18 Oct 2012 16:59
The following amendment has been made to the 'Unaudited 3rd Quarter Results' announcement released on 18/10/2012 at 16:00 under RNS No 0317P
Return on average common equity: 17.6% instead of 16.3%. All other details remain unchanged.
The full amended text is shown below.
Bank Audi sal - Audi Saradar Group
Obtained on 28/9/2012 a license to launch operations in Turkey
after being granted on 27/10/2011 a permission to establish a bank
Opening the first 5 branches in Istanbul and 1 branch in Ankara
and 1 branch in Izmir before year-end
Consolidated Activity Highlights at End-September 2012
·; US$ 29.2 billion of total assets
·; US$ 24.9 billion of customers' deposits
·; US$ 2.6 billion of shareholders' equity
·; US$ 309.4 million of consolidated net profits in the first nine months of 2012, rising by 14% relative to the corresponding period of 2011, broken down to the extend of 73% over Lebanese entities and 27% over entities abroad
·; Allocation of US$ 93.9 million of net provisions, abiding by strict precautionary management policies
·; Net doubtful loans represent 0.72% of gross loans, without accounting for collective provisions amounting to 1.1% of net loans
·; 49.3% of primary liquidity to customers' deposits ratio
·; 12% of capital adequacy ratio as per Basle III
·; 17.6% of return on average common equity
·; 44.1% of cost to income ratio
Consolidated Statement of Financial Position (Unaudited) | ||||
Bank Audi sal - Audi Saradar Group | (LBP million) | |||
Assets | 30/9/2012 | 31/12/2011 | ||
Cash and balances with Central Banks | 9,132,148 | 8,703,354 | ||
Deposits with banks & financial institutions | 3,934,407 | 4,562,602 | ||
Due from head office, sister, related banks and financial institutions | ||||
Loans to banks and financial institutions & reverse repurchase agreements | 237,755 | 219,084 | ||
Financial assets given as collateral | 17,424 | |||
Derivative financial instruments | 40,815 | 82,209 | ||
Shares and participations held at fair value through profit & loss | 53,241 | 52,593 | ||
Debt Instruments & other similar financial assets at fair value through profit & loss | 551,328 | 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) | 13,634,835 | 12,692,177 | ||
Net loans & advances to related parties at amortized cost (2) | 305,454 | 263,666 | ||
Debtors by acceptances | 216,308 | 280,819 | ||
Debt instruments classified at Amortized Cost (3) | 14,490,556 | 14,307,303 | ||
Shares and participations designated at fair value through OCI | 231,425 | 223,984 | ||
Investments in associates | 34,627 | 43,099 | ||
Assets taken in settlement of debts | 15,203 | 26,379 | ||
Property & equipment | 527,736 | 511,550 | ||
Intangible fixed assets | 37,277 | 13,508 | ||
Non current assets held for sale | ||||
Other assets | 303,203 | 288,171 | ||
Goodwill | 245,303 | 261,431 | ||
Total Assets | 43,991,621 | 43,320,686 | ||
(1) After deduction of provisions amounting to LBP 443,340 million from loans and advances to customers as per IAS 39, of which | ||||
LBP 158,584 million representing provisions on collective assessment . | ||||
(2) Loans granted to related parties against cash collateral amounted to LBP 246,157 million. | ||||
(3) Includes an amount of LBP 1,427 billion with risk ceded to customers. | ||||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 30/9/2012 | 31/12/2011 |
Due to Central Banks | 854,598 | 133,394 |
Due to banks & financial institutions & repurchase agreement | 937,752 | 1,007,558 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | 16 | |
Derivative financial instruments | 38,519 | 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 | 36,869,431 | 37,097,210 |
Deposits from related parties at amortized cost | 631,975 | 285,297 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 216,308 | 280,819 |
Other liabilities | 398,288 | 832,087 |
Provisions for risks & charges | 83,446 | 72,925 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 40,030,333 | 39,767,537 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 438,198 | 438,198 |
Capital - Preferred shares | 19,124 | 17,243 |
Issue premium - Common shares | 657,846 | 657,846 |
Issue premium - Preferred shares | 583,876 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 805,616 | 694,690 |
Reserves available for distribution | 386,294 | 381,884 |
Treasury shares | (26,541) | (103,912) |
Retained earnings | 516,910 | 328,515 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through OCI | 81,922 | 87,227 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (157,346) | (86,547) |
Result of the year | 462,099 | 544,239 |
Total Shareholders' Equity - Group share | 3,860,959 | 3,411,977 |
Non controlling interest | 100,329 | 141,172 |
Total Shareholders' Equity | 3,961,288 | 3,553,149 |
Total Liabilities & Shareholders' Equity | 43,991,621 | 43,320,686 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 30/9/2012 | 31/12/2011 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 315,899 | 387,781 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 109,885 | 173,708 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 387,456 | 418,781 |
of which: credit derivatives | 528 | 75 |
- Guarantees received from banks & financial institutions | 503,825 | 512,947 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,010,259 | 2,254,602 |
- Guarantees received from customers | 11,588,643 | 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 | 2,228,167 | 2,380,990 |
- Foreign currencies to deliver | 2,196,678 | 2,362,955 |
Engagements on term financial instruments | 1,943,838 | 1,979,743 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,304,597 | 1,205,948 |
under specific instructions | 1,214,674 | 1,153,072 |
under discretionary investments | 89,923 | 52,876 |
Assets under management | 11,098,017 | 10,522,174 |
Mutual funds | 219,178 | 223,399 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the period | 115,487 | 13,952 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 30/9/2012 | 30/9/2011 |
Interest & similar income | 1,639,833 | 1,531,866 |
Interest & similar expense | (989,095) | (947,278) |
Net Interest Income | 650,738 | 584,588 |
Fee & commission income | 240,915 | 233,768 |
Fee & commission expense | (37,816) | (37,120) |
Net Fee & Commission Income | 203,099 | 196,648 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 154,977 | 82,101 |
of which: interest revenues/charges | 30,174 | 25,123 |
Net gain on financial investments | 201,710 | 172,871 |
Other operating Income | 18,613 | 33,093 |
Total Operating Income | 1,229,137 | 1,069,301 |
Net provisions for credit losses | (141,486) | (78,207) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (158,283) | (90,732) |
Recoveries of provisions for doubtful loans | 16,797 | 12,525 |
Impairment loss on financial instruments | (110) | |
Net Operating income | 1,087,541 | 991,094 |
Personnel expenses | (291,833) | (282,565) |
Other operating expenses | (203,384) | (176,694) |
Depreciation of property & equipment | (33,354) | (28,879) |
Amortization of intangible assets | (4,342) | (4,679) |
Impairment of goodwill | (9,817) | |
Total Operating Expenses | (542,730) | (492,817) |
Operating Profit | 544,811 | 498,277 |
Share of profit of associates under equity method | 436 | 4,509 |
Net gain on disposal of assets | 179 | 331 |
Profit Before Tax | 545,426 | 503,117 |
Income tax | (128,514) | (98,482) |
Profit After Tax from Operating Activities | 416,912 | 404,635 |
Result of discontinued operations | 49,487 | 4,277 |
Net Profit | 466,399 | 408,912 |
Non-controlling interest | 4,300 | 9,471 |
Net Profit - Group share | 462,099 | 399,441 |
Basic earnings per share LL | 1,258.8 | 1,108.7 |
Diluted earnings per share LL | 1,258.2 | 1,106.3 |