Attijariwafa Bank Sa · CSEMA:ATW
Attijariwafa Bank Sa — FY2012 Earnings Presentation
33 slides from Attijariwafa Bank Sa's earnings presentation, February 2013
Slide 1: Results Presentation as of 31 December 2012
RESULTS PRESENTATION As of 31 December 12 Attijariwafa bank – Results at 31 December 2012 1
Slide 2: Agenda
Agenda Overview of the economic environment IFRS consolidated financial statements as of December 31st, 2012 Analysis of the main contributors Attijariwafa bank share price performance Back up Attijariwafa bank – Results at 31 December 2012 2
Slide 3: Macro-economic environment in 2012: Africa
Macro-economic environment in 2012 Africa Economic trends in Africa GDP growth Economic growth in Africa: 4.5% in 2012E versus 3.4% in 2011 2011 2012E 2013F North Africa: Africa 3.4% 4.5% 4.8% A gradual economic recovery in North African countries Central Africa 5.1% 4.9% 4.8% after the profound pol
Slide 4: Macro-economic environment in 2012: Morocco (1/2)
Macro- economic environment in 2012 Morocco (1/2) GDP growth at constant prices Economic growth GDP growth of 2.7% in 2012E : 5.0% 4.8% - Vigorous growth of 4.8% in non agricultural GDP 3.7% - Decrease of 8.7% in agricultural GDP mainly due to a 2.7% severe drought and a cereal harvest of 51 million
Slide 5: Macro-economic environment in 2012: Morocco (2/2)
Macro- economic environment in 2012 Morocco (2/2) Trends in Balance of payments' Balance of payments components MAD billions Trade balance (goods and services*) deficit of MAD 128.9 +8% +9% 59 -4% 56 Bn (+15%), coverage ratio of 69.8% (-2.1 points). Travel 54 30 31 50 +26% 39 -23% +3% 31 balance sho
Slide 6: Macro-economic environment in 2012: Tunisia - Senegal
Macro-economic environment in 2012 Tunisia - Senegal Tunisia: GDP growth at constant prices Tunisia 5.3% Gradual economic recovery and improvement of the social environment 3.1% 3.3% 3.1% 2.7% GDP growth of 2.7% in 2012E (+3.3% in 2013P) after a decrease of -1.8% in 2011 -1.8% Ave. 2009 2010 2011 20
Slide 7: Moroccan banking sector
X% CAGR Moroccan banking sector X% +/- Banking sector growth as of December 31, 2012 Trend in customer deposits Slowdown in deposits growth (+11% between 2005 and 2010, +5% between 2010 and 2011 and +2% between 2011 in MAD billion and 2012) +11% +5% +2% 615 646 659 Slowdown in loans growth (+16% bet
Slide 8: Moroccan financial market
X% CAGR Moroccan financial market X% +/- Financial market trends as of December 31st, 2012 Decline in stock market activity in 2012 in Stock market: Capitalisation and volume terms of market capitalization and MAD billions 579 volumes: 516 Liquidity ratio 445 Moroccan All Shares Index (MASI) ended 5
Slide 9: Agenda
Agenda Overview of the economic environment IFRS consolidated financial statements as of December 31st, 2012 Analysis of the main contributors Attijariwafa bank share price performance Back up Attijariwafa bank – Results at 31 December 2012 9
Slide 10: Main exceptional / non-recurring items
Key figures for Attijariwafa bank Group Main exceptional/ Non-recurring items Exceptional/ Non-recurring items Impacts NIGS Exceptional tax applied to all companies incorporated in Impact of MAD 120 million on 2012 Social cohesion Morocco when the net income exceeds MAD 50 million net income group s
Slide 11: Key figures for Attijariwafa bank Group
Key figures for Attijariwafa bank Group as of December 31st, 2012 Total assets: MAD 368.3 bn NBI: MAD 17.0 bn 15,289 employees +7% +7% +4% Total savings: MAD 310.4 bn Gross operating income: MAD 2,882 branches 9.4 bn +8% +5% (9%*) +23% Total loans: MAD 247.6 bn Net consolidated income: MAD Number of
Slide 12: Cost-income ratio and cost of risk contained
IFRS consolidated financial statements as of December 31st, 2012 Cost -income ratio and cost of risk contained Cost-Income ratio Cost of risk 45.3% 45.1% -0.3 pt (**) +0.03 pt 0.45% 0.48% 2011 2012 2011 2012 Improvement of Cost-Income ratio by 0.3 point Slight increase of cost of risk : 0.48% Operat
Slide 13: Profitability ratios in line with best standards
IFRS consolidated financial statements as of December 31st, 2012 RoE Profitability ratios in line with 20.1% best standards 21.2% 17.6% -3.6 pts Shareholders equity up 17% and ROA stable : 2011 2012 - MAD 2.1 billion capital increase - 17% rise in shareholders' equity to MAD 35 RoA billion and 7% gr
Slide 14: Superior Operating Performance between 2007 and 2012
Superior Operating Performance between 2007 and 2012 NBI Growth Efficiency Ratios (Cost-income ratio) 25% 48.1% 43.8% 45.3% 45.1% 21% 44.2% 40.8% 19% 11% 8% 7% 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 AWB has managed to sustain a strong NBI despite fierce AWB managed to constrain
Slide 15: Conservative Approach to Capital Management
Conservative Approach to Capital Management All Data Based on Basel II RWA Growth (MADbn) Core Tier 1 Ratio (%) 08-June12 AWB is fully CAGR compliant with 8.6% the requirements 290.0 11.7% 7.8% 7.9% of its local 276.7 regulator (Bank 251.5 7.3% 7.3% Al Maghrib) which are 233.0 26.7 15.7% amongst the
Slide 16: Agenda
Agenda Overview of the economic environment IFRS consolidated financial statements as of December 31st, 2012 Analysis of the main contributors Attijariwafa bank share price performance Back up Attijariwafa bank – Results at 31 December 2012 16
Slide 17: Contributions to consolidated NBI by activity
IFRS consolidated financial statements as of December 31st, 2012 Structure of NBI as of December ,2012 Contributions to consolidated NBI by 25% activity as of December 31st, 2012 (24%) 55% (54%) 8% (10%) 12% Slight change in the NBI structure: (12%) (xx%) Structure 2011 +1 pt for Banking in Morocco,
Slide 18: Growth of NBI by business lines
Growth of NBI by business lines x% Growth rate BMET International Retail Banking In MAD bn In MAD bn +10.1% +13.1%* 9.5 8.5 4.3 3.8 NBI (In MAD bn) 2011 2012 2011 2012 15.9 17.0 +7.3% Specialised Financial Insurance Companies 2011 2012 In MAD bn +7.1% In MAD bn -17.8% 2.0 2.1 1.6 1.3 2011 2012 2011
Slide 19: Contributions to consolidated NIGS by activity
IFRS consolidated financial statements as of December 31st, 2012 Structure of NIGS as of December ,2012 Contributions to consolidated NIGS (14%) 14% by activity as of December 31st, 2012 13% (16%) 63% (61%) 10% (9%) Slight change in the NIGS structure: (xx%) Structure 2011 +2 pts for Banking in Moro
Slide 20: Growth of NIGS by business lines
Growth of NIGS by business lines x% Growth rate x% Growth rate excluding exceptional items BMET in MAD million Insurance In MAD million 2,705 +3.9% 2,811 713 -19.1% 576 +10.6% -16% NIGS (in MAD million) 2011 2012 2011 2012 4,459 4,501 +0.9% International Retail Banking Specialised Financial 2011 201
Slide 21: Main contributors to net banking income in 2012
Main contributors to net banking income in 2012 in MAD millions Subsidiaries Contribution 2012 Contribution weight Growth Rate Attijariwafa bank 8,897 52.2% 10.7% 7.9% Wafa Assurance 1,348 -17.8% Attijari bank Tunisie 1,289 7.6% 18.6% Wafasalaf 1,089 6.4% 1.2% CBAO (Senegal) 768 4.5% 2.9% 3.2% SIB (
Slide 22: Composition of consolidated NBI growth between 2011 and 2012
Composition of consolidated NBI growth between 2011 and 2012 Scope effect (-0.7%) (+1.4%) Other (+0.5%) Other negatives (-1.8%) (+0.7%) Wafacash positives Wafa Assurance (+0.9%) SIB* SCB-C in MAD millions (+1.3%) Attijari Bank Tunisie +7.3% (+5.4%) Attijariwafa bank 15 882 17 049 NBI 2011 NBI 2012 *
Slide 23: Main contributors to net income group share in 2012
Main contributors to net income group share in 2012 Growth Rate Contribution Contribution excluding in MAD millions Subsidiaries 2012 weight Growth Rate exceptionnel items Attijariwafa bank 2,727 61% 4.2% 10,4% Wafa Assurance 577 13% -19.1% -16.3% Attijari bank Tunisie 205 5% 6.9% 63.0% Wafasalaf 17
Slide 24: Agenda
Agenda Overview of the economic environment IFRS consolidated financial statements as of December 31st, 2012 Analysis of the main contributors Attijariwafa bank share price performance Back up Attijariwafa bank – Results at 31 December 2012 24
Slide 25: Attijariwafa bank share price performance
Attijariwafa bank share price performance Attijariwafa bank vs MASI from 12-31-08 to 02-11-13 Base 100 déc 08 07 2012 2011 190 AWB : -10,6% Share price as of 31st December AWB : -14,0% MASI : -15,1% MASI : -12,9% 2012: MAD 313 2010 165 2013 AWB : +50,7% AWB : -2,6% MASI : +21,2% MASI: -4,1% Largest
Slide 26: Attijariwafa bank market indicators
Attijariwafa bank market indicators Attijariwafa bank 12/31/2011 12/31/2012 Share price 350 313 Year High 475 377 Year Low 345 304 P/B (*) 2.59x 2.04x P/E (*) 15.15x 14.00x DY 2.43% 2.88% Number of shares 192 ,995,960 201,243 ,086 Market capitalisation(**) 67,568 62,989 (**) in MAD million Attijariw
Slide 27: Agenda
Agenda Overview of the economic environment IFRS consolidated financial statements as of December 31st, 2012 Analysis of the main contributors Attijariwafa bank share price performance Back up Attijariwafa bank – Results at 31 December 2012 27
Slide 28: International environment in 2012
International environment in 2012 Global GDP growth 2011 2012E 2013F Global Economic Trends World 3.9% 3.2% 3.5% Slowdown of the economic growth in 2012: Advanced - Global economic growth of 3.2% in 2012E vs. 3.9% 1.6% 1.3% 1.4% in 2011 (and 5.1% in 2010) economies - Decrease of the advanced economi
Slide 29: A Large and Diversified Banking Player in Africa
A Large and Diversified Banking Player in Africa Key Highlights Key Financials Created in 2004 through the merger of two long 2012A 08A-12A Key P&L items (MADm) 2008A 2011A 2012A USDm CAGR (%) established Moroccan banks, Banque Commerciale du Maroc (founded in 1911) and Wafabank (founded in Net Bank
Slide 30: An Attractive Pan African Footprint
An Attractive Pan African Footprint With Dominant Position Across French Speaking African Countries A Major African Player in Terms of Total Assets… …With a Leading Platform in North, Western and Central Africa… Standard Bank Group 201.0 African footprint1 11 19 32 14 9 Absa 107.8 43.6 Firstrand Ban
Slide 31: Highlights in 2012 Attijariwafa bank Group
Highlights in 2012 Attijariwafa bank Group MAD 310.4 billion of total savings1 as of December 31, 2012 Number one savings Growth of MAD 14.7 billion compared to 2011 (+5%) with a balanced institution geographical breakdown A diversified range of savings products according to the needs and goals of e
Slide 32: Consolidated NBI
IFRS consolidated financial statements as of December 31st, 2012 NBI in MAD bn Consolidated NBI 15.9 17.0 growth of +7.3% +7.3% Strong growth in the NBI: +7.3% 2011 2012 +3% on the net interest income +13% on the net fee income Structure of the NBI +13% on income from market activities 4.4% (3.6%) 1
Slide 33: Net consolidated income
IFRS consolidated financial statements as of December 31st, 2012 Net consolidated income (MAD million) Net consolidated income +9.6%* 5 302 5 309 Net income group share +9.0%* Growth in annual results +0.1% - +9.6%* for the net consolidated income - +9.0%* for the income group share 2011 2012 (+9.6%