20 Oct 2008 07:00
October 17, 2008
Consolidated Unaudited Results for the First Nine months of 2008
Total assets of US$ 20 billion, growing by 15.2%
Customer deposits of US$ 16.5 billion, growing by 17.9%,
Shareholders' equity of US$ 1.9 billion, growing by 6.9%
Net profits of US$ 180.6 million in the first nine months, growing by 28.7% as compared to the corresponding period of 2007
In the third quarter of 2008, net profits reached US$ 50.1 million and deposits grew by US$ 1.2 billion
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| Bank Audi s.a.l. - Audi Saradar Group |
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| Consolidated Balance Sheet | ||
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| (LL million) |
| Assets | 30/09/2008 | 31/12/2007 |
| Cash and balances with Central Banks | 4,257,775 | 4,227,585 |
| Due from banks & financial institutions | 5,437,136 | 4,761,900 |
| Due from head office, sister,related banks and financial institutions |
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| Financial assets given as collateral and reverse repurchase agreements | 120,600 |
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| Derivative financial instruments | 11,119 | 23,346 |
| Financial assets held for trading | 630,723 | 716,409 |
| Financial assets designated at fair value through profit & loss | 432,491 | 467,838 |
| Net loans & advances to customers * | 8,282,941 | 6,828,316 |
| Net loans & advances to related parties | 267,849 | 268,278 |
| Debtors by acceptances | 285,748 | 198,288 |
| Available for sale financial instruments | 5,608,356 | 4,222,839 |
| - Credit risk ceded | 1,200,488 | 778,072 |
| - Net Exposure | 4,407,868 | 3,444,767 |
| Financial assets classified as loans and receivables | 3,500,345 | 2,953,170 |
| Held to maturity financial instruments | 244,492 | 512,266 |
| Investments in associates | 23,888 | 22,630 |
| Investment properties |
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| Property & equipment | 473,565 | 455,661 |
| Intangible fixed assets | 16,446 | 13,502 |
| Non current assets held for sale | 38,383 | 40,254 |
| Deferred taxes assets | 2,080 | 14,722 |
| Other assets | 234,972 | 165,491 |
| Goodwill | 214,686 | 215,131 |
| Total Assets | 30,083,595 | 26,107,626 |
| * After deduction of provisions amounting to LL (millions) 183,823 from loans and advances to customers as per IAS 39, of which LL (millions) 4,321 representing provisions on collective assessment . | ||
| Bank Audi s.a.l. - Audi Saradar Group |
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| Consolidated Balance Sheet | ||
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| (LL millions) |
| Liabilities & Shareholders' Equity | 30/09/2008 | 31/12/2007 |
| Due to Central Banks |
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| Due to banks & financial institutions | 826,988 | 956,076 |
| 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 |
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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 | 24,945,307 | 21,163,808 |
| Deposits from related parties | 284,594 | 392,097 |
| Debt issued & other borrowed funds | 157,232 | 153,148 |
| Engagements by acceptances | 285,748 | 198,288 |
| Current tax liabilities | 52,711 | 58,349 |
| Deferred tax liabilities | 429 | 874 |
| Other liabilities | 557,177 | 395,524 |
| Liabilities related to non-current assets held for sale |
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| Provisions for risks & charges | 8,336 | 14,723 |
| End of service benefits | 27,244 | 25,482 |
| Subordinated loans & similar debts |
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| Total Liabilities | 27,145,766 | 23,358,369 |
| Shareholders' Equity - Group Share | 2,539,009 | 2,628,100 |
| Capital - Common shares | 376,083 | 361,925 |
| Capital - Preferred shares | 57,750 | 57,750 |
| Issue premium - Common shares | 1,035,393 | 1,007,648 |
| Issue premium - Preferred shares | 318,688 | 267,734 |
| Cash contribution to capital | 72,586 | 72,586 |
| Capital reserves | 462,215 | 361,112 |
| Treasury shares | (58,408) | (1,531) |
| Retained earnings | 83,409 | 56,305 |
| Revaluation reserve of real estate | 18,600 | 18,600 |
| Reserve on revaluation of financial Instruments | 147,515 | 109,241 |
| Reserve for cash flow hedges |
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| Foreign currency translation reserve | 22,943 | 27,046 |
| Other reserves | 2,235 |
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| Result of the year |
| 289,684 |
| Minority Interest | 126,533 | 121,157 |
| Profit & Loss Accounts | 272,287 |
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| Total Shareholders' Equity | 2,937,829 | 2,749,257 |
| Total Liabilities & Shareholders' Equity | 30,083,595 | 26,107,626 |
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| Bank Audi s.a.l. - Audi Saradar Group |
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| Consolidated Off Balance Sheet | ||
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| (LL millions) |
| OFF Balance Sheet | 30/09/2008 | 31/12/2007 |
| Financing Commitments |
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| - Financing commitments given to banks & financial institutions | 777,819 | 468,751 |
| - Financing commitments received from banks & financial institutions | 179,936 | 172,143 |
| - Engagement to customers | 68,096 | 390,751 |
| Bank guarantees : |
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| - Guarantees given to banks & financial institutions | 254,495 | 230,499 |
| of which: credit derivatives |
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| - Guarantees received from banks & financial institutions |
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| of which: credit derivatives |
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| - Guarantees given to customers | 1,330,876 | 958,921 |
| - Guarantees received from customers | 3,785,136 | 3,537,056 |
| 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 | 1,601,735 | 1,705,167 |
| - Foreign currencies to deliver | 1,596,412 | 1,706,867 |
| Commitments on term financial instruments | 434,073 | 594,294 |
| Other commitments |
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| Claims from legal cases |
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| Fiduciary assets | 3,093,959 | 3,159,896 |
| Asset under management | 2,510,255 | 2,260,941 |
| Mutual funds |
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| Structured financial products |
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| Engagement unlikely to be executed |
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| Bad debts fully provided for | 310,412 | 282,040 |
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| Bank Audi s.a.l. - Audi Saradar Group |
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| (LL millions) |
| Consolidated Income statement | Period ended 30/09/2008 | Period ended 30/09/2007 |
| Interest & similar income | 1,274,318 | 1,117,790 |
| Interest & similar expenses | (804,750) | (742,514) |
| Net Interest Income | 469,568 | 375,276 |
| Fees & commissions income | 193,702 | 137,981 |
| Fees & commissions expenses | (30,269) | (22,137) |
| Net Fees & Commissions Income | 163,433 | 115,844 |
| Net trading income/loss | 62,707 | 49,397 |
| Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | (38,626) |
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| Net gain or loss on financial investments | 26,719 | 23,387 |
| Other operating Income | 46,154 | 24,857 |
| Total Operating Income | 729,955 | 588,762 |
| Net provisions for credit losses | 4,635 | (3,718) |
| Provision on impairement of financial instruments | (1,131) | 3,262 |
| Net Operating income | 733,459 | 588,306 |
| Personnel expenses | (224,213) | (177,939) |
| Depreciation of property & equipment | (23,113) | (24,735) |
| Amortization of intangible assets | (3,363) | (2,127) |
| Impairement of goodwill |
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| Other operating expenses | (159,393) | (129,245) |
| Total Operating Expenses | (410,082) | (334,046) |
| Operating Profit | 323,377 | 254,260 |
| Share of profit of associates under equity method | 733 | 185 |
| Net gain (loss) on sale or disposal of other assets | 5,708 | 1,092 |
| Profit Before Tax | 329,818 | 255,537 |
| Income tax | (57,531) | (44,012) |
| Profit After Tax from Operating Activities | 272,287 | 211,525 |
| Result of discontinued operations |
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| Net Profit | 272,287 | 211,525 |
| Minority Interest | 5,390 | 3,554 |
| Net Profit - Group share | 266,897 | 207,971 |
| Basic earnings per share LL | 7,205 | 5,702 |
| Diluted earnings per share LL | 6,829 | 5,558 |
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