30 May 2017 07:00
1st QUARTER RESULTS
Ended March 31, 2017
BMCE Bank's Board of Directors, chaired by Mr Othman BENJELLOUN, met on friday 26 may 2017 at the Bank's head office in Casablanca. It examined the accounts of the Bank and of the Group for the 1st quarter of Fiscal Year 2017.
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1ST QUARTER 2017 PERFORMANCE
路 Encouraging commercial performance, as illustrated bymarket share gains in the Bank's loans and deposits standing at 15.35% and 15.44%, respectively versus 14.94% as of December 31, 2016.
路 Healthy performance of the core banking business as evidenced by a positive growth in the fee income and net interest income.
路 As expected, the last years' exceptional performance on market operations, following the drop in interest rates, was not sustained, impacting therefore the growth of the Net Banking Income down by -4% on a consolidated basis and by -9% for the Bank.
路 Improvement in the cost of risk for the Group by -17% to MAD 459 million versus MAD 555 million in the prior year quarter and for the parent company with a cost of risk down by -24% to MAD 307 million versus MAD 403 million in the first quarter of 2016.
路 Decrease in the Bank's net income by -7% and in Net Income attributable to Shareholders of the parent company by -12% in the first quarter of 2017 due to non-recurring revenues on the fixed income portfolio in 2016.
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A BANK COMMITTED TO SUSTAINABILITY
路 Top Performer, CSR Morocco', awarded by Vigeo-Eiris, a non-financial ratings agency, for the 4th consecutive year in the 'Environment' category.
路 ''2017 Sustainable Energy Gold Award'' as part of the Morocco Sustainable Energy Finance Facility Program.
路 BMCE Bank of Africa, first Moroccan bank to sign up to the United Nations Global Compact.
路 BMCE Bank of Africa joins the Positive Impact Principles of the UNEP-FI, a UN Environment Finance Initiative to bridge the funding gap for sustainable development through 17 Sustainable Development Goals.
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CONSOLIDATED FINANCIAL STATEMENTS*
(In thousand MAD)
ASSETS | 聽 | 聽 |
Cash and amounts due from central banks and post office banks | 10 101 292 | 12 155 637 |
Financial assets at fair value through profit or loss | 35 042 320 | 38 890 923 |
Derivatives used for hedging purposes | 2 938 | 2 938 |
Available-for-sale financial assets | 8 390 330 | 8 317 725 |
Loans and receivables due from credit institutions | 21 330 614 | 21 221 229 |
Loans and receivables due from customers | 178 862 401 | 179 774 222 |
Remeasurement adjustment on interest rate risk hedged assets | - | - |
Held-to-maturity financial assets | 24 632 227 | 25 136 170 |
Current tax assets | 562 687 | 414 191 |
Deferred tax assets | 589 697 | 521 548 |
Accrued income and other assets | 7 030 473 | 6 440 776 |
Non current assets held for sale | - | - |
Investment associates | 608 315 | 631 268 |
Investment property | 3 763 666 | 3 746 146 |
Property, plant and equipment | 7 127 479 | 6 988 825 |
Intangible assets | 841 061 | 828 970 |
Goodwill | 852 310 | 852 310 |
TOTAL ASSETS | 聽 | 聽 |
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(In thousand MAD)
LIABILITIES & SHAREHOLDERS EQUITY | 聽 | 聽 |
Due to Central Banks and Post Office Banks | - | - |
Financial liabilities at fair value through profit or loss | 2 083 060 | 2 098 276 |
Derivatives used for hedging purposes | - | - |
Due to credit institutions | 44 135 348 | 49 708 268 |
Due to customers | 192 602 767 | 190 050 335 |
Debt securities | 13 158 055 | 13 186 303 |
Remeasurement adjustment on interest rate risk hedged portfolios | - | - |
Current tax liabilities | 475 708 | 641 287 |
Deferred tax liabilities | 1 295 162 | 1 198 242 |
Accrued expenses and other liabilities | 11 160 241 | 14 278 900 |
Liabilities related to non-current assets held for sale | - | - |
Technical reserves of insurance companies | - | - |
Provisions for contingencies and charges | 689 762 | 685 204 |
Subsidies, assigned public funds and special guarantee funds | - | - |
Subordinated debts | 10 342 576 | 10 493 376 |
TOTAL DEBTS | 275 942 679 | 282 340 191 |
Capital and related reserves | 13 300 920 | 13 299 090 |
Consolidated reserves | - | - |
Attributable to parent | 4 785 272 | 2 934 250 |
Non-controlling interests | 5 061 048 | 4 520 991 |
Unrealized or deferred gains or losses, attributable to parent | - 1 064 | - 9 794 |
Unrealized or deferred gains or losses, non-controlling interests | 3 323 | 3 323 |
Net Income | - | - |
Attributable to parent | 437 865 | 2 036 186 |
Non-controlling interests | 207 767 | 798 641 |
TOTAL CONSOLIDATED SHARE HOLDERS'S EQUITY | 23 795 131 | 23 582 687 |
TOTAL LIABILITIES & SHAREHOLDERS EQUITY | 聽 | 聽 |
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(In thousand MAD)
INCOME STATEMENT | 聽 | 聽 |
Interests and similar income | 3 605 623 | 3 525 524 |
Interests and similar expense | - 1 321 434 | - 1 305 816 |
Net Interest income | 2 284 189 | 2 219 708 |
Fees received and commission income | 608 079 | 605 967 |
Fees paid and commission expense | - 86 417 | - 96 073 |
Net fee income | 521 662 | 509 894 |
Net gains or losses on financial instruments at fair value through profit or loss | 62 660 | 258 296 |
Net gains or losses on available for sale financial assets | 27 509 | 21 402 |
Income from market transactions | 90 169 | 279 698 |
Other banking revenues | 238 561 | 254 477 |
Other banking expenses | - 96 106 | - 99 545 |
Net Banking Income | 3 038 475 | 3 164 232 |
General Operating Expenses | - 1 579 443 | - 1 568 235 |
Allowances for depreciation and amortization PE and intangible assets | - 183 001 | - 172 221 |
Gross Operating Income | 1 276 031 | 1 423 776 |
Cost of Risk | - 459 641 | - 555 330 |
Operating Income | 816 390 | 868 446 |
Share in net income of companies accounted for by equity method | 21 286 | 29 217 |
Net gains or losses on other assets | - 872 | - 3 062 |
Change in goodwill | 聽 | 聽 |
Pre-tax earnings | 836 804 | 894 601 |
Corporate income tax | - 191 172 | - 202 787 |
Net income | 645 632 | 691 814 |
Non-controlling interests | 207 767 | 191 664 |
Net income attributable to parent | 437 865 | 500 151 |
Earnings per share | 2,44 | 2,79 |
Diluted Earnings per share | 2,44 | 2,79 |
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PARENT FINANCIAL STATEMENTS*
聽 | 聽 | (In thousand MAD) |
ASSETS | 31/03/2017 | 31/12/2016 |
Cash, central banks, treasury, giro accounts | 3 200 237 | 4 147 681 |
Loans to credit institutions and equivalent | 24 033 072 | 24 562 762 |
. Demand | 3 231 413 | 2 623 461 |
. Time | 20 801 659 | 21 939 301 |
Loans and advances to customers | 聽115 190 742 | 聽115 990 730 |
. Cash and consumer loans | 43 750 230 | 40 791 247 |
. Equipment loans | 20 104 485 | 19 100 535 |
. Mortgage loans | 38 953 114 | 37 725 042 |
. Other loans | 12 382 913 | 18 373 906 |
Advances acquired by factoring | 611 904 | 668 926 |
Transaction and marketable securities | 34 632 462 | 38 601 321 |
. Treasury bonds and equivalent securities | 12 242 085 | 15 957 201 |
. Other debt securities | 1 798 932 | 3 313 509 |
. Title deeds | 20 591 445 | 19 330 611 |
Other assets | 3 407 990 | 1 948 439 |
Investment securities | 4 027 294 | 4 059 152 |
. Treasury bonds and equivalent securities | 1 560 753 | 1 559 544 |
. Other debt securities | 2 466 541 | 2 499 608 |
Equity investments and equivalent uses | 8 942 163 | 8 864 040 |
Subordinated loans | 195 793 | 193 101 |
Fixed assets leased and rented | 75 046 | 74 000 |
Intangible fixed assets | 535 374 | 516 958 |
Tangible fixed assets | 5 287 554 | 5 295 196 |
Total Assets | 聽200 139 631 | 聽204 922 306 |
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聽 | 聽 | (In thousand MAD) |
LIABILITIES | 31/03/2017 | 31/12/2016 |
Central banks, treasury, giro accounts | - | - |
Liabilities to credit institutions and equivalent | 21 852 744 | 25 767 091 |
. Demand | 1 592 049 | 7 412 683 |
. Time | 20 260 695 | 18 354 408 |
Customer deposits | 聽134 455 816 | 聽131 124 421 |
. Demand deposits | 69 048 355 | 71 264 402 |
. Savings deposits | 21 566 194 | 21 371 211 |
. Time deposits | 38 108 147 | 32 746 734 |
. Other deposits | 5 733 120 | 5 742 074 |
Debt securities issued | 12 099 861 | 12 076 677 |
. Negociable debt securities | 9 548 443 | 9 512 638 |
. Bond loans | 2 551 418 | 2 564 039 |
. Other debt securities issued | - | - |
Other liabilities | 6 046 202 | 10 695 318 |
Contingent liabilities | 544 841 | 549 139 |
Regulated provisions | - | - |
Subsidies, assigned public funds and special guarantee funds | - | - |
Subordinated debts | 10 113 743 | 10 085 536 |
Revaluation reserve | - | - |
Reserves and premiums related to capital | 11 506 286 | 11 504 457 |
Capital | 1 794 634 | 1 794 634 |
Shareholders Unpaid-up Capital (-) | - | - |
Retained earnings (+/-) | 62 | 62 |
Net earnings being appropriated (+/-) | 1 324 971 | - |
Net earnings for the year (+/-) | 400 471 | 1 324 971 |
Total Liabilities | 聽200 139 631 | 聽204 922 306 |
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INCOME STATEMENT | 31/03/2017 | 31/03/2016 |
Bank operating revenues | 2 593 102 | 2 936 348 |
Interests and assimilated revenues on transactions with credit institutions | 161 418 | 165 972 |
Interests and assimilated revenues on transactions with customers | 1 421 980 | 1 374 644 |
Interests and assimilated revenues on debt securities | 126 761 | 151 878 |
Revenues on title deeds | 316 126 | 270 169 |
Revenues from leased and rented fixed assets | 3 052 | - |
Fees on provided services | 272 486 | 248 845 |
Other banking revenues | 291 279 | 724 840 |
Bank operating expenses | 1 005 254 | 1 199 612 |
Interests and assimilated expenses on transactions with credit institutions | 248 311 | 212 814 |
Interests and assimilated expenses on transactions with customers | 412 376 | 462 736 |
Interests and assimilated expenses on debt securities issued | 99 460 | 93 915 |
Expenses on leased and rented fixed assets | 2 616 | - |
Other banking expenses | 242 491 | 430 146 |
Net Banking Income | 1 587 848 | 1 736 736 |
Non-banking operating revenues | 34 106 | 14 861 |
Non-banking operating expenses | 1 125 | 7 600 |
General operating expenses | 857 627 | 810 715 |
Staff expenses | 379 218 | 363 073 |
Tax expenses | 20 045 | 19 814 |
External expenses | 362 841 | 339 454 |
Other general operating expenses | 808 | 3 437 |
Allowances for depreciation and provisions for intangible and tangible fixed assets | 94 715 | 84 937 |
Allowances for provisions and loan losses | 346 232 | 441 806 |
Allowances for non performing loans and commitments | 339 579 | 426 600 |
Loan losses | 3 477 | 947 |
Other allowances for provisions | 3 176 | 14 259 |
Provision write-backs and recovery on amortised debts | 39 515 | 38 943 |
Provision write-backs on non performing loans and commitments | 29 331 | 15 431 |
Recovery of amortised debts | 2 556 | 2 947 |
Other provision write-backs | 7 628 | 20 565 |
Current income | 456 485 | 530 419 |
Non-current revenues | - | 聽 |
Non-current expenses | - | 聽 |
Pre-tax earnings | 456 485 | 530 419 |
Corporate tax | 56 014 | 98 997 |
Net Earnings For The Year | 400 471 | 431 422 |
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* UNAUDITED ACCOUNTS
BMED.L (BMED)