20 Jan 2011 17:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at end- December 2010
·; US$ 28.7 billion of total assets
·; US$ 24.8 billion of customers' deposits
·; US$ 2.4 billion of shareholders' equity
·; US$ 352.2 million of consolidated profits in 2010
26% contribution of foreign entities to consolidated net profits
·; 49% of primary liquidity to customers' deposits ratio
·; 11.7% of capital adequacy ratio as per Basle II
·; 0.61% of net doubtful to gross loans ratio
·; 72.6% of loan loss provisions to gross doubtful loans ratio
·; 16% of return on average common equity
- US$ 1,862 million increase in customers' deposits in 2010
- 21.9% growth in net earnings relative to 2009
- In addition to specific provisions, collective provisions amounted to US$ 61.5 million, the equivalent of 0.72% of net loans
- Earnings per common share reached US$ 0.96, rising by 20% relative to 2009
Consolidated Statement of Financial Position (Unaudited) | ||||
Bank Audi sal - Audi Saradar Group | (LBP million) | |||
Assets | 31/12/2010 | 31/12/2009 | ||
Cash and balances with Central Banks | 6,684,576 | 6,206,156 | ||
Due from banks & financial institutions | 6,336,864 | 7,737,364 | ||
Due from head office, sister, related banks and financial institutions | ||||
Financial assets given as collateral and reverse repurchase agreements | ||||
Derivative financial instruments | 40,660 | 38,436 | ||
Financial assets held for trading (2) | 1,009,082 | 835,042 | ||
Financial assets designated at fair value through profit & loss | ||||
Net loans & advances to customers (1) | 12,643,760 | 9,930,856 | ||
Net loans & advances to related parties | 241,661 | 239,824 | ||
Debtors by acceptances | 274,948 | 284,423 | ||
Available for sale financial instruments (2) | 7,680,177 | 6,003,316 | ||
Financial assets classified as loans and receivables (2) (3) | 7,011,522 | 7,298,527 | ||
Held to maturity financial instruments (2) | 215,031 | 367,379 | ||
Investments in associates | 30,590 | 31,697 | ||
Investment properties | ||||
Property & equipment | 509,931 | 503,490 | ||
Intangible fixed assets | 25,552 | 25,906 | ||
Non current assets held for sale | 29,175 | 29,261 | ||
Deferred taxes assets | 9,781 | 2,417 | ||
Other assets | 243,381 | 174,833 | ||
Goodwill | 267,997 | 218,747 | ||
Total Assets | 43,254,688 | 39,927,674 | ||
(1) After deduction of provisions amounting to LBP 237,820 million from loans and advances to customers as per IAS 39, of which | ||||
LBP 92,712 million representing provisions on collective assessment. | ||||
(2) Includes (a) an amount of LBP 4,198 billion representing Local Currency Lebanese Treasury Bills | ||||
(b) an amount of LBP 2,643 billion representing Lebanese Eurobonds of which LBP 1,180 billion risk ceded | ||||
(3) Includes an amount of LBP 4,084 billion representing Local Currency Certificates of Deposits | ||||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 31/12/2010 | 31/12/2009 |
Due to Central Banks | 133,376 | 133,359 |
Due to banks & financial institutions | 909,702 | 775,059 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as collateral & repurchase agreement | ||
Derivative financial instruments | 59,273 | 28,631 |
Financial liabilities held for trading | ||
Financial liabilities designated at fair value through profit & loss | ||
Customers deposits | 37,198,466 | 34,382,301 |
Deposits from related parties | 259,051 | 267,874 |
Debt issued & other borrowed funds | 153,148 | |
Engagements by acceptances | 274,948 | 284,423 |
Current tax liabilities | 64,007 | 45,721 |
Deferred tax liabilities | 15,544 | 21,263 |
Other liabilities | 613,357 | 467,548 |
Liabilities related to non-current assets held for sale | ||
Provisions for risks & charges | 27,864 | 24,127 |
End of service benefits | 42,360 | 38,461 |
Subordinated loans & similar debts | ||
Total Liabilities | 39,597,948 | 36,621,915 |
Shareholders' Equity - Group Share | 3,479,221 | 3,103,325 |
Capital - Common shares | 436,990 | 421,632 |
Capital - Preferred shares | 17,243 | 15,313 |
Issue premium - Common shares | 652,939 | 843,902 |
Issue premium - Preferred shares | 359,633 | 173,125 |
Merger premium | 36,006 | |
Cash contribution to capital | 72.586 | 72,586 |
Capital reserves | 1,057,247 | 782,672 |
Treasury shares | (37,163) | (74,390) |
Retained earnings | 211,780 | 124,368 |
Revaluation reserve of real estate | 18,600 | 18,600 |
Reserve on revaluation of financial Instruments | 217,541 | 243,772 |
Reserve for cash flow hedges | ||
Foreign currency translation reserve | (39,864) | 22,641 |
Other reserves | 3,113 | 3,645 |
Result of the year | 508,576 | 419,453 |
Minority Interest | 177,519 | 202,434 |
Profit & Loss Accounts | ||
Total Shareholders' Equity | 3,656,740 | 3,305,759 |
Total Liabilities & Shareholders' Equity | 43,254,688 | 39,927,674 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/12/2010 | 31/12/2009 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 690,178 | 778,181 |
- Engagement to customers | 248,973 | 487,834 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 648,773 | 294,932 |
of which: credit derivatives | ||
- Guarantees received from banks & financial institutions | 779,626 | 697,490 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,466,157 | 2,453,686 |
- Guarantees received from customers | 11,657,489 | 8,033,876 |
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 | 2,323,586 | 1,275,714 |
- Foreign currencies to deliver | 2,346,536 | 1,269,292 |
Engagements on term financial instruments | 754,512 | 631,714 |
Claims from legal cases | ||
Fiduciary assets | 1,192,070 | 1,493,915 |
Assets under management | 10,942,478 | 9,006,903 |
Mutual funds | 180,795 | 137,623 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 321,295 | 359,735 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 2010 | 2009 |
Interest & similar income | 2,032,165 | 1,880,992 |
Interest & similar expense | (1,293,919) | (1,241,820) |
Net Interest Income | 738,246 | 639,172 |
Fee & commission income | 312,407 | 265,499 |
Fee & commission expense | (51,003) | (43,638) |
Net Fee & Commission Income | 261,404 | 221,861 |
Net trading income | 92,665 | 111,489 |
Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | 959 | |
Net gain on financial investments | 187,110 | 77,183 |
Other operating Income | 49,414 | 56,329 |
Total Operating Income | 1,328,839 | 1,106,993 |
Net provisions for credit losses | (47,503) | (35,014) |
Provisions for doubtful loans | (81,591) | (60,005) |
Recoveries of provisions for doubtful loans | 34,088 | 24,991 |
Impairment loss on financial instruments | (1,002) | (11,746) |
Net Operating income | 1,280,334 | 1,060,233 |
Personnel expenses | (357,394) | (303,028) |
Depreciation of property & equipment | (37,840) | (35,355) |
Amortisation of intangible assets | (7,052) | (7,389) |
Impairment of goodwill | ||
Other operating expenses | (225,867) | (192,192) |
Total Operating Expenses | (628,153) | (537,964) |
Operating Profit | 652,181 | 522,269 |
Share of profit of associates under equity method | 3,279 | 1,658 |
Net gain (loss) on disposal of assets | 207 | 2,537 |
Profit Before Tax | 655,667 | 526,464 |
Income tax | (124,655) | (90,871) |
Profit After Tax from Operating Activities | 531,012 | 435,593 |
Result of discontinued operations | ||
Net Profit | 531,012 | 435,593 |
Minority Interest | 22,436 | 16,140 |
Net Profit - Group share | 508,576 | 419,453 |
Basic earnings per share LL (1) | 1,453 | 1,206 |
Diluted earnings per share LL (1) | 1,414 | 1,175 |
(1) Adjusted for the 10-to-1 stock split in effect since 24/05/2010