Banks

Morocco

Société Générale Marocaine de Banques

Update

Ratings Key Rating Drivers

National
Long-Term Rating AAA(mar) Support Drives Ratings: Société Générale Marocaine de Banques’ (SGMB) ratings are based
Short-Term Rating F1+(mar) on a high probability of support from its 57.5% shareholder Société Générale S.A. (SG:
Support Rating 2
A/Stable), if needed. This reflects SG’s strong ability (indicated by the bank’s rating) and
Sovereign Risk
Long-Term Foreign-Currency IDR BBB-
willingness to provide support to SGMB, which is small relative to SG. SGMB has around 1.5%
Long-Term Local-Currency IDR BBB- of consolidated assets, making it easy to support.
Country Ceiling BBB
Strategically Important Subsidiary: SGMB is SG's largest African subsidiary and is used as a
Outlooks
National Long-Term Rating Stable
group hub for the development and roll-out of several pan-African projects. SGMB is the
Sovereign Long-Term Foreign- Stable country’s fourth-largest bank with loan and deposit market shares of 7%-8%. The increase in
Currency IDR
Sovereign Long-Term Local- Stable assets in 1H18 reflects full consolidation of consumer finance subsidiary, Eqdom (‘AA+(mar)’
Currency IDR Stable). SGMB’s Support Rating is constrained by Morocco’s Country Ceiling.

Financial Data Strong Integration with SG: SGMB is closely integrated with SG through significant board
Société Générale Marocaine de representation, appointment of key senior executives, and oversight of SGMB's credit, country,
Banques market, operational and liquidity risks. In addition, the subsidiary benefits from funding lines
30 Jun 31 Dec
18 17 from SG and from SG's procedures, systems, tools and branding.
Total assets (USDm) 10,568 9,509
Total assets (MADm) 99,866 88,916 No Extraordinary Support Record: Fitch Ratings understands from management that SGMB
Total equity (MADm) 10,951 10,987
Operating profit (MADm) 830 1,486 has never required any extraordinary support from SG. However, ordinary support in its day-to-
Published net income 498 973
(MADm)
day activities is well entrenched. For example, counter-guarantees allow SGMB to extend
Operating profit/risk 1.79 1.84 larger loans to Moroccan counterparts while remaining compliant with regulatory large
weighted assets (%)
Net income/average 9.32 9.15 exposure limits. SG also provides short-term liquidity lines.
equity (%)
Fitch Core Capital/ 9.98 11.88 Vulnerable Asset Quality: SGMB did not publicly disclose its Stage 3 IFRS 9 loans at end-
risk weighted assets (%)
1H18. Our assessment is that the impaired loans/gross loans ratio would be higher than the
Source: Fitch Ratings, Fitch Solutions
10% peer average because the bank has historically reported one of the sector’s highest
impaired loans ratios. IFRS 9 has not forced standardisation of impaired loans in Morocco, but
clarity should emerge as the robustness of expected credit-loss models is tested over time.

Weakened Capitalisation: Sector equity was weakened on first-time application of IFRS 9

credit-loss provisions in January 2018, and SGMB is no exception. We consider the bank’s
Fitch Core Capital/risk-weighted assets ratio to be only adequate given credit risk arising from
significant loan book concentration. Positively, implementation of IFRS 9 in January 2018
forced higher loan-loss provisions at SGMB. Unreserved impaired loans as a percentage of
Related Research Fitch Core Capital decreased to 22% (end-2017: 28%).
Societe Generale S.A. - Rating Navigator
(July 2018)
Adequate Funding and Liquidity: SGMB is primarily funded by stable non-remunerated
Morocco (Nov 2018)
customer deposits. Liquidity is strictly monitored by SG. SGMB has a comfortable liquidity
Fitch Ratings 2019 Outlook: Francophone buffer (excluding SG’s liquidity line) that covers a year of short-term market funding.
African Banks (November 2018)
Rating Sensitivities
Analysts Strategic Importance, Integration, Ownership: A downgrade of SGMB’s National Ratings
Janine Dow would require a three-notch downgrade of SG’s Issuer Default Rating (IDR). SGMB’s Support
+44 20 3530 1464
janine.dow@fitchratings.com Rating is sensitive to a four-notch downgrade of SG’s IDR. These ratings are also sensitive to a
reduction in SG’s stake in SGMB and reduced strategic importance to, or lower integration with,
Jamal El Mellali
+44 20 3530 1969 SG.
jamal.elmellali@fitchratings.com
Sovereign Risk: SGMB's Support Rating would also be downgraded if Morocco's Country
Ceiling was revised down by at least two notches, which Fitch views as unlikely.

www.fitchratings.com 5 March 2019

 Banks

Societe Generale Marocaine de Banques

Income Statement
30 Jun 2018 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014
6 Months - Interim 6 Months - Interim As % of Year End As % of Year End As % of Year End As % of Year End As % of
USDm MADm Earning Assets MADm Earning Assets MADm Earning Assets MADm Earning Assets MADm Earning Assets
Reviewed - Reviewed - Audited - Audited - Audited - Audited -
Unqualified Unqualified Unqualified Unqualified Unqualified Unqualified

1. Interest Income on Loans 240.8 2,275.6 5.12 3,802.5 4.75 3,917.0 5.16 4,011.7 5.18 4,286.1 5.44
2. Other Interest Income 9.5 89.6 0.20 211.9 0.26 225.6 0.30 461.3 0.60 485.0 0.62
3. Dividend Income n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
4. Gross Interest and Dividend Income 250.3 2,365.2 5.33 4,014.4 5.01 4,142.6 5.46 4,473.0 5.78 4,771.1 6.06
5. Interest Expense on Customer Deposits 32.9 311.3 0.70 620.3 0.77 707.1 0.93 748.1 0.97 843.8 1.07
6. Other Interest Expense 26.4 249.7 0.56 288.8 0.36 334.0 0.44 519.6 0.67 603.6 0.77
7. Total Interest Expense 59.4 561.0 1.26 909.1 1.14 1,041.1 1.37 1,267.7 1.64 1,447.4 1.84
8. Net Interest Income 190.9 1,804.2 4.06 3,105.3 3.88 3,101.5 4.09 3,205.3 4.14 3,323.7 4.22
9. Net Fees and Commissions 58.7 554.9 1.25 933.4 1.17 859.5 1.13 836.4 1.08 728.9 0.93
10. Net Gains (Losses) on Trading and Derivatives n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
11. Net Gains (Losses) on Assets and Liabilities at FV 3.0 28.7 0.06 16.7 0.02 (5.6) (0.01) 29.2 0.04 (4.0) (0.01)
12. Net Gains (Losses) on Other Securities 0.0 0.4 0.00 45.9 0.06 59.8 0.08 74.7 0.10 60.7 0.08
13. Net Insurance Income 0.0 0.0 0.00 n.a. - n.a. - n.a. - n.a. -
14. Other Operating Income 1.4 13.0 0.03 (5.0) (0.01) (1.2) (0.00) (7.1) (0.01) 18.6 0.02
15. Total Non-Interest Operating Income 63.2 597.0 1.34 991.0 1.24 912.5 1.20 933.2 1.20 804.2 1.02
16. Total Operating Income 254.1 2,401.2 5.41 4,096.3 5.12 4,014.0 5.29 4,138.5 5.34 4,127.9 5.24
17. Personnel Expenses n.a. n.a. - n.a. - n.a. - 1,070.0 1.38 947.0 1.20
18. Other Operating Expenses 125.1 1,181.8 2.66 2,059.1 2.57 1,923.4 2.54 846.7 1.09 809.5 1.03
19. Total Non-Interest Expenses 125.1 1,181.8 2.66 2,059.1 2.57 1,923.4 2.54 1,916.7 2.47 1,756.5 2.23
20. Equity-accounted Profit/ Loss - Operating 1.4 13.7 0.03 49.1 0.06 52.2 0.07 n.a. - n.a. -
21. Pre-Impairment Operating Profit 130.5 1,233.1 2.78 2,086.3 2.61 2,142.8 2.83 2,221.8 2.87 2,371.4 3.01
22. Loan Impairment Charge 47.4 448.3 1.01 600.4 0.75 746.9 0.98 1,099.0 1.42 1,432.9 1.82
23. Securities and Other Credit Impairment Charges (1.3) (12.4) (0.03) n.a. - 120.5 0.16 93.5 0.12 30.5 0.04
24. Operating Profit 84.4 797.2 1.80 1,485.9 1.86 1,275.4 1.68 1,029.3 1.33 908.0 1.15
25. Equity-accounted Profit/ Loss - Non-operating n.a. n.a. - n.a. - n.a. - 49.6 0.06 51.2 0.07
26. Goodwill Impairment n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
27. Non-recurring Income 3.4 32.4 0.07 n.a. - n.a. - n.a. - n.a. -
28. Non-recurring Expense n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
29. Change in Fair Value of Own Debt n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
30. Other Non-operating Income and Expenses n.a. n.a. - 30.4 0.04 18.9 0.02 (0.7) (0.00) 2.8 0.00
31. Pre-tax Profit 87.8 829.6 1.87 1,516.3 1.89 1,294.3 1.71 1,078.2 1.39 962.0 1.22
32. Tax expense 35.1 331.9 0.75 543.4 0.68 438.0 0.58 371.3 0.48 327.4 0.42
33. Profit/Loss from Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
34. Net Income 52.7 497.7 1.12 972.9 1.22 856.3 1.13 706.9 0.91 634.6 0.81
35. Change in Value of AFS Investments n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
36. Revaluation of Fixed Assets n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
37. Currency Translation Differences n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
38. Remaining OCI Gains/(losses) n.a. n.a. - n.a. - n.a. - 0.0 0.00 n.a. -
39. Fitch Comprehensive Income 52.7 497.7 1.12 972.9 1.22 856.3 1.13 706.9 0.91 634.6 0.81
40. Memo: Profit Allocation to Non-controlling Interests 3.7 34.8 0.08 2.1 0.00 7.2 0.01 14.3 0.02 6.7 0.01
41. Memo: Net Income after Allocation to Non-controlling Interests 49.0 462.9 1.04 970.8 1.21 849.1 1.12 692.6 0.89 627.9 0.80
42. Memo: Common Dividends Relating to the Period n.a. n.a. - 287.0 0.36 205.0 0.27 123.0 0.16 275.8 0.35
43. Memo: Preferred Dividends and Interest on Hybrid Capital Accounted n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
for as Equity Related to the Period

Exchange rate USD1 = MAD9.45 USD1 = MAD9.351 USD1 = MAD10.096 USD1 = MAD9.9057 USD1 = MAD9.0425

Related Criteria
Bank Rating Criteria (October 2018)
National Scale Ratings Criteria (July 2018)
Country Ceilings Criteria (July 2018)

Société Générale Marocaine de Banques 2

March 2019
 Banks

Societe Generale Marocaine de Banques

Balance Sheet
30 Jun 2018 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014
6 Months - 6 Months -
Interim Interim As % of Year End As % of Year End As % of Year End As % of Year End As % of
USDm MADm Assets MADm Assets MADm Assets MADm Assets MADm Assets
Assets
A. Loans
1. Residential Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
2. Other Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
3. Other Consumer/ Retail Loans n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
4. Corporate & Commercial Loans n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Other Loans 9,574.7 90,480.8 90.60 78,322.4 88.09 74,291.8 87.56 73,106.8 86.78 72,047.1 85.37
6. Less: Loan Loss Allowances 1,102.4 10,418.1 10.43 8,063.7 9.07 7,545.9 8.89 7,017.4 8.33 6,300.7 7.47
7. Net Loans 8,472.2 80,062.7 80.17 70,258.7 79.02 66,745.9 78.66 66,089.4 78.45 65,746.4 77.90
8. Gross Loans 9,574.7 90,480.8 90.60 78,322.4 88.09 74,291.8 87.56 73,106.8 86.78 72,047.1 85.37
9. Memo: Impaired Loans included above n.a. n.a. - 10,706.1 12.04 10,849.7 12.79 10,139.8 12.04 10,335.3 12.25
10. Memo: Specific Loan Loss Allowances n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
B. Other Earning Assets
1. Loans and Advances to Banks 385.4 3,641.8 3.65 4,318.6 4.86 2,716.0 3.20 6,074.8 7.21 4,626.2 5.48
2. Reverse Repos and Securities Borrowing n.a. n.a. - n.a. - 0.0 0.00 0.0 0.00 147.0 0.17
3. Derivatives 0.0 0.0 0.00 0.0 0.00 0.0 0.00 n.a. - n.a. -
4. Trading Securities and at FV through Income 178.1 1,683.4 1.69 49.7 0.06 27.1 0.03 32.4 0.04 22.1 0.03
5. Available for Sale Securities 0.0 0.0 0.00 4,946.8 5.56 5,886.0 6.94 4,798.4 5.70 7,776.8 9.21
6. Held to Maturity Securities 421.4 3,981.8 3.99 n.a. - 0.0 0.00 n.a. - n.a. -
7. Other Securities n.a. n.a. - 0.0 0.00 0.0 0.00 n.a. - n.a. -
8. Total Securities 599.5 5,665.2 5.67 4,996.5 5.62 5,913.1 6.97 4,830.8 5.73 7,798.9 9.24
9. Memo: Government Securities included Above n.a. n.a. - n.a. - 4,762.6 5.61 3,947.3 4.69 6,765.6 8.02
10. Memo: Total Securities Pledged n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
11. Equity Investments in Associates 19.1 180.5 0.18 475.8 0.54 475.5 0.56 451.7 0.54 440.5 0.52
12. Investments in Property n.a. n.a. - 0.0 0.00 0.0 0.00 n.a. - n.a. -
13. Insurance Assets n.a. n.a. - 0.0 0.00 0.0 0.00 n.a. - n.a. -
14. Other Earning Assets n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
15. Total Earning Assets 9,476.2 89,550.2 89.67 80,049.6 90.03 75,850.5 89.39 77,446.7 91.93 78,759.0 93.32
C. Non-Earning Assets
1. Cash and Due From Banks 470.3 4,444.4 4.45 4,453.7 5.01 4,975.2 5.86 2,542.5 3.02 1,543.9 1.83
2. Memo: Mandatory Reserves included above n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
3. Foreclosed Assets n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
4. Fixed Assets 193.8 1,831.2 1.83 1,737.2 1.95 1,711.1 2.02 1,679.5 1.99 1,600.3 1.90
5. Goodwill 27.0 254.9 0.26 61.2 0.07 61.2 0.07 61.2 0.07 61.2 0.07
6. Other Intangibles 40.3 380.7 0.38 363.4 0.41 342.0 0.40 285.2 0.34 251.9 0.30
7. Current Tax Assets 115.4 1,091.0 1.09 525.8 0.59 487.3 0.57 676.4 0.80 588.5 0.70
8. Deferred Tax Assets 172.1 1,626.2 1.63 1,186.8 1.33 1,052.2 1.24 1,062.8 1.26 1,204.3 1.43
9. Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
10. Other Assets 72.8 687.8 0.69 538.1 0.61 371.7 0.44 488.7 0.58 385.7 0.46
11. Total Assets 10,567.9 99,866.4 100.00 88,915.8 100.00 84,851.2 100.00 84,243.0 100.00 84,394.8 100.00
Liabilities and Equity
D. Interest-Bearing Liabilities
1. Total Customer Deposits 6,583.3 62,212.5 62.30 61,642.6 69.33 59,068.6 69.61 57,903.3 68.73 54,596.7 64.69
2. Deposits from Banks 303.8 2,871.3 2.88 4,189.2 4.71 4,301.5 5.07 5,049.5 5.99 5,337.2 6.32
3. Repos and Securities Lending 0.0 0.0 0.00 500.1 0.56 0.0 0.00 n.a. - 561.3 0.67
4. Commercial Paper and Short-term Borrowings n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Customer Deposits and Short-term Funding 6,887.2 65,083.8 65.17 66,331.9 74.60 63,370.1 74.68 62,952.8 74.73 60,495.2 71.68
6. Senior Unsecured Debt 1,286.4 12,156.7 12.17 4,659.7 5.24 4,902.2 5.78 5,349.1 6.35 8,705.1 10.31
7. Subordinated Borrowing 438.5 4,143.5 4.15 3,392.3 3.82 3,387.4 3.99 3,390.4 4.02 2,577.7 3.05
8. Covered Bonds n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
9. Other Long-term Funding n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
10. Total LT Funding 1,724.9 16,300.2 16.32 8,052.0 9.06 8,289.6 9.77 8,739.5 10.37 11,282.8 13.37
11. Memo: o/w matures in less than 1 year n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
12. Trading Liabilities 0.6 5.8 0.01 4.7 0.01 2.6 0.00 3.1 0.00 32.0 0.04
13. Total Funding 8,612.7 81,389.8 81.50 74,388.6 83.66 71,662.3 84.46 71,695.4 85.11 71,810.0 85.09
14. Derivatives 0.0 0.0 0.00 0.0 0.00 0.0 0.00 n.a. - n.a. -
15. Total Funding and Derivatives 8,612.7 81,389.8 81.50 74,388.6 83.66 71,662.3 84.46 71,695.4 85.11 71,810.0 85.09
E. Non-Interest Bearing Liabilities
1. Fair Value Portion of Debt n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
2. Credit impairment reserves n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
3. Reserves for Pensions and Other 95.0 897.8 0.90 693.7 0.78 646.0 0.76 531.5 0.63 453.0 0.54
4. Current Tax Liabilities 96.2 909.3 0.91 1,293.3 1.45 840.9 0.99 931.1 1.11 1,359.0 1.61
5. Deferred Tax Liabilities 46.7 441.7 0.44 278.9 0.31 297.1 0.35 288.5 0.34 461.2 0.55
6. Other Deferred Liabilities n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
7. Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
8. Insurance Liabilities 0.0 0.0 0.00 n.a. - 0.0 0.00 n.a. - n.a. -
9. Other Liabilities 558.4 5,276.6 5.28 1,273.9 1.43 1,149.7 1.35 1,059.2 1.26 846.2 1.00
10. Total Liabilities 9,409.0 88,915.2 89.03 77,928.4 87.64 74,596.0 87.91 74,505.7 88.44 74,929.4 88.78
F. Hybrid Capital
1. Pref. Shares and Hybrid Capital accounted for as Debt n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
2. Pref. Shares and Hybrid Capital accounted for as Equity n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
G. Equity
1. Common Equity 1,083.3 10,237.3 10.25 10,814.3 12.16 10,074.7 11.87 9,574.7 11.37 9,224.7 10.93
2. Non-controlling Interest 75.5 713.9 0.71 107.7 0.12 113.5 0.13 109.6 0.13 112.0 0.13
3. Securities Revaluation Reserves 0.0 0.0 0.00 65.4 0.07 67.0 0.08 53.0 0.06 128.7 0.15
4. Foreign Exchange Revaluation Reserves n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Fixed Asset Revaluations and Other Accumulated OCI n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
6. Total Equity 1,158.9 10,951.2 10.97 10,987.4 12.36 10,255.2 12.09 9,737.3 11.56 9,465.4 11.22
7. Memo: Equity plus Pref. Shares and Hybrid Capital accounted for as Equity 1,158.9 10,951.2 10.97 10,987.4 12.36 10,255.2 12.09 9,737.3 11.56 9,465.4 11.22
8. Total Liabilities and Equity 10,567.9 99,866.4 100.00 88,915.8 100.00 84,851.2 100.00 84,243.0 100.00 84,394.8 100.00
9. Memo: Fitch Core Capital 949.4 8,971.9 8.98 9,568.9 10.76 8,938.1 10.53 8,448.9 10.03 8,251.4 9.78

Exchange rate USD1 = MAD9.45 USD1 = MAD9.351 USD1 = MAD10.096 USD1 = MAD9.9057 USD1 = MAD9.0425

Société Générale Marocaine de Banques 3

March 2019
 Banks

Societe Generale Marocaine de Banques

Summary Analytics
30 Jun 2018 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014
6 Months - Interim Year End Year End Year End Year End

A. Interest Ratios
1. Interest Income/ Average Earning Assets 5.70 5.21 5.33 5.73 6.20
2. Interest Income on Loans/ Average Gross Loans 5.76 5.19 5.25 5.56 6.08
3. Interest Expense on Customer Deposits/ Average Customer Deposits 1.02 1.03 1.22 1.34 1.59
4. Interest Expense/ Average Interest-bearing Liabilities 1.48 1.27 1.44 1.77 2.05
5. Net Interest Income/ Average Earning Assets 4.35 4.03 3.99 4.10 4.32
6. Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets 3.27 3.25 3.03 2.70 2.46
7. Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets 4.35 4.03 3.99 4.10 4.32
B. Other Operating Profitability Ratios
1. Operating Profit/ Risk Weighted Assets 1.79 1.84 1.65 1.32 1.21
2. Non-Interest Expense/ Gross Revenues 49.22 50.27 47.92 46.31 42.55
3. Loans and securities impairment charges/ Pre-impairment Op. Profit 35.35 28.78 40.48 53.67 61.71
4. Operating Profit/ Average Total Assets 1.74 1.73 1.50 1.22 1.10
5. Non-Interest Income/ Gross Revenues 24.86 24.19 22.73 22.55 19.48
6. Non-Interest Expense/ Average Total Assets 2.58 2.40 2.26 2.28 2.13
7. Pre-impairment Op. Profit/ Average Equity 23.09 19.63 21.38 23.14 25.59
8. Pre-impairment Op. Profit/ Average Total Assets 2.70 2.43 2.52 2.64 2.87
9. Operating Profit/ Average Equity 14.93 13.98 12.72 10.72 9.80
C. Other Profitability Ratios
1. Net Income/ Average Total Equity 9.32 9.15 8.54 7.36 6.85
2. Net Income/ Average Total Assets 1.09 1.13 1.01 0.84 0.77
3. Fitch Comprehensive Income/ Average Total Equity 9.32 9.15 8.54 7.36 6.85
4. Fitch Comprehensive Income/ Average Total Assets 1.09 1.13 1.01 0.84 0.77
5. Taxes/ Pre-tax Profit 40.01 35.84 33.84 34.44 34.03
6. Net Income/ Risk Weighted Assets 1.12 1.21 1.11 0.90 0.85
D. Capitalization
1. FCC/ FCC-Adjusted Risk Weighted Assets 9.98 11.88 11.56 10.81 10.99
2. Tangible Common Equity/ Tangible Assets 9.31 11.02 10.87 10.37 10.09
3. Equity/ Total Assets 10.97 12.36 12.09 11.56 11.22
4. Basel Leverage Ratio n.a. n.a. n.a. n.a. n.a.
5. Common Equity Tier 1 Capital Ratio n.a. n.a. n.a. n.a. n.a.
6. Fully Loaded Common Equity Tier 1 Capital Ratio n.a. n.a. n.a. n.a. n.a.
7. Tier 1 Capital Ratio 12.02 12.56 12.32 11.69 10.91
8. Total Capital Ratio 14.96 14.98 15.70 15.59 14.34
9. Impaired Loans less Loan Loss Allowances/ Fitch Core Capital n.a. 27.61 36.96 36.96 48.90
10. Impaired Loans less Loan Loss Allowances/ Equity n.a. 24.05 32.22 32.07 42.62
11. Cash Dividends Paid & Declared/ Net Income n.a. 29.50 23.94 17.40 43.46
12. Risk Weighted Assets/ Total Assets 89.99 90.58 91.13 92.78 88.97
13. Risk Weighted Assets - Standardised/ Risk Weighted Assets 100.00 100.00 100.00 100.00 n.a.
14. Risk Weighted Assets - Advanced Method/ Risk Weighted Assets 0.00 0.00 0.00 0.00 n.a.
E. Loan Quality
1. Impaired Loans/ Gross Loans n.a. 13.67 14.60 13.87 14.35
2. Growth of Gross Loans 15.52 5.43 1.62 1.47 3.38
3. Loan Loss Allowances/ Impaired Loans n.a. 75.32 69.55 69.21 60.96
4. Loan Impairment Charges/ Average Gross Loans 1.14 0.82 1.00 1.52 2.03
5. Growth of Total Assets 12.32 4.79 0.72 (0.18) 3.12
6. Loan Loss Allowances/ Gross Loans 11.51 10.30 10.16 9.60 8.75
7. Net Charge-offs/ Average Gross Loans 0.02 0.53 n.a. 0.24 0.08
8. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets n.a. 13.67 14.60 13.87 14.35
F. Funding and Liquidity
1. Loans/ Customer Deposits 145.44 127.06 125.77 126.26 131.96
2. Liquidity Coverage Ratio 117.49 96.58 n.a. 87.00 n.a.
3. Customer Deposits/ Total Funding (including Pref. Shares & Hybrids) 76.44 82.87 82.43 80.76 76.03
4. Interbank Assets/ Interbank Liabilities 126.83 103.09 63.14 120.30 86.68
5. Net Stable Funding Ratio n.a. n.a. n.a. n.a. n.a.
6. Growth of Total Customer Deposits 0.92 4.36 2.01 6.06 3.08

Société Générale Marocaine de Banques 4

March 2019
 Banks

Societe Generale Marocaine de Banques

Reference Data
30 Jun 2018 31 Dec 2017 31 Dec 2016 31 Dec 2015 31 Dec 2014
6 Months - 6 Months -
Interim Interim As % of Year End As % of Year End As % of Year End As % of Year End As % of
USDm MADm Assets MADm Assets MADm Assets MADm Assets MADm Assets

A. Off-Balance Sheet Items

1. Managed Securitized Assets Reported Off-Balance Sheet n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
2. Other off-balance sheet exposure to securitizations n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
3. Guarantees 1,574.8 14,881.9 14.90 15,175.6 17.07 13,387.1 15.78 13,126.3 15.58 13,637.6 16.16
4. Acceptances and documentary credits reported off-balance sheet n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Committed Credit Lines 445.4 4,209.3 4.21 3,762.2 4.23 5,183.4 6.11 5,737.5 6.81 5,105.8 6.05
6. Other Contingent Liabilities n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
7. Other Off-Balance Sheet items n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
8. Total Assets under Management n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
B. Average Balance Sheet
1. Average Loans 8,428.3 79,647.2 79.75 73,214.9 82.34 74,616.1 87.94 72,095.0 85.58 70,530.8 83.57
2. Average Earning Assets 8,851.1 83,642.6 83.75 77,020.7 86.62 77,685.1 91.55 78,089.4 92.70 76,920.4 91.14
3. Average Total Assets 9,763.4 92,264.1 92.39 85,741.3 96.43 85,085.7 100.28 84,187.0 99.93 82,642.9 97.92
4. Average Managed Securitized Assets (OBS) n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Average Interest-Bearing Liabilities 8,103.7 76,580.1 76.68 71,828.5 80.78 72,137.7 85.02 71,534.2 84.91 70,460.5 83.49
6. Average Common equity 1,104.3 10,435.7 10.45 10,449.9 11.75 9,852.3 11.61 9,405.7 11.16 9,035.2 10.71
7. Average Equity 1,139.4 10,767.3 10.78 10,629.1 11.95 10,024.5 11.81 9,603.5 11.40 9,268.0 10.98
8. Average Customer Deposits 6,542.9 61,830.8 61.91 59,976.6 67.45 58,066.1 68.43 55,873.8 66.32 53,206.3 63.04
C. Maturities
Asset Maturities:
Loans & Advances < 3 months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans and Advances 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances > 5 years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Debt Securities < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Debt Securities 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Debt Securities 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Debt Securities > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances to Banks < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances to Banks 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances to Banks 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Loans & Advances to Banks > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Liability Maturities:
Retail Deposits < 3 months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Retail Deposits 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Retail Deposits 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Retail Deposits > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Other Deposits < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Other Deposits 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Other Deposits 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Other Deposits > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Deposits from Banks < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Deposits from Banks 3 - 12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Deposits from Banks 1 - 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Deposits from Banks > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Senior Debt Maturing < 3 months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Senior Debt Maturing 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Senior Debt Maturing 1- 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Senior Debt Maturing > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Total Senior Debt on Balance Sheet n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Fair Value Portion of Senior Debt n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Subordinated Debt Maturing < 3 months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Subordinated Debt Maturing 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Subordinated Debt Maturing 1- 5 Year n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Subordinated Debt Maturing > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
Total Subordinated Debt on Balance Sheet 438.5 4,143.5 4.15 3,392.3 3.82 3,387.4 3.99 3,390.4 4.02 2,577.7 3.05
Fair Value Portion of Subordinated Debt n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
D. Risk Weighted Assets
1. Risk Weighted Assets 9,510.3 89,871.9 89.99 80,543.4 90.58 77,322.0 91.13 78,161.8 92.78 75,082.4 88.97
2. Fitch Core Capital Adjustments for Insurance and Securitisation Risk Weighted Assets n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
3. Fitch Core Capital Adjusted Risk Weighted Assets 9,510.3 89,871.9 89.99 80,543.4 90.58 77,322.0 91.13 78,161.8 92.78 75,082.4 88.97
4. Other Fitch Adjustments to Risk Weighted Assets n.a. n.a. - n.a. - n.a. - n.a. - n.a. -
5. Fitch Adjusted Risk Weighted Assets 9,510.3 89,871.9 89.99 80,543.4 90.58 77,322.0 91.13 78,161.8 92.78 75,082.4 88.97
E. Fitch Core Capital Reconciliation
1. Total Equity as reported (including non-controlling interests) 1,158.9 10,951.2 10.97 10,987.4 12.36 10,255.2 12.09 9,737.3 11.56 9,465.4 11.22
2. Fair-value adjustments relating to own credit risk on debt issued 0.0 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00
3. Non-loss-absorbing non-controlling interests 0.0 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00
4. Goodwill 27.0 254.9 0.26 61.2 0.07 61.2 0.07 61.2 0.07 61.2 0.07
5. Other intangibles 40.3 380.7 0.38 363.4 0.41 342.0 0.40 285.2 0.34 251.9 0.30
6. Deferred tax assets deduction 125.3 1,184.5 1.19 907.9 1.02 755.1 0.89 774.3 0.92 743.1 0.88
7. Net asset value of insurance subsidiaries 16.8 159.2 0.16 86.0 0.10 158.8 0.19 167.7 0.20 157.8 0.19
8. First loss tranches of off-balance sheet securitizations 0.0 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00
9. Fund for general banking risks if not already included and readily convertible into equity 0.0 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00
10. Fitch Core Capital 949.4 8,971.9 8.98 9,568.9 10.76 8,938.1 10.53 8,448.9 10.03 8,251.4 9.78

Exchange Rate USD1 = MAD9.45 USD1 = MAD9.351 USD1 = MAD10.096 USD1 = MAD9.9057 USD1 = MAD9.0425

Société Générale Marocaine de Banques 5

March 2019
 Banks

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Société Générale Marocaine de Banques 6

March 2019