RESULTS PRESENTATION. as of December 31st, Attijariwafa Bank - Results at 31 December

Transcription

1 RESULTS PRESENTATION as of December 31st, Attijariwafa Bank - Results at 31 December

2 Summary Macro-economic and financial environment AWB Group s highlights as of December 31st, 2011 IFRS consolidated financial statements as of December 31st, 2011 Analysis of the main contributors Attijariwafa Bank share price performance Attijariwafa Bank - Results at 31 December

3 International Environment in 2011 Global GDP growth E 2012 P World 5.2% 3.8% 3.3% Advanced economies 3.2% 1.6% 1.2% Euro Area 1.9% 1.6% -0.5% France 1.4% 1.6% 0.2% Germany 3.6% 3.0% 0.3% Spain -0.1% 0.7% -1.7% United Kingdom 2.1% 0.9% 0.6% United States 3.0% 1.8% 1.8% Japan 4.4% -0.9% 1.7% Emerging and developing economies Middle East and North Africa 7.3% 6.2% 5.4% 4.3% 3.1% 3.2% Global Economic Trends Modest economic growth in 2011: - Debt crisis in some advanced economies - Profound political, social, and economic changes in Africa and the Middle East - Earthquake and flooding in Japan - Global economic growth of 3.8% in 2011 versus 5.2% in 2010 Rise of 6.9% in global trade volume in 2011 versus an increase of 12.7% in 2010 Rising inflation rate in 2011 due to the spike in oil and commodity prices: 2.7% for advanced economies and 7.2% for emerging and developing economies Increase in global oil demand of 1.4 million barrels per day in The average price of oil topped $104 per barrel in 2011, up 30.6% from 2010 (99 dollars expected for 2012) Sub-Saharan Africa 5.3% 4.9% 5.5% Source: IMF (January 2012) Attijariwafa Bank - Results at 31 December

4 Macro-economic environment in 2011 Africa GDP Growth E 2012 P Africa 4.9% 3.7% 5.8% Central Africa 4.7% 5.3% 5.7% East Africa 6.2% 6.7% 6.7% North Africa 4.6% 0.7% 5.1% Southern Africa 3.3% 4.5% 5.5% West Africa 6.7% 6.0% 6.8% Economic trends in Africa Economic growth of 3.7% in 2011 E versus 4.9% in 2010 according to the AfDB, notably impacted by: - The profound political and social changes in certain countries - The severe drought in eastern Africa - The effects of global disruptions WAEMU (1) : GDP growth rate of 1.9% in 2011 versus 4.6% in 2010 Inflation rate of 3% in 2011 E EMCCA (2) : GDP growth of 4.7% in 2011 E versus 5.1% in 2010 Inflation rate of 3.8% in 2011 E versus 2.3% in 2010 Source: AfDB, IMF (1)WAEMU: Senegal, Burkina Faso, Mali, Ivory Coast, Benin, Niger, Togo and Guinea-Bissau, (2)EMCCA: Cameroon, Congo, Equatorial Guinea, Central African Republic and Chad Attijariwafa Bank - Results at 31 December

5 GDP growth at constant prices Growth in the main elements of the balance of payments MAD billions % 11% % -12% Macro-economic environment in 2011 Morocco +8% +8% % -26% % -16% +19% +11% +26% % % +19% Imports Exports FDI(**) Expat remittances Source: DPEG, HCP, Exchange Control Office (*) including tourism, (**) private foreign loan and investment remittances Economic growth Positive trend in economic growth estimated at 4.8% in 2011: - 4.7% performance of nonagricultural value added, driven primarily by the continued dynamism of the mining sector, theboostingofthe construction, and certain areas of processing industries - Increase of 5.0% in agricultural value added consistent with the cereal harvest of 84 million quintals,up 12% from Aggressive domestic demand and slowed international demand - Continuing investment projects, concerning mainly infrastructure, tourism, energy and industry Inflation & monetary policy The key rate remains stable at 3.25% Moderate inflation at 1.3% in 2011 Balance of payments Trade balance (*) (goods and services) deficit of MAD billion, i.e. coverage ratio of 70.8%, (4.6% increase in travel balance surplus to MAD 48.4 billion) 7.6% increase in Moroccan Expatriate Remittances to MAD 58.5 billion 26.4% drop in Foreign Direct Investment (**) to MAD 28.9 billion Attijariwafa Bank - Results at 31 December

6 Macro-economic environment in 2011 Tunisia - Senegal Tunisia: GDP growth at constant prices 5.3% 3.1% 3.9% 3.1% 0.0% P 2012P Tunisia Almost zero growth in 2011 E due to local and regional political context Impact on driving sectors of the Tunisian economy (tourism, foreign direct investment, etc.) Inflation contained at 3.5% in 2011 E versus 4.4% at the end of 2010 Improved political and social context and gradual economic recovery from the second half of 2011 Senegal: GDP growth at constant prices Senegal 4.4% 2.2% 4.2% 4.0% 4.5% 4.0% growth in GDP in 2011 E (constant growth from 2010) At the end of October 2011, 20.5% rise in exports and 10.2% decline in imports, i.e. 52% coverage ratio versus 39% at end October % inflation in 2011 E versus 1.2% in P 2012P Source: IMF Attijariwafa Bank - Results at 31 December

7 Snapshot of developments in Tunisia and Ivory Coast crises 2011 Key facts on Ivory Coast crisis 2011 Key facts on Tunisian crisis Post-electoral crisis triggered by the presidential election in october 2010 Political crisis between October 2010 and April 2011 Economic disturbances during this period: closure of the principal banks, embargo on core economic activities (Abidjan s harbour, cocoa exports, etc.) Resolution of the political crisis and recognition of Mr. Ouattara as President-elect of the Ivory Coast (April 2011) Improvement of the security situation Normalisation of the institutional situation through organisation of legislative elections Commitment and support of financial backers and international economic partners, and, as requested by the latter, ongoing implementation of reforms Economic decline less harsh than anticipated (- 5.8% in 2011), and solid recovery expected in 2012 (+8.5%), due notably to the launch of the government economic stimulus plan Popular revolution resulting in departure of ex- President Ben Ali (January 2011) Disturbances and uncertainty related to the political transition Additional impact of Libyan crisis on certain core economic sectors Liberalisation of political field via creation of new parties Gradual normalising through organisation of free elections giving rise to an elected constituent assembly in October 2011, appointment of a president and a government from an alliance formed by the top elected parties; Reinforcement of bank control and supervision by the Central Bank in 2011, with particular attention to monitoring sectors and clients impacted by the crisis Strengthening of political and individual liberties, and ongoing improvement of business environment Weak growth (mostly level), recovery in 2012 (up 3.9% according to the IMF) and excellent long-term outlook New regional integration initiative through the AMU Attijariwafa Bank - Results at 31 December

8 X% AAGR X% +/- Moroccan banking sector Banking sector performance as of December 31st, 2011 Trend in customer bank deposits in MAD billions +5% +5% % ,6% -0,5% 384 dec-05 dec-09 Trend in customer loans in MAD billions +10% +10% +16% ,0% +3,7% 282 Growth in deposits (+5%) identical to 2010 but still weak compared to recent historic growth, owing to the balance of payments deficit and the increase of the currency in circulation (+9% in 2011 and +6% in 2010) Loans grew in 2011 (+10%) due to the sustained level of household and business demand Improvement in the sector non-performing loan ratio to 4.9% versus 5.1% in December 2010 Transformation ratio (1) of 104% in 2011 (99% in 2010 and 73% in 2005) Increased bank access to financial markets: 8% growth in subordinated debt outstanding (MAD 21.2 billion at end 2011), and 28% growth in outstanding certificates of deposit (MAD 57.8 billion at end 2011) dec-05 dec-09 (1) Loans/Deposits Attijariwafa Bank - Results at 31 December

9 Moroccan financial market Financial market trends as of December 31st, 2011 Stock market: Capitalisation and volume MAD billion Decline in the stock market activity in 2011 in terms of market capitalisation and volumes traded: Moroccan All Shares Index (MASI) downward trend in 2011 compared to 2010 with belowaverage performance, down by 12.9% (+21.2% in 2010) 56.7% decline in volume of transactions traded on the Casablanca stock exchange to MAD billion in % decline in market capitalisation to MAD billion in 2011 Trading volume Market capitalisation Increased bond activity 13% growth of stocks in public debt +7% growth of stocks in private debt Attijariwafa Bank - Results at 31 December

10 Summary Macro-economic and financial environment AWB Group s highlights as of December 31st, 2011 IFRS consolidated financial statements as of December 31st, 2011 Analysis of the main contributors Attijariwafa Bank share price performance Attijariwafa Bank - Results at 31 December

11 Highlights in 2011 Attijariwafa bank Group Number one savings institution MAD billion of total savings at end December 2011 Growth of MAD 16.5 billion versus 2010 with a balanced geographical breakdown A diversified range of savings products according to the needs and goals of each customer (bank deposits, UCITS, bancassurance products ) Number one provider of financing to the economy (*) Excluding loans already repaid MAD billion of total loans, growth of MAD 24.8 billion versus 2010 In Morocco, MAD billion of total loans, growth of MAD 19.9 billion, of which: - MAD 33.6 billion in real-estate loans, i.e. more than 111,000 homes financed (*) - MAD 21.1 billion in consumer loans to households, financing furniture, cars, and household equipment with 607,000 loans disbursed to households (*) - MAD billion to businesses (very small, small and medium, and large companies), financing investments, infrastructure, and working capital - Total loans: MAD 5.4 billion Attijariwafa Bank - Results at 31 December

12 Highlights in 2011 Attijariwafa bank Group A leading player in banking services Continued development of the distribution network to reach 2,352 branches, including 1,791 in Morocco 381,000 new banking customers in Morocco in ,000 new bank cards placed in 2011, participating in modernising payments in Morocco Diversification of services in Morocco and abroad to meet the needs of all customers, e.g. equity savings plan, housing and education savings plans, Injad Bila Houdoud, Rasmali Pack, various other packs Continued international development Conclusion of the acquisition of SCB Cameroun and Attijari Mauritania Bank Continuation of transformation plan for sub-saharan subsidiaries Attijariwafa Bank - Results at 31 December

13 Highlights in 2011 Attijariwafa bank Group Corporate Social Responsibilty and Citizenship Education: 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 Involvement in secondary schools through Injaz, several employees fully committed to mentoring students in developing and completing their projects Support for centers of excellence in partnership with the National Education Ministry (higher education): support programme for business and scientific preparatory classes is offered through: - library provisioning (acquisition of collection management applications, book and journal purchases, librarian training) - Supporting preparation for oral competitive entrance exams to the French Business Schools; organisation of a week-long intensive course - Supporting preparation for written competitive entrance exams to the French Business Schools; organisation of a week-long intensive course Supporting a preschool teacher development programme within underprivileged areas as part of the Care project Partnership with universities through three innovative projects (Masters degree in Banking and Financial Markets, Jamiati Card and Jamiati web portal) Art and culture: enrichment and diversification of background and awareness programmes in art, writing, and computer graphics Human resources: Recruitment of 1,372 employees (net hiring) in the Group Vocational integration of young graduates - more than 800 young people recruited in more than 1,000 trainees in ,353 training days given in 2011 Continued diversification and enrichment of benefits plans for all the Group s employees Attijariwafa Bank - Results at 31 December

14 Summary Macro-economic and financial environment AWB Group s highlights as of December 31st, 2011 IFRS consolidated financial statements as of December 31st, 2011 Analysis of the main contributors Attijariwafa Bank share price performance Attijariwafa Bank - Results at 31 December

15 Key figures for the Attijariwafa bank Group as of December 31st, 2011 Total balance sheet: MAD bn Total savings: MAD bn NBI: MAD 15.9 bn 14,686 employees +12% +8% +10% Gross operating income: MAD 8.7 bn 2,352 branches +6% +5% +13% Total loans: MAD bn +11% Consolidated shareholders equity: MAD 30.3 bn +8% Net consolidated income: MAD 5.3 bn +12% Net income group share: MAD 4.5 bn +9% Number of countries covered 22 Number of customers 5.5 million Attijariwafa Bank - Results at 31 December

16 IFRS consolidated financial statements as of December 31st, 2011 NBI in MAD bn Structure of the NBI (17.6%) (19.6%) (xx%) Structure at end December 2010 Net interest income Net fee income +8.3% (2.1%) (60.7%) Income from market activities Income from other activities Consolidated NBI growth of +8.3% Strong growth in NBI: +8.3% +10% on the net interest income +10% on the net fee income -7% on income from market activities Structure s changes: +0.8 pt on the net interest income +0.3 pts on the net fee income -2.6 pt on income from market activities +1.5 pt on income from other activities Attijariwafa Bank - Results at 31 December

17 IFRS consolidated financial statements as of December 31st, 2011 Consolidated net income (MAD million) 4,744 5, % Net income group share (MAD million) 4,102 4, % Net consolidated income +11.8% Net income group share +8.7% Growth in annual results % from net income % from net income group share Main contributors to net income group share: - Attijariwafa Bank (59%) - Wafa Assurance and mutual funds (16%) - Attijaribank Tunisia (4%) - Wafasalaf (4%) - CBAO (2%) - SIB (2%) - Wafabail (2%) - CDC (2%) Attijariwafa Bank - Results at 31 December

18 IFRS consolidated financial statements as of December 31st, 2011 Cost to income ratio and cost of risk contained Cost /income ratio Cost of risk +1.5 pts -0.27pts Increase of 1.5 points in the cost /income ratio Operating expenses contained despite the various investment and development programmes Lower cost of risk due to the pre-emptive steps taken to manage the crises in Ivory- Coast and Tunisia, and to improve conditions in these two countries from the second-half of 2011 Improvement in non-performing loan ratio of 0.4 points (4.9% at the end of 2011) Attijariwafa Bank - Results at 31 December

19 IFRS consolidated financial statements as of December 31st, 2011 ROE +0.8 pts Profitability ratios in line with the best ROA -0.01pts Reinforcement of the Group s financial strenght and profitability : - 8% rise in shareholders' equity to MAD 30 billion and 12% growth in the total balance sheet to MAD 343 billion - ROE up by 0.8 pts to 21.2% - ROA level at 1.54% ROE = Net consolidated income/consolidated shareholders equity excluding net income ROA = Net consolidated income/total balance sheet Attijariwafa Bank - Results at 31 December

20 Summary Macro-economic and financial environment AWB Group s highlights as of December 31st, 2011 IFRS consolidated financial statements as of December 31st, 2011 Analysis of the main contributors Attijariwafa Bank share price performance Attijariwafa Bank - Results at 31 December

21 IFRS consolidated financial statements as of December 31st, 2011 Structure of 2011 NBI (22%) Contributions to consolidated NBI by activity as of December 31st, 2011 (56%) (9%) (xx%) Structure at end December 2010 (13%) Change in the structure of NBI between 2010 and 2011 Slight change in the NBI structure: +2 pts for International Retail Banking +1 pt for Insurance -1 pt for Specialised Financial Companies -2 pts for Banking in Morocco, Europe & Offshore 1 pt 2 pts -2 pts -1 pt Banking in Morocco, Europe and Offshore Specialised Financial Companies Insurance International Retail Banking Attijariwafa Bank - Results at 31 December

22 Composition of consolidated NBI growth between 2010 and 2011 scope effect in MAD millions (+2.3%) (+2.1%) (+0.6%) (+0.6%) BIM Attijari Bank Tunisia Wafa Assurance and mutual funds (+1.9%) (-1.5%) Other positives Other negatives +8.3% (+2.3%) Attijariwafa Bank 14,667 SCB 15, NBI 2011 NBI Attijariwafa Bank - Results at 31 December

23 Composition of growth in consolidated net income group share between 2010 and 2011 scope effect in MAD millions (+2.6%) (+1.1%) Attijari Bank Tunisia (+0.7%) (+1.0%) SCB CBAO (+2.1%) Other positives (-3.5%) Other negatives (+4.7%) SIB +8.7% Wafa Assurance and mutual funds 4,102 Attijariwafa Bank 4, Net income group share 2011 Net income group share Attijariwafa Bank - Results at 31 December

24 Main contributors to net income group share in 2011 in MAD millions Subsidiaries 2011 Contribution Weighting as % Attijariwafa Bank 2,616 59% Wafa Assurance % Attijari Bank Tunisia 192 4% Wafasalaf 164 4% CBAO 107 2% SIB 107 2% Wafabail 106 2% Crédit du Congo 81 2% UGB 63 1% Wafa Immobilier 58 1% Wafacash 55 1% Wafa Gestion 48 1% Net income group share 4,459 Attijariwafa Bank - Results at 31 December

25 Contribution to net income group share in 2011: 59% Trend in the contribution to net income group share: -2% Parent company results at 31 December 2011 Activity Main contributors to net income group share 1- Attijariwafa bank Change in MAD % Net banking income ,9% o/w: Net interest income ,6% Net fee income ,4% Income from market operations ,5% Operating expenses ,5% - 6% increase in customer deposits and market share gain of 0.12 points - 11% increase in customer deposits and market share gain of 0.25 points Parent company accounts and Contribution to consolidated financial statements - Growth of main aggregates: NBI +9%, gross operating income + 9% and net income +5%. - Improvement in risk and profitability indicators: Cost-to-income ratio at 37% (-0.5 points compared to 2010), risk cost 0.40% (-0.05 points vs. 2010) - 4% rise in contribution to consolidated NBI in MAD million Gross operating income ,3% Allocations to customer provisions, net of write-backs ,3% Other allocations to provisions, net of write-backs ,8% Operating income ,3% Net income for the year ,9% - 2% fall in contribution to net income group share. This contribution grew by 3.3% after restatement for exceptional effects in 2010 (*) (*) MAD 186 million of exceptional capital gains in 2010 Attijariwafa Bank - Results at 31 December

26 P R O D U C T I V I T Y Ratios Cost /income ratio -0.5 pts 37.8% 37.3% Main contributors to net income group share 1- Attijariwafa Bank (parent company) Loan disbursement Average/staff in MAD m +3.4% Average deposits/staff in MAD m -1.6% Coverage ratio Net cost of risk Non-performing loan ratio R I S K +1.3 pts 80.1% 81.4% pts 0.45% 0.40% -0.2 pts 3.2% 3.0% P R O F I T A B I L I T Y ROE -0.6 pts 17.9% 17.2% ROE = Net Income/Shareholders Equity after distribution and excluding net income ROA = Net Income/Total Balance Sheet ROA pts 1.3% 1.3% Attijariwafa Bank - Results at 31 December

27 Contributors to net income group share in 2011*: 16% Trend in the contribution to net income group share*: +37% Main contributors to net income group share 2- Wafa Assurance Activity Premiums written (in MAD m) 4,404 5, % Income statement Technical result Life (in MAD m) +57% Technical result Non-life (in MAD m) +16% Net income (in MAD m) +12% +12% +24% Activity - National leadership position consolidation and continuing development of all branches (motor, business, savings, life, etc.) - Assistance activity launch (Wafa IMA Assistance) in partnership with Attijariwafa Bank and Inter Mutuelles Assistance - Network development: +32 outlets in the exclusive network (187 at end 2011) and +32 new partner brokers (176 at end 2011) Parent company accounts and Contribution to consolidated financial statements - Sustained growth in revenue (+17%), driven by Life (+25%) and Non-Life products(+10%) - Improved claim rates and better oversight of operating expenses - Strong growth in technical result +23% (Life: +57%, Non-Life: +16%) - Contribution to net income group share* up by 37% under combined influence of sustained business growth and financial portfolio performance. * including mutual funds Attijariwafa Bank - Results at 31 December

28 Contribution to net income group share in 2011: 4% Trend in the contribution to net income group share: +32% Activity Customer deposits (in MAD bn) +3% Main contributors to net income group share 3- Attijari Bank Tunisia Gross customer loans (in MAD bn) % 19 Income statement Exchange rate TND 1 = MAD NBI (in MAD m) Net income (in MAD m) +9% -30% 966 1, Activity points gain in customer loans market share gain and market share unchanged in customer deposits - 10 new branches opened, expanding the network to 179 branches as of December, 2011 Parent company accounts and Contribution to consolidated financial statements - Sustained revenue growth in a harsh climate despite the backdrop of a political crisis: NBI +9% - Parent company net income down due notably to payment of corporate tax since Significant change in contribution to net income group share (+32.1%), owing to the consideration and anticipation of the impacts of the crisis since 2010 in the consolidated financial statements and the release of unused provisions following the improvement of the political and economic environment and a greater visibility of the effects of the crisis on the Attijari Bank Tunisia (minimal exposure of Attijari Bank to sectors and customers affected by the crisis) Attijariwafa Bank - Results at 31 December

29 Contribution to net income group share in 2011: 4% Trend in the contribution to net income group share: +9% Main contributors to net income group share 4- Wafasalaf Activity Income statement Production (*) (in MAD m) +11% 9,940 8,956 Total outstanding (*) (in MAD m) 19,121 7, % +25% 21,401 8,790 NBI (in MAD m) 1,013 1,051 +4% Net income (in MAD m) +0.3% % 12,082 12,611 (*) capitalised and managed Outstanding managed Outstanding capitalised Activity - Moderate growth of the market impacting the increase of capitalised activity (+4%) - Significant growth of managed activity as part of Wafasalaf revenue diversification - Network expansion with the opening of two new branches in Beni Mellal and Laayoune Parent company accounts and Contribution to consolidated financial statements - NBI up by 4% in line with activity - 9% growth in net income group share, attributable primarily to controlling the cost of risk as per IFRS Attijariwafa Bank - Results at 31 December

30 Contribution to net income group share in 2011: 2% Trend in the contribution to net income group share: +55% Activity Customer deposits (in MAD m) -6% 8,860 8,339 Main contributors to net income group share 5- CBAO Gross customer loans (in MAD m) 6,946-5% 6,617 Income statement Exchange rate: FCFA 1 = MAD NBI (in MAD m) Net income (in MAD m) +7% -36% Activity - Fall in outstanding deposits and loans in a context of optimisation of the balance sheet structure (7-points improvement in the deposit structure* between 2010 and 2011) - 8 new branches opened, expanding the network to 156 branches as of December 2011 Parent company accounts and Contribution to consolidated financial statements - Decrease of the parent company net income. Net income rose by 45% between 2010 and 2011 after restatement for exceptional effects in 2010** - 55% increase in contribution to net income group share, attributable mainly to the IFRS impact of a good recovery performance in 2011 (*) Non-interest-bearing deposits/total deposits (average outstanding) (**) Exceptional capital gains registered in 2010 on disposals of buildings Attijariwafa Bank - Results at 31 December

31 Contribution to net income group share in 2011: 2% Trend in the contribution to net income group share: N/A Activity Customer deposits (in MAD m) Main contributors to net income group share 6- SIB Gross customer loans (in MAD m) Income statement NBI (in MAD m) Exchange rate: FCFA 1 = MAD Net income (in MAD m) 3, % 4,855 3,642 +2% 3, % +4% Activity: despite the particularly difficult political and economic environment and the closure of the bank for more than 2.5 months, growth of all aggregates and market share gains thanks to the very good perception by customers and authorities (national and regional) of the crisis management by the bank: - Market share gain of 0.7 points for customer deposits - Market share gain of 0.3 points for customer loans - Six new branches opened in 2011, expanding the network to 36, and renovation of 4 branches Parent company accounts and Contribution to consolidated financial statements - Growth in parent company net income of 4% - Signficant growth in contribution to net income group share (MAD 107 million in 2011 versus MAD 2 million in 2010), attributable to the consideration and anticipation of the impacts of the crisis since 2010 in the consolidated financial statements and the release of unused provisions (actual change in non-performing loan ratio from 4.8% in 2010 to 5.5% in 2011, versus a prudent forecast of double this rate recognised in the consolidated financial statements since 2010) Attijariwafa Bank - Results at 31 December

32 Summary Macro-economic and financial environment AWB Group s highlights as of December 31st, 2011 IFRS consolidated financial statements as of December 31st, 2011 Analysis of the main contributors Attijariwafa Bank share price performance Attijariwafa Bank - Results at 31 December

33 Attijariwafa bank share price performance Attijariwafa Bank vs MASI from to Share price as of 15 February 2012: MAD 369 Largest market capitalisation in the banking sector and the 2nd in Morocco: MAD 71.2 bn Below-average performance of - 14% in 2011 in a declining stock market (-13% for the MASI) Attijariwafa Bank shares up +5.4% since the beginning of 2012* versus +2.8% for the MASI and +1.6% for the banking sector (*) as of Attijariwafa Bank - Results at 31 December

34 Attijariwafa bank market indicators Attijariwafa Bank 31/12/ /12/ /02/2012 Share price ,1 369 The highest share price The lowest share price P/B (*) 3.28x 2.59x 2.73x PER (*) 19.15x 15.15x 15.97x DY 1.97% 2.43% 2.30% Number of shares 192,995, ,995, ,995,960 Market capitalisation (**) 78,549 67,568 71,216 (**) in MAD million Attijariwafa Bank offers the best growth/valuation combination in the Moroccan banking sector: - EPS growth of 8.7% between Dec 2010 and Dec PER at of 15.15x versus an average of 18.3x for the sector - PER at of 15.97x versus an average of 18.2x for the sector (*) The PER and P/B multiples are calculated based on net income group share and shareholders equity. PER = Share price/eps for the current year; P/B = Share price/consolidated shareholders equity; DY = Dividend/Share price Attijariwafa Bank - Results at 31 December