12 Apr 2012 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at End-March 2012
·; US$ 28.7 billion in total assets
despite the contraction of the asset base of Bank Audi Syria by 52% between end-March 2011 and end-March 2012
·; US$ 24.4 billion in customers' deposits
·; US$ 2.5 billion of shareholders' equity
·; US$ 94.5 million of consolidated net profits in the first quarter of 2012
rising by 4.5% relative to the corresponding period of 2011, after the allocation of US$ 31.2 million of provisions, mainly collective, abiding by strict precautionary management policies and sustaining high asset quality levels
·; 81.9% coverage of gross doubtful loans by specific loan loss provisions in cash, reaching 111% when accounting for real guarantees
·; 0.49% only of net doubtful loans to gross loans ratio, without accounting for US$ 117 million of consolidated collective provisions
·; 50.9% of primary liquidity to customers' deposits ratio
·; 10.7% of capital adequacy ratio as per Basle III
·; 16.8% of return on average common equity
corresponding to US$ 1.04 of earnings per common share on an annualised basis and US$ 6.16 of common book per share
·; 42.9% of cost to income ratio
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 31/3/2012 | 31/12/2011 |
Cash and balances with Central Banks | 8,869,832 | 8,703,354 |
Deposits with banks & financial institutions | 4,172,638 | 4,562,602 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions & reverse repurchase agreements | 209,460 | 219,084 |
Financial assets given as collateral | 9,901 | 17,424 |
Derivative financial instruments | 46,100 | 82,209 |
Shares and participations held at fair value through profit & loss | 55,734 | 52,593 |
Debt Instruments & other similar financial assets at fair value through profit & loss | 702,049 | 771,333 |
Of which: Net advances and loans designated at fair value through profit and loss | ||
Net loans & advances to customers at amortized cost (1) | 13,083,043 | 12,692,177 |
Net loans & advances to related parties at amortized cost (2) | 282,172 | 263,666 |
Debtors by acceptances | 253,759 | 280,819 |
Debt instruments classified at Amortized Cost (3) | 14,083,200 | 14,307,303 |
Shares and participations designated at fair value through OCI | 213,796 | 223,984 |
Investments in associates | 38,233 | 43,099 |
Assets taken in settlement of debts | 24,053 | 26,379 |
Property & equipment | 506,397 | 511,550 |
Intangible fixed assets | 14,988 | 13,508 |
Non current assets held for sale | ||
Other assets | 378,465 | 288,171 |
Goodwill | 263,386 | 261,431 |
Total Assets | 43,207,206 | 43,320,686 |
(1) After deduction of provisions amounting to LBP 403,055 million from loans and advances to customers as per IAS 39, of which | ||
LBP 176,658 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 233,598 million. | ||
(3) Includes an amount of LBP 1,388 billion with risk ceded to customers. | ||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 31/3/2012 | 31/12/2011 |
Due to Central Banks | 403,147 | 133,394 |
Due to banks & financial institutions & repurchase agreement | 1,203,431 | 1,007,558 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | 1,176 | |
Derivative financial instruments | 41,360 | 58,247 |
Financial liabilities at fair value through profit & loss | ||
of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 36,476,179 | 37,097,210 |
Deposits from related parties at amortized cost | 289,378 | 285,297 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 253,759 | 280,819 |
Other liabilities | 735,659 | 832,087 |
Provisions for risks & charges | 71,787 | 72,925 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 39,475,876 | 39,767,537 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 438,198 | 438,198 |
Capital - Preferred shares | 17,243 | 17,243 |
Issue premium - Common shares | 657,846 | 657,846 |
Issue premium - Preferred shares | 359,633 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 651,494 | 694,690 |
Reserves available for distribution | 447,021 | 381,884 |
Treasury shares | (48,531) | (103,912) |
Retained earnings | 608,767 | 328,515 |
Proposed dividends | 236,622 | |
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through OCI | 93,349 | 87,227 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (90,059) | (86,547) |
Result of the year | 140,815 | 544,239 |
Total Shareholders' Equity - Group share | 3,605,359 | 3,411,977 |
Non controlling interest | 125,971 | 141,172 |
Total Shareholder's Equity | 3,731,330 | 3,553,149 |
Total Liabilities & Shareholders' Equity | 43,207,206 | 43,320,686 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/3/2012 | 31/12/2011 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 409,055 | 387,781 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 158,810 | 173,708 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 336,426 | 418,781 |
of which: credit derivatives | 528 | 75 |
- Guarantees received from banks & financial institutions | 519,099 | 512,947 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,178,375 | 2,254,602 |
- Guarantees received from customers | 12,369,738 | 11,843,246 |
Financial Notes Commitments | ||
- Financial notes commitments to be received | ||
of which: financial instruments sold with a buy back option | ||
- Financial notes commitments to be delivered | ||
of which: financial instruments purchased with a buy back option | ||
Foreign Currencies Forwards | ||
- Foreign currencies to receive | 2,366,815 | 2,380,990 |
- Foreign currencies to deliver | 2,354,660 | 2,362,955 |
Engagements on term financial instruments | 2,438,413 | 1,979,743 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,438,424 | 1,205,948 |
under specific instructions | 1,416,767 | 1,153,072 |
under discretionary investments | 21,657 | 52,876 |
Assets under management | 11,226,620 | 10,522,174 |
Mutual funds | 229,492 | 223,399 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 327,558 | 320,791 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 31/3/2012 | 31/3/2011 |
Interest & similar income | 540,227 | 507,931 |
Interest & similar expense | (319,176) | (308,635) |
Net Interest Income | 221,051 | 199,296 |
Fee & commission income | 88,949 | 80,885 |
Fee & commission expense | (15,491) | (13,663) |
Net Fee & Commission Income | 73,458 | 67,222 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 37,917 | 29,641 |
of which: interest revenues/charges | 8,855 | 13,132 |
Net gain on financial investments | 75,083 | 56,938 |
Other operating Income | 2,204 | 8,774 |
Total Operating Income | 409,713 | 361,871 |
Net provisions for credit losses | (46,980) | (23,104) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (50,943) | (27,365) |
Recoveries of provisions for doubtful loans | 3,963 | 4,261 |
Impairment loss on financial instruments | ||
Net Operating income | 362,733 | 338,767 |
Personnel expenses | (91,660) | (96,119) |
Other operating expenses | (72,725) | (60,569) |
Depreciation of property & equipment | (10,765) | (9,686) |
Amortization of intangible assets | (1,150) | (1,635) |
Impairment of goodwill | ||
Total Operating Expenses | (176,300) | (168,009) |
Operating Profit | 186,433 | 170,758 |
Share of profit of associates under equity method | 674 | 742 |
Net gain on disposal of assets | 457 | 117 |
Profit Before Tax | 187,564 | 171,617 |
Income tax | (45,140) | (35,315) |
Profit After Tax from Operating Activities | 142,424 | 136,302 |
Result of discontinued operations | ||
Net Profit | 142,424 | 136,302 |
Non-controlling interest | 1,609 | 3,427 |
Net Profit - Group share | 140,815 | 132,875 |
Basic earnings per share LL | 390.4 | 366.1 |
Diluted earnings per share LL | 389.8 | 365.6 |