Attijariwafa Bank Sa · CSEMA:ATW
Attijariwafa Bank Sa — H1 2012 Earnings Presentation
35 slides from Attijariwafa Bank Sa's earnings presentation, June 2012
Slide 1: Results Presentation as of June 30, 2012
RESULTS PRESENTATION as of June 30 12 Attijariwafa bank – Results at 30 June 2012 1
Slide 2: Summary
Summary Macro-economic and financial environment AWB Group’s highlights as of June 30, 2012 IFRS consolidated financial statements as of June 30, 2012 Analysis of the main contributors Attijariwafa bank share price performance Attijariwafa bank – Results at 30 June 2012 2
Slide 3: International Environment H1-2012
International Environment H1-2012 Global GDP growth 2011 2012F 2013F Global Economic Trends Slowdown in the economic growth in 2012: World 3.9% 3.5% 3.9% - Global economic growth of 3.5% in 2012F and 3.9% in Advanced 2013F (same level as in 2011) 1.6% 1.4% 1.9% economies - D Decline li off the th
Slide 4: Macro-economic environment in H1-2012 Africa
Macro-economic environment in H1-2012 Africa Economic trends in Africa GDP Growth Rebound in African economic growth to 4.5% in 2012F versus 3.4% in 2011: 2011 2012F 2013F North Africa: Africa 3 4% 3.4% 4 5% 4.5% 4 8% 4.8% A gradual economic recovery in North African countries after the political
Slide 5: Macro-economic environment in H1-2012 Morocco
Macro-economic environment in H1-2012 Morocco GDP growth at constant prices Economic growth GDP growth of 3.4% in 2012F : - 4.5% performance of non agricultural value-added in 4.8% 5 0% 5.0% 2012F, driven di primarily i il b by th the continued ti d dynamism d i off the th industry sector, the con
Slide 6: Macro-economic environment in H1-2012 Tunisia - Senegal
Macro-economic environment in H1-2012 Tunisia - Senegal Tunisia: GDP growth at constant prices Tunisia N Normalisation li ti off the th political liti l context, t t improvement i t off 5.3% the social environment and gradual economic recovery since H2-2011 3.1% 3.5% GDP growth of 2.2% in 2012F
Slide 7: Moroccan banking sector
X% CAGR Moroccan banking sector X% +/ +/- Banking sector growth as of June 30, 30 2012 Trend in customer bank deposits Slowdown in deposits growth (+11% between 2005 and 2010, +5% between 2010 b t 2010 and d 2011 and dddecrease iin in MAD billion deposits between December 2011 and June 2012) +11%
Slide 8: Moroccan financial market
X% CAGR Moroccan financial market X% +/ +/- Financial market trends as of June 30, 30 2012 Stock market: Capitalisation and volume Decline in the stock market activity in H1-2012 579 in terms of market capitalisation and volumes MAD billion 516 526 traded: 472 Liquidity ratio Moroccan All Shares I
Slide 9: Summary
Summary Macro-economic and financial environment AWB Group’s highlights as of June 30, 2012 IFRS consolidated financial statements as of June 30, 2012 Analysis of the main contributors Attijariwafa bank share price performance Attijariwafa bank – Results at 30 June 2012 9
Slide 10: Highlights in H1-2012 Attijariwafa bank Group
Highlights in H1-2012 Attijariwafa bank Group MAD 300.9 billion of total savings as of June 30, 2012 Number one savings Growth G th off MAD 18.2 18 2 billion billi compared d to t June J 2011 with ith a balanced b l d institution geographical breakdown A diversified range of savings products a
Slide 11: Highlights in H1-2012 Attijariwafa bank Group
Highlights in H1-2012 Attijariwafa bank Group Continued development of the distribution network to reach A leading player in 2,474 2 474 branches (including 1,881 1 881 in Morocco), Morocco) the largest network banking services in Africa, (+269 branches including +226 in Morocco) 209,164 new ban
Slide 12: Highlights in H1-2012 Attijariwafa bank Group
Highlights in H1-2012 Attijariwafa bank Group Education: Corporate Social Involvement in primary and secondary education through Al Jisr, sponsorship of several primary schools and a considerable number of employees and senior executives implicated in concrete actions Responsibilty and Involveme
Slide 13: Highlights in H1-2012 Attijariwafa bank Group
Highlights in H1-2012 Attijariwafa bank Group Attijariwafa bank awarded the Moroccan Bank of the Year for 2012 by «Global Finance Awards Magazine » (March 2012) For the second consecutive year, Attijari bank Tunisia awarded best bank in « Trade and recognition Finance » for the year 2011 by Expo
Slide 14: Summary
Summary Macro-economic and financial environment AWB Group’s highlights as of June 30, 2012 IFRS consolidated financial statements as of June 30, 2012 Analysis of the main contributors Attijariwafa bank share price performance Attijariwafa bank – Results at 30 June 2012 14
Slide 15: Key figures for Attijariwafa bank Group
Key figures for Attijariwafa bank Group Main exceptional/ Non-recurring items Exceptional/ Non-recurring items Impacts Exceptional tax applied to all the subsidiaries in Impact of MAD 60 million on net Social cohesion Morocco when the net income exceeds MAD 50 income group share tax million (1 (
Slide 16: Key figures for Attijariwafa bank Group
Key figures for Attijariwafa bank Group as of June 30, 2012 Total assets: MAD 372.4 372 4 bn NBI: MAD 8.7 8 7 bn 14 861 employees 14,861 +15% +9% +4% Total savings: MAD 300.9 bn Gross operating income: MAD 2,474 branches 4.9 bn +7% +9% +12% Total loans: MAD 249.5 bn Net consolidated income: MAD Numb
Slide 17: Consolidated NBI
IFRS consolidated financial statements as of June 30, 2012 NBI in MAD bn Consolidated NBI 7.9 8.7 growth of +9.4% +9 4% +9.4% Strong growth in NBI: +9.4% June-11 June-12 +5% on the net interest income +18% on the net fee income Structure of the NBI +17% on income from market activities 3.2% (3.3%) 1
Slide 18: Net income group share +4.3%
IFRS consolidated financial statements as of June 30, 2012 Net consolidated income (MAD million) Net consolidated income +2.8% 2,649 2,722 Net income group share +4.3% Growth in annual results +2 8% +2.8% - +2.8% from net income (+7.2%*) - +4.3% from net income group share June-11 June-12 Main c
Slide 19: Cost to income ratio and cost of risk contained
IFRS consolidated financial statements as of June 30, 2012 Cost to income ratio and cost of risk contained Cost /income ratio Cost of risk 43.4% 43.7% +0.4 pt +0.1 pt 0 46% 0.46% 0.35% June-11 June-12 June-11 June-12 Stagnation g of the cost /income ratio Higher g cost of risk of 0.46% ((+0.1 pt
Slide 20: Profitability ratios in line with the best practices
IFRS consolidated financial statements as of June 30, 2012 RoE Profitability ratios in line with 20.3% the best practices 20.6% 17.9% -2.7 pts Reinforcement of the Group’s financial June-11 June-12 strenght and profitability : - MAD 2.1 billion* of capital increase RoA - 17% rise in shareholders'
Slide 21: Summary
Summary Macro-economic and financial environment AWB Group’s highlights as of June 30, 2012 IFRS consolidated financial statements as of June 30, 2012 Analysis of the main contributors Attijariwafa bank share price performance Attijariwafa bank – Results at 30 June 2012 21
Slide 22: Contributions to consolidated NBI by activity
IFRS consolidated financial statements as of June 30, 2012 Structure of NBI (H1-2012) Contributions to consolidated NBI by 23% activity as of June 30, 30 2012 (23%) 54% (53%) 11% (12%) 12% Slight change in the NBI structure: (xx%) Structure at end June 2011 (12%) +1 pt for International Retail Ban
Slide 23: Composition of consolidated NBI growth between H1-2011 and H1-2012
Composition of consolidated NBI growth between H1-2011 and H1-2012 Scope effect (+1.4%) (-1.8%) Closing the SIB 2 months during H1 2012 (+0.4%) (+0.4%) Other Other ((+0.8%) 0.8%) Wafacash positives negatives ABM (+1.5%) SIB in MAD millions SCB +9.4% ((+6.7%) 6.7%) Attijariwafa bank 7 937 7,937 8 687
Slide 24: Composition of growth in consolidated net income group share
Composition of growth in consolidated net income group share between H1-2011 and H1-2012 Scope effect (+1.9%) Closing the SIB 2 months during H1 2012 (+0.6%) Other (+0.6%) CDS positives ( 1 0%) CBAO (+1.0%) in MAD millions SCB (-8.8 %) (+1.4%) SIB (+7.6%) Other negatives +4.3% 2,236 Attijariwafa ban
Slide 25: Main contributors to net income group share in H1-2012
Main contributors to net income group share in H1-2012 in MAD millions Subsidiaries H1-Contribution Contribution weight Attijariwafa bank 1,501 64% Wafa Assurance 360 15% Focus in the Wafasalaf 82 3% document Attijari bank Tunisie 56 2% CBAO (Senegal) 56 2% SIB (Ivory Cost) 54 2% Crédit du Congo 36
Slide 26: Main contributors: Attijariwafa bank
• Contribution to net income group share in H1-2012*: 64% Main contributors to net income group share • Trend in the contribution to net 1- Attijariwafa bank income ggroupp share*: +13% Parent company results at 30 June 2012 in MAD millions June-12 June-11 Change g ((%)) Net banking income 5,130 4,6
Slide 27: Attijariwafa bank (parent company) Ratios
Main contributors to net income group share 1- Attijariwafa bank (parent company) R ti Ratios P Loan disbursement Average deposits/staff R Cost /income ratio Average/staff in MAD m in MAD m O -0.5 pt D +5.7% +2.4% U 34.4% 33 9% 33.9% 25 6 25.6 C 22.9 23.5 T 24.2 I V I T June-11 June-12 June-11 June-
Slide 28: Main contributors: Wafa Assurance
• Contribution to net income group share in H1-2012*: 15% Main contributors to net income group share • Trend in the contribution to net income ggroupp share*: -15% 2- Wafa Assurance Activity Income statement Premiums written (in MAD m) Technical result Technical result Net income (in MAD m) Life No
Slide 29: Main contributors: Wafasalaf
• Contribution to net income group share in H1-2012: 3% Main contributors to net income group share • Trend in the contribution to net 3- Wafasalaf income ggroupp share: -19% Activity Income statement Production (*) Total Outstanding NBI (in MAD m) Net income (in MAD m) (in MAD m) (in MAD m) 524 525
Slide 30: Main contributors: Attijari bank Tunisie
• Contribution to net income group share in H1-2012: 2% Main contributors to net income group share • Trend in the contribution to net 4- Attijari bank Tunisie income ggroupp share: -19% Activity Income statement Customer deposits Gross customer loans Net income NBI ((in MAD m)) (i MAD bn) (in b ) (
Slide 31: Main contributors: CBAO
• Contribution to net income group share in H1-2012: 2% Main contributors to net income group share • Trend in the contribution to net 5- CBAO income ggroupp share: +31% Activity Income statement Customer deposits Gross customer loans Net income NBI (in MAD m) (in MAD m) (in MAD m) (in MAD m) -1 % +
Slide 32: Main contributors: SIB
• Contribution to net income group share in H1-2012: 2% Main contributors to net income group share • Trend in the contribution to net 6- SIB income ggroupp share: +146% Exchange rate: FCFA 1 = MAD 0.016865 Activity Income statement Customer deposits Gross customer loans Net income NBI (in MAD m) (i
Slide 33: Summary
Summary Macro-economic and financial environment AWB Group’s highlights as of June 30, 2012 IFRS consolidated financial statements as of June 30, 2012 Analysis of the main contributors Attijariwafa bank share price performance Attijariwafa bank – Results at 30 June 2012 33
Slide 34: Attijariwafa bank share price performance
Attijariwafa bank share price performance Attijariwafa bank vs MASI du 12-31-07 au 09-04-12 Base 100 2011 165 Dec 07 AWB : -14.0% Share price as of 4th September MASI : -12.9% 2012: MAD 339.5 2010 2008 AWB : +50.7% 2012 Largest market capitalisation in MASI : +21.2% AWB : -3.0% 140 AWB : -16.4%
Slide 35: Attijariwafa bank market indicators
Attijariwafa bank market indicators Attijariwafa bank 12/31/2011 06/29/2012 09/04/2012 Share price 350.1 335.1 339.5 The highest share price 475 377.45 377.45 The lowest share price 345 314 314 P/B (*) 2 59 2.59x 2 33 2.33x 2 36 2.36x PER (*) 15.15x 14.43x 14.64x DY 2.43% 2.54% 2.50% Number of share