20 Oct 2010 15:40
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 |
|
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| Financial assets taken as collateral & repurchase agreement |
|
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| Derivative financial instruments | 71,572 | 28,631 |
| 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 |
| 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 |
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| 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 |
|
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| - 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 |
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|
| - 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 |
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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 |
|
|
| - 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 |
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| Engagements unlikely to be executed |
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| 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 |
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| 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 |
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