fluctuations in the value of financial
instruments further to variations in the market parameters, the volatility thereof and the
correlations in between. The parameters in question are the following:
- Interest rates: the interest rate risk corresponds to the risk of variation in fair value for risk in
variation of future cash flows of a financial instrument due to changes in the interest rate;
- Exchange rate risk: the exchange rate risk corresponds to the risk in variation of the fair value
of a financial instrument due to changes in currency rates;
- Prices: the price risk stems from the variation in price and volatility of share and raw materials,
as well as in share indices. This risk concerns variable income securities, share derivatives and
derivative instruments on raw materials.
LEADING PRINCIPLES
With the goal of providing a framework and control over market risks, Groupe Banque Populaire
has set up a risk management system in compliance with the standards of Basel II and best
practices in this sphere. This system is founded on clear-cut leading principles, internal policies
and procedures in line with the yield objectives, risk tolerance levels and adequacy with
shareholders’ equity. The leading principles are as follows:
• Maintaining control over risks of exposure;
• Securitization of the development of Group market activities in the framework of the strategic
orientation of the medium term plan;
• Compliance with the banking regulations for prudential risk management;
• Adoption of best practices in risk management for all activities.
The purpose of management of market risks is to manage and control market risk exposure in
order to optimize risk/yield while conserving a market profile coherent with the Group by-laws
as a front ranking financial institution and top stakeholder in financial products.
The Bank’s tolerance level with regard to market risks is organized via systems for the limitation
and delegation of powers. These tolerance levels are set so exposure to market risks cannot
generate losses likely to compromise the financial soundness of the Group and expose it to
undue or particularly large risks.
The instruments and positions managed give rise to product descriptions and specific negotiation
strategies according to:
•Yield and performance objectives set for the ongoing fiscal year;
•Portfolio structure in terms of concentration per risk factor;
•Investment universe and products authorized;
•Management style and restructuring of portfolios.
This negotiation strategy is formalized in the framework of an internal circular validated by the
Investment Committee.
Market risk management and monitoring system:
To provide a framework for risks on market activities and to ensure the supervision thereof, the
Group has instituted a system organized around four components:
•Limitations per sensitivity indicators (Delta, Gama, Vega and Rhos) for foreign exchange
options.
The entire limitation system is organized in the form of a power delegation grid setting the
limitations per instrument, market, and per stakeholder. The proposal and validation process
gives rise to an internal circular. Control of the limitations is performed daily by the middle office
at a monthly frequency by the Risk Management entity.
RISK MANAGEMENT TOOLS
The Group has adopted a market risk management and monitoring structure including recourse
to the VaR methodology and sensitivity analyses for the entire negotiation portfolio.
•Value at Risk (VaR)
The VaR can be defined as being the maximum theoretical loss a portfolio can be subjected
to in the event of unfavorable movement in market parameters over a given timeframe and
confidence interval. The bank retains a confidence interval of 99% and timeframe of one
day, and market risks taken by the bank in its trading activities while quantifying the loss level
considered as maximum in 99 of cases over 100. This is further to the occurrence of a certain
number of risk factors (interest rates, foreign exchange rates, share prices, etc.).
The method retained for calculation of the VaR is that of a historical model based on the
historical yields of the risk factors inherent to the trading portfolio. This model implicitly takes
into account the correlations between the various risk factors.
•Other sensitivity indicators
At the same times and the VaR calculations, impacts in terms of profits and losses (P/L) based on
standard stress scenarios are estimated for the entire negotiation portfolio. These scenarios are
chosen out of three categories, i.e.: historically proven true, hypothetical and adverse scenarios.
The principal indicators used are:
•Sensitivity to variation in interest rates of +/- 25 basis points and 15 basis points (global
indicators per maturity);
•Interest rage curve risk indicator in potential losses;
•Portfolio break even point;
•Sensitivity to extreme variation in interest rates of 200 basis points;
•Foreign exchange risk indicator
•Sensitivity to price variations of +/- 1%, 5%, and 10% taking account of the correlation
between the EUT and the USD in the make up of the MAD basket.
•Reporting :
Monitoring of the market risks is carried out daily by the middle office and the market risk entity.
A weekly report is developed by the market risk entity whose vocation is to present an overview
of the markets and the situation of the negotiation activity. It also ensures monitoring of market
risks in terms of VaR, of exposure and overstepping of limits in the entire trading portfolio.
The management Committees (Investment and Risk Management Committees) monitor at
frequent intervals the levels of exposure, the yields generated by market activities, the risks
entailed with trading activities, adherence to the regulatory requirements and compliance with
the limitation systems.
The report submitted to the Committees includes, in addition to the portfolio sensitivity analysis,
present simulations in the event of extreme scenarios taking account of the structure of the
portfolios and correlations between the various risk factors.
SITUATION OF RISK INDICATORS
•System of delegation of powers defining the application, validation of limits and authorization
of overstepping;
The global VaR (1-day at 99%) of the portfolio at the end of December 2012 was of MAD 13.1
million, i.e. 0.3 % of the market value of the portfolio and 0.06% of total shareholders’ equity.
•Management and arbitration activity between market activities;
The global VaR apart from the correlation is of MAD 20.2 million, i.e. a diversification effect of
MAD 7.1 million for the global portfolio spread out over the various instruments.
•Follow-up and supervisions of risk indicators by the market risk control entities;
•Series of market risk management and control tools.
Market risks stemming from the bank portfolio are monitored, managed and integrated in the
framework of interest rate and liquidity structural risk management.
The VaR is principally concentrated on the bond portfolio and property securities and only
accessorily on foreign exchange and currency cash operations. This is due to the size of the
portfolios, the high degree of volatility of the risk factors making them up, and the significance
thereof compared to other factors in the negotiation portfolio.
31 December 2012
compartment exchange
The forward foreign exchange portfolio reported an almost stable level in 2012 along with the
rise in volume of foreign exchange swaps.
The foreign exchange position saw sawtooth development in 2012. In spite of its strong
variation, the net foreign exchange position remained in balance given the make up of the MAD
basket and the forward discounting of cash flows. The regulatory limits compared to the equity
level for the global position and per currency were respected in 2012.
Net foreign
exchange position
in MAD million
prices
March 2012
% of equity
-157
21 434
0.7
654
23 902
2.7
1 804
23 902
7.5
June 2012
September 2012
Equity
Along with the simulation exercises dealing with the situation of interest rate in the framework
of normal behavior of the markets, complimentary scenarios are applied to the entire balance
sheet to measure the impact of a major shock on interest rates. By way of example, this consists
submitting the Bank balance sheet to a bullish movement in interest rates by 100 basis points
and 200 basis points.
At the same time as these exercises taking place by a minimum every three months, the
Risk Management division analyzes the coherency and the extent of interest rate impacts in
compliance with the Bank’s medium term plan at the time of devising of the growth assumptions
and possible reshaping thereof.
RISK INDICATOR TRENDS
On 30 June 2012 the profile of the assets and liabilities with maturities of less than 12 months is
more or less the same as for the assets and liabilities at the end of December 2011, apart from:
•The rise in the BAM account of MAD 6.7 billion, i.e., an outstanding amounts of MAD
10.6 billion on 30 June 2012. This exceptional rise is, however, only temporary the average
amount required being of just MAD 6.6 billion.
•Continuation of the rise in repurchase agreements at MAD 7.5 billion;
•The rise is certificates of deposit of MAD 2 billion;
December 2012
390
21 958 (*)
1.7
(*) Estimated shareholders’ equity
The VaR for foreign exchange trading reached KMAD 165 at the end of the year.
BOND COMPARTMENT
•Acquisition of certificates of title (1 billion) and bond transaction securities (1.7 billion).
These operations had only a limited impact on our risk profile. In the event of a rise of 100 basis
points in the interest rate, the profit rises by MAD 42 million vs. 78 million in December 2011.
In addition, the sensitivity of profits to variation in interest rates remains below the limitations
of our risk objectives.
At the end of December 2012 the risk profile was slightly improved further to several events:
In 2012 the bond limitations were reviewed and validated by the administrative and management
bodies. The limits of duration and maximum position were strengthened by sub-limits for EURO
Bond and Mutual Funds portfolios and were modified to adapt to the new context of market
volatility.
•Capital increases for BPCE (amounting to MAD 1.6 billion) and afterwards for IFC (amounting
to MAD 1.7 billion)
The VaR for the bond trading activity at the end of December 2012 amounted to MAD 7.5
million.
•Continuation of the acquisitions of certificates of title for trading purposes (amounting
MAD 5.8 billion) over the short term
SHARES AND MUTUAL FUNDS COMPARTMENT
•Continuation of the increase in forward foreign exchange operations.
The outstanding amount of this portfolio remained basically stable around an average
outstanding of MAD 3.4 billion with a distribution of 10% and 90%, respectively for shares and
mutual funds. The objective was to lighten the positions on shares the values of which are not
significant and to concentrate on portfolio stocks assumed to be more liquid.
The VaR for trading on funds at the end of December 2012 amounted to MAD 3.7 million.
3. ALM RISKS
The global risk management strategy for interest rates and liquidity complies with the objective
maintaining control over risks included in the development planned and adopted by the Group.
•Fall in monetary reserve rate from 6 to 4 % in September 2012
Therefore, our one year risk profile was positive in 2012 with impacts reflecting the same
trend in short term interest rate movements.
The below table shows the potential effect of a rise in interest rates of 100 basis points over 12
months (short term) on income net of interest and on the economic value of the bank in 2011
and 2012. The impact of this variation represents less than 1.5% of the net banking income
and 1% in equity.
In % CPM
productive uses
Dec. 2011
June 2012
Dec. 2012
Profit (in million)
78
42
107
Compared to net
banking income
0,85%
0,46%
1,06%
This strategy is based on the following leading principles:
- Direct the development activities in the framework of a medium term plan taking account
of the interest rate and liquidity risks.
- Keep in place of a stable and varied structure of our deposits control over the growth
potential of our commitments.
Economic value on
account (in million)
-105
-129
-107
- Gradually improve the global gap in rates so as to maintain a balance between the various
activities in terms of profile and rates of liquidity;
Compared to
shareholders’ equity
-0,48%
-0,55%
-0,51%
- Develop activities at variable rate to immunize a part of the balance sheet due to an
unfavorable change in interest rates.
Global interest rate risk:
The global interest rate risk represents a loss caused by an unfavorable situation in interest rates
across the entire bank balance sheet regarding its capacity to transform savings and resources
into productive uses.
Analysis of the global interest rate risk is complex given the need to formulate assumptions
pertaining to the behavior of depositors with regard to the due date of maturity on reimbursable
deposits and the assets and liabilities not directly sensitive to interest rates. The behavioral
characteristics are evaluated to determine the real underlying interest rate risk.
Global interest rate risk management system
The process of evaluation and control of the global interest rate level is carried out:
- Once per quarter and issuance of the summary statements;
- Twice per year by including to the planning process (strategic orientation note phase, and
medium term financial plan framework phase) as definitive validation system of the MTP;
- In conjunction with major changes in the tariff grids to assess the impacts thereof.
This supervision system is based on :
- An evaluation methodology based on the gap approach. This leads to a classification of
assets and liabilities according to maturity and interest rate profile (fixed or variable) taking
account of the factors of residual duration and future behavior (forecast approach over
three years and according to the MTP assumptions).
- A three-monthly reporting system submitted to the Risk Management Committee, and the
equity and forecast development of prudential ratios;
- A system of limitations in terms of impact of risks compared to the net banking income
and equity as defined by the Risk Management Committee and validated by the Steering
Committee.
Through this system, the global risk management has the aim of optimizing the impact of
interest rates on profits and equity by referral to the calculation of static and dynamic gaps
according to the frequencies previously defined.
LIQUDITY RISK
This risk can stem from the balance sheet due to the offset between the real maturities of
items in the assets and liabilities, financing requirement of future activities, customer behavior or
possible disturbance on markets or in the economic situation.
LQUIDITY GLOBAL RISK MANAgEMENT SYSTEM
The liquidity risk management aims of guaranteeing the Group access to the funds necessary
for honoring financial commitment when payable. Management of this risk is translated by the
maintaining of a sufficient level of liquid securities in their majority constituted by Treasury Bills
and also on liquid and MF shares.
Management of liquidity is based on:
- Monitoring the liquidity ratios of the balance sheet according to the internal and regulatory
requirements,
- The devising of a liquidity calendar on the basis of various dynamic scenarios and the
medium term plan, as well as the devising of a static liquidity calendar providing indications
on the bank’s medium and long term liquidity prospects.
- Monitoring of the investment portfolio and cash flow projections
-Maintaining of a varied series of financing sources and follow up of the concentration
of cash deposits and counterparties with reconciled follow-up of concentration of the 10
largest depositors,
- Maintaining of choice relationships with institutional and major corporate investors.
Customer sight deposits (current and savings accounts) constitute a major share of the Group’s
global financing which has proven to be stable across the years. In addition, the branch office
openings continued in 2012 and are expected to move ahead throughout the medium term plan
(2013-2015) contributing to strengthening the pace of customer deposit collection.
In addition, CPM is a major stakeholder on monetary and bond markets via its market activities.
The position of CPM enables it to benefit from recourse in the short term to BAM, banks and
other financial institutions for repurchase operations.
31 December 2012
TREND IN RISK INDICATORS
The total amount of CPM assets was of MAD 241 billion at the end of December 2012 vs. 227
in December 2011, i.e., a 6% increase. In December 2012 and compared to December
2011, the uses to be refinanced in cash represented MAD 11 billion. This refers principally to
credit at MAD 5.1 billion (including 3 billion allocated to cash credit) and the securities portfolio
(transactions and investments) at MAD 5.7 billion. These amounts as well as the drop in forward
deposits of MAD 4 billion were refinanced by:
•Customer sight deposits at MAD 5 billion;
•Savings accounts at MAD 1.8 billion
•Greater recourse to repurchase advances by Bank Al-Maghrib (MAD +7.5 billion)
•Drop in BAM account of MAD 0.7 billion to the fall in monetary reserves from 6% to 4%.
It is worth noting that the drop in shareholders’ equity of the bank further to sale by the State of
10% of BCP equity to BPR was compensated in the second half of 2012 by two capital increases
of 5% each from BPCE and the IFC.
The progressive tightening of liquidity which has marked the banking sector since 2008
continued to rise in 2012 without any major impact for CPM which still benefits from a greater
margin of maneuver than his confreres:
•Preponderance of non interest-bearing deposits
•High reduction in the concentration of major depositors;
•The still limited recourse to capital markets.
CPM resources collected from customers were up by 2% moving from MAD 181.7 billion in
December 2011 to MAD 185.3 billion at the end of December 2012. This rise concerned book
accounts (+10 .1%) and sight deposits (+4.4%). On the other hand, time accounts registered a
decline of 9.2% further to the non renewal of the DAT of certain major corporate entities with
the fall in cash vouchers continuing. This resulted in a slight decline in the share of interestbearing resources compared to the global structure of resources.
The coefficient of transformation of CPM was of 90.7% in December 2012 vs. 86.8% one
year earlier due to the high development of the credit activity compared to customer deposits
(in quasi-stagnation). To answer the additional need for re-financing, CPM issued certificates
of deposit to bring the total amount to MAD 3.9 billion in 2012 vs. MAD 3 billion in 2011.
However, recourse by CPM to the monetary and bond market remains rather limited compared
to his confreres.
4. OPERATIONAL RISKS
Bank Al-Maghrib defines “operational risks” as risk of losses resulting from faults or failures
attributable to internal procedures, personnel and systems or to external events.
POLICY OF GBP REGARDING OPERATIONAL RISKS
To retain full command over Operational Risks, GBP issued a circular on Operational Risk
management policy the principal foundations of which are:
•To be in a position to detect as early as possible the risks or incident of an operational nature
that could have financial consequences or affect the image of the Group;
•To analyze the potential risks and real incident and to evaluate with the greatest precision
and dynamically the impacts thereof;
•Alert and mobilize the principal persons in charge concerned by the said incidents, whether
they the origin thereof or whether they are subject to the resulting consequences;
•Measure the effects of this policy and to dispose of the management tools and indicators to
the general and overall management, business lines and the different players in the system
to be able to judge, per BPR processes our exposure to operational risks;
•To institute the remedial and preventive measures required to reduce the impacts and limit
the probability of incident occurrence.
ORGANIZATION OF OPERATIONAL RISKS
The organization of the operational risk department at the Group level focuses on the following
elements:
•The central entity at the headquarters in charge of design and management of the
methodological and computer-based tools;
•A Risk Management network in the respective perimeters (BCP, BPR). They partake in the
updating of the operational risk cartography and must ensure the establishment of action
plans for strengthening of the risk control system;
•Correspondents designated per business line in the framework of the protocol governing
the collection of losses. The mission of these correspondents is to estimate the operational
risks and to place them in a risk management list common to all CPM;
•Correspondents at the subsidiary level (internal comptrollers, risk or permanent control
managers), keeping a close eye on the institution of the methodology and operational risk
tools in synergy with the system adopted within CPM.
PRINCIPAL OPERATIONAL RISK MANAGEMENT TOOLS
The three principal methodological tools are: the operational risk cartography, the process for
collection of incident and follow-up of risks in connection with outsourced activities.
The principal objectives reached via this approach are the following:
- A more highly qualitative risk assessment approach making it possible to concentrate on
action plans covering the most critical risks,
- Harmonization of the risk assessment between regional banks enabling more clear-cut
visibility on risk exposure for CPM,
-Concentrating the efforts deployed by the regional banks in the identification of specific
risks and proposals for action plans useable throughout CPM,
- Make the updating of the risk cartography less complicated in order to concentrate on the
real stakes identified by the business line experts.
The cartography approach occurs in several different phases:
•Discovery of the process: analysis of the systems set up for activity management in terms of
procedures, players and tools.
•Identification of risk events: Based on the different areas of banking, identification of risk
events is realized through a scan of the key potential risks in the exercise of an activity, then
the census is refined gradually over meetings with business experts;
•Measurement and evaluation of the risk events. The risk is evaluated in terms “occurrence
probability” and “impact/loss” incurred in the event of occurrence;
•Evaluation of the means of supervision and coverage of risks: this refers to the evaluation of
the quality of the existing control systems for each risk event. The quotation is made on the
basis of two criteria: the pertinence of the control and application thereof.
Deployment of the cartography on the BPRs and subsidiaries
With regard to the BPRs, the risk managers received instructions on the methodology of
identification and operational risk assessment. In the framework of deployment this refers to
the verification of proper adequacy of risk evaluation and improvement of the risk control system
with regard to the context of the implicated bank.
With regard to subsidiaries, methodological assistance is provided according to the specific
nature of the business line and the specific context. A periodic follow-up is conducted according
to the state of progress of each subsidiary.
In addition, 2012 saw the finalization of operation risk cartographies by the Upline Group and
the initialization of those of CIB Offshore and Dar Damane with the group methodology.
Incident collection
CPM has set up a system for the collection of incidents based on a declarative mechanism
making use of the operational risk correspondents (CRO).
Incidents are captured by means of a computer-based tool, conveyed by a workflow enabling
the hierarchical persons in charge to control the relevancy of the information produced and to
be warned in real time of any event occurring within their scope in order to be in a position to
implement corrective actions.
This tool also allows the bank at all time to be in possession of an image of its risk profile
according to seven Basel categories. It was deployed at the level of several subsidiaries: Maroc
Leasing and the Upline Group. This enables better pooling of resources and facilitates the
production of information enabling a group vision of the risk profile.
Risk monitoring system linked to outsourced activities
The purpose of the risk monitoring system linked to outsourced activities is to follow the level
of operational risk exposure transferred by the bank for the most critical activities to third party
entities.
It is characterized by :
- Analysis of the risks according to a specific evaluation method comprising the main items
listed here below : analysis and localization of outsourced services in the CPM perimeter
by separation between centralized services (electronic money, desktop publishing, editing
of check books, etc.) and services in the different regions (sorting and packaging of bank
notes, conveyance of funds, guardianship, custody etc.);
- Analysis by means of scores making it possible to establish a hierarchical organization per
risk level and services provider per risk control level;
- Visits made by combined operational teams and risks in order to obtain a more accurate
idea of the service provider's risk control level, on the activities entrusted thereto by the
bank;
- Action plans to enable better control of risks linked to outsourcing (monitoring of the
financial health of the company, communication on their continuity plans and the quality of
activity follow-up, etc.).
RISK CONTROL POLICY
The policy governing the coverage and mitigation of risks depends on the implementation of
three types of action plan:
Operation risk cartography
•Efficient prevention actions identified, in particular in conjunction with the cartographies
and implementations operated directly by the operational parties through the medium term
plans (MTP) or in the framework of specific projects;
The first version of the risk cartography was performed with the participation of an external
consultant. It covered all the processes of the bank with the aim of appropriation for each of
the regional banks.
•Activity continuity plans (ACP) aiming to ensure operation of the bank's key activities,
without total interruption, and to limit the losses engendered in the event of serious
disturbance of the activity;
FY 2012 saw application of the new risk cartography approach established in 2011 on stable
critical operational processes, in particular: market activity, transferrable securities, means of
payment, electronic money, and banking insurance, etc.
•Possibility of transfer of certain major risks by the establishment of an adapted insurance
policy;
The updating of the other major processes such as commitments and activities abroad were
begun and will be completed in 2013.
•Annual risk monitoring linked to outsourced activities.
BANQUE CENTRALE POPULAIRE
31 December 2012
CORPORATE ACCOUNTS
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
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
16 036 134
15 800 246
918 471
8 020 665
1 154 240
183 180
2 012 627
156 487 921
749 103
7 704 006
1 154 245
163 844
1 740 622
147 311 500
PROFITS AND LOSSES ACCOUNT
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
OFF BALANCE SHEET
(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
BANQUE CENTRALE POPULAIRE (BCP)
DECLARATION OF STATUTORY AUDIT
FOR PERIOD FROM 1 JANUARY TO 31 DECEMBER 2012
By way of application of the provisions of Dahir enacting law n° 1-93-212 of 21 September 1993 as amended and completed, we have
conducted a limited examination of the temporary situation of the BANQUE CENTRALE POPULAIRE (BCP) comprising the balance sheet, off
balance sheet and profits and losses account, the management balance statement, the cash flow table and the complimentary information
statement (ETIC) concerning the period stretching from 1 January to 31 December 2012. This temporary situation shows shareholders’ and
similar equity of an amount of KMAD 22 095 860 entailing a net profit of KMAD 1 706 362 according to the issuer management bodies.
We conducted our mission according to the rules of the profession in Morocco concerning limited examinations. These standards call for a
limited examination planned and performed in view of procuring moderate assurance that the temporary situation contains no significant
discrepancy. A limited examination basically involves interviews with the corporate staff and analytical verifications applied to the financial
data. Therefore it provides a level of assurance less high than an audit. We have not conducted an audit and consequently, we do not
express any opinion thereupon.
On the basis of our limited examination we did not identify any facts leading one to believe that the financial situation and assets of the bank
as stated on 31 December 2012, in compliance to the accounting principles accepted in Morocco.
Casablanca, 19 February 2013
Statutory Auditors
Deloitte Audit
Mazars Audit et Conseil
A. Benabdelkhalek
Associate K. Mokdad
Manager Associate
(in thousand MAD)
Commitments made
Financing commitments given to credit and similar institutions
31/12/12
31/12/11
43 803 053
35 846 574
2 125 401
2 927 642
27 442 300
19 805 448
Guarantee commitments to credit and similar institutions
6 198 350
5 006 997
Guarantee commitment to customers
8 037 002
8 082 940
Financing commitments given to customers
Securities purchased by repo
-
-
Other securities deliverable
-
23 547
6 613 502
7 304 378
Commitments received
Financing commitments received from credit and similar institutions
Guarantee commitments received from credit and similar institutions
5 700
6 960
6 576 762
7 257 538
31 040
31 039
Securities sold by repo
-
-
Other securities receivable
-
8 841
Guarantee commitment received from State and various guarantee bodies
MANAGEMENT BALANCE STATEMENT
(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
(+) 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
31/12/11
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
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
31 December 2012
CORPORATE ACCOUNTS
CASH FLOW TABLE
(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
31/12/11
(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
(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
24) Issuance of subordinated debts
25) Share issues
26) Reimbursement of shareholders’ and similar equity
27) Interest paid
500 000
-
-
-
3 393 148
4 476 867
-
-
(75 000)
(75 000)
(687 547)
(531 286)
3 130 601
3 870 581
28) Dividends paid
DEBTS ON CREDIT AND SIMILAR INSTITUTIONS
DEBTS
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
Bank Al-Maghrib,
Public Treasury
and Postal Check
Service
2 785 737
500 000
Daily
Time
45
3 285 782
Banks in
Morocco
Other credit
and similar
institutions in
Morocco
Credit
institutions
abroad
CUSTOMER DEBTS
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
(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
BREAKDOWN OF TRANSACTION AND INVESTMENT
SECURITIES
SECURITIES
*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.
Gross book value
Current value
STATEMENT OF CHANGES IN METHOD
TYPE OF CHANGE
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
NIL
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
(in thousand MAD)
Reimbursement Underlying value Underlying capital
value
added
losses
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.
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
10 704 548
328 572 10 375 976
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
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
VI- NET CASH FLOW VARIATION (III+IV+V)
(123 984) (3 784 982)
583 534
583 534
572 300
Ownership
titles
6
085
185
6
085
185
VII – CASH POSITION AT OPENING OF FISCAL YEAR
3 281 587
7 066 569
INVESTMENT TRANSACTIONS
3 831 265 3 718 322
864 050
3 157 603
3 281 587
VIII – CASH POSITION AT CLOSURE OF FISCAL YEAR
462 178
453 516
413 650
Bonds
458 396
458 396
450 400
Ownership titles
2 910 691 2 806 410
PRINCIPLE METHODS OF EVALUATION APPLIED
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
INDICATION OF EVALUATION METHODS APPLIED BY THE INSTITUTION
V- NET CASH FLOWS FROM FINANCING ACTIVITIES
Total
31/12/12
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
31 December 2012
CORPORATE ACCOUNTS
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
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
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
7 800
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
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
FIXED ASSETS
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
of depreAllocations during Amount
ciation on fixed
FY
assets exited
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
31 December 2012
CORPORATE ACCOUNTS
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
Other variations
(in thousand MAD)
2 804 259
2 804 259
31/12/2011
3 042 663
3 042 663
Outstanding
31/12/2012
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
1 276 071
83 577
82 839
900 000
33 845
175 809
1 176 213
247 901
-239
3 782 084
2 506 013
128 820
2 038 491
116 185
222 518
-
(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
SUBORDINATED DEBTS
NIL
(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
Write backs
DEBT SECURITIES ISSUED 31/12/2012
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
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
31 December 2012
CORPORATE ACCOUNTS
SHAREHOLDERS’ EQUITY
(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)
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
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)
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
31/12/12
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
31 December 2012
CORPORATE ACCOUNTS
GENERAL OPERATING EXPENSES
COMMISSIONS RECEIVED AND PAID
(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)
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
320 538
31 899
55 079
30 887
202 673
8 606
3 854
1 812
2 940
(in thousand MAD)
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
Deductions
CLIENTELE
26 567
22 045
4 522
-
31/12/12
(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
31 December 2012
CORPORATE ACCOUNTS
DETERMINATION OF CURRENT INCOME AFTER TAX
NETWORK
(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
(in number)
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
OCP
MISCELLANEOUS
Total
Previous FY
Current FY
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%
DATES AND FOLLOWING EVENTS
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
STAFF MEMBERS
(in number)
31/12/2012
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
• Net income pending appropriation
• Legal reserve
82 583
• Other reserves
597 940
• Dividends
687 547
• Deductions from profits
• Other assignments
266 346
• Other deductions
• Carried forward
387 958
Paid staff members
2 448
2 371
Staff members used
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
Staff member assigned to banking tasks (full time equivalent)
Managerial staff (full time equivalent)
Employees (full time equivalent)
• 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)
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
585 612
618 207
700 477
3. Income tax
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
2 022 374
2 022 374 TOTAL (B)
31/12/2011
31/12/12
31/12/11
2 216
1 349
Securities deposited in bank
Securities managed under management mandate
(in thousand MAD)
AMOUNTS
NUMBER OF ACOUNT
31/12/12
31/12/11
123 270 117
121 012 595
6
3
4 448 492
5 508 732
Mutual funds deposited in bank
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
STATUS OF TURNOVER ON 31/12/12
(in thousand MAD)
TURNOVER
31/12/2012
30/06/2012
31/12/2011
8 639 032
4 139 312
9 150 279
pending assignment)
INCOME PER SECURITY (in MAD)
Net income per share (*)
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

financial communication

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