July 17, 2018, was the payable date for Banque Marocaine pour le Commerce et l'Industrie (BMCI)’s shareholders. As the main shareholder with 66.7% in BMCI, the French banking group BNP Paribas received MAD859.9 million, a little more than €78.5 million, of gross dividends.

For each share, investors such as Axa Assurance Maroc (8.8%) and Holmarcom (8.4%), were paid MAD97 as gross dividends (MAD30 as per share dividend and MAD67 as a one-off dividend).

Let’s note that in the fourteen fiscal years preceding 2017, BMCI paid one-off dividends two times only and it never exceeded MAD20 per share. Therefore, a one-off dividend of MAD67 is surprising.

Ecofin Agency noticed that such decision could not be passed down by the general assembly if BNP Paribas had not approved it. Indeed, according to its 2017 financial report, its voting rights in BMCI was 67%. This same fiscal year, the payout (the financial return on a dividend) reached a record 235.46% while during the 2016 fiscal year, it was 153.4%. But, let’s note that the earning per shares between the two periods just increased by 26.4% since, in 2016, it was MAD32.6 and MAD41.2 for 2017.  

These surprising results were noted as a Moroccan media, citing anonymous sources, revealed that BNP Paribas is about to sell its Moroccan subsidiary to a UAE group. However, this information has not been officially confirmed either by the group or its Moroccan subsidiary.  

Idriss Linge