Banque Centrale Populaire

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Banque Centrale Populaire
BANQUE CENTRALE POPULAIRE
101, BOULEVARD ZERKTOUNI - B.P. : 10 622 - 21100 CASABLANCA - MAROC
TEL. : (212) 22 20 25 33 - 22 22 41 11 - 22 22 25 89 - Fax : (212) 22 22 26 99 - 22 20 93 40
TELEX : BANCEPO 21 723 / 23 078
http://www.chaabinet.com
His Majesty MOHAMMED VI, king of Morocco.
6
9
Message From the Chairman
10
Key Figures
14
Organisation of the Banques Populaires Group
20
Mobilisation of Savings
28
Financing the Economy
38
Market Activities
48
Social Rersponsability
• Human Development
SUMMARY
52
Financial Statements
Consolidated Accounts
• Financial Statements of the Banques Populaires Group
Social Accounts
• Financial Statements of the Banque Centrale Populaire
7
“
Our Group has been volantary involved in an approach
in which civic duty goes hand in hand with performance,
making a day-to-day reality of our philosophy of doing
business for the common good.
8
”
2005 was without doubt the year in which structuring projects initiated upon following
promulgation of law 12/96 governing reforms of the Crédit Populaire du Maroc started to bear
fruit, both in terms of governance and of commercial and financial performance.
Completion of institutional reform, extension of Banques Populaires Régionales autonomy and
strengthening of their regional vocation, repositioning of the Banque Centrale Populaire, organisation
and revitalisation of intra-group synergies, and continuous improvement of the skills base of our
human resources constitute undeniable assets all of which contribute to lasting establishment of
performance-based culture within our Group.
MESSAGE FROM THE CHAIRMAN
Whether we’re talking about mobilisation of savings, loans to the economy or the drive to extend
banking services, trends in our indicators for the year 2005 result from our commitment to being
a key player in promotion of our country’s economic growth and the well being of our large
customer base.
Our performance indicators showed highly satisfactory trends, consolidating our financial position
and enabling us to intensify our operations while improving our institution’s fundamentals.
In addition, the Group continued to act upon its real commitment to human development, in
particular as regards its micro-credit Foundation, which recorded outstanding results in the alleviation
of precarious living conditions, and its company start-up Foundation, whose activity was extended
throughout the Kingdom for development of business culture, especially for young entrepreneurs.
Thus, our Group has been volantary involved in an approach in which civic duty goes hand in
hand with performance, making a day-to-day reality of our philosophy of “doing business for the
common good”.
We owe these performances primarily to the confidence of our 2,260,725 customers, to our
465,958 members and to our shaeholders, who share our founding values, but also to our
human resources, whose commitment to the corporate project has been a determining factor for
achievement of the targets we have set ourselves.
If these performances confirm the wisdom of our choices, they also implie continuous ongoing
effort to ensure that our strategy, whose milestones we have designed together, will be
strengthened and sustained.
Noureddine OMARY
9
KEY FIGURES
RESULTS AND KEY FIGURES: 2001-2005 synergies
A Solide financial base
(Group share figures in million dirhams)
Assets
Own funds
2004
106 402
82 946
12 123
10 439
8 185
2001
2005
119 927
+44,6%
+48,1%
2001
2004
2005
Sharp rise in revenues and return
(Group share figures in million dirhams)
12
Net banking income
Net profit
+30%
2005
2001
Return on equity
13,9%
+ 5 Pts
12,3%
2004
8,9%
2001
2001
2004
2005
1 688
1 283
729
4 348
5 573
5 769
+131,6%
2004
2005
Sharp rise in commercial activity
(CPM figures in million DH)
Loans to the economy
Deposits
+66,3%
2001
2004
2005
2001
Credit cards
2005
485
382
736 579
2005
2001
2004
2005
Cooperation, a successful
model serving economic development
Members
458 407
465 958
+51 689
414 269
2004
530
+148
645 083
418 948
2004
Branch network
+75,8%
2001
98 764
88 688
67 894
29 994
44 194
49 890
+45,5%
2001
2004
2005
13
ORGANIZATION OF
THE BANQUES POPULAIRES GROUP
MANAGEMENT COMMITTEE
Composition
• 5 chairmen of the board of the Banques Populaires
regionales (BPR) ;
• 5 representatives of the board of the Banque
Centrale Populaire (BCP).
BANQUE CENTRALE POPULAIRE
• Public limited company with fixed capital 51%
held by the BPR and the State.
• Central organisation of the BPR :
- Management of surplus cash flow of the BPR
- Management of the services of common interest
to the bodies of the CPM (International-Information
systems-strategic marketing…).
• Bank habilitated to carry out all the banking
transactions.
16
Main tasks :
• Definition of the general guidelines of the CPM ;
• Administrative, technical and financial control of
the Group’s bodies ;
• Any measures necessary for the smooth running
and financial balance of the CPM.
BANQUES POPULAIRES REGIONALES
• 11 banks formed as a cooperative capital
almost entirely held by 465,958 members :
- Casablanca
- Nador - Al Hoceima
- Centre-Sud
- Oujda
- El Jadida - Safi
- Rabat - Kénitra
- Fès - Taza
- Tanger - Tétouan
- Laâyoune
- Marrakech - Béni Mellal
- Meknès
ROLE
The Credit Populaire du Maroc (CPM) is mainly in charge of fostering the development of all the
SMEs, craft, industrial and service companies by the granting of short, medium and long-term
loans. it contributes to the deployment of saving, their use in the regions where they are collected
and promotion of local and banking activities.
FONDATIONS
MAIN SUBSIDIARIES
• Banque Populaire Foundation
for Company Start-Up
• Chaabi Leasing (Leasing)
• Banque Populaire Foundation
for Micro-Credit
• Banque Populaire Foundation
for Education & Culture
• Assalaf Chaabi (Consumer Credit)
• Moussahama (Risk Capital)
• Maroc Assistance (Assistance)
• ICF Al Wassit (Brokerage Firm)
• Alistitmar Chaabi
(Collective Saving Management - FCP & SICAV)
• Mediafinance (Capital Markets)
• Banque Chaabi du Maroc - Paris - France (Bank)
• Banque Populaire Maroco-Centrafricaine (Bank)
• Banque Populaire Maroco-Guineenne (Bank)
• Chaabi LLD (Long-Term Renting)
• Chaabi International Bank (Bank off shore)
THE STRUCTURE OF
BANQUE CENTRALE POPULAIRE
Inspectorate General
CHAIRMAN OF
CPM AND BCP
Noureddine OMARY
Mohamed SAFY
BCP Audit
Younes OUJEHNA
MD in charge of
Chairman’s office
Abdellatif EL MORJANI
General risk
management
project
MD in charge of
division coordination
Mohamed BELGHAZI
Mohamed Karim MOUNIR
Risk management
department head
Mahmoud BENNANI
Membership and
institutional
relations
department head
Mokhtar SETTAR
17
Deputy MD in charge
of developpement
Hassan EL BASRI
Deputy MD in charge
of organisation and
information systems
Mohamed BELQZIZ
Strategy and
management
control
department head
Rachid AGOUMI
Marketing and
sales coordination
department head
Deputy MD in charge
of production and
accountancy
El Mostafa BEDDARI
Information
Systemes
department head
Banking
production
department head
Hassan DEBBAGH
Mohamed LARBI
Deputy MD in charge
of contracts and legal
Deputy MD in charge
of Contracts and legal
Abdellmottalib
El MOHSSINE
Said LEFOUILI
Human ressources
department head
Mohamed
BOUHADDIOUI
REKIOUK
Laïdi EL WARDI
Communication
department head
-----
Foreign
representation
department head
Mustapha KHYAR
Organisation
and Quality
department head
Accountancy
department head
Asma LEBBAR
El FAIDY
LAHBABI
El Moustapha
Omar YIDAR
Commitments
department head
Corporate
department head
Ahmed Reda TADILI
Idriss BENNANI
SMIRES
Litigation
department head
Abdou ANDALOUSSI
Fondations and
Participations
department head
SEFFAR
Abdeslam TAHRI
JOUTEI
Logistics and
general services
department head
Abdelkrim
BOUACHRINE
Deputy MD in charge
of BCP-Bank
Legal
department head
Trading room
directorate
Saïd BERBALE
Mouhssine
CHERKAOUI
BANQUE CENTRALE POPULAIRE CONTACTS
BANQUE CENTRALE POPULAIRE
101, boulevard Zerktouni - BP. 10 622
21 100 Casablanca - Morocco
Tél. : (212 22) 20 25 33 - 46 90 00 - 22 41 11
Fax : (212 22) 22 26 99 - 20 93 40
Web : http : //www.cpm.co.com
DEPUTY MD IN CHARGE OF
RESOURCES DIVISION
Abdelmottalib EL MOHSSINE
Tél. : (212 22) 46 93 14
Fax : (212 22) 20 19 34
[email protected]
CHAIRMAN & MANAGING DIRECTOR
Noureddine OMARY
Tél. : (212 22) 20 31 23
Fax : (212 22) 20 19 32
[email protected]
DEPUTY MD IN CHARGE OF
PRODUCTION AND ACCOUNTANCY DIVISION
El Mostapha BEDDARI
Tél. : (212 22) 46 90 21
Fax : (212 22) 47 08 05
[email protected]
MANAGING DIRECTOR
IN CHARGE OF DIVISION COORDINATION
Mohamed BELGHAZI
Tél. : (212 22) 46 90 11
Fax : (212 22) 47 08 07
MBelghaz[email protected]
DEPUTY MD IN CHARGE OF
BCP/BANK
Omar YIDAR
Tél. : (212 22) 46 93 94
Fax : (212 22) 20 19 31
[email protected]
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MANAGING DIRECTOR
IN CHARGE OF CHAIRMAN’S OFFICE
Abdellatif EL MORJANI
Tél. : (212 22) 46 93 20
Fax : (212 22) 20 19 32
[email protected]
DEPUTY MD IN CHARGE OF
CONTRACTS AND LEGAL DIVISION
Saïd LEFOUILI
Tél. : (212 22) 46 91 78
Fax : (212 22) 20 93 39
[email protected]
DEPUTY MD IN CHARGE OF
DEVELOPPEMENT
Hassan EL BASRI
Tél. : (212 22) 46 93 19
Fax : (212 22) 20 24 24
[email protected]
CORPORATE
DEPARTMENT HEAD
Idriss BENNANI SMIRES
Tél. : (212 22) 46 93 35
Fax : (212 22) 47 34 43
[email protected]
DEPUTY MD IN CHARGE OF ORGANISATION
AND INFORMATION SYSTEMS
Mohamed BELQZIZ
Tél. : (212 22) 46 94 23
Fax : (212 22) 27 58 59
[email protected]
INTERNATIONAL RELATIONS MANAGER
Mohamed BENHAMMOU
Tél. : (212 22) 46 90 86
Fax : (212 22) 48 76 28
[email protected]
MOROCCAN SUBSIDIARY CONTACTS
ICF AL WASSIT
“Brokerage Company”
Chairman of the board of directors
Samir KLAOUA
Espace Porte d’Anfa
29, Rue Bab Al Mansour - Casablanca
Tél. : (212 22) 36 93 84
Fax : (212 22) 36 93 85
ALISTITMAR CHAABI
“The Group’s Mutual-Fund”
Management Company”
Chairman of the board of directors
Lbachir BENHMAD
Espace Porte d’Anfa
3, Rue Bab Al Mansour - Casablanca
Tél. : (212 22) 39 66 44 - 70 54 60
Fax : (212 22) 94 91 44
MOUSSAHAMA
“Venture-Capital Company”
Managing director
Chihab ADLOUNI
Espace Porte d’Anfa
3, Rue Bab Al Mansour - Casablanca
Tél. : (212 22) 39 30 00
Fax : (212 22) 39 32 20
MEDIAFINANCE
“IVT Operating in Interest-Rate Markets”
chairman of the board of directors
Abdellatif IDMAHAMMA
3, rue Bab Al Mansour - Casablanca
Tél. : (212 22) 36 25 55 - 36 44 68
Fax : (212 22) 36 28 38
MAROC ASSISTANCE INTERNATIONALE
“Assistance-Oriented Insurence Company”
Chairman of the board of directors
Jaâfar EL KETTANI
216, Boulevard Mohammed V - Casablanca
Tél. :(212 22) 30 30 30 - 54 81 06
Fax :(212 22) 31 62 40
CHAABI LLD
“Long-Term Renting”
Chairman of the board of directors
Omar FILALI
2, Rue d’Avignon - Casablanca
Tél. :(212 22) 95 72 00
Fax : (212 22) 36 77 87
CHAABI INTERNATIONAL BANK
Chairman of the board of directors
Abdelhaq EL BASRAOUI
Rue Cellini - Sidi Boukhari - Tanger
Tél. : (212 39) 94 33 28 - 32 95 00
Fax : (212 39) 32 20 60
FONDATION BANQUE POPULAIRE
POUR L’ÉDUCATION & LA CULTURE
“Patronage and Sponsorship of Cultural Events”
General secretary
Rachida BENNIS
Espace Porte d’Anfa
2, Rue Bab Al Mansour, Porte 17 - Casablanca
Tél. : (212 22) 36 55 96 - 36 55 98
Fax : (212 22) 36 55 93
FONDATION BANQUE POPULAIRE
POUR LA CREATION D’ENTREPRISES
“Assistance in Creating Company”
ASSALAF CHAABI
“Consummer-Credit Company”
chairman of the board of directors
Abdelhafid TAZI RIFFI
3, rue d’Avignon - Casablanca
Tél. : (212 22) 39 39 00
Fax : (212 22) 39 11 55
General secretary
CHAABI LEASING
“Financing of Micro-projects”
“Leasing Company”
chairman of the board of directors
Mohamed AKODAD
3, rue d’Avignon - Casablanca
Tél. : (212 22) 36 35 25
Fax : (212 22) 39 13 37
General secretary
Abdelhak EL MARSLI
7, Boulevard Moulay Youssef - Casablanca
Tél. : (212 22) 29 32 51 - 29 32 57
Fax : (212 22) 29 57 79 - 29 73 49
FONDATION BANQUE POPULAIRE
POUR LE MICRO-CRÉDIT
Mustapha BIDOUJ
7, Boulevard Docteur Veyre - Casablanca
Tél. : (212 22) 26 90 11 - 26 90 15
Fax : (212 22) 26 90 18
19
MOBILISATION OF SAVINGS
Sharp rise in customer deposits
In 2005, the Banques Populaires Group, Morocco’s leading high street banking network,
achieved good commercial performance in terms of collection of deposits and mobilisation
of savings. It consolidated its position with 98,764 million DH of total managed resources
and 30% of market share compared to commercial banks. This trend resulted from a growth
strategy based on four fundamental priorities:
• A policy of organic growth aimed at extending and densifying the network of bank
branches in the high street and strengthen its regional base.
• Aggressive commercial development sustained by a distribution policy in which customer
relations are pivotal to development of banking specialisations
• Commitment to strengthening its alternative channels of distribution and optimising its
operation and marketing tools along with its performance scheduling and assessment
procedures.
• Revitalised and intensified external communication to support commercial actions and
strengthen customer proximity.
22
88 688
(in million dirhams)
67 894
Total Resources
98 764
+45,5%
2001
2004
2005
An extensive network of 530 branches
In 2005, 45 new branches were added to the Banques Populaires Group network, consolidating
its position as the number one Moroccan banking network with 530 branches managing
2,260,725 customers.
This network expansion and densification programme supports the Group’s policy of organic
growth, its aim being to strengthen the regional and high street bases of the Banques
Populaires Group and to further extension of banking services to all sectors of the Moroccan
population.
Sustained commercial development
During 2005, the Group continued its policy of increasing return on business by developing
services available through alternative channels, strengthening customer facilities, and
drumming up new high potential custom. The Group has focussed on five priorities in
order to achieve its objectives:
+ 148 branches since 2001
Pour atteindre ses objectifs, il a activé cinq leviers:
Customers per segment
Private
individuals 62%
• Strengthening and optimisation of its information
systems;
Moroccan
ex-pats 28%
• Expansion of its offer of financial products and services;
• Launch of an intensive TQM programme
Customer portfolio
+43%
2 260 725
This successfully implemented policy has produced
tangible results, with 220,002 new customers
recruited in 2005, 10,076 million DH of additional
resources collected, and 91,501 new credit cards
issued – 4.33 growth points in terms of customers
equipped with bank cards in a single year.
Companies and
professionals
10%
1 585 838
• Revamping of the commercial coordination system
through concentration on customer relations
management;
• Improvement of personnel skills in the field of
customers relations.
2001
+674,887 new customers
since 2001
2005
Strengthening of the individual resident market
The individual resident market accounts for more than 62% of our portfolio and constitutes
a major target for improvement of Group business. Policies aimed at improving quality of
financial services, continual adjustment of tariffs, and expansion of communication actions
have all contributed to advancing the Group’s position in the individual resident segment, with
market share up by 0.74 points in 2005.
The above measures have also strengthened the share of the individual resident market in
the Group business, with resident customer deposits accounting for 49.28% of total deposits
managed by the Group.
At the same time, the number of customers continued to rise. 154,060 new resident
customers joined the group in 2005, bringing the private individual customer base to 1,407,924,
with 1,168,703 current accounts and 358,171 deposit accounts. The number of credit cards issued
went up from 548,149 as at the end of 2004 to 629,961 as at the end of 2005, brining rate of
coverage up to 44.67%.
coverage for residents
40,41%
Rate of credit card
44,74%
+ 4,33 Pts
2004
+ 154,060 new resident customers in 2005
2005
23
In the field of bank insurance, the rate of coverage for private individuals as regards assistance
products also rose. Numbers of subscribers to the Al Injad Chaabi product increased by 6.5%
to 45,059 as at the end of 2005, and performance of the Al Injad Al Moumtaz product did not
lag far behind, with numbers of subscribers rising by 25.8%.
Home ownership savings plan
Known as Tawfir Chaabi Lissikane, the plan consolidates
the Banques Populaires Group’s new approach to
meeting the needs of private individual customers who
find it difficult to obtain housing loans. The setting up
of a regular savings plan with the bank determines the
customer’s ability to handle a housing loan.
By allowing a broad fringe population to reach quickly
the financing of acquisition or construction of housing,
Tawfir Chaabi Lissakane Consolidates the Social engagement
of our Group in the national economy.
24
Consolidation of positions on the Moroccan expatriate market
In 2005, the Banques Populaires Group maintained its leading position in the increasingly
competitive Moroccan expatriate segment, with market share of 58.38% in terms of
customer deposits.
A leading partner for Moroccan expatriates, the Group strengthened fund transfer
channels available to such customers through conclusion of fresh partnerships with
foreign bank networks.
In addition, the Group joined the EUROGIRO organisation, an exchange network for
international electronic payment covering some 42 countries and grouping together
some 47 post organisations and commercial banks.
Assistance:
The Banque Populaires Group is active in the field of assistance through MAROC
ASSISTANCE INTERNATIONALE, which has been operating on this market for over 30
years. As at the end of 2005, our subsidiary insured 1.5 million customers, providing
over 25,000 assistance services for those covered.
It also focussed on improving existing channels, especially as
regards transaction tariffs and transfer lead times.
These developments have contributed to channelling greater
numbers of transfers from the Moroccan expatriate community,
with 17,200 million DH as at the end of 2005, up by more
than 5% against 2004.
Moroccan expat transfers
(in Million DH)
+70%
17 200
2005
16 324
2004
10 119
2001
Rate of coverage for Moroccan expats
The Moroccan expatriate customer base also gained 54,688
new customers, to total 631,537 customers holding 635,906
current accounts, 12,259 deposit accounts and 358,460 credit
cards.
Assistance products
Credit cards
55,92%
10,87%
2004
As at the end of 2005, resources held by this customer base rose
by 5% to 50,094 million DH – an additional 2,380 million DH.
11,72%
2005
Moroccan expat resources
(in Million DH)
Moroccan expatriates continued to subscribe to assistance
products. As at the end of 2005, the Injad Chamil product had
357,580 subscribers, constituting a rate of coverage of 57%.
56,76%
2005
50 094
2004
47 714
2001
+26,9%
39 475
25
Company and professional customers
Companies are pivotal to the Group’s development strategy. The network’s commercial
drive attracted 11,254 new customers, bringing the company and professional customer
base up to 221,264, with 32,449 credit cards held as at the end of 2005, a growth rate
of 13.2% compared to 2004.
+ 11,254 new corporate and professional customers in 2005
Expansion of network support channels
The Banques Populaires Group, with its extensive network and highly focussed commercial
objectives, is supported by new technologies streamlining its resources and enhancing
benefits to the customer, including increased numbers of ATMs along with a greater
range of services on offer.
The number of ATMs went up from 414 in 2004 to 511, constituting the most extensive
network in the Moroccan banking system as at the end of 2005.
The start-up of new services such as account-to-account transfers, mobile telephone
recharges, and payment of bills, as well as deployment of a new generation of ATMs,
afford customers greater flexibility and increase availability of basic financial services,
leaving branches to focus on provision of advice and assistance.
The high volume of ATM transactions (76.7% of cash withdrawals, 533,000 recharge
transactions after one year in operation, etc) made the Group all the more determined
to provide further new banking services to fulfil customer expectations.
Credit cards
2004
In addition, the e-banking services subscriber
base virtually doubled in a single year, with
Chaabi Net subscribers increasing from 4,544
in 2004 to 7,649 as at the end of 2005, and
Chaabi Mobile subscribers increasing from
43,446 in 2004 to 105,740 in 2005.
This success was largely due to diversification
of services provided through the various channels,
and to better targeting of distribution.
2005
Rate of coverage of private individuals for
Chaabi Mobile
+143%
105 750
2001
43 446
645 083
418 948
26
736 579
+61,49%
2004
2005
Distribution channels
ATMs
All purpose
automatic machines
Interactive
terminals
TPE
Chaabi Mobile
BANK
Chaabi Phone
Chaabi itissal
Fax server
Chaabi Net
branch
27
Credit card services certified ISO 9001/Version 2000
The certification audit conducted by Bureau Veritas Quality International (BVQI) attests to
compliance of the Banques Populaires Group’s quality management system with the international
standard ISO 9001/Version 2000 in the field of credit card services.
The ISO certificate issued in July 2005 constitutes a
guarantee of continuous improvement of services
provided, and places the Group at the forefront of
credit card services, thanks to quality of service,
team know-how and its extensive ATM network.
This initiative, over 16 months in preparation and
involving several multi-skilled teams, targets customer
satisfaction within the framework of a total quality
approach, and is a strategic priority in the institution’s
medium-term business plan.
FINANCING THE ECONOMY
During 2005, the Banques Populaires Group improved its ranking as regards activities
aimed at financing of the national economy, with outstanding balances rising by 6.6%
to 94,969 million DH, split between loans to the economy to the tune of 49,890 million
and a share portfolio of 43,704 million.
Rate of application of funds
Our institution sees development of financial
aid to customers as a strategic priority. Since
2001, the Group has redirected resources
collected to customer loans, thus improving
rate of application of funds, which rose from
44.6% in 2001 to 50.8% in 2005.
The Group has a significant financial capacity surplus enabling it to further develop these
activities: consolidated equity capital of 12,123 million DH, a solvency ratio of over 22%
(the statutory minimum being 8%) and a risk distribution rate of 2 billion DH.
In addition, organisational improvements were speeded up to further modernise the credit
sector of activity. All procedures were reviewed in 2005 with a view to progressive
implementation of new information systems for branches to improve operations,
especially as regards reduction in loan file processing times, risk management,
improvement of commercial advice, and personalised customer management.
Comparative trends in the share portfolio, deposits and
customer loans
Loans
30
Base 100
Deposits
Share portfolio
Portfolio per share category
Marketable
securities 12%
Equity investments
participation
3%
Investment securities
85%
At central services level, support functions continued to adapt products and services to
customer needs. The crowning glory of such initiatives was implementation of Business
Project, a global banking solution for companies.
Amount of loans to the economy
(in million DH)
Increased loans to the economy
This growth enabled the group to procure a
market share of 23.12% of loans granted by
commercial banks.
In 2005, loans granted to companies rose by
11,25% to 29,703 million DH.
Housing and consumer credit also pasts
growths which consolidate the Group’s
position on these two high-growth and
increasingly competitive markets.
44 194
29 994
After a dynamic year in 2004, with a
rise in loans to the economy of 11.7%,
the Group hit a new record high with
a 12,90% increase in performance,
equivalent to over 5,696 million DH, for a
total amount of loans to the economy of
49,890 million DH.
2004
2001
2005
Amount of loans per market
Companies &
professionals
58%
Residents
33%
Moroccan
expats
9%
Amount of loans per product
Loans to finance companies
6%
housing credits
34%
Consumer credit
10%
Rate of overdue loans down from 14.9%
to 12% between 2004 and 2005
49 890
+66,3 %
Professional
credits 28%
Real estate loans 22%
31
Improved lead times for loan processing
Based on successive improvements since 2001, our establishment has managed to
considerably reduce lead times for processing loan applications. This improved
performance resulted from delegation of powers to the Banques Populaires Régionales
for granting loans without going through central services, daily running of loan
committees to approve loans, and the setting up of an online record sheet enabling
managers to track file processing stages. At the same time, lead times have been
formalised so that loans can be released more quickly.
With the aim of further strengthening reactivity to customer loan applications,
improvement actions in the loan sector in 2005 focussed on revamping the collateral
module and taking over management of various guarantee funds.
Sustained development of loans to private individuals
As for the previous year, in 2005 customer took
advantage of very attractive levels of interest
rates on the real estate loan market to finance
their assets.
In this sector, our institution granted 4,370
million DH in housing loans against 4,200
million in 2004, up by 4%. The total amount
financed 22,368 houses compared to 20,700 in
Amount of real estate loans
(in million DH)
+21,5%
13.935
Real estate loans
11 464
32
The Banques Populaires Group’s commercial strategy is based on receptiveness
to the requirements of resident customers and Moroccan expatriates so as to
better incorporate their specific finance needs in the area of housing and consumer
credit. Performance trends on these two growth markets result from the success
of this strategy, and our institution has strengthened commercial penetration
by improving its offer with clear commitments and even more advantageous
tariffs.
2004
2005
Real estate loans per type of product
2004, with an average per file of 200,000 DH.
As at the end of 2005, real estate loans were
up by 21.5% to 13,935 million DH.
Salaf Mabrouk
52%
Moroccan
expat loans 28%
Social
housing loans
20%
+22%
7.318
for the purchase and construction of houses excluding
social housing amounted to 2,445 million DH as opposed
to 2,100 million DH in 2004, with the number of houses
financed rising to 12,873 units. The amount rose from
6,005 million DH in 2004 to 7,318 million in 2005, an
Outstanding balances of SALAF
MABROUK loans (in million dirhams)
6.005
The entire range of real estate loans rose sharply compared
to 2004:
2004
2005
increase of 22%.
34% SHARE OF THE REAL
ESTATE LOAN MARKET
- Loans granted for cheap housing fell by 2% from 754 million DH in 2004 to 740
million, attributable to their replacement with Fogaloge and Fogarim loans. The
latter formula, launched in 2005, granted 83 million DH in loans. The amount of
social housing loans rose by 27% from 2,203 million DH in 2004 to 2,804 million
in 2005.
Real estates loans granted to Moroccan expatriates amounted to 1,186 million DH
against 1,114 million in 2004, an increase of 6% with the number of beneficiaries
rising by 8% to 3,975 customers. As at the end of 2005, the amount shot up by
20% to 3,849 million DH.
Crédit Al Manzil Chaabi – FOGARIM
In order to encourage access to ownership,
the Banques Populaires Group launched
Crédit Al Manzil Chaabi on the market,
a product designed to grant loans of
up to 100% for financing purchase or
construction of housing for persons of
modest income or those not earning a
regular wage.
33
Consumer credit
Consumer credit activities amounted to 4,440 million in FY 2005 due to the good
performance of the two flagship products, Crédit Yousr and Crédit Moujoud.
Improved credit formulas boosted this activity, especially as regards Crédit Yousr, a
fund facility available to private resident customers and enabling them to handle
unexpected outlay without throwing their budget off balance. Such loans are
associated with customer current accounts and are usable during the month
whatever the means of payment, credit card, transfer or direct debit.
Crédit Moujoud, which blends flexibility of credit
terms with rapidity of loan application processing,
finances individual customers’ personal needs
under advantageous terms, with amounts
granted of up to 500,000 DH.
43,50% SHARE OF THE
CONSUMER CREDIT MARKET
34
Increased corporate credit
The Banques Populaires Group continues to support
all companies whatever their size by providing them
with advice and appropriate finance solutions at every
stage of their development, through the expertise of
its network and its specialised subsidiaries.
Amount of Corporate Credit
(in Million DH)
+11,25%
branches, the Group is considered as the leading bank
26 700
base and close monitoring of its activity within our
29 703
Thanks to lasting relations forged with this customer
in this segment, particularly appreciated by SMEs,
60% of which it finances. In addition, our institution
partners many of the Kingdom’s large-sized companies
and is a key player in the financing of ongoing largescale infrastructure projects.
2004
2005
The Group continually adapts its offer to this clientele’s increasingly specific needs.
The portfolio is monitored not only by the Banques Populaires Régionales but also by
managers in the Banque Centrale Populaire, who work closely with project coordinators
in the branches to provide their customers with tailor-made solutions.
The ‘Business Project’ global banking offer targeting companies results from our
institution’s commitment to this clientele. The total amount of loans granted to
companies, which went up from 26,700 to 29,703 million DH, highlights the
importance of the relationship with this customer base.
Breakdown by sector of loans granted in 2005
Sectors
Number of files
Amount (in MDH)
Share (as %)
199
1 755
51.35
67
750
22
Public works and buildings
126
511
15
Trade
183
128
3.75
14
90
2.65
Freelancers
113
64
1.8
Sea fishing
38
51
1.5
Agri-business
21
38
1.1
Agriculture, animal
husbandry and forestry
42
20
0.6
4
11
0.32
806
3 418
100
Transport & services
Miscellaneous industries
Textile and leather
MMEEI
Total
The Group finances 60% of SMEs.
35
Regional breakdown of investments financed in 2005
Loans approved
Regions
Projects financed
Amount (MDH)
Share (as %)
Amount (MDH)
Share (as %)
2 074
60.68
4 491
66.71
Souss Massa Drâa
Oued Eddahab-Lagouira
191
5.5
217
3.21
Laayoune-Boujdour Sakia
El Hamra Guelmim and Smara
41
1.2
50
0.74
Tangier-Tétouan
90
2.6
51
0?76
Meknès-Tafilalet
134
3.5
127
1.89
Fez-Boulemane
111
3.25
115
0.71
Al Haouz Tadla
427
12.5
704
10.45
Rabat-Salé-Zemmour-Zaër
137
4
750
11.14
Eastern District
34
1
9
0.13
Doukala-Abda
59
1.75
75
1.11
Al Hoceima-Nador-Taounate
120
3.5
145
2.15
Casablanca-chaouia
Ouardigha
Marrakech Tensift
36
Specialised subsidiaries
Consumer credit
Assalaf Chaabi
In 2005, loans granted by Assalaf Chaabi rose by 698.3
million DH to 2,085 million DH.
Long term rentals
Chaabi LLD
Barely a year after it was set up in 2004, our long
term car rental subsidiary took a leading position
on the market, with a fleet of 338 vehicles as at
the end of 2005.
Leasing
Chaabi Leasing
Chaabi Leasing’s activity developed favourably, with production up by 10.7% to 866.3
million DH compared to 782.5 million DH in 2004.
37
MARKET ACTIVITIES
A full range of products and services
By capitalising on the expertise of its banking advisors, traders and financial product specialists,
the Banques Populaires Group was able to make the most of a financial situation less favourable
than in 2004, with constantly falling bond yields, persistent overliquidity and rising raw material
prices, to develop its market activities. Despite this unsettled situation, our institution showed
sustained performance in all its activities, thanks to a diversified, tailor-made range of products
and services which meet our customers’ specific needs. While strengthening its dominant
position on the money market and bond market, the Group speeded up development of
international activities, corporate banking, stock broking, custody and asset management.
A full range
Trading room
Corporate
- Mergers and Acquisitions
- Interest rate products
- Structured financing
- Foreign exchange products
- Financing of
international transactions
- Derivatives
Asset management
- Money market mutual funds
Stock broking
- Bond mutual funds
- Diversified mutual funds
- Equity mutual funds
Custody
40
In corporate banking and international activities, in particular, our institution is using
a new organisation based on business lines to provide personalised advising and
structured financing solutions for customers. One of the priority aims of this new
approach is to ensure that the structure has employees with highly specialised profiles
and more effective IT tools for customer support. On this relatively young, but high
growth market, the Group took part in all the major structured financing transactions
finalised in 2005 or in the process of finalisation in 2006.
The trading room, which has strengthened its traditional areas of bond investment and
T-bill broking, is now offering derivatives, particularly raw material hedging and forward
currency and interest rate contracts, thus rounding off the range of products and
services offered to large-sized company and institutional customers. Finally, our
subsidiaries Al Istitmar Chaabi, ICF Al Wassit and MEDIAFINANCE specialising in asset
management, stock broking and bond investment respectively, recorded noteworthy
advances on their markets in 2005.
Stock broking
Our stock broking company ICF AL WASSIT maintained its positions in 2005 with the recovery on the
share market, generating turnover of 4.47 million DH against 4.6 million in 2004. ICF AL WASSIT
recorded net earnings of 1.34 million DH in 2005.
Undisputed leader on the money market
Thanks to their good understanding of corporate customers’ financial strategy and
regular monitoring of their needs, traders in the trading room of the Banque Centrale
Populaire and its subsidiary Mediafinance are the main interfaces for the Group in its
relationships with companies and institutional customers and guarantee coordinated
action in its operations on the capital markets.
With a customer base of 221,264 companies and institutions, the Banques Populaires
Group continued its commercial penetration and consolidated its position on the money
and bond market, despite an even less favourable context than in 2004. The Group was
active in all compartments of this market, recording large trading volumes.
On the interbank Market, the average rate of return was significantly above the market
annual average weighted index.
On the bond market, BCP consolidated its results by acquiring over 10 billion DH worth
of T-bills at auction, 14% of the overall volume.
On the secondary T-bill market, BCP recorded over 34,000 million DH in trading, giving
it a market share of 15.8% at the end of 2005.
41
MEDIAFINANCE
A subsidiary of the Banques Populaires Group specialising in bond investment,
MEDIAFINANCE continued to feature among the major players on the market, with an
overall market share of 17.8%. Its range of services also includes advice for investors
in terms of investment strategy and optimisation for financial securities.
During 2005, our subsidiary subscribed to 4.1 DH billion worth of T-bills on the
primary market, 6% of the total volume auctioned. On the secondary market,
MEDIAFINANCE recorded a volume of 23 billion DH in firm transactions, giving it a
market share of 11.8%.
On the market of negotiable debt securities and bond issues, the Group took part in
the majority of fund raising operations on the market.
• In the commercial paper segment, our institution took part in two major issues
on behalf of the ONA group and the ONE (Electricity Board), each for an amount of
1 billion DH.
• In the finance company bond compartment, the Group was a member of the
investment syndicate for the Maroc Leasing issue involving a total issue programme of
650 million DH.
• In terms of bond issues, our institution was associated with the biggest issues in
2005, both as a member of the investment syndicate or as co-lead bank. They consisted
mainly of Société Financière Internationale issues amounting to 1 billion DH and the
company Autoroutes du Maroc with 500 million DH.
Asset Management
Trends in net assets managed
+22%
42
The Banques Populaires Group operates in asset
management through its specialised financial services
subsidiary Al Istitmar Chaabi, which is still in a growth
position on this market, offering a wide range of equity,
bond and money market mutual funds to all categories
of our customer base: institutional investors, large-sized
companies, SMEs and individuals. It sells its products
through the Group’s 530 branches, thus benefiting from
the most extensive branch network in the Moroccan
banking system.
Al Istitmar Chaabi did particularly well in 2004 with the
launch of 3 mutual funds known as “Al Iddikhar Chaabi”
(Iddikhar Kassir Mada, Iddikhar Moutaswassit Mada and
Iddikhar Tawwil Mada investment trusts) aimed mainly
at very small-sized savers. 2005 was a very successful
year for them, with a sharp rise in assets managed.
+31%
2003
2004
2005
Trends in net assets managed by
Al Iddikhar Chaabi mutual funds
+717%
2004
2005
27.6% overall market share for the Banques Populaires Group on
the secondary T-bill market
New breakthrough on the foreign exchange market
Despite an unstable situation on the foreign exchange market, customers placed a
large volume of transactions, both import and export, in the hands of the Banques
Populaires Group. Yet another breakthrough which reflects the constant effort put
into this strong growth activity by our institution with the gradual opening up of
the economy.
During 2005, the Group continued its commercial penetration, achieving a good
rise in volumes processed. Further gains in market shares enabled our institution to
strengthen its position in this compartment.
At the same time, it continued to improve products and services by matching them
to customer demands.
With this aim in mind, the Group was one of the first banks to introduce derivatives,
in full compliance with the regulations in force, in response to customer demand.
Third generation financial products giving customers the possibility of made-to-measure
packages for hedging raw material purchases or forward interest rate or currency
contracts for the payment of their commitments.
43
Corporate banking: a fresh organisation encouraging synergies
Large-sized company structured financing recorded an outstanding performance in
2005, despite a difficult economic context combined with a lukewarm recovery in
investment by large-sized companies.
The Group achieved good performances in structured financing with the development
of a range of products suited to a wider institutional customer base.
Loans to large enterprises
(in million DH)
2004
5.408
+ 25,3%
4.316
Lending by the Banques Populaires Group to
large-sized companies amounted to 5,408 million DH,
against 4,316 million DH in 2004, a rise of 25.3%.
2005
This rise illustrates our sustained penetration of the large-sized company market
which saw the launch of several large-scale projects in 2005, in various strategic
sectors such as energy, tourism, housing and transport.
In the Corporate segment, our group based its action plan on a proactive commercial
approach, targeting major Moroccan groups as well as foreign groups wishing to
invest in Morocco.
It is now positioned as a major project financing arranger or co-arranger. At the
same time, it is developing its range of advisory products and services for new nancial
instruments.
These actions were also supported by the consolidation of partnerships both at
the domestic level and with international banks for the co-financing of major
investment projects.
Development of international activities
44
The Group maintained continuing growth in its international activities by taking an
overall approach covering all corporate customer needs. Thanks to its understanding
of their expectations, it can propose a range of products and services differentiated
in terms of the needs expressed, providing customers with product experts and
specialised advisors to guide them in choosing products best suited to their positions
and aims.
This momentum resulted in a sharp rise in loan growth, in particular in foreign trade
activity, enabling the Group to increase its market share significantly, by a further 2
points in 2005.
At the same time, the volume of international guarantees rose steeply, by 46%, that
of export documentary credits tripled and financing of foreign trade transactions in
foreign currencies shot up by 21%.
In terms of commercial support and advice for our foreign trade customers, collective
and individual actions were organised to foster contacts between Moroccan and
European operators and communicate on our institution’s international offer.
Expansion of our network of foreign correspondents
The Banques Populaires Group expanded its network of foreign correspondents by
signing partnerships with 30 new international banks and main branches worldwide,
in 2005.
Thanks to this extensive network of correspondents, customers transactions are
channelled directly to our bank, reducing intermediation costs and processing times
and gaining in terms of transaction efficiency and security.
In addition, our customers can now receive international support through our
correspondents and enjoy local services on the spot from these partners.
45
Standard & Poor’s raised its rating of the Banque Centrale Populaire
On 10 August 2005, Standard & Poor’s rating agency raised the long-term rating for
foreign and local currency given to the Banque Centrale Populaire from “BB/Positive/
B” to “BB+/Stable/B”.
S & P emphasised the fact that the “rating given to Banque Centrale Populaire
reflects the central role it plays within the Banques Populaires Group”.
It further considered that “the Banques Populaires Group continues to be a leader on
the Moroccan banking market, enjoying high liquidity and strong capitalisation in a
highly competitive financial environment”.
SOCIAL RESPONSIBILITY
HUMAN DEVELOPMENT
The Banques Populaires Group has developed a number of partnerships with representatives
from all areas of society. Through three assigned foundations, our institution has invested
in the field of micro-credits, supporting company start-ups and promoting culture and
education.
The list of more than 100 partnerships entered into by the Banques Populaires Group in
2005, providing support or sponsoring different events, demonstrates just how deeply
rooted it is in the country’s social and economic fabric.
A committed leader in micro-credits
The Banque Populaire Micro-credit Foundation is the only organisation directly affiliated
to a bank and one of the very first created in Morocco to support the development of
micro-credit. Working alongside the beneficiaries of micro-credit, its commitment goes
further still, not only providing them with the financing and support necessary for
successful completion of their projects, but with literacy courses as well.
By the end of 2005, it had helped 82,649 active customers through 90 branch units, 20
of which were opened in 2005. The average amount released per application is on the
increase, up from 4,966 DH in 2004 to 5,450 DH in 2005, a rise of 9.5%.
48
To strengthen its action, our foundation continued to fine-tune its operational tools
by rolling out an on-line information platform common to all branches throughout
the Kingdom in order to improve its processing and support response time for loan
beneficiaries.
This approach is strengthened by a decentralised organisational model with regional
supervisory offices whose remit is to coordinate and monitor performance in the different
branches.
2004
2005
Increase
70
90
28%
Number of loans
109,276
118,501
8%
Active customers
70,112
82,649
18%
Loans granted (in DH)
542,637,700
645,892,000
19%
Outstanding balances (in DH)
205,514,937
297,330,000
45%
Number of branches
In addition to financial support, the foundation is also focusing on providing training for
micro-credit beneficiaries so that they can successfully implement their projects, through
a public literacy programme in partnership with local associations. Classes are given by 40
branches for the benefit of 2,000 micro-credit applicants.
Its programme to fight poverty alongside the State also confirms another facet of the
Banque Populaire Group’s social commitment. In 2005, four agreements were signed with
local authorities, public boards and establishments, the Kingdom’s economic regions and
local development associations. The first was signed with the Wilaya of Agadir , the Social
Development Agency, the Fisheries Board and the Al Ittifak Association to promote the
fresh fish trade by modernising the methods of transportation, handling and preserving
used by street vendors. A second agreement has been signed with the Marrakech city
council to help carters, in order to improve and modernise the goods transport sector
within the city.
The third agreement with the Banques Populaires Group is aimed at increasing uptake of
banking services by micro-entrepreneurs, so that they can take advantage of bank loans
for financing requirements above 30,000 DH. A last partnership has been concluded
with the Marrakech-Al Haouz-Tensift region to provide our foundation with a line of
financing for projects to upgrade farming and cottage industry activities and to promote
rural tourism.
International influence
The Foundation is actively involved in the work of FNAM (national federation of micro-credit
associations) to develop the sector. In 2005, it initiated actions and bilateral and
multilateral meetings and took an active part in the proceedings of a number of regional,
national and international events to enhance the social action of the Banques Populaires
Group. In addition, the Foundation had the privilege of representing Morocco in a documentary on the French TV channel TV5 dealing with micro-credit in Bangladesh, France,
Morocco and Niger, which was shown at the special UN session on the International Year
of Micro-credit.
Development prospects by the year 2008
- Open 90 new branches
- Accumulate outstanding balances of 815 million DH
- Reach a cumulative total of 5 billion DH of loans granted
- Serve over 270,000 active customers
49
Support for company start-up
The Banques Populaires Group has long shown a commitment to young entrepreneurs
through the Banque Populaire Foundation for company start-up. Our institution
continues to demonstrate excellence in this area where it was a pioneer, with
diversification of methods for supporting project applicants, training in entrepreneurial
techniques and setting up of regional units. The organisation has been strengthened
by partnerships with Regional Investment Centres to institute regional committees for
business creation. Our main aim is to establish closer contact with young entrepreneurs
in the region.
This new approach has led to two large-scale actions: launch of the ‘Calls for Projects’
scheme in order to select hard cores of young entrepreneurs in the different regions
and development of the entrepreneurial spirit among students.
The “Calls for Projects” pilot scheme, launched in the Greater Casablanca area, has
met with out-and-out success, with 121 projects registered. 21 of these have received
support from the Foundation for six months for completion of the business plan and
actual start-up of the firm, then throughout the first two years of activity. The average
investment of these projects is around 800,000 DH.
This initiative has been extended to all the regions in Morocco. Of the 1,781
applications examined, 74 have been sent to the Micro-credit Foundation, 1,008
will be taken up by the advanced training assistance teams, 632 will go before
selection panels and, finally, 220 will benefit from the Foundation’s support
system in 2006.
50
A banking group serving education, culture and environmental conservation
For around ten years, the Group has provided support to education and culture
through the Banques Populaires Foundation for Education and Culture. The Foundation
works in partnership with the Ministry for Culture, and provides financial support
for all national festivals, the Book Exhibition and cultural associations.
In the area of education, the Foundation manages two schooling units and runs a
literacy scheme for 4,000 people, divided between micro-credit beneficiaries and
employees of the Group’s SME customers.
Support for education in Morocco has been extended, in partnership with regional
and local education authorities with a “book prize” scheme for deserving pupils
nationwide. In addition, the Foundation annually renews its contribution to the
Académia foundation, which provides scholarships for students.
Spirit of solidarity taking root
The Banques Populaires Group is a faithful patron of associations working in
the areas of health, help for the handicapped, reinsertion of young people
and alleviation of poverty. Each year, it provides financial support for over thirty
social organisations.
Stronger presence in sports patronage
The Banques Populaires Group has been committed to sports patronage for
many years, by financially supporting sporting events: horse-riding, football,
golf, boxing, etc. This support is continued in turn by all Banques Populaires
Régionales which are involved in local events.
51
SUMMARY STATEMENT
• CREDIT POPULAIRE DU MAROC
• BANQUE CENTRALE POPULAIRE
THE BANQUES POPULAIRES GROUP
C O N S O L I D AT E D AC C O U N T S A S AT 3 1 D E C E M B E R 2 0 0 5
NOTES TO THE ACCOUNTS FISCAL YEAR 2005
A – INFORMATION ON THE REPORTING ENTITY
A1-List of consolidated firms
The methods of determining the reporting entity comply with the provisions of the General Accounting Principles Applicable to
Credit Institutions. Nevertheless, given the principle of significant size, companies eligible to become part of the reporting entity in
accordance with regulatory provisions, but for which the share of the consolidated group in their equity capital is not significant are
excluded from the reporting entity.
Le périmètre du Groupe BCP au 31 décembre 2005 se présente comme suit :
Sociétés Consolidée
CPM
Capital Social
(KDH)
De
contrôle
D’intérêt
Contribution
Méthode de
au résultat
consolidation
consolidé
(*)
part Groupe (KDH)
1 404 513 100.00
100.00
1 133 407
E.C.
Banque Chaâbi Du Maroc (K euro)
16 769 100.00
100.00
22 285
I.G.
Maroc Assistance Internationale
50 000
51.66
51.66
8 895
I.G.
140 000
57.93
57.93
-9 326
I.G.
10 000 100.00
Moussahama
Alistitmar Chaâbi
100.00
2 425
I.G.
Média Finance
100 000
70.00
70.00
18 956
I.G.
Chaâbi Leasing
100 000
90.00
90.00
22 699
I.G.
Dar Ad-damane
75 000
52.63
52.63
42 461
I.G.
Chaâbi LLD
20 000
70.00
62.79
-1 175
I.G.
177 000
85.91
85.91
42 046
I.G.
Assalaf Chaabi
(*) E.C. : Etablissement consolidant
I.G. : Intégration Globale
A2 - Firms entering and leaving the reporting entity during the financial year 2005
The company Chaâbi International Bank offshore is consolidated in the reporting entity.
A3 - Firms left outside the reporting entity
Firms left outside the reporting entity are those which are not of significant size in terms of the consolidated whole.
• The group has classified Banque Populaire Marocco-Centrafricaine and Banque Populaire Marocco-Guinéenne as outside the
reporting entity due to the unavailability of accounting information.
B - PRINCIPLES AND METHODS OF CONSOLIDATION, ACCOUNTING PRINCIPLES AND
VALUATION METHODS
The CPM Group’s consolidated accounts have been drawn up in accordance with the provisions of Chapter 4 of the General
Accounting Principles Applicable to Credit Institutions.
CPM’s corporate accounts and the corporate accounts for the year ended 31 December 2005 of the companies entering the reporting
entity served as the basis for drawing up the consolidated accounts. These accounts have been drawn up or restated according to the
accounting rules and practices applicable in Morocco.
The Group’s accounting rules and methods are as follows:
B1 - Principles of consolidation
(a) Reporting entity
CPM, a group formed by Banque Centrale Populaire (BCP) and Banques Populaires Régionales (BPR), is designated the group’s
consolidating establishment.
Banks and financial establishments and holding companies in which the group has exclusive control, directly or through companies
already fully consolidated, are fully consolidated. This control is assumed for companies in which it has control of at least 40% when
no other shareholder holds a fraction of more than 40% of the voting rights.
Banks and financial establishments and holding companies in which the group has joint control are proportionally consolidated.
Banks and financial establishments and holding companies in which the group has an interest ranging from 20% to 40%, provided
that it ensures real, lasting influence on management, are consolidated by the equity method.
Non-financial firms are consolidated according to the equity method without taking into account the type of dependency.
Firms whose consolidation is not significant are excluded from the scope of consolidation.
(b) End of the financial year
For all the companies included in the reporting entity, the financial year ends on 31 December, with the exception of MOUSSAHAMA
for which it ends on 30 June and for which interim accounts are made up on 31 December for the purposes of consolidation.
(c) Goodwill amortisation
Goodwill amortisation represents the difference between the acquisition price of consolidated companies’ securities and the Group share
in their net assets on the date of the equity investment, after entering any unrealised capital gains or losses on identifiable assets.
When it is positive, it is recorded under the assets of the consolidated balance sheet under the heading ‘Goodwill amortisation’ and
depreciated over the estimated lifetime, with a limit of twenty years. Where applicable, a provision for further depreciation is
recognised to take into account prospects for activity and earnings of the companies concerned.
If it is negative, it is recorded in balance sheet liabilities, under the heading ‘Provision for goodwill amortisation’ in the item ‘Other
liabilities’ and included under earnings over a period of not more than ten years.
Insignificant goodwill is fully posted to the earnings for the fiscal year during which it was recognised.
(d) Restatements and inter-company transactions
When the impact is significant, consolidated company corporate accounts are restated to make them compliant with the accounting
principles set out below.
After cumulating balance sheets and profit and loss accounts, significant inter-company balances, as well as the profits and losses
resulting from transactions between the company’s groups are eliminated.
B2 - Accounting principles and valuation methods
(a) The translation method used for the consolidation of foreign subsidiaries
Consolidated accounts are drawn up in dirhams. For this purpose, financial statements of foreign subsidiaries expressed in foreign
currency are translated according to the closing rate method, in accordance with the provisions of the General Accounting Principles
Applicable to Credit Institutions.
(b) Loans and advances
• Interest
Accrued interest is recognised in the profit and loss account. However, as soon as the recovery of a debt becomes doubtful,
interest is reserved and is not recognised as income until it is actually collected.
• Provisions for depreciation of non-performing loans.
Provisions are made to cover probable losses that might result, either from the total or partial failure to collect non-performing
loans, or from the bringing into play of off-balance sheet commitments. For credit institutions, these provisions are valued in
accordance with Bank Al Maghrib rules for the cover of non-performing loans by provisions and accordingly reduce gross loans
and advances recorded in assets.
(c) Leasing transactions
When the credit institution is in the position of lessor, the leasing transactions it carries out are included under the assets of the
consolidated balance sheet for the amount determined according to financial accounting. The unrealised reserve is recorded among
consolidated reserves for the amount net of deferred tax.
(d) Transformation and investment securities
While awaiting the information from Bank Al-Maghrib on the list of securities eligible for classification as transaction securities, the
whole portfolio recorded under this heading is classified as marketable securities.
Marketable securities are financial investments acquired for the purpose of obtaining financial returns in the short term or securities
which do not meet the criteria necessary for classification in another category of security. They are recorded at purchase price,
excluding acquisition costs and accrued coupon. These securities are valued at the end of the financial year at market price and
provisions are made for unrealised capital losses which accordingly reduce the value of the securities entered under assets. Unrealised
capital gains are not recorded.
(e) Other assets
This item includes premiums on options purchased, various security transactions, other debtors, other securities and assets, accruals,
as well as balances net of deferred tax debits.
(f) Investment securities
Investment securities are debt securities which are acquired with the aim of obtaining regular revenues, with the intention of holding
them for over a year, until maturity. These securities are essentially Treasury bills. In accordance with the provisions of the General
Accounting Principles Applicable to Credit Institutions, provisions are not made for unrealised capital losses.
(g) Equity investments and equivalent assets
All those securities whose long-term possession is deemed useful for the business of the enterprise are considered as equity
investments. This heading also includes profit-sharing loans and loans related to equity investments.
Equity investments in non-consolidated companies are shown in the balance sheet at their overall acquisition cost or their overall
subscription value. Where applicable, provisions are made for depreciation on any unrealised capital losses, calculated in terms of the
mathematical values of the equity investments, and accordingly reduce the value of securities entered under assets.
Capital gains on disposals within the group are cancelled in consolidation when they are significant.
(h) Fixed assets
• Intangible assets
They essentially consist of leasehold rights and are generally depreciated over a period of not more than five years.
• Tangible assets
Tangible assets are entered at their acquisition or production cost. Economic depreciation corresponds to straight-line depreciation.
For subsidiaries using the diminishing value method, the difference in depreciation resulting from the use of this method compared
to the straight-line method is adjusted in consolidation.
Depreciation is recognised by reducing the gross value of fixed assets according to the straight-line method over the estimated
lifetime of the asset.
Capital gains on disposals within the group are cancelled in consolidation when they are significant.
• Assets available under leasing
When a consolidated firm has assets available under a leasing contract or equivalent, these transactions are restated as acquisitions
of fixed assets when they are significant.
(i) Debt securities issued
This heading contains the debts represented by negotiable debts issued by consolidated establishments, with the exception of
short-term notes and subordinated securities.
(j) Other liabilities
This heading records the premiums on options sold, sundry security transactions, sundry creditors, accruals, as well as balances net
of deferred tax credits and investment subsidies.
(m) Equity capital
Consolidated equity capital includes
(m1) The CPM Support Fund : Set up by the Dahir of 2 February 1961, input to this CPM collective guarantee fund is as
follows:
• From 1961 to 1987: by appropriation of 50% of the remainder of the earnings of BCP and BPR after the legal reserve and
payment of interest on membership shares.
• From 1988 to 1989: by an annual allowance of 2.5% of turnover recognised as expenses and by 25% of net earnings after
legal reserves and statutory interest.
Law 12/96 reforming the CPM changed the Guarantee Fund into a Support Fund to which an annual allowance of a maximum 2%
of turnover is paid.
The Guarantee Fund which became the Support Fund is used to grant operating subsidies and restructuring loans repayable to
CPM bodies.
(m2) Dar –Ad-damane Guarantee Fund : The input to the Dar –Ad-damane Guarantee Fund, set up by the framework agreement
of 5 June 1990, was initially allowances from the surety company’s different founding banks and was brought up to 75 million DH,
ultimately acquired by Dar-Ad-damane. Input to this Guarantee Fund came from withdrawals from net earnings decided on at the
company’s General Meeting. In the consolidated accounts, this Guarantee Fund is a component of share capital.
(n) Tax levied on earnings
Tax charges includes:
• Current tax for the year
• Deferred tax resulting from the temporary difference in taxation or deductions in the corporate accounts or due to consolidation
adjustments. Deferred tax is determined according to the liability method on total temporary differences. Deferred tax assets are only
recognised if the probability of them occurring is considered high.
In 2005, the normal rate of corporate tax on earnings in Morocco is 39.6% for banks and financial establishments and 35% for
other companies.
in thousand DH
ASSETS
Cash, central banks, public treasury, giro accounts
• Central banks, public treasury, giro accounts
• Cash
Claims on credit and credit-like institutions
• On sight
31/12/05
31/12/04
15 120 866
10 622 142
14 050 880
9 724 442
1 069 986
897 700
5 677 136
5 653 214
726 004
3 263 546
4 951 132
2 389 668
Client accounts receivable
45 312 668
39 614 943
• Cash and consumer credits
18 546 354
15 953 192
• Payable with a term
• Equipment credit
9 742 856
9 099 089
• Realestate credits
15 097 242
12 218 350
• Other credits
• Financial lease and rent operations
Factored receivables
1 926 216
2 344 312
1 610 318
1 485 137
-
-
Transaction and transfer securities
9 663 306
9 650 522
• Treasury bonds and related securities
7 738 470
6 530 747
641 904
1 766 045
• Other debt instruments
• Titles of ownership
1 282 932
1 353 730
1 739 928
1 547 766
37 700 232
34 746 098
36 211 876
33 330 974
1 488 356
1 415 124
506 076
724 050
Equity Securities
-
-
• Financial Firms
-
-
Other assets
Investment securities
• Treasury bonds and related securities
• Other debt instruments
Investment securities and related applications
• Other Firms
Subordinated Accounts
Intangible assets
Tangible assets
Goodwill on acquisition
Total Assets
-
-
110 355
110 000
132 950
115 509
2 346 532
2 123 113
6 623
9 987
119 926 988
106 402 481
in thousand DH
OFF BALANCE-SHEET LIABILITIES
OFF BALANCE-SHEET LIABILITIES
Financing commitments in favor of credit and credit-like institutions
31/12/05
13 376 958
31/12/04
8 154 618
122 515
111 305
Financing commitments in favor of customers
3 135 025
2 922 149
Commitments of guarantees of credit and credit-like institutions
2 827 090
765 238
Commitments of guarantees to customers
4 349 869
3 787 255
Securities bought with option of repurchase
Other securities to deliver
OFF BALANCE-SHEET ASSETS
-
-
2 942 459
568 671
2 436 118
2 072 175
Financing commitments received from credit-like institutions
467 000
452 000
Financing commitments received from credit-like Customers
1 919 191
1 341 131
29 376
28 815
Commitments of guarantee received from the state and various sponsoring agencies
Securities sold with option of repurchase
Other securities to receive
-
-
20 551
250 229
in thousand DH
LIABILITIES
Cash, central banks, public treasury, Giro accounts
Debts on credit and credit-like institutions
• On sight
• Payable with a term
Customer deposits
Demand accounts payable
• Savings accounts
• Fixed-term deposits
• Other accounts payable
31/12/05
31/12/04
-
-
2 710 300
2 431 712
507 228
656 926
2 203 072
1 774 786
102 070 016
90 027 914
56 696 061
49 044 227
9 424 613
8 425 266
34 164 658
31 072 346
1 784 684
1 486 075
Debt instruments issued
-
-
• Negotiable stocks
-
-
• Bond loans
-
-
• Other debt instruments issued
Other liabilities
Goodwill on acquisition
Provision for risks and charges
Regulated provisions
Earmarked public funds and special guarantee funds
Subordinated debts
-
-
1 916 418
2 434 275
-
-
1 007 763
969 751
-
-
1 692 379
1 509 090
-
-
Capital-related premiums
6 474 939
5 606 587
Capital
1 684 090
1 404 513
-
-
Shareholders, uncalled capital (-)
Consolidated reserves, revaluation differentials, translation differential and differences on the equity method
673 674
679 685
• Group Share
383 804
436 573
• Miniroty interest Share
289 870
243 112
Net earings for the year (+/-)
1 697 408
1 338 955
• Group Share
1 688 109
1 282 673
9 299
56 282
119 926 988
106 402 481
• Miniroty interest Share
Total liabilities
in thousand DH
EQUITY CAPITAL
Group Share
Miniroty interest Share
Total
31/12/05
31/12/04
11 923 321
10 239 436
229 169
299 394
12 222 490
10 538 830
in thousand DH
INCOME AND EXPENSE ACCOUNTS
BANK OPERATING INCOM
Interests and interest-like income on operations with credit institutions
31/12/05
7 536 518
31/12/04
7 462 799
309 284
246 583
Interests and interest-like income from operations with the customers
3 494 189
3 301 282
Interests and interest-like income on debt securities
2 501 815
2 663 580
53 486
37 307
Income from tangible assets in financial lease or rent
142 283
116 977
Commissions on service provisions
503 515
497 258
Income derived from ownership titles
Other banking revenues
BANKING OPERATION EXPENSES
Interests and related expenses on operations with credit institutions
Interests and related expenses from operations with the customers
Interests and related expenses on debt securities issued
Expenses on tangible assets in financial lease or rent
Other banking expenses
531 946
599 812
1 767 138
1 889 559
86 766
93 833
1 385 190
1 410 326
-
1 103
5 467
5 276
289 715
379 021
5 769 380
5 573 240
Non banking operating revenues
256 250
206 053
Non banking operating expenses
424 212
117 054
NET BANKING INCOME
GENERAL OPERATING EXPENSES
Payroll expenses
Taxes and levies
External expenses
Other general operating expenses
Depreciation expense and expenses for tangible and intangible assets
Depreciation of goodwill on acquisition
Reservals on goodwill on acquisition
DEPRECIATION TO THE RESERVE AND LOSSES ON UNCOLLECTIBLES
Depreciation to the reserves for delinquent claims and commitents by signature
2 630 758
2 510 414
1 577 319
1 439 456
58 008
56 438
726 249
732 936
18 188
39 797
250 994
241 787
3 364
3 366
-
1 113
2 221 020
1 469 609
1 206 618
949 681
Losses from uncollectibles
901 425
61 238
Other reversals of provisions
112 977
458 690
2 056 041
1 718 923
1 396 330
625 927
PROVISION REVERSALS AND RECOVERIES FROM WRITTEN-OFF DEBTS
Reversals of provisions for delinquent claims and commitents by signature
Recoveries on debts written-off
665
7 248
659 046
1 085 748
CURRENT INCOME
2 802 317
3 398 886
Non-current income
42 470
20 692
151 301
1 401 369
2 693 486
2 018 209
Other reversals of provisions
Non-current expenses
EARNING BEFORE INTEREST AND TAXES
Tax on profit or loss
996 078
679 254
1 697 408
1 338 955
Share of Equity Companies in earnings
-
-
Financial firms
-
-
Consolidated firms net earnings
Other firms
Net group Earnings
Group Share
Minority Interest share
-
-
1 697 408
1 338 955
1 688 109
1 282 673
9 299
56 282
in thousand DH
STATEMENT OF ACCOUNTS
+ Interests and interest-like income
- Interests and related expenses
31/12/05
6 305 288
31/12/04
6 211 445
1 471 956
1 505 262
4 833 332
4 706 183
142 283
116 977
5 467
5 276
Income from financial lease and rental operations
136 816
111 701
+ Commissions received
503 515
497 258
INTEREST SPREAD
+ Income from tangible assests in financial lease rent
- Expenses on operations financial lease rent operations
- Commissions served
MARGIN ON COMMISSIONS
± Income derived from operation on trading secu
13 712
12 643
489 803
484 615
-
-
± Income derived from operation investment securities
106 048
271 794
± Income derived from foreign exchange operation
197 293
168 679
-
-
Income derived from trading
303 341
440 473
+ Various other banking income
180 508
52 960
± Income derived from byproducts
- Various other banking expenses
174 420
222 692
5 769 380
5 573 240
± Income from financial long-term investments
226 245
- 175 461
± Other non-banking operating income
214 009
206 053
NET BANKING INCOME
- Other non-banking operating expenses
122 076
116 562
- General operating expenses
2 630 758
2 510 414
GROSS OPERATING INCOME
3 456 800
2 976 856
± Net apropriations to the reserves for reservals of provisions for delinquents claims and commitments by signature
711 048
377 744
± Other net appropriations to the reserves for reversals of provisions
-59 929
-802 027
3 364
2 253
± Net appropriations to the reserves for reversals of depreciation of goodwill acquisition
CURRENT INCOME
NON-CURRENT INCOME
- Tax on profit and loss
- Deferred tax
Consolidated firm Net Earnings
Share of Equity Companies in Earnings
NET EARNINGS
Net Group earnings
2 802 317
3 398 886
-108 831
-1 380 677
991 733
676 851
4 345
2 403
1 697 408
1 338 955
-
-
1 697 408
1 338 955
1 697 408
1 338 955
Share of equity companies in earnings
-
-
± CONSOLIDATED FIRM NET EARNINGS FOR THE YEAR
-
-
+ Depreciation expense and exepenses for tangible and intangible assets
250 994
241 787
+ Depreciation expenseof long term investments
28 611
206 631
+ Appropriation to the reserves for general risks
-
200 000
+ Regulated appropriations to the reserves
-
-
+ Non current appropriations to the reserves
100 794
409 784
- Reversals of provisions
514 751
1 081 998
3 580
8 601
217
1 150
- Capital gains on the transfer of intangible and tangible assets
+Capital losses from the transfer of intangible and tangible assets
- Capital gains on disposal of long term investments
42 241
-
+ Capital losses on disposal of long term investments
302 136
492
- Write-backs of investments subsidies received
+ Depreciation expense of goodwill on acquisition
- Write-backs on goodwill
- Expenses (income) net of defferred tax for the year
CASH FLOW
PROFITS DISTRIBUTED
SELF FINANCING
1
-
3 364
3 366
-
1 113
4 345
2 403
1 818 636
1 308 050
235 208
178 778
1 583 428
1 129 272
in thousand DH
CASH FLOW TABLE
(+) Banking transaction income
(+) Recovery of written off debts
(+) Non-banking income received
(-) Banking operating expenses paid
(-) Non-banking operating expenses paid
(-) General non-banking operating expenses paid
(-) Tax paid income
I - net cash flow from income and expenses account variations of :
(±) Credit establishment loans assimilated
(±) Customer loans
(±) Transaction and investment securities
31/12/05
31/12/04
9 331 252
7 895 926
3 807
7 248
369 117
216 486
-4 234 257
-2 788 223
-378 992
-1 316 702
-2 406 880
-2 268 628
-991 799
-679 254
1 692 248
1 066 853
-23 831
-1 281 408
-5 618 250
-4 813 405
-12 784
-3 413 352
(±) Other assets
-190 744
212 361
(±) leased and rented assets
-328 976
-332 927
(±) Debts to credit establishments assimilated
(±) Customer deposits
(±) Proof of debt issued
(±) Other liabilities
141 152
212 785
12 042 101
6 744 724
-519 193
873 419
II - TOTAL VARIATION BETWEEN ASSETS AND LIABILTIES
5 489 475
-1 797 803
III - NET CASH FLOW FROM OPERATING ACTIVITIES (I + II)
7 181 723
-730 950
5 717 261
2 355 483
10 683
23 742
-8 378 126
-129 168
-331 418
-263 551
(+) Income from disposal of financial assets
(+) Income from disposal of tangible and intangible assets
(-) Acquisition of financial assets
(-) Acquisition of tangible and intangible assets
(+) Interest received
(+) Dividends received
IV - CASH FLOW FROM INVESTMENT ACTIVITIES
(+) Subsidies, public funds and special guarantee funds received
(+) Issue of subordinate debts
(+) Issue of shares
(-) Reimbursement of equity Capital & Assimilated
(-) Interest paid out
73 466
34 734
-2 908 134
2 021 240
183 289
-65 358
-519
-16 351
299 926
37 949
-
55 854
-60 820
-55 519
(-) Dividends paid out
-200 985
-123 259
V - CASH FLOW FROM ACTIVITIES OF FINANCING
220 891
-166 684
4 244
12 133
4 498 724
1 135 739
VII -CASH FLOW AT THE BEGINNING OF THE FINANCIAL YEAR
10 622 142
9 486 403
VIII-CASH FLOW AT THE CLOSE OF FINANCIAL YEAR
15 120 866
10 622 142
Translation reserves
VI - NET CASH FLOW VARIATION (II + IV + V)
BANQUE CENTRALE POPULAIRE : Social Accounts as at 31 DÉCEMBRE 2005
in thousand DH
ASSETS
Cash, central banks public treasury, giro accounts,
Claims on credit and credit-like institutions
31/12/05
31/12/04
13 957 061
13 957 061
4 866 782
4 866 782
321 605
321 605
• Payable with a term
4 545 177
4 545 177
Client accounts receivable
5 108 703
5 108 703
• Cash and consumer credit
2 154 087
2 154 087
• Equipment credit
2 576 432
2 576 432
• Realestate credits
265 162
265 162
• Other credits
113 022
113 022
-
-
Transaction and transfer securities
4 804 501
4 804 501
• Treasury bonds and related securities
3 440 943
3 440 943
• Other debt instruments
394 113
394 113
• Titles of ownership
969 445
969 445
• On sight
Factored receivables
530 579
530 579
Investment securities
37 558 017
37 558 017
• Treasury bonds and related securities
36 119 785
36 119 785
1 438 232
1 438 232
Other assets
• Other debt instruments
Investment securities and related applications
742 632
742 632
Suberdinated Accounts
147 788
147 788
Fixed assets issued in financial lease and rental
Intangible assets
Tangible assets
Total Assets
-
-
24 017
24 017
619 709
619 709
68 359 789
68 359 789
in thousand DH
LIABILITIES
Cash, central banks, public treasury, Giro accounts
31/12/05
31/12/04
-
-
Debts on credit and credit-like institutions
59 815 202
55 267 711
• On sight
47 992 858
43 275 608
• Payable with a term
11 822 344
11 992 103
Customer deposits
3 125 281
3 013 773
465 463
334 851
-
-
2 000 815
2 131 517
659 003
547 405
Debt instruments issued
-
-
• Negotiable stocks
-
-
• Bond loans
-
-
• Other debt instruments issued
-
-
Other liabilities
771 389
1 293 563
Provision for liabilities and charges
382 601
278 271
• Demand accounts payable
• Savings accounts
• Fixed-term deposits
• Other accounts payable
Regulated provisions
19 301
38 074
780 379
597 090
Subordinated debts
-
-
Revaluation differentials
-
-
2 364 013
2 169 261
588 805
588 805
Subsidies, earmarked public funds and special guarantee funds
Reserves and capital-related premiums
Capital
Shareholders, uncalled capital (-)
Carry forward (±)
Net earnings awaiting allocation (±)
Net earnings for the year (±)
Total Liabilities
-
-
93 700
72 948
-
-
419 118
395 550
68 359 789
63 715 047
in thousand DH
OFF BALANCE-SHEET LIABILITIES
OFF BALANCE-SHEET LIABILITIES
31/12/05
5 199 883
31/12/04
2 927 255
20 378
24 000
Financing commitments in favor of customers
3 087 612
2 471 405
Commitments of guarantees of credit and credit-like institutions
2 006 782
331 850
85 111
100 000
Securities bought with option of repurchase
-
-
Other securities to deliver
-
-
313 203
122 472
Financing commitments in favor of credit and credit-like institutions
Commitments of guarantees to customers
OFF BALANCE-SHEET ASSETS
Financing commitments received from credit-like institutions
-
-
Financing commitments received from credit-like Customers
313 203
122 472
Commitments of guarantee received from the state and various sponsoring agencies
-
-
Securities sold with option of repurchase
-
-
Other securities to receive
-
-
in thousand DH
INCOME AND EXPENSE ACCOUNTS
BANK OPERATING INCOME
31/12/05
31/12/04
3 226 391
3 531 939
Interests and interest-like income on operations with credit institutions
209 480
152 020
Interests and interest-like income from operations with the customers
222 663
199 973
2 384 986
2 576 727
25 830
17 784
Interests and interest-like income on debt securities
Income derived from ownership titles
Income from tangible assets in financial lease or rent
-
-
97 797
107 589
285 635
477 845
BANKING OPERATION EXPENSES
2 447 910
2 624 625
Interests and related expenses on operations with credit institutions
2 289 958
2 412 030
77 700
77 078
-
-
Commissions on service provisions
Other banking revenues
Interests and related expenses from operations with the customers
Interests and related expenses on debt securities issued
Expenses on tangible assets in financial lease or rent
-
-
Other banking expenses
80 252
135 518
NET BANKING INCOME
778 481
907 314
Non banking operating revenues
819 788
754 014
Non banking operating expenses
322 557
22 794
GENERAL OPERATING EXPENSES
888 601
844 501
Payroll expenses
440 186
410 269
Taxes and levies
13 757
11 031
364 541
352 667
Extraordinary expenses
Other general operating expenses
Depreciation expense and expenses for tangible and intangible assets
APPROPRIATION TO THE RESERVE AND LOSSES ON UNCOLLECTIBLES
Appropriation to the reserves for delinquent claims and commitments by signature
Losses from uncollectibles
6 198
8 200
63 919
62 334
110 897
279 732
69 970
64 477
2 290
-
38 637
215 255
PROVISION REVERSALS AND RECOVERIES FROM WRITTEN-OFF DEBTS
553 225
185 843
Reversals of provisions for delinquent claims and commitments by signature
2 765
31 500
Other reversals of provisions
Recoveries on debts written-off
-
-
Other reversals of provisions
550 460
154 342
CURRENT INCOME
829 439
700 143
Non-current income
123 894
229 692
Non-current expenses
222 651
381 913
EARNING BEFORE INTEREST AND TAXES
730 682
547 922
Tax on profit or loss
311 565
152 373
NET EARNINGS FOR THE YEAR
419 118
395 550
in thousand DH
STATEMENT OF ACCOUNTS
31/12/05
31/12/04
I - FORMATION OF THE RESULTS TABLE
(+) Interests and related-like income
2 817 129
2 928 721
(-) Interests and related expenses
2 367 658
2 489 108
449 471
439 613
(+) Income from tangible assests in financial lease or rent
-
-
(-) Expenses on tangible assets in financial lease or rent
-
-
INTEREST SPREAD
Income from financial lease and rental operations
(+) Commissions received
-
-
97 797
107 589
(-) Commissions served
2 214
1 226
Margin on commissions
95 583
106 363
(±) Income derived from operation on trading
-
-
(±) Income derived from investment securities
106 153
246 180
(±) Income derived from foreign exchange operation
100 557
82 101
-
-
206 710
328 281
34 755
38 728
(±) Income derived from byproducts
Income derived from trading
(+) Various other banking income
(-) Various other banking expenses
8 038
5 671
NET BANKING INCOME
778 481
907 314
(±) Income from financial long-term investments
199 784
-164 557
(±) Other non-banking operating income
819 788
754 014
(-) Other non-banking operating expenses
20 421
22 302
(-) General operating expenses
888 601
844 501
GROSS OPERATING INCOME
889 031
629 967
69 495
32 976
(±) Net apropriations to the reserves for delinquents claims and commitments by signature
(±) Other net appropriations to the reserves for reversals of provisions
-9 903
-103 153
829 439
700 143
NON-CURRENT INCOME
-98 756
-152 221
(-) Tax on profit and loss
311 565
152 373
419 118
395 550
CURRENT INCOME
II - CASH FLOW
NET EARNINGS FOR THE YEAR
(+) Depreciation expense and expenses for tangible and intangible assets
(+) Depreciation expense for long term investments
(+) Appropriation to the reserves for general risks
63 919
62 334
7 651
193 735
-
-
19 301
15 020
(+) Non current appropriations to the reserves
100 795
209 061
(-) Reversals of provisions
549 722
154 342
632
267
7
4
(+) Regulated appropriations to the reserves
(-) Capital gains on the transfer of intangible and tangible assets
(+) Capital losses from the transfer of intangible and tangible assets
(-) Capital gains on the transfer of intangible and tangible assets
(+) Capital losses from the transfer of intangible and tangible assets
(-) Reversal of capital grants received
(±) CASH FLOW
(-) Distributed benefits
(±) FINANCING THROUGH RETAINED EARNINGS
-
-
302 136
492
-
-
362 573
721 586
-
-
362 573
721 586
in thousand DH
CASH FLOW TABLE
(+) Banking transaction income
31/12/05
3 210 852
31/12/04
3 552 715
(+) Recovery of written off debts
-
-
(+) Non-banking income received
843 050
983 439
-2 520 170
-2 689 102
-3 336
-204 211
(-) General non-banking operating expenses paid
-824 682
-782 167
(-) Tax paid income
-311 565
-152 373
I - net cash flow from income and expenses account variations of :
394 149
708 301
(-) Banking operating expenses paid
(-) Non-banking operating expenses paid
Variation of :
(±) Credit establishment loans assimilated
344 165
-1 617 808
(±) Customer loans
-1 014 415
133 493
(±) Transaction and investment securities
2 889 979
-3 362 023
240 555
286 678
(±) Other assets
(±) leased and rented assets
(±) Debts to credit establishments assimilated
(±) Customer deposits
(±) Proof of debt issued
(±) Other liabilities
-
-
4 547 491
2 345 851
111 508
189 428
-
-
-522 174
586 622
II - TOTAL VARIATION BETWEEN ASSETS AND LIABILTIES
6 597 109
-1 437 759
III - NET CASH FLOW FROM OPERATING ACTIVITIES (I + II)
6 991 258
-729 458
5 727 159
2 355 480
1 215
866
-8 347 202
-45 590
-94 048
-50 644
(+) Income from disposal of financial assets
(+) Income from disposal of tangible and intangible assets
(-) Acquisition of financial assets
(-) Acquisition of tangible and intangible assets
-
-
20 523
12 943
-2 692 353
2 273 055
183 289
-445 358
6 879
-
(+) Issue of subordinate debts
-
-
(+) Issue of shares
-
-
(+) Interest received
(+) Dividends received
IV - CASH FLOW FROM INVESTMENT ACTIVITIES
(+) Subsidies, public funds and special guarantee funds received
(-) Refund of equity capital assimilated
(-) Interest paid out
-
-
-164 865
-117 761
25 303
-563 119
4 324 208
980 478
9 632 853
8 652 375
13 957 061
9 632 853
(-) Dividends paid out
V - CASH FLOW FROM ACTIVITIES OF FINANCING
VI - NET CASH FLOW VARIATION (II + IV + V)
VII -CASH FLOW AT THE BEGINNING OF THE FINANCIAL YEAR
VIII-CASH FLOW AT THE CLOSE OF FINANCIAL YEAR
auditor’s summury statement : Banque Centrale Populaire
In accordance with the role entrusted to us by the Ordinary General Meeting of 26 May 2005,
we hereby submit our report on the financial year ending on 31 December 2005.
We have audited the Banque Centrale Populaire statements of account as at 31 December 2005,
including the balance sheet, income and expense sheets, summary of financial statements,
cash flow table and complementary information concerning this financial year.
We have fulfilled our role in compliance with the professional norms applicable in Morocco,
taking into account legal and regulatory provisions in force.
We certify that the statements of account mentioned in the second paragraph are genuine,
and faithfully reflect the company assets and financial situation as at 31 December 2005.
They also truly depict the results of their transactions and trends in cash flow for the financial
year closing on that date, in compliance with the accounting rules admissible in Morocco.
Casablanca, April 3rd 2006
The auditors
Price Waterhouse COOPERS
Masnaoui Audit et Conseil
A. Bidah
A. MASNAOUI
Partner
Partner

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