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20 Oct 2011 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at end-September 2011
·; US$ 28.7 billion in total assets
·; US$ 24.9 billion in customers' deposits
·; US$ 2.3 billion of shareholders' equity
·; US$ 271.3 million of consolidated net profits in the first nine months of 2011,
rising by 7.1% relative to the corresponding 2010 period
·; Allocation of US$ 60.2 million of loan loss provision charge in the first nine
months of 2011, with net doubtful loans accounting for only 0.51% of gross loans
·; Increased coverage of gross doubtful loans by specific loan loss provisions
from 72.6% at end-December 2010 to 81.2% at end-September 2011, reaching
110% when accounting for real guarantees
·; 51% of primary liquidity to customers' deposits ratio
·; 11% of capital adequacy ratio as per Basle II
·; 16.4% of return on average common equity
·; 46.5% of cost to income ratio
Bank Audi sal - Audi Saradar Group
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Assets | 30/9/2011 | 31/12/2010 |
Cash and balances with Central Banks | 7,907,959 | 6,684,541 |
Deposits with banks & financial institutions | 4,943,724 | 6,147,455 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions & reverse repurchase agreements | 239,436 | 190,529 |
Financial assets given as collateral | 24,374 | |
Derivative financial instruments | 68,762 | 40,659 |
Shares and participations held at fair value through profit & loss (1) | 45,462 | 80,881 |
Debt Instruments & other similar financial assets at fair value through profit & loss (1) (3) | 661,906 | 928,218 |
Of which: Net advances and loans designated at fair value through profit and loss | ||
Net loans & advances to customers at amortized cost (2) | 12,648,748 | 12,643,760 |
Net loans & advances to related parties at amortized cost | 258,873 | 241,661 |
Debtors by acceptances | 275,009 | 274,811 |
Debt instruments classified at Amortized Cost (figures at end 31/12/2010 include LBP 7,389,549 million at fair value) (1) (3) | 14,744,478 | 14,616,102 |
Shares and participations designated at fair value through OCI (1) | 262,766 | 288,113 |
Investments in associates | 31,191 | 30,733 |
Assets taken in settlement of debts | 26,715 | 29,255 |
Property & equipment | 497,995 | 509,930 |
Intangible fixed assets | 27,038 | 25,467 |
Non current assets held for sale | ||
Other assets | 346,945 | 237,856 |
Goodwill | 275,379 | 277,204 |
Total Assets | 43,286,760 | 43,247,175 |
(1) Effective 01/01/2011, the Bank elected to early adopt IFRS 9 which required some reclassification in the bank's investments portfolio. | ||
(2) After deduction of provisions amounting to LBP 320,488 million from loans and advances to customers as per IAS 39, of which | ||
LBP 105,099 million representing provisions on collective assessment . | ||
(3) Includes an amount of LBP 1,437 billion with risk ceded to customers. | ||
Bank Audi sal - Audi Saradar Group
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Liabilities | 30/9/2011 | 31/12/2010 |
Due to Central Banks | 134,957 | 133,376 |
Due to banks & financial institutions & repurchase agreement | 931,661 | 909,668 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 56,431 | 59,274 |
Financial liabilities at fair value through profit & loss | ||
of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 37,202,516 | 37,198,988 |
Deposits from related parties at amortized cost | 299,629 | 259,104 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 275,009 | 274,811 |
Other liabilities | 814,245 | 693,802 |
Provisions for risks & charges | 80,861 | 69,417 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 39,795,309 | 39,598,440 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 436,990 | 436,990 |
Capital - Preferred shares | 17,243 | 17,243 |
Issue premium - Common shares | 652,939 | 652,939 |
Issue premium - Preferred shares | 359,633 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 679,345 | 547,793 |
Reserves available for distribution | 397,082 | 507,352 |
Treasury shares | (101,188) | (37,163) |
Retained earnings | 340,117 | 209,541 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,360 | 18,600 |
Reserve on revaluation of financial assets at fair value through OCI | 93,607 | 217,524 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (54,591) | (40,310) |
Result of the year | 399,441 | 508,556 |
Total Shareholders' Equity - Group share | 3,313,564 | 3,471,284 |
Non controlling interest | 177,887 | 177,451 |
Total Shareholder's Equity | 3,491,451 | 3,648,735 |
Total Liabilities & Shareholders' Equity | 43,286,760 | 43,247,175 |
Bank Audi sal - Audi Saradar Group
Consolidated Off Balance Sheet (Unaudited) | ||
(LBP million) | ||
OFF Balance Sheet | 30/9/2011 | 31/12/2010 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 426,807 | 690,308 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 173,696 | 248,973 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 506,916 | 506,317 |
of which: credit derivatives | 9,446 | |
- Guarantees received from banks & financial institutions | 571,728 | 840,068 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,329,250 | 2,439,776 |
- Guarantees received from customers | 11,748,268 | 11,471,797 |
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 | 1,979,377 | 2,323,757 |
- Foreign currencies to deliver | 1,955,012 | 2,346,536 |
Engagements on term financial instruments | 1,400,006 | 457,551 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,325,391 | 1,268,874 |
under specific instructions | 1,273,797 | 1,239,973 |
under discretionary investments | 51,594 | 28,901 |
Assets under management | 10,403,929 | 10,863,500 |
Mutual funds | 189,694 | 180,795 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 323,588 | 321,295 |
Bank Audi sal - Audi Saradar Group
(LBP million) | ||
Consolidated Income statement (Unaudited) | 30/9/2011 | 30/9/2010 |
Interest & similar income | 1,548,455 | 1,480,943 |
Interest & similar expense | (948,710) | (970,854) |
Net Interest Income | 599,745 | 510,089 |
Fee & commission income | 249,104 | 232,450 |
Fee & commission expense | (44,678) | (38,854) |
Net Fee & Commission Income | 204,426 | 193,596 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 82,030 | 106,526 |
of which: interest revenues/charges | 25,269 | 34,567 |
Net gain on financial investments | 172,794 | 125,908 |
Other operating Income | 33,889 | 45,611 |
Total Operating Income | 1,092,884 | 981,730 |
Net provisions for credit losses | (78,207) | (45,098) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (90,732) | (59,319) |
Recoveries of provisions for doubtful loans | 12,525 | 14,221 |
Impairment loss on financial instruments | (626) | |
Net Operating income | 1,014,677 | 936,006 |
Personnel expenses | (290,506) | (252,713) |
Other operating expenses | (186,220) | (176,280) |
Depreciation of property & equipment | (29,362) | (28,243) |
Amortization of intangible assets | (4,925) | (5,090) |
Impairment of goodwill | ||
Total Operating Expenses | (511,013) | (462,326) |
Operating Profit | 503,664 | 473,680 |
Share of profit of associates under equity method | 4,499 | 1,819 |
Net gain on disposal of assets | 335 | (260) |
Profit Before Tax | 508,498 | 475,239 |
Income tax | (99,586) | (93,269) |
Profit After Tax from Operating Activities | 408,912 | 381,970 |
Result of discontinued operations | ||
Net Profit | 408,912 | 381,970 |
Non-controlling interest | 9,471 | 15,895 |
Net Profit - Group share | 399,441 | 366,075 |
Basic earnings per share LL | 1,104 | 1,044 |
Diluted earnings per share LL | 1,102 | 1,016 |
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