28 Jan 2016 16:00
Bank Audi
Among the Top Regional1 Banking Groups
Well Positioned in Main Countries of Presence
Consolidated Activity Highlights as at End-December 2015
Financial Standing Driven by Diversified Sources of Assets and Profits
· USD 42.3 billion of total assets, of which 49% from entities outside Lebanon
and 33% in investment grade countries
· USD 35.6 billion of total customers' deposits
· USD 17.9 billion of loans to customers
· USD 3.3 billion of shareholders' equity
· USD 403 million of net profits in 2015, growing by 15.1% relative to 2014, of which 44% from entities outside Lebanon
Financial Standing Indicators
· 46.1% of primary liquidity to customers' deposits ratio
· 13.4% of capital adequacy ratio as per Basel III
· 2.9% only of gross doubtful loans to gross loans ratio, reaching 0.9% when
deducting specific loan loss reserves, excluding collective provisions
· 13.6% of return on average common equity
Universal Banking Offering through 11 Banks
and 3 Financial Companies in 12 Countries
LEBANON │ SWITZERLAND │ FRANCE │ JORDAN │SYRIA │ EGYPT│ SUDAN │ KINGDOM OF SAUDI ARABIA │ QATAR│MONACO│ TURKEY │REP. OFFICE IN ABU DHABI
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1 Refers to the Middle East and North Africa Region
Bank Audi sal www.bankaudigroup.com
Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
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| (LBP Million) |
ASSETS | 31/12/2015 | 31/12/2014 |
Cash and balances with Central Banks | 13,754,922 | 13,247,387 |
Deposits with banks and financial institutions | 2,704,430 | 3,608,892 |
Loans to banks and financial institutions and reverse repurchase agreements | 2,585,553 | 2,928,743 |
Due from head office, sister, related banks and financial institutions | - | - |
Financial assets given as collateral | - | - |
Derivative financial instruments | 265,863 | 197,127 |
Shares and participations at fair value through profit and loss | 59,292 | 58,170 |
Debt instruments and other similar financial assets at fair value through profit and loss | 302,245 | 458,652 |
Of which: Net advances and loans at fair value through profit and loss | - | 12,043 |
Net loans and advances to customers at amortized cost (1) | 26,834,992 | 25,775,338 |
Net loans and advances to related parties at amortized cost (2) | 214,552 | 110,007 |
Debtors by acceptances | 240,605 | 340,480 |
Debt instruments classified at amortized cost (3) | 14,784,574 | 14,573,743 |
Shares and participations at fair value through other comprehensive income | 144,375 | 135,706 |
Investments in associates | 13,989 | 27,762 |
Assets taken in settlement of debts | 72,779 | 18,510 |
Property and equipment | 963,331 | 948,541 |
Intangible fixed assets | 114,997 | 92,652 |
Non current assets held for sale | - | - |
Other assets | 469,891 | 536,536 |
Goodwill | 198,880 | 197,473 |
Total assets | 63,725,270 | 63,255,719 |
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(1) After deduction of provisions amounting to LBP 689,100 million from loans and advances to customers as per IAS 39, of which LBP 244,559 million representing provisions on collective assessment. | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 153,383 million. | ||
(3) Includes an amount of LBP 2,332 billion with risk ceded to customers. |
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Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
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| (LBP Million) |
LIABILITIES | 31/12/2015 | 31/12/2014 |
Due to Central Banks | 569,856 | 438,385 |
Due to banks and financial institutions and repurchase agreement | 2,340,565 | 1,785,794 |
Due to head office, sister, related banks and financial institutions | - | - |
Financial assets taken as a guarantee | - | - |
Derivative financial instruments | 131,199 | 116,303 |
Financial liabilities at fair value through profit and loss | - | - |
Of which: deposits at fair value through profit and loss | - | - |
Customers' deposits at amortized cost | 52,969,286 | 53,413,209 |
Deposits from related parties at amortized cost | 711,710 | 586,621 |
Debt issued and other borrowed funds | 80,353 | 89,528 |
Engagements by acceptances | 240,605 | 340,480 |
Other liabilities | 581,408 | 519,980 |
Provisions for risks and charges | 162,929 | 153,961 |
Subordinated loans and similar debts | 973,629 | 764,927 |
Non current liabilities held for sale | - | - |
Total liabilities | 58,761,540 | 58,209,188 |
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Shareholders' Equity - Group share |
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Share capital - Common shares | 661,985 | 659,586 |
Share capital - Preferred shares | 6,210 | 8,250 |
Issue premium - Common shares | 883,582 | 883,582 |
Issue premium - Preferred shares | 559,102 | 745,500 |
Subsidiary shares warrants | 17,145 | 17,195 |
Share Capital and Cash contribution to capital | 72,586 | 72,586 |
Non distributable reserves | 1,179,217 | 1,050,579 |
Distributable reserves | 642,867 | 616,976 |
Treasury shares | - | (4,929) |
Retained earnings | 673,239 | 599,388 |
Proposed dividends | - | - |
Revaluation reserve of real estate | 360,488 | 353,974 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 36,211 | 27,527 |
Remeasurement actuarial (gain)/Loss on defined benefit plan | (5,592) | (13,155) |
Share of associates' other comprehensive income under equity method | 4,546 | 4,546 |
Foreign currency translation reserve | (708,848) | (552,183) |
Net (loss) gain on hedge of net investments in foreign entities | (65,613) | 348 |
Result of the current Period | 582,558 | 513,500 |
Shareholders' Equity _ Group Share | 4,899,683 | 4,983,270 |
Non Controlling Interest | 64,047 | 63,261 |
Total shareholders' equity | 4,963,730 | 5,046,531 |
Total liabilities and shareholders' equity | 63,725,270 | 63,255,719 |
Bank Audi
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| (LBP Million) |
Consolidated Off Balance Sheet (Unaudited) | 31/12/2015 | 31/12/2014 |
Financing commitments |
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Financing commitments given to banks and financial institutions | 548,320 | 706,121 |
Financing commitments given to customers | 5,222,427 | 4,615,772 |
Bank guarantees |
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Guarantees given to banks and financial institutions | 246,125 | 385,315 |
Of which: credit derivatives | - | - |
Guarantees received from banks and financial institutions | 2,604,351 | 3,162,128 |
Of which: credit derivatives | - | - |
Guarantees given to customers | 2,529,315 | 2,302,773 |
Guarantees received from customers | 31,860,938 | 25,405,355 |
Financial notes commitments |
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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 |
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Foreign currencies to receive | 7,123,043 | 5,049,267 |
Foreign currencies to deliver | 7,215,797 | 5,053,068 |
Commitments on term financial instruments | 9,599,732 | 10,411,834 |
Other Commitments | - | - |
Claims from legal cases | - | - |
Fiduciary accounts | 2,255,152 | 1,727,524 |
Under specific instructions | 1,963,991 | 1,427,779 |
Under discretionary investments | 291,161 | 299,745 |
Assets under management | 12,185,015 | 12,933,370 |
Mutual funds | 407,021 | 561,719 |
Structured financial products | - | - |
Engagement unlikely to be executed | - | - |
Bad debts written off during the year | 35,046 | 13,676 |
Bank Audi
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| (LBP Million) |
Consolidated Income statement (unaudited) | 2015 | 2014 |
Interest and similar income | 3,771,787 | 3,401,120 |
Interest and similar expense | (2,307,795) | (2,150,881) |
Net interest margin | 1,463,992 | 1,250,239 |
Fee and commission income | 507,069 | 458,795 |
Fee and commission expense | (100,404) | (85,356) |
Net Fee and commission Income | 406,665 | 373,439 |
Net gain on financial assets or liabilities at fair value through profit and loss | 1,783 | 52,189 |
Of which: interest income | 25,745 | 18,683 |
Net gain on financial investments | 224,801 | 294,146 |
Other operating Income | 26,244 | 23,307 |
Total operating income | 2,123,485 | 1,993,320 |
Net provisions for credit losses | (200,009) | (209,748) |
Net Operating income | 1,923,476 | 1,783,572 |
Personnel expenses | (636,289) | (632,571) |
Other operating expenses | (406,760) | (374,789) |
Depreciation of property and equipment | (74,413) | (64,674) |
Amortization of intangible assets | (28,827) | (23,602) |
Impairment of goodwill | (5,457) | (3,015) |
Total Operating Expenses | (1,151,746) | (1,098,651) |
Operating Profit | 771,730 | 684,921 |
Share of profit of associates under equity method | 3,307 | 373 |
Net gain (loss) on disposal of other asset | (626) | 816 |
Profit before tax | 774,411 | 686,110 |
Income tax | (166,684) | (158,025) |
Profit after tax | 607,727 | 528,085 |
Result of discontinued operations, net of tax | - | 40 |
Profit for the current period | 607,727 | 528,125 |
Minority Share Profit for the current period | 25,169 | 14,625 |
Group Share Profit for the current period | 582,558 | 513,500 |
Basic earnings per share LBP | 1,374 | 1,297 |
Basic earnings per share from continuing operations LBP | 1,374 | 1,297 |