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Attijariwafa Bank saw its net income group share increased 8.2%


The first private bank in the kingdom has released its results for the year 2007 and the first thing we can say is that they are quite good even if in the all these figures are in line with expectations.
The bank posted a net banking income (GNP) increased by 18.6% to 8.8 billion driven primarily by the sharp rise in interest margin, which grew by 20.9% and the margin on that committee was satisfied with a increase of 18.9%

The Result gross operating income (EBITDA) rose to an increase of 18.8% to 4.6 billion dirhams or a performance equivalent to the increase in GDP despite operating expenses which have reached almost 3.9 billion dirhams more than 21.8% over 2006 The increase is due mainly to the development of the bank in Morocco and abroad with the expansion of the network.

Finally, Performance will be satisfactory Attijariwafa Bank at a profit, group share of 2.5 billion dirhams but 2.7 billion dirhams in consolidated an increase of 15%

The Moroccan bank through these result on year 2007 saw its equity increase to 18.2 billion dirhams enabling it to support the financing of major projects in Morocco traveaux while respecting the rule of division of risks per client.

All banking business saw their performance improve, both in terms of retail banking in Morocco with customer deposits up by 12.8% to 136.4 billion giving it a market share (PDM) from 26.5% in the collection and 30.6% in the distribution of credit with dhs 106.5 Billion in corporate banking and investment (BFI), which has benefited fully from the growth of Moroccan stock market or internationally with the expansion in Africa and Europe activity. At

subsidiaries include cases WAFA Insurance that reached 603.7 million dirhams RN up 92% and sits atop a MDP of 20% or even Wafasalaf with RN 243 million dirhams in up 21% benefiting fully from the economic development in Morocco.

The rise of Moroccan financial market and the growing Appétit Moroccans have contributed to the scholarship also subsidiaries of the bank, notammentAttijari Finance Corp., which took full advantage of the record number of introduction to number 10 last year, confirming its leadership in the field of consulting and mergers and acquisitions in the introduction, the CR increased to 40.9 million dhs against 16.9 million in 2006. The company
Attijari intermediation, first speaker of the place, has also benefited from the explosion of orders and volumes on the Casablanca stock exchange with a turnover up by 14.3% to 118.3 millionds dhs for a RN to 72.8 million dhs up 33.9%, same for Wafa Management in asset management with 46 billion dirhams in assets, up 7% MDP with 32% for RN 71.5 million dhs.

bank in 2007 has continued its development and restructuring in the international relief Attijari Tunisia has reached a GDP of 669.4 million dirhams, up 29.3%, melting in Senegal between the subsidiary creates and TSB create a bank of 19 agencies before eventually incorporate CBAO in which the group Aquis 79% of capital and finally the SUIT development in Europe with the establishment of branch in the Netherlands and Germany.

The Board of Directors proposed a dividend of 50 dirhams (45 dirhams in 2006) which should allow the bank to see its path on the stock market continue progression (33.9% increase in 2007).

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The weight of foreign companies on the stock exchange: or disability benefit?


The growth of the Moroccan economy, its openness and its position as a crossroads between Europe and Africa has very early attracted large foreign companies, especially French and English, c ' is therefore natural that we find the Moroccan capital of major companies listed.
This weight is there a capital advantage or a disadvantage for the Casablanca stock exchange?

The question worth asking in light of the recent development of the Moroccan place and appeal that exercises on overseas given the exceptional performance achieved mainly in the last 2.
A major event this week may provide an early answer to this thorny issue, the announcement of the results of the largest AMI Moroccan society.
Indeed, Morocco Telecom company posted a feat by achieving a net profit up 19.2% to nearly 8 billion dirhams, its majority shareholder Vivendi with its 51% stake in the flagship Morocco has decided to distribute their entirety.
This decision may seem surprising, AMI has no longer any ambition to develop in Morocco in Europe or in Africa?
With such a sum would not it have been wise to use some to seek growth opportunities in West Africa at the time or the competition in the domestic market with the arrival of WANA a third operator which has the means of its ambitious main shareholder ANO? In reality this
generosity of AMI with respect to its shareholders due mainly to the huge requirement of Vivendi, which is engaged in acquisitions in Europe with the acquisition of Nine and internationally with the acquisition Activision by Vivendi Games subsidiary requiring large sums of cash.

Morocco Telecom is not an isolated case, there are many Moroccan companies listed on the Casablanca Stock Exchange with a majority foreign shareholder whose main objective is to put the cash to the parent that she will handle the development International group.
can include cement with MOROCCO Lafarge, Holcim and other CEMENT MOROCCO but also with the bank and Credit BMCI of Morocco that any development abroad through capital increases in the square in Morocco is excluded.

Conversely we can take a large Moroccan companies that have attempted the challenge to engage in international finance itself on the market of Casablanca, for example BMCE or Attijariwafa Bank who funded part of their expansion into Africa and Europe via lines or more recently Addoha bond which has raised more of 2.7 billion dirhams over the place via a capital increase to finance its acquisition of 50% of Fadesa MOROCCO.

So although we must not reduce the holdings of foreign companies with simple juicy investment, because they also bring their management method, a certain rigor and experience, they should not hamper the expansion of the Casablanca stock full of liquidity and just waiting to be leveraged financing of Moroccan firms as long as the solicitation for projects well put together.