28 Apr 2014 07:00
Bank Audi
Among Leading Regional1 Banking Groups
US$ 37.8 billion in total assets as at 31/3/2014
Consolidated Activity Highlights as at End-March 2014
· US$ 32.3 billion of customers' deposits
· US$ 15.3 billion of net loans to customers
· US$ 9.9 billion of assets under management
· US$ 2.8 billion of shareholders' equity
· US$ 85.8 million of net profits in the first quarter of 2014
Main Financial Indicators
· 12.4% of capital adequacy ratio as per Basel III
· 2.9% only of gross doubtful loans to gross loans ratio
· 42.3% of primary liquidity to customers' deposits ratio
· 14.3% of return on average common equity
UNIVERSAL BANKING OFFERING THROUGH 12 BANKS
AND 3 FINANCIAL COMPANIES IN 13 COUNTRIES
LEBANON │ SWITZERLAND │ FRANCE │ JORDAN │SYRIA │ EGYPT│ SUDAN │ KINGDOM OF SAUDI ARABIA │ QATAR │ MONACO│ TURKEY │IRAQ│
REPRESENTATIVE OFFICE IN ABU DHABI
1 Refers to the Middle East and North Africa Region
Bank Audi | ||
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Assets | 31/3/2014 | 31/12/2013 |
Cash and balances with Central Banks | 10,557,271 | 9,192,108 |
Deposits with banks and financial institutions | 4,298,638 | 4,229,557 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions and reverse repurchase agreements | 907,152 | 657,945 |
Financial assets given as collateral | 1,451 | |
Derivative financial instruments | 223,094 | 136,062 |
Shares and participations at fair value through profit and loss | 68,464 | 64,632 |
Debt instruments and other similar financial assets at fair value through profit and loss | 160,168 | 344,451 |
Of which: Net advances and loans at fair value through profit and loss | 35,703 | 47,844 |
Net loans and advances to customers at amortized cost (1) | 22,950,274 | 22,064,822 |
Net loans and advances to related parties at amortized cost (2) | 104,409 | 114,829 |
Debtors by acceptances | 311,082 | 262,689 |
Debt instruments classified at amortized cost (3) | 15,916,708 | 16,023,035 |
Shares and participations at fair value through other comprehensive income | 283,950 | 272,475 |
Investments in associates | 28,437 | 28,615 |
Assets taken in settlement of debts | 14,288 | 14,334 |
Property and equipment | 569,933 | 575,836 |
Intangible fixed assets | 82,146 | 82,259 |
Non current assets held for sale | 4,984 | 4,984 |
Other assets | 309,937 | 278,583 |
Goodwill | 211,218 | 211,144 |
Total Assets | 57,003,604 | 54,558,360 |
(1) After deduction of provisions amounting to LBP 549,649 million from loans and advances to customers as per IAS 39, of which | ||
LBP 195,074 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 50,770 million. | ||
(3) Includes an amount of LBP 1,889 billion with risk ceded to customers. | ||
Bank Audi | ||
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Liabilities | 31/3/2014 | 31/12/2013 |
Due to Central Banks | 285,044 | 252,042 |
Due to banks and financial institutions and repurchase agreement | 1,878,726 | 1,796,092 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 132,937 | 134,466 |
Financial liabilities at fair value through profit and loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers' deposits at amortised cost | 48,048,631 | 46,118,217 |
Deposits from related parties at amortized cost | 673,720 | 757,590 |
Debt issued and other borrowed funds | ||
Engagements by acceptances | 311,082 | 262,689 |
Other liabilities | 581,522 | 502,771 |
Provisions for risks and charges | 114,419 | 132,882 |
Subordinated loans and similar debts | 761,782 | 537,101 |
Non current liabilities held for sale | ||
Total Liabilities | 52,787,863 | 50,493,850 |
Shareholders' Equity - Group Share | ||
Share capital - Common shares | 454,324 | 454,324 |
Share capital - Preferred shares | 6,495 | 6,495 |
Issue premium - Common shares | 659,206 | 659,206 |
Issue premium - Preferred shares | 747,255 | 747,255 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 962,511 | 959,544 |
Reserves available for distribution | 589,285 | 589,523 |
Treasury shares | (441) | (114,327) |
Retained earnings | 549,816 | 441,400 |
Proposed dividends | 249,905 | |
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 131,457 | 119,442 |
Remeasurement actuarial (Gain)/Loss on defined benefit plan | (13,641) | (13,641) |
Share of associate other comprehensive income under equity method | 4,546 | 4,546 |
Foreign currency translation reserve | (406,510) | (399,802) |
Result of the year | 126,245 | 454,621 |
Total Shareholders' Equity - Group share | 4,153,414 | 4,001,547 |
Non controlling interest | 62,327 | 62,963 |
Total Shareholders' Equity | 4,215,741 | 4,064,510 |
Total Liabilities and Shareholders' Equity | 57,003,604 | 54,558,360 |
Bank Audi | ||
Consolidated Off Balance Sheet (Unaudited) | ||
(LBP million) | ||
OFF Balance Sheet | 31/3/2014 | 31/12/2013 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 531,120 | 570,906 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 694,013 | 756,581 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 395,944 | 383,675 |
Of which: credit derivatives | 829 | 889 |
- Guarantees received from banks and financial institutions | 384,686 | 424,712 |
Of which: credit derivatives | ||
- Guarantees given to customers | 2,162,329 | 2,242,142 |
- Guarantees received from customers | 22,137,163 | 20,898,416 |
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 | 5,045,606 | 4,355,887 |
- Foreign currencies to deliver | 5,072,854 | 4,370,373 |
Engagements on term financial instruments | 7,020,527 | 7,167,566 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,399,951 | 1,389,016 |
under specific instructions | 1,344,310 | 1,351,026 |
under discretionary investments | 55,641 | 37,990 |
Assets under management | 13,197,935 | 12,286,291 |
Mutual funds | 349,363 | 327,000 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 5,222 | 14,371 |
Bank Audi | ||
(LBP million) | ||
Consolidated Income statement (unaudited) | 31/03/2014 | 31/03/2013 |
Interest and similar income | 776,037 | 621,226 |
Interest and similar expense | (501,065) | (407,830) |
Net Interest Income | 274,972 | 213,396 |
Fee and commission income | 98,555 | 80,833 |
Fee and commission expense | (20,030) | (14,687) |
Net Fee and Commission Income | 78,525 | 66,146 |
Net gain on financial assets or liabilities at fair value through profit and loss | 23,085 | 37,836 |
of which: net unrealized gain/loss | ||
Of which: interest income | 2,854 | 8,000 |
Net gain on financial investments | 51,795 | 60,725 |
Other operating Income | 2,288 | 5,602 |
Total Operating Income | 430,665 | 383,705 |
Net provisions for credit losses | (30,279) | (21,425) |
Provisions for doubtful loans | (32,855) | (23,879) |
Recoveries of provisions for doubtful loans | 2,576 | 2,454 |
Impairment loss on financial instruments | ||
Net Operating Income | 400,386 | 362,280 |
Personnel expenses | (133,912) | (109,705) |
Other operating expenses | (82,178) | (73,175) |
Depreciation of property and equipment | (15,489) | (12,932) |
Amortization of intangible assets | (5,195) | (3,236) |
Impairment of goodwill | ||
Total Operating Expenses | (236,774) | (199,048) |
Operating Profit | 163,612 | 163,232 |
Share of profit of associates under equity method | 88 | 85 |
Net gain on disposal of assets | 72 | 307 |
Profit Before Tax | 163,772 | 163,624 |
Income tax | (34,528) | (34,739) |
Profit After Tax from Operating Activities | 129,244 | 128,885 |
Result of discontinued operations, net of tax | 34 | 61 |
Profit for the Year | 129,278 | 128,946 |
Non-controlling interest | 3,033 | 439 |
Profit For The Year - Group share | 126,245 | 128,507 |
Basic earnings per share LL | 334.1 | 343.0 |
Diluted earnings per share LL | 334.1 | 343.0 |
Basic earnings per share from continuing operations LL | 334.1 | 343.0 |
Diluted earnings per share from continuing operations LL | 334.1 | 343.0 |