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20 Oct 2010 15:40
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Bank Audi sal - Audi Saradar Group
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Consolidated Activity Highlights at end-September 2010
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Β·; US$ 28.0 billion in total assets;
Β·; US$ 24.2 billion in customers' deposits;
Β·; US$ 2.4 billion of shareholders' equity;
Β·; US$ 253.4 million of consolidated profits in the first nine months of 2010;
26% contribution of foreign entities to consolidated net profits;
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Β·; 49.7% primary liquidity to customers' deposits ratio;
Β·; 11.9% capital adequacy ratio as per Basle II;
Β·; 0.82% of net doubtful to gross loans ratio;
Β·; 73.4% of loan loss provisions to gross doubtful loans ratio;
Β·; 15.6% of return on average common equity;
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- US$ 1,257 million increase in customers' deposits in the first nine months of 2010;
- 19.1% growth in net earnings relative to the 2009 corresponding period;
- In addition to specific provisions, collective provisions reached US$ 59 million, the equivalent of 0.73% of net loans;
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Consolidated Statement of Financial Position (Unaudited) |
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Bank Audi s.a.l. - Audi Saradar GroupΒ |
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(LBP million) |
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Assets |
30/9/2010 |
31/12/2009 |
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Cash and balances with Central Banks |
6,480,308 |
6,206,156 |
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Due from banks & financial institutions |
6,149,104 |
7,737,364 |
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Due from head office, sister, related banks and financial institutions |
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Financial assets given as collateral and reverse repurchase agreements |
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Derivative financial instruments |
51,940 |
38,436 |
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Financial assets held for trading (2) |
798,882 |
835,042 |
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Financial assets designated at fair value through profit & loss |
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Net loans & advances to customers (1) |
12,052,083 |
9,930,856 |
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Net loans & advances to related parties |
262,237 |
239,824 |
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Debtors by acceptances |
291,619 |
284,423 |
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Available for sale financial instruments (2) |
7,458,135 |
6,003,316 |
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Financial assets classified as loans and receivables (2) (3) |
7,178,115 |
7,298,527 |
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Held to maturity financial instruments (2) |
372,985 |
367,379 |
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Investments in associates |
30,679 |
31,697 |
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Investment properties |
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Property & equipment |
508,331 |
503,490 |
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Intangible fixed assets |
25,000 |
25,906 |
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Non current assets held for sale |
22,338 |
29,261 |
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Deferred taxes assets |
11,613 |
2,417 |
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Other assets |
293,746 |
174,833 |
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Goodwill |
220,887 |
218,747 |
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Total Assets |
42,208,002 |
39,927,674 |
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(1) After deduction of provisions amounting to LBP 284,693 million from loans and advances to customers as per IAS 39, of which LBP 90,026 million representing provisions on collective assessment . |
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(2) Includes (a) an amount of LBP 4,380 billion representing Local Currency Lebanese Treasury Bills Β (b) an amount of LBP 2,246 billion representing Lebanese Eurobonds of which LBP 893 billion risk ceded |
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(3) Includes an amount of LBP 4,258 billion representing Local Currency Certificates of Deposits |
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Consolidated Statement of Financial Position (Unaudited) |
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Bank Audi s.a.l. - Audi Saradar Group |
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(LBP million) |
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Liabilities |
30/9/2010 |
31/12/2009 |
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Due to Central Banks |
135,255 |
133,359 |
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Due to banks & financial institutions |
821,878 |
775,059 |
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Due to head office, sister, related banks and financial institutions |
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Financial assets taken as collateral & repurchase agreement |
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Derivative financial instruments |
71,572 |
28,631 |
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Financial liabilities held for trading |
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Financial liabilities designated at fair value through profit & loss |
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Customers deposits |
36,295,186 |
34,382,301 |
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Deposits from related parties |
250,324 |
267,874 |
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Debt issued & other borrowed funds |
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153,148 |
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Engagements by acceptances |
291,619 |
284,423 |
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Current tax liabilities |
47,200 |
45,721 |
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Deferred tax liabilities |
26,596 |
21,263 |
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Other liabilities |
642,294 |
467,548 |
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Liabilities related to non-current assets held for sale |
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Provisions for risks & charges |
28,547 |
24,127 |
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End of service benefits |
42,359 |
38,461 |
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Subordinated loans & similar debts |
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Total Liabilities |
38,652,830 |
36,621,915 |
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Shareholders' Equity - Group Share |
3,381,673 |
3,103,325 |
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Capital - Common shares |
421,632 |
421,632 |
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Capital - Preferred shares |
16,844 |
15,313 |
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Issue premium - Common shares |
693,902 |
843,902 |
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Issue premium - Preferred shares |
360,031 |
173,125 |
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Merger premium |
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36,006 |
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Cash contribution to capital |
72,586 |
72,586 |
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Capital reserves |
1,090,642 |
782,672 |
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Treasury shares |
(127,172) |
(74,390) |
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Retained earnings |
203,846 |
124,368 |
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Revaluation reserve of real estate |
18,600 |
18,600 |
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Reserve on revaluation of financial Instruments |
285,088 |
243,772 |
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Reserve for cash flow hedges |
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Foreign currency translation reserve |
(24,675) |
22,641 |
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Other reserves |
4,274 |
3,645 |
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Result of the year |
366,075 |
419,453 |
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Minority Interest |
173,499 |
202,434 |
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Profit & Loss Accounts |
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Total Shareholders' Equity |
3,555,172 |
3,305,759 |
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Total Liabilities & Shareholders' Equity |
42,208,002 |
39,927,674 |
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Consolidated Off Balance Sheet (Unaudited) |
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Bank Audi s.a.l. - Audi Saradar Group |
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(LBP million) |
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OFF Balance Sheet |
30/9/2010 |
31/12/2009 |
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Financing Commitments |
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- Financing commitments given to banks & financial institutions |
758,879 |
778,181 |
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- Engagement to customers |
436,680 |
487,834 |
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Bank guarantees : |
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- Guarantees given to banks & financial institutions |
527,420 |
294,932 |
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of which: credit derivatives |
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- Guarantees received from banks & financial institutions |
585,207 |
697,490 |
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of which: credit derivatives |
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- Guarantees given to customers |
2,501,745 |
2,453,686 |
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- Guarantees received from customers |
9,877,627 |
8,033,876 |
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Financial Notes Commitments |
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- Financial notes commitments to be received |
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of which: financial instruments sold with a buy back option |
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- Financial notes commitments to be delivered |
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of which: financial instruments purchased with a buy back option |
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Foreign Currencies Forwards |
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- Foreign currencies to receive |
2,334,528 |
1,275,714 |
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- Foreign currencies to deliver |
2,366,331 |
1,269,292 |
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Engagements on term financial instruments |
794,632 |
631,714 |
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Claims from legal cases |
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Fiduciary assets |
1,261,840 |
1,493,915 |
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Assets under management |
10,696,521 |
9,006,903 |
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Mutual funds |
154,727 |
137,623 |
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Structured financial products |
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Engagements unlikely to be executed |
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Bad debts fully provided for |
290,075 |
359,735 |
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Bank Audi s.a.l. - Audi Saradar Group |
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(LBP million) |
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Consolidated Income statement (Unaudited) |
30/9/2010 |
30/9/2009 |
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Interest & similar income |
1,515,510 |
1,363,369 |
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Interest & similar expenses |
(970,854) |
(894,546) |
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Net Interest Income |
544,656 |
468,823 |
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Fee & commission income |
232,450 |
194,079 |
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Fee & commission expense |
(38,854) |
(32,067) |
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Net Fee & Commission Income |
193,596 |
162,012 |
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Net trading income |
71,959 |
78,141 |
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Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
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5,387 |
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Net gain on financial investments |
125,908 |
44,086 |
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Other operating Income |
45,611 |
50,674 |
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Total Operating Income |
981,730 |
809,123 |
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Net provisions for credit losses |
(45,098) |
(29,892) |
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Provisions for doubtful loans |
(59,319) |
(47,037) |
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Recoveries of provisions for doubtful loans |
14,221 |
17,145 |
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Impairment loss on financial instruments |
(626) |
31 |
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Net Operating income |
936,006 |
779,262 |
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Personnel expenses |
(252,713) |
(217,302) |
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Depreciation of property & equipment |
(28,243) |
(26,824) |
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Amortization of intangible assets |
(5,090) |
(4,549) |
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Impairment of goodwill |
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Other operating expenses |
(176,280) |
(142,102) |
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Total Operating Expenses |
(462,326) |
(390,777) |
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Operating Profit |
473,680 |
388,485 |
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Share of profit of associates under equity method |
1,819 |
1,090 |
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Net gain (loss) on disposal of assets |
(259) |
847 |
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Profit Before Tax |
475,240 |
390,422 |
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Income tax |
(93,269) |
(69,697) |
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Profit After Tax from Operating Activities |
381,971 |
320,725 |
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Result of discontinued operations |
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Net Profit |
381,971 |
320,725 |
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Minority Interest |
15,896 |
13,134 |
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Net Profit - Group share |
366,075 |
307,591 |
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Basic earnings per share LL (1) |
Β 1,045 |
Β 885 |
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Diluted earnings per share LL (1) |
Β 1,016 |
Β 865 |
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(1) : Adjusted for the 10-to-1stock split in effect since 24/5/2010 |
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