Done: Publication of 2010 annual results.
Analysis: At the end of fiscal 2010, consolidated net outstanding loans to customers increased by 11.9% compared to 31/12/2009 to MAD 200.2 Md. The aggregate activity drains alone, 69.3% of claims held by the Group, or MAD 138.8 billion, registering an increase of 13.5% compared to 31/12/2009. This assessment is primarily liable to increase by 25.1% to MAD 43 billion of equipment loans, from 12.1% to MAD 45.1 billion of mortgages and 6.5% to MAD 46.9 billion cash loans and consumption.
For their part, and probably suffering the impact of the drying up of liquidity, resources ATTIJARIWAFA Bank Group clients limit their growth to 3.5% binding to MAD 201.4 billion, 78% from the aggregate activity . This shows a slight increase of 1.8% to MAD 157 billion in customer deposits covering mainly an increase of 7.7% to MAD 91.1 billion in current accounts payable offsetting the withdrawal of 11.9% to MAD 39.7 billion of deposits. In this wake, the resource structure improves with a decrease of 3.4 points to 37.4% of deposits paid.
Moreover, the financial asset measured at fair value through profit remained stable at MAD MAD 23.7 billion of which 10.1 billion shares traded. Financial assets available for sale appreciates, meanwhile, nearly 16% to MAD 29.9 billion, including an increase of 22.3% to MAD 12.7 billion of treasury bills and 20% MAD 9.4 billion of debt securities.
In this wake, the Group posted a consolidated total in appreciation of 10.6% compared to 31/12/2009 to $ 14.7 billion MAD (vs. our forecast of MAD 13 billion). This development includes: * An appreciation of 20.8% to MAD 8.9 billion of the interest margin enjoying a growth in interest income more quickly than loads and, despite an increase of 39.3% to MAD 993 million in interest payments on subordinated debt (or 18.7% of interest expenses incurred by the Group);
Analysis: At the end of fiscal 2010, consolidated net outstanding loans to customers increased by 11.9% compared to 31/12/2009 to MAD 200.2 Md. The aggregate activity drains alone, 69.3% of claims held by the Group, or MAD 138.8 billion, registering an increase of 13.5% compared to 31/12/2009. This assessment is primarily liable to increase by 25.1% to MAD 43 billion of equipment loans, from 12.1% to MAD 45.1 billion of mortgages and 6.5% to MAD 46.9 billion cash loans and consumption.
For their part, and probably suffering the impact of the drying up of liquidity, resources ATTIJARIWAFA Bank Group clients limit their growth to 3.5% binding to MAD 201.4 billion, 78% from the aggregate activity . This shows a slight increase of 1.8% to MAD 157 billion in customer deposits covering mainly an increase of 7.7% to MAD 91.1 billion in current accounts payable offsetting the withdrawal of 11.9% to MAD 39.7 billion of deposits. In this wake, the resource structure improves with a decrease of 3.4 points to 37.4% of deposits paid.
Moreover, the financial asset measured at fair value through profit remained stable at MAD MAD 23.7 billion of which 10.1 billion shares traded. Financial assets available for sale appreciates, meanwhile, nearly 16% to MAD 29.9 billion, including an increase of 22.3% to MAD 12.7 billion of treasury bills and 20% MAD 9.4 billion of debt securities.
In this wake, the Group posted a consolidated total in appreciation of 10.6% compared to 31/12/2009 to $ 14.7 billion MAD (vs. our forecast of MAD 13 billion). This development includes: * An appreciation of 20.8% to MAD 8.9 billion of the interest margin enjoying a growth in interest income more quickly than loads and, despite an increase of 39.3% to MAD 993 million in interest payments on subordinated debt (or 18.7% of interest expenses incurred by the Group);
* A growth of 30.6% to MAD 2.9 billion of margin on commissions;
* And, a withdrawal of 15.9% to MAD 2.6 billion of operating earnings market given the exceptional gains recorded in 2009.
by business, the Bank Morocco, Europe and Offshore Area alone contributes up to 56.6% in the GNP's consolidated against 22% for retail banks abroad, and 12.9 % for specialized finance companies and the rest from insurance and real estate. In contrast, general operating expenses weighed down by nearly 19% to MAD at 6.4 Ms
The operating ratio increases, thereby binding of 3 points to 43.8% . In terms of accounts, the general operating expenses confined to rise to 8.1% and amounted to MAD 3.1 billion improving the operating ratio by 3.1 points to a competitive level of 37.8%. In these circumstances, and given the significant increase of overhead, gross operating income recorded a consolidated assessment confined to 5% amounting to MAD 8.2 billion (vs. our forecast of 7.8 billion MAD) .
side risk, the cost of risk is increasing by 23.3% to MAD 1.2 Md. The stock of provisions for nonperforming loans widens by 6.8% to MAD 8.1 billion for claims in suffering up 9.7% to MAD 10.9 Ms rate stabilizes Litigation Group, and to 5.3% for a provisioning of 74.4% (vs. 76.4% in 2009). It should be noted that the Group proceeded with the formation of collective reserves after closing following the events in Tunisia and Cote d'Ivoire (+ M MAD 168).
level of aggregate activity, the stock of outstanding claims increased by 9.4% binding to MAD 4.1 billion, a rate of contentialité 3.6% (vs. 3.7% at 31 / 12/2009). Meanwhile, all related provisions reinforce the same proportion (9.2%) to MAD 4.1 billion establishing the provisioning rate to 80.1% (against 80.2% in 2009). In the end, the Group's net income is getting better by 4.1% to MAD 4.1 billion (vs. our forecast of 4 billion MAD).
by business, the Bank in Morocco and Europe has a stake of 68.4% in the NPGS, against 12.7% for the banks international retail, 9.0% for companies specialized finance and 9.9% for the Insurance business and real estate. Regarding the distribution of income, the Board of Directors of the Bank will propose at the next General Assembly the distribution of a dividend per share MAD 8 (cons MAD 6 in 2009), corresponding to a D / Y 2% based on market price of MAD 407 dated 24/02/2011.
Conclusion: Although economic conditions have been very favorable in 2010, the first private banking group of the Kingdom has succeeded in creating a positive leveraging a significant improvement in operational and capitalizing on strengthening the contribution its subsidiaries in the
by business, the Bank Morocco, Europe and Offshore Area alone contributes up to 56.6% in the GNP's consolidated against 22% for retail banks abroad, and 12.9 % for specialized finance companies and the rest from insurance and real estate. In contrast, general operating expenses weighed down by nearly 19% to MAD at 6.4 Ms
The operating ratio increases, thereby binding of 3 points to 43.8% . In terms of accounts, the general operating expenses confined to rise to 8.1% and amounted to MAD 3.1 billion improving the operating ratio by 3.1 points to a competitive level of 37.8%. In these circumstances, and given the significant increase of overhead, gross operating income recorded a consolidated assessment confined to 5% amounting to MAD 8.2 billion (vs. our forecast of 7.8 billion MAD) .
side risk, the cost of risk is increasing by 23.3% to MAD 1.2 Md. The stock of provisions for nonperforming loans widens by 6.8% to MAD 8.1 billion for claims in suffering up 9.7% to MAD 10.9 Ms rate stabilizes Litigation Group, and to 5.3% for a provisioning of 74.4% (vs. 76.4% in 2009). It should be noted that the Group proceeded with the formation of collective reserves after closing following the events in Tunisia and Cote d'Ivoire (+ M MAD 168).
level of aggregate activity, the stock of outstanding claims increased by 9.4% binding to MAD 4.1 billion, a rate of contentialité 3.6% (vs. 3.7% at 31 / 12/2009). Meanwhile, all related provisions reinforce the same proportion (9.2%) to MAD 4.1 billion establishing the provisioning rate to 80.1% (against 80.2% in 2009). In the end, the Group's net income is getting better by 4.1% to MAD 4.1 billion (vs. our forecast of 4 billion MAD).
by business, the Bank in Morocco and Europe has a stake of 68.4% in the NPGS, against 12.7% for the banks international retail, 9.0% for companies specialized finance and 9.9% for the Insurance business and real estate. Regarding the distribution of income, the Board of Directors of the Bank will propose at the next General Assembly the distribution of a dividend per share MAD 8 (cons MAD 6 in 2009), corresponding to a D / Y 2% based on market price of MAD 407 dated 24/02/2011.
Conclusion: Although economic conditions have been very favorable in 2010, the first private banking group of the Kingdom has succeeded in creating a positive leveraging a significant improvement in operational and capitalizing on strengthening the contribution its subsidiaries in the
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