RNS Number:6939J
Banque Marocaine Du Commerce Exteri
04 April 2003


                                   Annual results 2002
                                        BMCE Bank


The Board of Directors of BMCE Bank, chaired by M. Othman BENJELLOUN, was held
on March 17th, 2003, at the Bank's Head Office. It examined the Bank's
activities during the fiscal year 2002 and closed the related accounts.


Very positive commercial performances associated with important actions for the
optimisation of human resources and restructuring of loan  portfolio.



                                                                                                   Aggregated activity


*         Implementation of a customer focused              *         +10% increase in the Net Banking Income,
organisation -retail/professionals, Moroccan Expatriates,    reflecting the sustained development of the Commercial Bank
SMEs/SMIs and large corporates-.                             and BMCE Capital Markets activities, the latter            
                                                             substantially reinforcing  its contribution to the Bank's  
                                                             NBI.


*         Undertaking of in-depth restructuring
actions through a set of transverse "Task Forces".           *         16.4% and 15.1% as the Bank's credits and
                                                             deposits market shares, respectively.


*         Reorganisation of the distribution
Network, capitalising on a recognised expertise in           *       -4% decrease in overheads, excluding
Commercial and Investment Banking businesses.                extraordinary expenses, inducing an improvement in the cost
                                                             to income ratio by nearly 8 percentage points to stand at
                                                             54.1%, thanks to the voluntary measures undertaken in that
                                                             respect.
*         Optimisation of the workforce which will
allow the Bank, thanks to an innovative plan, to reduce 
its staff without losing competence.
                                                             *         +5.6% rise in the general operating
                                                             expenses including the extra cost incurred under the staff
                                                             optimisation plan; the cost to income ratio, taking into
*         Reengineered and automated procedures to           account this non recurrent expense, has also improved by 
increase commercial effectiveness.                           2.5 percentage points to stand at 59.5%.



*         Strengthening of management, risks and             *         +12.2% increase in the gross operating
profitability Information Systems.                           income or even +27% if the cost related to the early
                                                             retirement plan is excluded, indicating significant and
                                                             favourable development of operating activities.

*         Plan to cut overheads in order to improve
financial ratios.
                                                             *         668.7 million Dirhams as gross allowances
                                                             for non performing loans -an equivalent of 556.9 million
                                                             Dirhams net- which represents an ever consolidated effort  
                                                             of provisioning, within the framework of reinforcing
*         An ever consolidated effort of                     the Bank's risk covering policy.
provisioning within the bank's loan portfolio 
restructuring  policy.


                                                             *         282.3 million Dirhams as net income,
*         In a context of highly favourable growth           including non recurrent costs of restructuring, compared to
of commercial performances, despite the heavy                357.4 million Dirhams last year.
restructuring costs incurred during the fiscal 
year 2002.



These measures represent many levers for improving the
Bank's future performances.

The Board of Directors will thus propose to the General Shareholder's Meeting
the payment of a dividend of 15 MAD per share.



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