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Unaudited 3rd Quarter Results

20 Oct 2010 15:40

RNS Number : 7192U
Bank Audi SAL- Audi Saradar Group
20 October 2010
 



Bank Audi sal - Audi Saradar Group

 

 

 

Consolidated Activity Highlights at end-September 2010

 

 

 

·; US$ 28.0 billion in total assets;

·; US$ 24.2 billion in customers' deposits;

·; US$ 2.4 billion of shareholders' equity;

·; US$ 253.4 million of consolidated profits in the first nine months of 2010;

26% contribution of foreign entities to consolidated net profits;

 

·; 49.7% primary liquidity to customers' deposits ratio;

·; 11.9% capital adequacy ratio as per Basle II;

·; 0.82% of net doubtful to gross loans ratio;

·; 73.4% of loan loss provisions to gross doubtful loans ratio;

·; 15.6% of return on average common equity;

 

- 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;

 

 

Consolidated Statement of Financial Position (Unaudited)

Bank Audi s.a.l. - Audi Saradar Group 

(LBP million)

Assets

30/9/2010

31/12/2009

Cash and balances with Central Banks

6,480,308

6,206,156

Due from banks & financial institutions

6,149,104

7,737,364

Due from head office, sister, related banks and financial institutions

Financial assets given as collateral and reverse repurchase agreements

Derivative financial instruments

51,940

38,436

Financial assets held for trading (2)

798,882

835,042

Financial assets designated at fair value through profit & loss

Net loans & advances to customers (1)

12,052,083

9,930,856

Net loans & advances to related parties

262,237

239,824

Debtors by acceptances

291,619

284,423

Available for sale financial instruments (2)

7,458,135

6,003,316

Financial assets classified as loans and receivables (2) (3)

7,178,115

7,298,527

Held to maturity financial instruments (2)

372,985

367,379

Investments in associates

30,679

31,697

Investment properties

Property & equipment

508,331

503,490

Intangible fixed assets

25,000

25,906

Non current assets held for sale

22,338

29,261

Deferred taxes assets

11,613

2,417

Other assets

293,746

174,833

Goodwill

220,887

218,747

Total Assets

42,208,002

39,927,674

(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 .

(2) Includes (a) an amount of LBP 4,380 billion representing Local Currency Lebanese Treasury Bills

 (b) an amount of LBP 2,246 billion representing Lebanese Eurobonds of which LBP 893 billion risk ceded

(3) Includes an amount of LBP 4,258 billion representing Local Currency Certificates of Deposits

 

 

 

 

Consolidated Statement of Financial Position (Unaudited)

Bank Audi s.a.l. - Audi Saradar Group

(LBP million)

Liabilities

30/9/2010

31/12/2009

Due to Central Banks

135,255

133,359

Due to banks & financial institutions

821,878

775,059

Due to head office, sister, related banks and financial institutions

Financial assets taken as collateral & repurchase agreement

Derivative financial instruments

71,572

28,631

Financial liabilities held for trading

Financial liabilities designated at fair value through profit & loss

Customers deposits

36,295,186

34,382,301

Deposits from related parties

250,324

267,874

Debt issued & other borrowed funds

153,148

Engagements by acceptances

291,619

284,423

Current tax liabilities

47,200

45,721

Deferred tax liabilities

26,596

21,263

Other liabilities

642,294

467,548

Liabilities related to non-current assets held for sale

Provisions for risks & charges

28,547

24,127

End of service benefits

42,359

38,461

Subordinated loans & similar debts

Total Liabilities

38,652,830

36,621,915

Shareholders' Equity - Group Share

3,381,673

3,103,325

Capital - Common shares

421,632

421,632

Capital - Preferred shares

16,844

15,313

Issue premium - Common shares

693,902

843,902

Issue premium - Preferred shares

360,031

173,125

Merger premium

36,006

Cash contribution to capital

72,586

72,586

Capital reserves

1,090,642

782,672

Treasury shares

(127,172)

(74,390)

Retained earnings

203,846

124,368

Revaluation reserve of real estate

18,600

18,600

Reserve on revaluation of financial Instruments

285,088

243,772

Reserve for cash flow hedges

Foreign currency translation reserve

(24,675)

22,641

Other reserves

4,274

3,645

Result of the year

366,075

419,453

Minority Interest

173,499

202,434

Profit & Loss Accounts

Total Shareholders' Equity

3,555,172

3,305,759

Total Liabilities & Shareholders' Equity

42,208,002

39,927,674

 

 

Consolidated Off Balance Sheet (Unaudited)

Bank Audi s.a.l. - Audi Saradar Group

(LBP million)

OFF Balance Sheet

30/9/2010

31/12/2009

Financing Commitments

- Financing commitments given to banks & financial institutions

758,879

778,181

- Engagement to customers

436,680

487,834

Bank guarantees :

- Guarantees given to banks & financial institutions

527,420

294,932

of which: credit derivatives

- Guarantees received from banks & financial institutions

585,207

697,490

of which: credit derivatives

- Guarantees given to customers

2,501,745

2,453,686

- Guarantees received from customers

9,877,627

8,033,876

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

2,334,528

1,275,714

- Foreign currencies to deliver

2,366,331

1,269,292

Engagements on term financial instruments

794,632

631,714

Claims from legal cases

Fiduciary assets

1,261,840

1,493,915

Assets under management

10,696,521

9,006,903

Mutual funds

154,727

137,623

Structured financial products

Engagements unlikely to be executed

Bad debts fully provided for

290,075

359,735

 

 

Bank Audi s.a.l. - Audi Saradar Group

(LBP million)

Consolidated Income statement (Unaudited)

30/9/2010

30/9/2009

Interest & similar income

1,515,510

1,363,369

Interest & similar expenses

(970,854)

(894,546)

Net Interest Income

544,656

468,823

Fee & commission income

232,450

194,079

Fee & commission expense

(38,854)

(32,067)

Net Fee & Commission Income

193,596

162,012

Net trading income

71,959

78,141

Net gain or loss on financial assets or liabilities designated at fair value through profit & loss

5,387

Net gain on financial investments

125,908

44,086

Other operating Income

45,611

50,674

Total Operating Income

981,730

809,123

Net provisions for credit losses

(45,098)

(29,892)

Provisions for doubtful loans

(59,319)

(47,037)

Recoveries of provisions for doubtful loans

14,221

17,145

Impairment loss on financial instruments

(626)

31

Net Operating income

936,006

779,262

Personnel expenses

(252,713)

(217,302)

Depreciation of property & equipment

(28,243)

(26,824)

Amortization of intangible assets

(5,090)

(4,549)

Impairment of goodwill

Other operating expenses

(176,280)

(142,102)

Total Operating Expenses

(462,326)

(390,777)

Operating Profit

473,680

388,485

Share of profit of associates under equity method

1,819

1,090

Net gain (loss) on disposal of assets

(259)

847

Profit Before Tax

475,240

390,422

Income tax

(93,269)

(69,697)

Profit After Tax from Operating Activities

381,971

320,725

Result of discontinued operations

Net Profit

381,971

320,725

Minority Interest

15,896

13,134

Net Profit - Group share

366,075

307,591

Basic earnings per share LL (1)

 1,045

 885

Diluted earnings per share LL (1)

 1,016

 865

(1) : Adjusted for the 10-to-1stock split in effect since 24/5/2010

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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