20 Apr 2015 16:00
Bank Audi
A Leading Positioning in Main Countries of Presence
US$41.5 billion in total assets as at 31/03/2015
of which 46% from entities outside Lebanon and 31% in investment grade countries
Consolidated Activity Highlights as at End-March 2015
Diversified Growth of Assets and Profits
· US$35.1 billion of total customers' deposits, ofwhich 44% from entities outside Lebanon
· US$16.4 billion of loans to customers, of which 65% from entities outside Lebanon
· US$3.4 billion of shareholders' equity, of which 85% of core common shareholders' equity
· US$100 million of net profits in the first quarter of 2015, growing by 17% relative to
the first quarter of 2014, of which 52% from entities outside Lebanon
Financial Standing Indicators
· 13.7% of capital adequacy ratio as per Basel III
· 3.2% only of gross doubtful loans to gross loans ratio, reaching 0.9%when deducting specific loan loss reserves, excluding collective provisions
· 46% of primary liquidity to customers' deposits ratio
· 13.4% of return on average common equity
Universal Banking Offering through 11 Banks
and 3 Financial Companies in 12 Countries
LEBANON │ SWITZERLAND │ FRANCE │ JORDAN │SYRIA │ EGYPT│ SUDAN │ KINGDOM OF SAUDI ARABIA │ QATAR │ MONACO│ TURKEY│ REP. OFF. IN ABU DHABI
Bank Audi sal www.bankaudigroup.com
Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP Million) | ||
ASSETS | 31/03/2015 | 31/12/2014 |
Cash and balances with Central Banks | 13,459,463 | 13,247,387 |
Deposits with banks and financial institutions | 4,800,643 | 3,608,892 |
Loans to banks and financial institutions and reverse repurchase agreements | 1,961,161 | 2,928,743 |
Due from head office, sister, related banks and financial institutions | - | - |
Financial assets given as collateral | - | - |
Derivative financial instruments | 295,612 | 197,127 |
Shares and participations at fair value through profit and loss | 61,359 | 58,170 |
Debt instruments and other similar financial assets at fair value through profit and loss | 505,471 | 458,652 |
Of which: Net advances and loans at fair value through profit and loss | 8,092 | 12,043 |
Net loans and advances to customers at amortized cost (1) | 24,685,555 | 25,775,338 |
Net loans and advances to related parties at amortized cost (2) | 98,188 | 110,007 |
Debtors by acceptances | 346,830 | 340,480 |
Debt instruments classified at amortized cost (3) | 14,459,611 | 14,573,743 |
Shares and participations at fair value through other comprehensive income | 136,127 | 135,706 |
Investments in associates | 31,905 | 27,762 |
Assets taken in settlement of debts | 17,674 | 18,510 |
Property and equipment | 937,257 | 948,541 |
Intangible fixed assets | 85,781 | 92,652 |
Non current assets held for sale | - | - |
Other assets | 423,941 | 536,536 |
Goodwill | 190,633 | 197,473 |
Total assets | 62,497,211 | 63,255,719 |
(1) After deduction of provisions amounting to LBP 679,355 million from loans and advances to customers as per IAS 39, of which | ||
LBP 214,130 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 47,888 million. | ||
(3) Includes an amount of LBP 2,299 billion with risk ceded to customers. | ||
Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
| (LBP Million) | |
LIABILITIES | 31/03/2015 | 31/12/2014 |
Due to Central Banks | 541,526 | 438,385 |
Due to banks and financial institutions and repurchase agreement | 1,736,014 | 1,785,794 |
Due to head office, sister, related banks and financial institutions | - | - |
Financial assets taken as a guarantee | - | - |
Derivative financial instruments | 170,970 | 116,303 |
Financial liabilities at fair value through profit and loss | - | - |
Of which: deposits at fair value through profit and loss | - | - |
Customers' deposits at amortized cost | 52,254,798 | 53,413,209 |
Deposits from related parties at amortized cost | 589,499 | 586,621 |
Debt issued and other borrowed funds | 128,822 | 89,528 |
Engagements by acceptances | 346,830 | 340,480 |
Other liabilities | 523,526 | 519,980 |
Provisions for risks and charges | 136,191 | 153,961 |
Subordinated loans and similar debts | 976,626 | 764,927 |
Non current liabilities held for sale | - | - |
Total liabilities | 57,404,802 | 58,209,188 |
Shareholders' Equity - Group share | ||
Capital - Common shares | 659,586 | 659,586 |
Capital - Preferred shares | 8,250 | 8,250 |
Issue premium - Common shares | 883,582 | 883,582 |
Issue premium - Preferred shares | 745,500 | 745,500 |
Subsidiary shares warrants | 17,195 | 17,195 |
Share Capital and Cash contribution to capital | 72,586 | 72,586 |
Non distributable reserves | 1,075,818 | 1,050,579 |
Distributable reserves | 618,806 | 616,976 |
Treasury shares | (4,095) | (4,929) |
Retained earnings | 799,674 | 599,388 |
Proposed dividends | 286,556 | - |
Revaluation reserve of real estate | 353,974 | 353,974 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 28,000 | 27,527 |
Remeasurement actuarial (gain)/Loss on defined benefit plan | (13,155) | (13,155) |
Share of associates' other comprehensive income under equity method | 4,546 | 4,546 |
Foreign currency translation reserve | (637,531) | (552,183) |
Net (loss) gain on hedge of net investments in foreign entities | (13,946) | 348 |
Result of the current Period | 144,149 | 513,500 |
Shareholders' Equity _ Group Share | 5,029,495 | 4,983,270 |
Non Controlling Interest | 62,914 | 63,261 |
Total shareholder's equity | 5,092,409 | 5,046,531 |
Total liabilities and equity | 62,497,211 | 63,255,719 |
Bank Audi
(LBP Million) | ||
Consolidated Off Balance Sheet (Unaudited) | 31/03/2015 | 31/12/2014 |
Financing commitments | ||
Financing commitments given to banks and financial institutions | 653,449 | 706,121 |
Financing commitments given to customers | 4,649,871 | 4,615,772 |
Bank guarantees | - | - |
Guarantees given to banks and financial institutions | 243,935 | 385,315 |
Of which: credit derivatives | - | - |
Guarantees received from banks and financial institutions | 2,130,815 | 3,162,128 |
Of which: credit derivatives | - | - |
Guarantees given to customers | 2,188,244 | 2,302,773 |
Guarantees received from customers | 24,232,157 | 25,405,355 |
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 | 5,833,690 | 5,049,267 |
Foreign currencies to deliver | 5,819,367 | 5,053,068 |
Commitments on term financial instruments | 11,102,737 | 10,411,834 |
Other Commitments | - | - |
Claims from legal cases | - | - |
Fiduciary accounts | 1,705,263 | 1,727,524 |
Under specific instructions | 1,473,043 | 1,427,779 |
Under discretionary investments | 232,220 | 299,745 |
Assets under management | 12,445,087 | 12,933,370 |
Mutual funds | 440,676 | 561,719 |
Structured financial products | - | - |
Engagement unlikely to be executed | - | - |
Bad debts written off during the year | 13,222 | 13,676 |
Bank Audi
(LBP Million) | ||
Consolidated Income statement (unaudited) | 31/03/2015 | 31/03/2014 |
Interest and similar income | 904,625 | 771,499 |
Interest and similar expense | (569,186) | (488,631) |
Net interest margin | 335,439 | 282,868 |
Fee and commission income | 111,688 | 98,555 |
Fee and commission expense | (22,401) | (20,030) |
Net Fee and commission Income | 89,287 | 78,525 |
Net gain on financial assets or liabilities at fair value through profit and loss | 16,619 | 15,189 |
Of which: interest income | 7,165 | 2,854 |
Net gain on financial investments | 68,019 | 51,795 |
Other operating Income | 2,112 | 2,288 |
Total operating income | 511,476 | 430,665 |
Net provisions for credit losses | (49,756) | (30,279) |
Credit losses related to debt instruments classified at amortized cost | - | - |
Provision for doubtful accounts | (52,526) | (32,855) |
Recoveries of provisions for doubtful accounts | 2,770 | 2,576 |
Impairment on related financial investments | - | - |
Net Operating income | 461,720 | 400,386 |
Personnel expenses | (152,929) | (133,912) |
Other operating expenses | (90,962) | (82,178) |
Depreciation of property and equipment | (17,529) | (15,489) |
Amortization of intangible assets | (6,642) | (5,195) |
Impairment of goodwill | - | - |
Total Operating Expenses | (268,062) | (236,774) |
Operating Profit | 193,658 | 163,612 |
Share of profit of associates under equity method | 29 | 88 |
Net gain (loss) on sale or disposal of other asset | 84 | 72 |
Profit before tax | 193,771 | 163,772 |
Income tax | (42,984) | (34,528) |
Profit after tax | 150,787 | 129,244 |
Result of discontinued operations, net of tax | - | 34 |
Profit for the current period | 150,787 | 129,278 |
Minority Share Profit for the current period | 6,638 | 3,033 |
Group Share Profit for the current period | 144,149 | 126,245 |
Basic earnings per share LBP | 340 | 334 |
Diluted earnings per share LBP | 340 | 334 |
Basic earnings per share from continuing operations LBP | 340 | 334 |
Diluted earnings per share from continuing operations LBP | 340 | 334 |