28 Apr 2011 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at end-March 2011
·; US$ 28.9 billion in total assets
·; US$ 24.9 billion in customers' deposits
·; US$ 2.4 billion of shareholders' equity
·; US$ 90.4 million of consolidated net profits in the first quarter of 2011
·; 20.4% of compounded average growth rate of assets over the past five years
·; 27.2% of compounded average growth rate of net profits over the past five years
·; In the first quarter of 2011, US$ 18.2 million of loan loss provisions charge were taken, raising total loan loss provisions to US$ 175 million, the equivalent of 2% of gross loans
·; The coverage of gross doubtful loans by specific loan loss provisions reached 75.4%, rising to 105% when accounting for real guarantees and to 138% when adding collective provisions
·; 50.9% of primary liquidity to customers' deposits ratio
·; 11% of capital adequacy ratio as per Basle II
·; 16.3% of return on average common equity
·; 46.3% of cost to income ratio
Bank Audi sal - Audi Saradar Group
Consolidated Statement of Financial Position (Unaudited) | ||||
(LBP million) | ||||
Assets | 31/03/2011 | 31/12/2010 | ||
Cash and balances with Central Banks | 7,628,967 | 6,684,541 | ||
Deposits with banks & financial institutions | 5,707,026 | 6,147,455 | ||
Due from head office, sister, related banks and financial institutions | ||||
Loans to banks and financial institutions & reverse repurchase agreements | 199,252 | 190,529 | ||
Financial assets given as collateral | ||||
Derivative financial instruments | 63,142 | 40,659 | ||
Shares and participations held at fair value through profit & loss (1) | 71,049 | 80,881 | ||
Debt Instruments & other similar financial assets at fair value through profit & loss (1) (3) | 683,858 | 928,218 | ||
Of which: Net advances and loans designated at fair value through profit and loss | ||||
Net loans & advances to customers at amortized cost (2) | 12,813,928 | 12,643,760 | ||
Net loans & advances to related parties at amortized cost | 244,277 | 241,661 | ||
Debtors by acceptances | 295,832 | 274,811 | ||
Debt instruments classified at Amortized Cost (figures at end 31/12/2010 include LBP 7,389,549 million at fair value) (1) (3) | 14,464,191 | 14,616,102 | ||
Shares and participations designated at fair value through OCI (1) | 296,778 | 288,113 | ||
Investments in associates | 30,197 | 30,733 | ||
Assets taken in settlement of debts | 30,947 | 29,255 | ||
Property & equipment | 505,649 | 509,930 | ||
Intangible fixed assets | 26,477 | 25,467 | ||
Non current assets held for sale | ||||
Other assets | 290,554 | 237,856 | ||
Goodwill | 275,177 | 277,204 | ||
Total Assets | 43,627,301 | 43,247,175 | ||
(1) Effective 01/01/2011, the Bank elected to early adopt IFRS 9 which required some reclassification in the bank's investments portfolio. | ||||
(2) After deduction of provisions amounting to LBP 263,123 million from loans and advances to customers as per IAS 39, of which | ||||
LBP 101,628 million representing provisions on collective assessment . | ||||
(3) Includes an amount of LBP 1,124 billion with risk ceded to customers. | ||||
Bank Audi sal - Audi Saradar Group
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Liabilities | 31/03/2011 | 31/12/2010 |
Due to Central Banks | 134,940 | 133,376 |
Due to banks and financial institutions & repurchase agreement | 1,110,830 | 909,668 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 80,995 | 59,274 |
Financial liabilities at fair value through profit & loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 37,261,624 | 37,198,988 |
Deposits from related parties at amortized cost | 261,430 | 259,104 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 295,832 | 274,811 |
Other liabilities | 776,406 | 693,802 |
Provisions for risks & charges | 93,334 | 69,417 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 40,015,391 | 39,598,440 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 436,990 | 436,990 |
Capital - Preferred shares | 17,243 | 17,243 |
Issue premium - Common shares | 652,939 | 652,939 |
Issue premium - Preferred shares | 359,633 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 517,663 | 535,954 |
Reserves available for distribution | 519,191 | 519,191 |
Treasury shares | (40,834) | (37,163) |
Retained earnings | 451,848 | 209,541 |
Proposed dividends | 230,813 | |
Revaluation reserve of real estate | 20,925 | 18,600 |
Reserve on revaluation of financial assets at fair value through OCI | 114,311 | 217,524 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (49,477) | (40,310) |
Result of the year | 132,875 | 508,556 |
Total Shareholders' Equity - Group share | 3,436,706 | 3,471,284 |
Non controlling interest | 175,204 | 177,451 |
Total Shareholder's Equity | 3,611,910 | 3,648,735 |
Total Liabilities & Shareholders' Equity | 43,627,301 | 43,247,175 |
Bank Audi sal - Audi Saradar Group
Consolidated Off Balance Sheet (Unaudited) | ||
(LBP million) | ||
OFF Balance Sheet | 31/03/2011 | 31/12/2010 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 618,156 | 690,308 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 240,051 | 248,973 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 575,631 | 506,317 |
of which: credit derivatives | ||
- Guarantees received from banks & financial institutions | 727,661 | 840,068 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,565,519 | 2,439,776 |
- Guarantees received from customers | 11,791,101 | 11,471,797 |
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 | 3,036,496 | 2,323,757 |
- Foreign currencies to deliver | 3,060,017 | 2,346,536 |
Engagements on term financial instruments | 1,157,920 | 457,551 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,314,426 | 1,268,874 |
under specific instructions | 1,284,487 | 1,239,973 |
under discretionary investments | 29,939 | 28,901 |
Assets under management | 10,660,287 | 10,863,500 |
Mutual funds | 166,251 | 180,795 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 323,165 | 321,295 |
Bank Audi sal - Audi Saradar Group
(LBP million) | ||
Consolidated Income statement (Unaudited) | 31/03/2011 | 31/03/2010 |
Interest & similar income | 507,931 | 480,247 |
Interest & similar expense | (308,635) | (328,775) |
Net Interest Income | 199,296 | 151,472 |
Fee & commission income | 80,885 | 74,267 |
Fee & commission expense | (13,663) | (11,645) |
Net Fee & Commission Income | 67,222 | 62,622 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 29,641 | 48,261 |
of which: net unrealized gain/loss | ||
of which: interest revenues/charges | 13,132 | 11,847 |
Net gain on financial investments | 56,938 | 32,863 |
Other operating Income | 8,774 | 8,927 |
Total Operating Income | 361,871 | 304,145 |
Net provisions for credit losses | (23,104) | (14,662) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (27,365) | (17,541) |
Recoveries of provisions for doubtful loans | 4,261 | 2,879 |
Impairment loss on financial instruments | (569) | |
Net Operating income | 338,767 | 288,914 |
Personnel expenses | (96,119) | (76,937) |
Other operating expenses | (60,569) | (51,442) |
Depreciation of property & equipment | (9,686) | (9,347) |
Amortization of intangible assets | (1,635) | (1,724) |
Impairment of goodwill | ||
Total Operating Expenses | (168,009) | (139,450) |
Operating Profit | 170,758 | 149,464 |
Share of profit of associates under equity method | 742 | 313 |
Net gain on disposal of assets | 117 | 17 |
Profit Before Tax | 171,617 | 149,794 |
Income tax | (35,315) | (28,857) |
Profit After Tax from Operating Activities | 136,302 | 120,937 |
Result of discontinued operations | ||
Net Profit | 136,302 | 120,937 |
Non-controlling interest | 3,427 | 6,033 |
Net Profit - Group share | 132,875 | 114,904 |
Basic earnings per share LL | 366.1 | 331.8 |
Diluted earnings per share LL | 365.6 | 327.2 |