29 Oct 2009 17:00
Activity highlights at end-September 2009
US$ 212.8 million net profits for the first nine months of 2009 A growth of 17.8% relative to the corresponding period of 2008
US$ 21.3 billion customer deposits as at end-September 2009US$ 4.1 billion of growth in the deposit base in the first nine months of 2009
US$ 24.7 billion total assets as at end-September 2009A growth of 20.9% relative to end-December 2008
51.2% primary liquidity to customer deposits ratio
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Bank Audi SAL - Audi Saradar Group
| Consolidated Balance Sheet (Unaudited) | ||
|
|
| (LL million) |
| Assets | 30/09/2009 | 31/12/2008 |
| Cash and balances with Central Banks | 6,066,403 | 4,440,913 |
| Due from banks & financial institutions | 5,591,027 | 5,460,553 |
| Due from head office, sister,related banks and financial institutions |
|
|
| Financial assets given as collateral and reverse repurchase agreements |
|
|
| Derivative financial instruments | 20,023 | 48,442 |
| Financial assets held for trading | 939,589 | 21,142 |
| Financial assets designated at fair value through profit & loss | 122,240 | 324,105 |
| Net loans & advances to customers * | 9,861,475 | 8,982,761 |
| Net loans & advances to related parties | 264,640 | 256,876 |
| Debtors by acceptances | 236,371 | 234,396 |
| Available for sale financial instruments** | 5,779,996 | 3,809,668 |
| Financial assets classified as loans and receivables*** | 6,865,425 | 5,910,767 |
| - Credit risk ceded | 1,241,866 | 1,176,632 |
| - Net Exposure | 5,623,559 | 4,734,135 |
| Held to maturity financial instruments** | 401,658 | 259,918 |
| Investments in associates | 42,089 | 33,124 |
| Investment properties |
|
|
| Property & equipment | 523,954 | 479,888 |
| Intangible fixed assets | 24,790 | 18,937 |
| Non current assets held for sale | 29,908 | 38,534 |
| Deferred taxes assets | 7,040 | 10,852 |
| Other assets | 187,572 | 228,041 |
| Goodwill | 219,656 | 209,675 |
| Total Assets | 37,183,856 | 30,768,592 |
* After deduction of provisions amounting to LL (million) 229,225 from loans and advances to customers as per IAS 39, of which LL (million) 22,356 representing provisions on collective assessment.
** Includes an amount of LL (billion) 3,712 representing Lebanese Treasury Bills
*** Includes an amount of LL (billion) 3,402 representing Certificates of Deposits
Bank Audi SAL - Audi Saradar Group
| Consolidated Balance Sheet (Unaudited) | ||
|
| (LL million) | |
| Liabilities | 30/09/2009 | 31/12/2008 |
| Due to Central Banks | 134,891 |
|
| Due to banks & financial institutions | 538,343 | 699,150 |
| Due to head office, sister, related banks and financial institutions |
|
|
| Financial assets taken as collateral & repurchase agreement |
|
|
| Derivative financial instruments | 26,003 | 46,589 |
| Financial liabilities held for trading |
|
|
| Financial liabilities designated at fair value through profit & loss |
|
|
| Customers deposits | 31,858,834 | 25,736,656 |
| Deposits from related parties | 298,808 | 237,030 |
| Debt issued & other borrowed funds | 157,232 | 153,148 |
| Engagements by acceptances | 236,371 | 234,396 |
| Current tax liabilities | 51,303 | 71,780 |
| Deferred tax liabilities | 5,003 | 2,479 |
| Other liabilities | 659,747 | 570,483 |
| Liabilities related to non-current assets held for sale |
|
|
| Provisions for risks & charges | 24,841 | 22,426 |
| End of service benefits | 34,228 | 30,644 |
| Subordinated loans & similar debts |
|
|
| Total Liabilities | 34,025,604 | 27,804,781 |
| Shareholders' Equity - Group Share | 2,976,371 | 2,832,672 |
| Capital - Common shares | 418,820 | 376,083 |
| Capital - Preferred shares | 15,313 | 57,750 |
| Issue premium - Common shares | 833,511 | 1,017,929 |
| Issue premium - Preferred shares | 173,125 | 281,438 |
| Merger premium | 36,006 | 36,006 |
| Cash contribution to capital | 72,586 | 72,586 |
| Capital reserves | 813,986 | 518,886 |
| Treasury shares | (72,839) | (58,091) |
| Retained earnings | 102,437 | 50,516 |
| Revaluation reserve of real estate | 18,600 | 18,600 |
| Reserve on revaluation of financial Instruments | 242,950 | 98,755 |
| Reserve for cash flow hedges |
| 1,258 |
| Foreign currency translation reserve | 10,632 | 7,131 |
| Other reserves | 3,653 | 2,277 |
| Result of the year | 307,591 | 351,548 |
| Minority Interest | 181,881 | 131,139 |
| Profit & Loss Accounts |
|
|
| Total Shareholders' Equity | 3,158,252 | 2,963,811 |
| Total Liabilities & Shareholders' Equity | 37,183,856 | 30,768,592 |
Bank Audi SAL - Audi Saradar Group
| Consolidated Off Balance Sheet (Unaudited) | ||
|
| (LL million) | |
| OFF Balance Sheet | 30/09/2009 | 31/12/2008 |
| Financing Commitments |
|
|
| - Financing commitments given to banks & financial institutions | 714,939 | 565,196 |
| - Financing commitments received from banks & financial institutions |
|
|
| - Engagement to customers | 684,786 | 589,427 |
| Bank guarantees : |
|
|
| - Guarantees given to banks & financial institutions | 451,054 | 253,331 |
| of which: credit derivatives |
|
|
| - Guarantees received from banks & financial institutions | 570,023 | 299,274 |
| of which: credit derivatives |
|
|
| - Guarantees given to customers | 2,359,521 | 1,342,842 |
| - Guarantees received from customers | 5,297,535 | 4,077,579 |
| 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 | 1,681,839 | 1,222,074 |
| - Foreign currencies to deliver | 1,694,077 | 1,237,529 |
| Engagements on term financial instruments | 147,708 | 104,102 |
| Other commitments |
|
|
| Claims from legal cases |
|
|
| Fiduciary assets | 1,736,263 | 2,743,542 |
| Assets under management | 9,225,389 | 7,061,327 |
| Mutual funds |
|
|
| Structured financial products |
|
|
| Engagements unlikely to be executed |
|
|
| Bad debts fully provided for | 283,705 | 313,125 |
Bank Audi SAL - Audi Saradar Group
| Consolidated Income statement (Unaudited) | (LL million) | |
|
| 30/09/2009 | 30/09/2008 |
| Interest & similar income | 1,363,369 | 1,274,318 |
| Interest & similar expenses | (894,546) | (804,750) |
| Net Interest Income | 468,823 | 469,568 |
| Fees & commissions income | 194,079 | 193,702 |
| Fees & commissions expenses | (32,067) | (30,269) |
| Net Fees & Commissions Income | 162,012 | 163,433 |
| Net trading income/loss | 78,141 | 62,707 |
| Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | 5,387 | (38,626) |
| Net gain or loss on financial investments | 44,086 | 26,719 |
| Other operating Income | 50,674 | 46,154 |
| Total Operating Income | 809,123 | 729,955 |
| Net provisions for credit losses | (29,892) | 4,635 |
| Provisions for doubtful loans | (47,037) | (20,046) |
| Recoveries of provisions for doubtful loans | 17,145 | 24,681 |
| Provision on impairement of financial instruments | 31 | (1,131) |
| Net Operating income | 779,262 | 733,459 |
| Personnel expenses | (217,302) | (224,213) |
| Depreciation of property & equipment | (26,824) | (23,113) |
| Amortization of intangible assets | (4,549) | (3,363) |
| Goodwill Impairement |
|
|
| Other operating expenses | (142,102) | (159,393) |
| Total Operating Expenses | (390,777) | (410,082) |
| Operating Profits | 388,485 | 323,377 |
| Share of profits of associates under equity method | 1,090 | 733 |
| Net gain (loss) on sale or disposal of other assets | 847 | 5,708 |
| Profits Before Tax | 390,422 | 329,818 |
| Income tax | (69,697) | (57,531) |
| Profits After Tax from Operating Activities | 320,725 | 272,287 |
| Result of discontinued operations |
|
|
| Net Profits | 320,725 | 272,287 |
| Minority Interest | 13,134 | 5,390 |
| Net Profits - Group share | 307,591 | 266,897 |
| Basic earnings per share LL | 8,849 | 7,205 |
| Diluted earnings per share LL | 8,650 | 6,829 |