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1st Quarter Results

2 May 2006 07:01

Bank Audi SAL- Audi Saradar Group02 May 2006 PRESS RELEASE CONSOLIDATED ACTIVITY AT END-MARCH 2006 - Total footings of US$ 16.5 billion - Total assets of US$ 12.2 billion - Customers' deposits of US$ 10.1 billion - Net profits for the first quarter of US$ 36.5 million LL billion Mar-05 Mar-06 Change Growth Assets 15,836.15 18,367.32 2,531.18 15.98% Deposits 12,828.68 15,153.39 2,324.71 18.12% Fiduciary deposits, security accounts and assets under management 5,157.49 6,570.09 1,412.59 27.39% Assets fiduciary deposits, security accounts and assets under management 20,993.64 24,937.41 3,943.77 18.79% Shareholders' equity 1,029.71 1,448.61 418.90 40.68% Net profits 27.45 55.05 27.60 100.53% Consolidated unaudited net profits of Bank Audi sal - Audi Saradar Group reachedLL 55.1 billion in the first quarter of 2006 (US$ 36.5 million), growing by12.6% relative to the fourth quarter of 2005 and by 37.3% relative to thequarterly average of 2005. The strong grip over the bank's operating conditions,in addition to a growth in assets higher than the average of the sector liebehind these performances. The Bank registered a growth in its assets of 16% relative to March 2005. Assetsreached US$ 12.2 billion, and rose to US$ 16.5 billion when including fiduciarydeposits, security accounts and assets under management. The growth in assets was mainly driven by customers' deposits which grew by18.1% in March 2006 relative to March 2005, i.e. the equivalent of LL 2,325billion (US$ 1.5 billion). In fact, the Bank's customer deposits rose from LL12,829 billion in March 2005 to LL 15,153 billion in March 2006. Thisperformance is even more important when considering that it was realized at acost of deposits below that of peers. At end-March 2006, the Bank's shareholders equity amounted to LL 1,449 billion(US$ 961 million), one of the most elevated capitalization levels in the sector.The verification of the Extraordinary General Assembly of April 28th, 2006 ofthe conformity of the procedures of the bank's capital increase and the paymentof its amount raises shareholders' equity to US$ 1.57 billion, the equivalent ofmore than 30% of the consolidated equity of the Lebanese banking sector. As a result of these exceptional performances, Bank Audi ranks among the first25 Arab banking groups according to the most important criteria such as assets,deposits, shareholders' equity and net profits. The growth in assets and net profits reinforces the financial standing of theGroup. As such, the ratio of global liquidity reached 88.8% of customerdeposits. Primary liquidity in foreign currency (cash and deposits in banks,eurobonds excluded) reached US$ 4.4 billion, the equivalent of 58.6% of foreigncurrency deposits. The exposure over sovereign bonds in foreign currency droppedto 1.26 times shareholders' equity. When adjusting for the recent capitalincrease, it reaches 0.78 times shareholders' equity, the lowest level amonglarge Lebanese banks. At the level of asset quality, the share of net doubtfulloans to gross loans amounted to 1.1%, bearing witness to the permanent effortsto improve the quality of assets. The permanent enhancement of retail banking, private banking and corporatebanking activities, in addition to the restructuring of European subsidiariesand the regional expansion, ensure henceforth a more even distribution of netfinancial income over interest margin and non interest income. In fact, thelatter reaches 40.1% of net financial income, a level superior to that of thesector. The domestic performances of the Bank represent a prerequisite for theconsolidation of its regional positioning within its strategy to integrate in aforeseeable horizon the restricted group of large regional banks. Alreadypresent in Lebanon, France and Switzerland, the Bank has recently completed itsimplementation in Syria, Jordan and Egypt, and hopes to launch by the end of2006 its activities in the North of Iraq and in Saudi Arabia. In addition, theprospection for new high potential regional markets is underway, with plausibleperspectives in Algeria, Sudan and Yemen. Beirut, April 28th, 2006 This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
12th Nov 20204:41 pmRNSSecond Price Monitoring Extn
12th Nov 20204:36 pmRNSPrice Monitoring Extension
10th Nov 20205:30 pmRNSBank Audi SAL - Reg S GDR
28th Oct 202012:36 pmRNSResumption of talks for the sale of Bank Audi sae
16th Oct 20203:05 pmRNSExpected date of delisting
9th Oct 20204:30 pmRNSApplication for the cancellation of listing
16th Sep 20204:36 pmRNSPrice Monitoring Extension
7th Sep 20208:30 amRNSHalf-year Results of Bank Audi sae (Egypt)
17th Aug 20206:30 pmRNSInformation Statement
17th Aug 20205:30 pmRNSNotice of AGM
11th Aug 20204:30 pmRNS2019 Annual Report and 2020 Interim Report
7th Aug 20209:31 amRNSHalf-year Results of Odeabank A.S. (Turkey)
29th May 20207:29 amRNS1st Quarter Results of Bank Audi sae (Egypt)
18th May 20204:31 pmRNSTermination of talks for the sale of a subsidiary
11th May 20207:00 amRNS1st Quarter Results of Odeabank A.S. (Turkey)
6th Mar 20204:30 pmRNSResults of Extraordinary General Meeting
27th Feb 20204:30 pmRNSFinal Results of Odeabank A.S. (Turkey)
21st Feb 20204:30 pmRNSResults of Extraordinary General Meeting
20th Feb 20206:18 pmRNSIncrease in Common Equity
17th Feb 20204:50 pmRNSEGM Information Statement
17th Feb 20204:30 pmRNSNotice of EGM
23rd Jan 20204:00 pmRNSIncrease in equity/Negotiations to sell subsidiary
23rd Jan 20207:45 amRNSEGM Information Statement
23rd Jan 20207:40 amRNSNotice of EGM
26th Nov 20197:00 amRNS3rd Quarter Results of Bank Audi sae (Egypt)
11th Nov 20197:00 amRNSDirectorate Change
7th Nov 20198:55 amRNS3rd Quarter Results of Odeabank A.S. (Turkey)
31st Oct 20194:30 pmRNSPostponement of publication of 3rd Quarter Results
9th Aug 20198:00 amRNSHalf-year results of Odea Bank A.S. (Turkey)
30th Jul 20194:30 pmRNSUnaudited Half-year Results
26th Jul 20195:20 pmRNSDirectorate Change
10th May 20197:00 amRNS1st Quarter Results of Odeabank A.S.
25th Apr 20194:30 pmRNSUnaudited 1st Quarter Results
15th Apr 20198:00 amRNSBoard Election
12th Apr 20194:30 pmRNSDividend Declaration
27th Mar 20194:30 pmRNSFinal Results of Bank Audi sae (Egypt)
22nd Mar 20194:30 pmRNSNotice of AGM
22nd Mar 20194:30 pmRNSInformation Statement
21st Mar 20194:35 pmRNSDividend Proposal
21st Mar 20194:30 pmRNS2018 Annual Report
28th Feb 20197:41 amRNSFinal Results of Odeabank A.S. (Turkey)
20th Feb 201910:30 amRNSChange of Depositary Bank
30th Jan 20194:30 pmRNSUnaudited Results for the year 2018
26th Nov 20184:30 pmRNS3rd Quarter Results of Bank Audi sae (Egypt)
8th Nov 20187:38 amRNS3rd Quarter Results of Odea Bank A.S. (Turkey)
30th Oct 20184:30 pmRNSUnaudited 3rd Quarter Results
18th Oct 20187:00 amRNSResults of Extraordinary General Meeting
27th Sep 20184:45 pmRNSEGM Information Statement
27th Sep 20184:30 pmRNSNotice of EGM
16th Aug 20184:30 pmRNSHalf-year Results of Bank Audi sae (Egypt)

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