23 Oct 2014 16:00
Bank Audi
A Leading Regional1 Banking Group
Consolidated Activity Highlights as at End-September 2014
Performance in Line with the Group's Strategic Plan
· US$ 39.9 billion of total assets, growing by 10.2% relative to end-December 2013
· US$ 33.9 billion of total customers' deposits, growing by 9.1% relative to end-December 2013
· US$ 15.9 billion of loans to customers, growing by 8.2% relative to end-December 2013
· US$ 3.1 billion of shareholders' equity, after completing a capital increase of US$ 300 million in September 2014
· US$ 280 million of net profits in the first nine months of 2014, growing by 7.1% relative to the corresponding period of 2013
Diversification of Assets and Profits Sources
· 45% of assets generated by entities outside Lebanon and 31% in investment grade countries
· 64% of net loans generated by entities abroad
· 38% of net profits generated by entities abroad
Main Financial Indicators
· 13.5% of capital adequacy ratio as per Basel III
· 2.8% only of gross doubtful loans to gross loans ratio, reaching 0.8% when deducting specific loan loss reserves, excluding collective provisions
· 45.6% of primary liquidity to customers' deposits ratio
· 15.2% of return on average common equity
UNIVERSAL BANKING OFFERING THROUGH 12 BANKS
AND 3 FINANCIAL COMPANIES IN 13 COUNTRIES
LEBANON │ SWITZERLAND │ FRANCE │ JORDAN │SYRIA │ EGYPT│ SUDAN │ KINGDOM OF SAUDI ARABIA │ QATAR MONACO│ TURKEY │IRAQ│REPRESENTATIVE OFFICE IN ABU DHABI
___________________________
1 Refers to the Middle East and North Africa Region
www.banqueaudi.com
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Consolidated Statement of Financial Position (Unaudited) | |||||
(LBP million) | |||||
Assets | 30/9/2014 | 31/12/2013 | |||
Cash and balances with Central Banks | 13,081,807 | 9,192,108 | |||
Deposits with banks and financial institutions | 4,170,823 | 4,229,557 | |||
Due from head office, sister, related banks and financial institutions | |||||
Loans to banks and financial institutions and reverse repurchase agreements | 1,891,654 | 657,945 | |||
Financial assets given as collateral | 1,463 | ||||
Derivative financial instruments | 189,549 | 136,062 | |||
Shares and participations at fair value through profit and loss | 62,890 | 64,632 | |||
Debt instruments and other similar financial assets at fair value through profit and loss | 270,270 | 344,451 | |||
Of which: Net advances and loans at fair value through profit and loss | 23,588 | 47,844 | |||
Net loans and advances to customers at amortized cost (1) | 23,904,924 | 22,064,822 | |||
Net loans and advances to related parties at amortized cost (2) | 103,115 | 114,829 | |||
Debtors by acceptances | 277,530 | 262,689 | |||
Debt instruments classified at amortized cost (3) | 14,611,708 | 16,023,035 | |||
Shares and participations at fair value through other comprehensive income | 147,154 | 272,475 | |||
Investments in associates | 27,703 | 28,615 | |||
Assets taken in settlement of debts | 13,893 | 14,334 | |||
Property and equipment | 557,424 | 575,836 | |||
Intangible fixed assets | 91,183 | 82,259 | |||
Non current assets held for sale | 9,035 | 4,984 | |||
Other assets | 518,167 | 278,583 | |||
Goodwill | 201,959 | 211,144 | |||
Total Assets | 60,132,251 | 54,558,360 | |||
(1) After deduction of provisions amounting to LBP 590,395 million from loans and advances to customers as per IAS 39, of which | |||||
LBP 201,808 million representing provisions on collective assessment . | |||||
(2) Loans granted to related parties against cash collateral amounted to LBP 53,850 million. | |||||
(3) Includes an amount of LBP 2,126 billion with risk ceded to customers. | |||||
Consolidated Statement of Financial Position (Unaudited) | ||||
(LBP million) | ||||
Liabilities | 30/9/2014 | 31/12/2013 | ||
Due to Central Banks | 395,882 | 252,042 | ||
Due to banks and financial institutions and repurchase agreement | 2,003,030 | 1,796,092 | ||
Due to head office, sister, related banks and financial institutions | ||||
Financial assets taken as a guarantee | ||||
Derivative financial instruments | 110,906 | 134,466 | ||
Financial liabilities at fair value through profit and loss | ||||
Of which: deposits at fair value through profit and loss | ||||
Customers' deposits at amortised cost | 50,528,960 | 46,118,217 | ||
Deposits from related parties at amortized cost | 602,880 | 757,590 | ||
Debt issued and other borrowed funds | 186,880 | |||
Engagements by acceptances | 277,530 | 262,689 | ||
Other liabilities | 488,383 | 502,771 | ||
Provisions for risks and charges | 141,248 | 132,882 | ||
Subordinated loans and similar debts | 768,855 | 537,101 | ||
Non current liabilities held for sale | ||||
Total Liabilities | 55,504,554 | 50,493,850 | ||
Shareholders' Equity - Group Share | ||||
Share capital - Common shares | 519,274 | 454,324 | ||
Share capital - Preferred shares | 6,495 | 6,495 | ||
Issue premium - Common shares | 1,046,506 | 659,206 | ||
Issue premium - Preferred shares | 747,255 | 747,255 | ||
Cash contribution to capital | 72,586 | 72,586 | ||
Legal and statutory reserves | 1,057,994 | 959,544 | ||
Reserves available for distribution | 611,815 | 589,523 | ||
Treasury shares | (420) | (114,327) | ||
Retained earnings | 606,309 | 441,400 | ||
Proposed dividends | ||||
Revaluation reserve of real estate | 20,375 | 20,375 | ||
Reserve on revaluation of financial assets at fair value through other comprehensive income | 23,923 | 119,442 | ||
Remeasurement actuarial (Gain)/Loss on defined benefit plan | (13,641) | (13,641) | ||
Share of associates' other comprehensive income under equity method | 4,546 | 4,546 | ||
Foreign currency translation reserve | (543,411) | (399,802) | ||
Net (loss) gain on hedge of net investments in foreign entities | (5,311) | |||
Result of the period | 409,517 | 454,621 | ||
Total Shareholders' Equity - Group share | 4,563,812 | 4,001,547 | ||
Non controlling interest | 63,885 | 62,963 | ||
Total Shareholders' Equity | 4,627,697 | 4,064,510 | ||
Total Liabilities and Shareholders' Equity | 60,132,251 | 54,558,360 | ||
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Consolidated Off Balance Sheet (Unaudited) | |||
(LBP million) | |||
OFF Balance Sheet | 30/9/2014 | 31/12/2013 | |
Financing commitments | |||
- Financing commitments given to banks and financial institutions | 568,476 | 570,906 | |
- Financing commitments received from banks and financial institutions | |||
- Engagement to customers | 4,404,562 | 3,754,997 | |
Bank guarantees | |||
- Guarantees given to banks and financial institutions | 247,213 | 383,675 | |
Of which: credit derivatives | 829 | 889 | |
- Guarantees received from banks and financial institutions | 450,667 | 424,712 | |
Of which: credit derivatives | |||
- Guarantees given to customers | 2,849,680 | 2,242,142 | |
- Guarantees received from customers | 23,901,269 | 20,898,416 | |
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 | 5,333,646 | 4,355,887 | |
- Foreign currencies to deliver | 5,324,230 | 4,370,373 | |
Engagements on term financial instruments | 9,216,299 | 7,167,566 | |
Other commitments | |||
Claims from legal cases | |||
Fiduciary accounts | 1,596,385 | 1,389,016 | |
under specific instructions | 1,373,408 | 1,351,026 | |
under discretionary investments | 222,977 | 37,990 | |
Assets under management | 13,359,740 | 12,286,291 | |
Mutual funds | 564,543 | 327,000 | |
Structured financial products | |||
Engagements unlikely to be executed | |||
Bad debts written off during the year | 10,603 | 14,371 | |
(LBP million) | ||
Consolidated Income statement (unaudited) | 30/09/2014 | 30/09/2013 |
Interest and similar income | 2,507,454 | 1,966,264 |
Interest and similar expense | (1,624,086) | (1,257,165) |
Net interest income | 883,368 | 709,099 |
Fee and commission income | 335,923 | 251,343 |
Fee and commission expense | (63,164) | (50,070) |
Net fee and commission income | 272,759 | 201,273 |
Net gain on financial assets or liabilities at fair value through profit and loss | 68,551 | 126,414 |
of which: net unrealized gain/loss | ||
Of which: interest income | 9,757 | 22,592 |
Net gain on financial investments | 210,006 | 177,146 |
Other operating Income | 5,595 | 8,281 |
Total operating income | 1,440,279 | 1,222,213 |
Net provisions for credit losses | (107,075) | (91,943) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (119,982) | (98,546) |
Recoveries of provisions for doubtful loans | 12,907 | 6,603 |
Impairment loss on financial instruments | 397 | (165) |
Net operating income | 1,333,601 | 1,130,105 |
Personnel expenses | (465,382) | (355,659) |
Other operating expenses | (274,271) | (230,479) |
Depreciation of property and equipment | (47,917) | (39,882) |
Amortization of intangible assets | (16,933) | (10,238) |
Impairment of goodwill | ||
Total operating expenses | (804,503) | (636,258) |
Operating profit | 529,098 | 493,847 |
Share of profit of associates under equity method | 2 | 326 |
Net gain on disposal of assets | 886 | 637 |
Profit before tax | 529,986 | 494,810 |
Income tax | (108,105) | (100,937) |
Profit after tax from operating activities | 421,881 | 393,873 |
Result of discontinued operations, net of tax | 40 | |
Profit for the period | 421,921 | 393,873 |
Non-controlling interest | 12,404 | 10,466 |
Profit for the period - Group share | 409,517 | 383,407 |
Basic earnings per share LBP | 1,072 | 1,019 |
Diluted earnings per share LBP | 1,072 | 1,019 |
Basic earnings per share from continuing operations LBP | 1,072 | 1,019 |
Diluted earnings per share from continuing operations LBP | 1,072 | 1,019 |