Auto Nejma: Financial aggregates in improvement at the end of 2016:
"In the financial year 2016, the specialist in the vehicles distribution, Auto Nejma, shows improved financial achievements," commented the analysts at BMCE Capital Stock Market. In fact, the financial analysts put forward a 14.8% increase in the Auto Nejma's incomes to 1.59 billion Dirham (MMDH) compared to 2015. "To a large extent, the operating income increased by a 17% to 175.7 million Dirham (MDH), probably benefiting from a more favorable product mix. Thereby, the operating margin was virtually stagnant (+0.2 pt) at an 11%," says the same source.
CDG Capital, BCP and Attijariwafa Bank, the first 3 intermediary banks in treasury values in 2016 (TEFD):
"The Moroccan investment bank, CDG Capital, Banque Centrale Populaire, BCP, and Attijariwafa bank are the top three intermediary banks in the most active Treasury securities in the voucher market of the Treasury for the year 2016," announces the Directory of Treasury on Monday, the 3rd of April. "An initiative that will become annual," announces the Directory of the Treasury to the publication of the banks ranking active in the intermediation in the market of securities in treasury bonds. This first ranking is at the head of the poduim, CDG Capital, Banque Centrale Populaire, BCP, and Attijariwafa Bank. They represent the top three banks in the treasury securities most active in the Treasury bill market for 2016. These results were the subject of a communication from the Treasury and External Finance Directorate, TEFD, a department under the Ministry of Economy and Finance. The same source indicates that this ranking is based on several criteria: The quality of animation of the primary and secondary markets of the Treasury bills, the participation in the active management of the national debt, the fulfillment of the commitments for the electronic listing of the treasury bills, the quality of the advice provided and the market information communicated by these banks to the Treasury Department.
EPILOGUE OF A RATES WAR:
Confronted with the erosion of their margins on the intermediation, the banks face by setting floor rates. A preventive measure against an erosion of their future profitability. For the property development rate, for example, this floor rate is higher by nearly 20 basis points than the average rate of this segment in the 4th quarter of 2016. The drop in rates naturally reduced the banking intermediation margin weighing on one of the fundamental components of the profitability of the banks (almost a 70% of their margins). A situation noted by virtually all the presidents of listed banks, when the 2016 results were announced. Mohamed Benchaâboun, the CEO of the Banque Centrale Populaire group, has acknowledged, at the press conference to present the 2016 results, that "the fast decline in lending rates has a clear impact on the intermediation margin and the incomes of the banks. A situation which required income compensation by activities other than intermediation, even if we tried as much as possible to limit this drop in margins." The impact was nonetheless felt by the national leader, which reported a drop in its margin of a 0.8% in 2016, a loss of nearly 200 million Dirham. This trend, although it has lauded all the segments, would be more pronounced for the "big companies" or corporate segment. "The interest margins have fallen by a few tens of base points for all banks virtually. "However, this trend did not significantly affect their profitability, because they have caught up with the margins on commissions and especially the market activities capitalizing on the fall in rates on the financial market," decrypts Karim Gharbi, the Manager of research at CFG Bank.
To float is to flow!:
Ciments du Maroc showed a net profit in 2016 of -115 million Dirham. In question, the depreciation of more than a 50% of the Egyptian Pound since its floating forced by the IMF. In fact, the shareholder of an 11% of Suez Cernent Company, the Moroccan cement supplier had to make a provision of 1.3 billion Dirham to protect itself against the erosion of its assets in the country of the Nile. The other operators present in force in Egypt are de facto sensitive to the same risk, such as Attijariwafa bank, which is close to completing the acquisition of the Barclay's Bank of Egypt. At a time when Morocco is preparing to make its exchange rate regime flexible, the echoes coming from Egypt do not really have enough to reassure.
Strong contributions from African subsidiaries to the results of the Moroccan banking majors:
The internationalization of the Moroccan banks in Africa is a reality. Their African subsidiaries have become real growth drivers for the banking groups Attijariwafa bank, Banque centrale populaire and BMCE Bank of Africa, which face an increasingly mature and competitive local market. In this context, the three banks realized, for the year 2016, a consolidated Net Banking Income, NBI, of 48.37 billion Dirham. The African subsidiaries account for a 29% of this GNP, or 14 billion Dirham. In addition, at the level of the net profit attributable to the group of the three banks which stands at 9.48 billion Dirham, the Moroccan subsidiaries generated 2.10 billion Dirham, or a 22% of the RNPG of the three banks.
CHINA, A FULL ASCENSION:
In the 20th of March 2017, an important Chinese investment in the region of Tangier was inaugurated by His Majesty the King Mohammed VI. This investment is located in Ain Dalia and will cover an area of 2,000 Hectare. This project will be carried out by the Chinese company HAITE in partnership with BMCE Bank and the Tangier-Tetouan-Al Hoceima region. The initial investment is 1 billion Dollar and will reach 10 billion Dollar in ten years. This investment will provide 100,000 jobs, including 90,000 from the region. The investment includes an industrial, commercial, and residential area with a population of 300,000 inhabitants. The city will be intelligent, that is to say respectful of ecology, habitability, and taking advantage of the most advanced innovations. This city will be connected to the national networks of highways and railways. It is expected to generate a turnover of 15 billion Dollar and incomes of 300 million Dollar in taxes.
Attijariwafa continues its commitment to the cars' ecosystem:
The Attijariwafa bank has announced that it is reinforcing its support system for the cars' ecosystems through the organization of a business networking event in partnership with the Moroccan Association for Industry and Cars' Trade, MAICT. In this context, the bank organized a meeting under the theme "The cars' ecosystem in Morocco: Investment Opportunities in a Growing Industry." This event was marked by the presence of the Renault-Nissan and PeugeotCitröen manufacturers and the Avenir Automobile fund of Bpifrance. The bank launched an offer dedicated to the local and foreign investors in the cars' industry. Called "Plan Automotive," this global and tailor-made offering combines financing solutions, cash management, offshore banking and non-financial services.
Bank Al-Maghrib sues a Swiss money printing company:
"Bank Al-Maghrib has decided to sue the Swiss company KBA-NotaSys which produces the currency in Morocco," reported the newspaper Al Hayat.
Stagnation in the utilization rate of the production capacity:
According to the BAM, the results of the February's monthly survey show a Capacity Utilization Rate, CUR, which would have remained stable at a 60%. In fact, the sales would have stagnated with a drop in the local market and an increase in the shipments abroad. For the next three months, the industrialists are expecting an overall increase in the production and the sales both on the local market and abroad for all the branches except for the "chemicals and para-chemicals".
Attijari Intermediation: Marsa Maroc to be bought:
The analysts at Attijari Intermediation are in favor of Marsa Maroc. The company showed results that far exceeded the business plan forecasts. The level of the dividend has also been increased. The Attijari Inter-mediation analysts recommend purchasing Marsa Maroc which showed a unit price of almost 137 Dirham at the opening. The company, which released its results announced a larger than the expected dividend, thanks to the achievements that go well beyond the Business Plan, BP, of the Initial Public Offering.
Hadeel Ibrahim in the Council of BMCE BOA:
BMCE BOA announced that a new administrator will be co-opted at the next AG. She is Hadeel Ibrahim, the Executive Manager of the Mo Ibrahim Foundation.
The BACI, a subsidiary of the BCP group, financing partner for more than 11.5 million Euro of the lagoon transport in Abidjan:
A financing agreement of 7.6 billion CFA, or more than 11.5 million Euro, for the promotion of the lagoon transport in Abidjan, was signed between the Banque Atlantique de Côte d’Ivoire, BACI, a subsidiary of the Banque Centrale Populaire Group, BCP, Ecobank- Côte d'Ivoire and the Lagoon Transport Company, LTC. Equally distributed between the two pan-African banking groups "BACI" and "Ecobank", this amount will allow the LTC to finance its lagoon infrastructure and acquire new vessels.
The BMCE Bank Group achieves in 2016 a net income attributable to the Group exceeding the threshold of 2 MMDH for the 1st time:
"In 2016, the BMCE Bank Group realized a net profit for the first time, exceeding for the first time the threshold of 2 billion Dirham (MMDH), an increase of a 4% compared to 2015," said the Group's Executive General Manager, Brahim Benjelloun-Touimi.
The African ambitions of Sonasid:
Sonasid recorded a turnover of a 12% to just over 3 billion Dirham and a net loss of 46 million, but intends to focus on Africa. The Moroccan steelmaker claims to have initiated a whole process of analysis of certain markets in collaboration with its partner, the Attijariwafa bank group.
Crédit : IMPERIUM MEDIA
