21 Oct 2013 07:00
Bank Audi sal - Audi Saradar Group
Sustained activity growth of Odeabank A.Ş., the fully-owned subsidiary in Turkey
With US$ 6.6 billion of assets as at 30/09/2013
Consolidated Activity Highlights as at End-September 2013
· US$ 34.5 billion of assets, growing by 10.1% relative to end-December 2012, with a 40% contribution of foreign entities to consolidated assets
· US$ 2.7 billion of shareholders' equity
· US$ 261 million of net profits in the first 9 months of 2013
Financial Standing Indicators
· 2.2% of gross doubtful loans to gross loans ratio
· 0.45% of net doubtful loans to gross loans ratio
· 11.8% of capital adequacy ratio as per Basel III
· 14.6% of return on average common equity
Consolidated Statement of Financial Position (Unaudited) | ||||
Bank Audi sal - Audi Saradar Group | ||||
Assets | 30/9/2013 | 31/12/2012 | ||
Cash and balances with Central Banks | 9,076,653 | 9,462,380 | ||
Deposits with banks and financial institutions | 2,723,471 | 4,280,978 | ||
Due from head office, sister, related banks and financial institutions | ||||
Loans to banks and financial institutions and reverse repurchase agreements | 1,326,914 | 1,060,267 | ||
Financial assets given as collateral | ||||
Derivative financial instruments | 143,303 | 51,046 | ||
Shares and participations at fair value through profit and loss | 54,445 | 52,222 | ||
Debt instruments and other similar financial assets at fair value through profit and loss | 332,163 | 458,435 | ||
Of which: Net advances and loans at fair value through profit and loss | 50,053 | 75,555 | ||
Net loans and advances to customers at amortized cost (1) | 20,278,699 | 15,416,403 | ||
Net loans and advances to related parties at amortized cost (2) | 171,161 | 304,511 | ||
Debtors by acceptances | 193,469 | 182,715 | ||
Debt instruments classified at amortized cost (3) | 16,194,225 | 14,549,116 | ||
Shares and participations at fair value through other comprehensive income | 268,877 | 245,793 | ||
Investments in associates | 40,844 | 34,230 | ||
Assets taken in settlement of debts | 14,036 | 15,113 | ||
Property and equipment | 516,391 | 528,710 | ||
Intangible fixed assets | 63,765 | 49,600 | ||
Non current assets held for sale | 34,941 | |||
Other assets | 353,446 | 238,163 | ||
Goodwill | 211,343 | 222,846 | ||
Total Assets | 51,963,205 | 47,187,469 | ||
(1) After deduction of provisions amounting to LBP 479,992 million from loans and advances to customers as per IAS 39, of which | ||||
LBP 179,930 million representing provisions on collective assessment . | ||||
(2) Loans granted to related parties against cash collateral amounted to LBP 121,243 million. | ||||
(3) Includes an amount of LBP 1,504 billion with risk ceded to customers. | ||||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | ||
Liabilities | 30/9/2013 | 31/12/2012 |
Due to Central Banks | 178,023 | 133,108 |
Due to banks and financial institutions and repurchase agreement | 1,794,601 | 1,852,661 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 133,444 | 56,042 |
Financial liabilities at fair value through profit and loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers' deposits at amortised cost | 43,713,103 | 39,718,890 |
Deposits from related parties at amortized cost | 714,456 | 689,101 |
Debt issued and other borrowed funds | ||
Engagements by acceptances | 193,469 | 182,715 |
Other liabilities | 471,864 | 408,865 |
Provisions for risks and charges | 96,352 | 95,096 |
Subordinated loans and similar debts | 527,729 | |
Non current liabilities held for sale | 14,799 | |
Total Liabilities | 47,823,041 | 43,151,277 |
Shareholders' Equity - Group Share | ||
Share capital - Common shares | 454,324 | 438,586 |
Share capital - Preferred shares | 6,495 | 19,124 |
Issue premium - Common shares | 659,206 | 659,206 |
Issue premium - Preferred shares | 747,255 | 583,876 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 926,353 | 808,434 |
Reserves available for distribution | 640,108 | 551,406 |
Treasury shares | (24,562) | (20,245) |
Retained earnings | 432,025 | 328,223 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 114,771 | 86,805 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (356,307) | (173,759) |
Result of the year | 383,407 | 564,737 |
Total Shareholders' Equity - Group share | 4,076,036 | 3,939,354 |
Non controlling interest | 64,128 | 96,838 |
Total Shareholders' Equity | 4,140,164 | 4,036,192 |
Total Liabilities and Shareholders' Equity | 51,963,205 | 47,187,469 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | ||
OFF Balance Sheet | 30/9/2013 | 31/12/2012 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 464,496 | 353,763 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 560,402 | 460,963 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 334,157 | 390,904 |
Of which: credit derivatives | 889 | 528 |
- Guarantees received from banks and financial institutions | 419,720 | 447,939 |
Of which: credit derivatives | ||
- Guarantees given to customers | 2,163,066 | 1,921,292 |
- Guarantees received from customers | 17,648,687 | 13,080,056 |
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 | 4,783,368 | 2,775,034 |
- Foreign currencies to deliver | 4,772,573 | 2,782,774 |
Engagements on term financial instruments | 9,825,572 | 2,243,844 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,435,944 | 1,215,349 |
under specific instructions | 1,413,027 | 1,128,697 |
under discretionary investments | 22,917 | 86,652 |
Assets under management | 12,441,231 | 11,274,636 |
Mutual funds | 302,264 | 244,763 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 10,208 | 158,427 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (unaudited) | 30/09/2013 | 30/09/2012 |
Interest and similar income | 1,966,264 | 1,639,833 |
Interest and similar expense | (1,257,165) | (989,095) |
Net Interest Income | 709,099 | 650,738 |
Fee and commission income | 251,343 | 240,915 |
Fee and commission expense | (50,070) | (37,816) |
Net Fee and Commission Income | 201,273 | 203,099 |
Net gain on financial assets or liabilities at fair value through profit and loss | 126,414 | 154,977 |
Of which: interest income | 22,592 | 30,174 |
Net gain on financial investments | 177,147 | 201,710 |
Other operating Income | 8,281 | 18,613 |
Total Operating Income | 1,222,214 | 1,229,137 |
Net provisions for credit losses | (91,943) | (141,486) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (98,546) | (158,283) |
Recoveries of provisions for doubtful loans | 6,603 | 16,797 |
Impairment loss on financial instruments | (166) | (110) |
Net Operating Income | 1,130,105 | 1,087,541 |
Personnel expenses | (355,659) | (291,833) |
Other operating expenses | (230,479) | (203,384) |
Depreciation of property and equipment | (39,882) | (33,354) |
Amortization of intangible assets | (10,238) | (4,342) |
Impairment of goodwill | (9,817) | |
Total Operating Expenses | (636,258) | (542,730) |
Operating Profit | 493,847 | 544,811 |
Share of profit of associates under equity method | 326 | 436 |
Net gain on disposal of assets | 638 | 179 |
Profit Before Tax | 494,811 | 545,426 |
Income tax | (100,937) | (128,514) |
Profit After Tax from Operating Activities | 393,874 | 416,912 |
Result of discontinued operations, net of tax | 49,487 | |
Profit for the Year | 393,874 | 466,399 |
Non-controlling interest | 10,467 | 4,300 |
Profit For The Year - Group share | 383,407 | 462,099 |
Basic earnings per share LL | 1,019.4 | 1,258.8 |
Diluted earnings per share LL | 1,019.4 | 1,258.2 |
Basic earnings per share from continuing operations LL | 1,019.4 | 1,116.2 |
Diluted earnings per share from continuing operations LL | 1,019.4 | 1,115.7 |