26 Jan 2015 16:00
Bank Audi
A Leading Regional1 Banking Group
US$ 42 billion in total assets as at 31/12/2014
Of which 47% from entities outside Lebanon and 33% in investment grade countries
Consolidated Activity Highlights as at End-December 2014
Sustained and Diversified Growth of Assets and Profits
· US$ 35.8 billion of total customers' deposits, growing by 15.2% relative to end-December 2013, of which 45% from entities outside lebanon
· US$ 17.2 billion of loans to customers, growing by 16.7% relative to end-December 2013, of which 66% from entities outside lebanon
· US$ 3.3 billion of shareholders' equity, after completing a capital increase of US$ 300 million in September 2014
· US$ 350 million of net profits in 2014, growing by 15% relative to 2013, of which 42% from entities outside lebanon
Financial Standing Indicators
· 13.7% of capital adequacy ratio as per Basel III
· 3.1% only of gross doubtful loans to gross loans ratio, reaching 0.9% when deducting specific loan loss reserves, excluding collective provisions
· 45.2% of primary liquidity to customers' deposits ratio
· 13.6% 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│REP. OFF. IN ABU DHABI
___________________________
1 Refers to the Middle East and North Africa Region
Bank Audi sal www.bankaudigroup.com
Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP Million) | ||
ASSETS | 31/12/2014 | 31/12/2013 |
Cash and balances with Central Banks | 13,247,387 | 9,192,108 |
Deposits with banks and financial institutions | 3,657,466 | 4,229,556 |
Loans to banks and financial institutions and reverse repurchase agreements | 2,928,743 | 657,945 |
Due from head office, sister, related banks and financial institutions | - | - |
Financial assets given as collateral | - | - |
Derivative financial instruments | 192,091 | 136,062 |
Shares and participations at fair value through profit and loss | 58,170 | 64,632 |
Debt instruments and other similar financial assets at fair value through profit and loss | 410,078 | 344,451 |
Of which: Net advances and loans at fair value through profit and loss | 12,043 | 47,844 |
Net loans and advances to customers at amortized cost (1) | 25,770,531 | 22,064,822 |
Net loans and advances to related parties at amortized cost (2) | 110,007 | 114,829 |
Debtors by acceptances | 340,480 | 262,689 |
Debt instruments classified at amortized cost (3) | 14,573,317 | 16,023,035 |
Shares and participations at fair value through other comprehensive income | 135,706 | 272,475 |
Investments in associates | 27,587 | 28,615 |
Assets taken in settlement of debts | 18,510 | 14,334 |
Property and equipment | 949,604 | 575,836 |
Intangible fixed assets | 92,652 | 82,259 |
Non current assets held for sale | - | 4,984 |
Other assets | 541,359 | 278,584 |
Goodwill | 197,473 | 211,144 |
Total assets | 63,251,161 | 54,558,360 |
(1) After deduction of provisions amounting to LBP 679,237 million from loans and advances to customers as per IAS 39, of which | ||
LBP 209,555 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 2,244 billion with risk ceded to customers. | ||
Bank Audi
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP Million) | ||
LIABILITIES | 31/12/2014 | 31/12/2013 |
Due to Central Banks | 438,385 | 252,042 |
Due to banks and financial institutions and repurchase agreement | 1,785,794 | 1,796,092 |
Due to head office, sister, related banks and financial institutions | - | - |
Financial assets taken as a guarantee | - | - |
Derivative financial instruments | 116,303 | 134,466 |
Financial liabilities at fair value through profit and loss | - | - |
Of which: deposits at fair value through profit and loss | - | - |
Customers' deposits at amortized cost | 53,422,738 | 46,118,217 |
Deposits from related parties at amortized cost | 580,462 | 757,590 |
Debt issued and other borrowed funds | 89,528 | - |
Engagements by acceptances | 340,480 | 262,689 |
Other liabilities | 519,069 | 502,771 |
Provisions for risks and charges | 153,958 | 132,882 |
Subordinated loans and similar debts | 764,927 | 537,101 |
Non current liabilities held for sale | - | - |
Total liabilities | 58,211,644 | 50,493,850 |
Shareholders' Equity - Group share | ||
Capital - Common shares | 659,586 | 454,324 |
Capital - Preferred shares | 8,250 | 6,495 |
Issue premium - Common shares | 883,582 | 659,206 |
Issue premium - Preferred shares | 745,500 | 747,255 |
Subsidiary shares warrants | 19,259 | - |
Share Capital and Cash contribution to capital | 72,586 | 72,586 |
Non distributable reserves | 1,050,579 | 959,545 |
Distributable reserves | 618,290 | 589,523 |
Treasury shares | (4,929) | (114,327) |
Retained earnings | 606,914 | 441,400 |
Proposed dividends | - | - |
Revaluation reserve of real estate | 355,380 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 27,685 | 119,443 |
Remeasurement actuarial (gain)/Loss on defined benefit plan | (12,454) | (13,641) |
Share of associates' other comprehensive income under equity method | 4,546 | 4,546 |
Foreign currency translation reserve | (557,162) | (399,804) |
Net (loss) gain on hedge of net investments in foreign entities | (14,814) | - |
Result of the current Period | 513,436 | 454,621 |
Shareholders' Equity _ Group Share | 4,976,234 | 4,001,547 |
Non Controlling Interest | 63,283 | 62,963 |
Total shareholder's equity | 5,039,517 | 4,064,510 |
Total liabilities and equity | 63,251,161 | 54,558,360 |
Bank Audi
(LBP Million) | ||
Consolidated Off Balance Sheet (Unaudited) | 31/12/2014 | 31/12/2013 |
Financing commitments | ||
Financing commitments given to banks and financial institutions | 685,748 | 570,906 |
Financing commitments given to customers | 4,491,889 | 3,754,997 |
Bank guarantees | - | - |
Guarantees given to banks and financial institutions | 351,005 | 383,675 |
Of which: credit derivatives | - | 889 |
Guarantees received from banks and financial institutions | 1,706,271 | 424,712 |
Of which: credit derivatives | - | - |
Guarantees given to customers | 2,337,082 | 2,242,142 |
Guarantees received from customers | 28,292,046 | 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 | 5,049,267 | 4,355,887 |
Foreign currencies to deliver | 5,053,068 | 4,370,373 |
Commitments on term financial instruments | 9,808,834 | 7,167,566 |
Other Commitments | - | - |
Claims from legal cases | - | - |
Fiduciary accounts | 1,727,524 | 1,389,016 |
Under specific instructions | 1,427,779 | 1,351,026 |
Under discretionary investments | 299,745 | 37,990 |
Assets under management | 12,933,250 | 12,286,291 |
Mutual funds | 561,719 | 327,000 |
Structured financial products | - | - |
Engagement unlikely to be executed | - | - |
Bad debts written off during the year | 13,676 | 14,371 |
Bank Audi
(LBP Million) | ||
Consolidated Income statement (unaudited) | 2014 | 2013 |
Interest and similar income | 3,401,959 | 2,693,381 |
Interest and similar expense | (2,150,881) | (1,731,234) |
Net interest margin | 1,251,078 | 962,147 |
Fee and commission income | 458,037 | 351,110 |
Fee and commission expense | (85,356) | (69,092) |
Net Fee and commission Income | 372,681 | 282,018 |
Net gain on financial assets or liabilities at fair value through profit and loss | 50,717 | 162,307 |
Of which: interest income | 17,868 | 26,719 |
Net gain on financial investments | 294,156 | 193,557 |
Other operating Income | 24,210 | 12,909 |
Total operating income | 1,992,842 | 1,612,938 |
Net provisions for credit losses | (207,011) | (135,362) |
Credit losses related to debt instruments classified at amortized cost | 699 | 736 |
Provision for doubtful accounts | (226,968) | (150,229) |
Recoveries of provisions for doubtful accounts | 19,258 | 14,131 |
Impairment on related financial investments | - | - |
Net Operating income | 1,785,831 | 1,477,576 |
Personnel expenses | (622,924) | (493,064) |
Other operating expenses | (386,942) | (343,122) |
Depreciation of property and equipment | (64,707) | (52,723) |
Amortization of intangible assets | (23,586) | (16,092) |
Impairment of goodwill | (3,015) | - |
Total Operating Expenses | (1,101,174) | (905,001) |
Operating Profit | 684,657 | 572,575 |
Share of profit of associates under equity method | 197 | 1,169 |
Net gain (loss) on sale or disposal of other asset | 816 | 685 |
Profit before tax | 685,670 | 574,429 |
Income tax | (157,584) | (114,711) |
Profit after tax | 528,086 | 459,718 |
Result of discontinued operations, net of tax | 39 | (600) |
Profit for the current period | 528,125 | 459,118 |
Minority Share Profit for the current period | 14,689 | 4,497 |
Group Share Profit for the current period | 513,436 | 454,621 |
Basic earnings per share LBP | 1,295 | 1,200 |
Diluted earnings per share LBP | 1,295 | 1,200 |
Basic earnings per share from continuing operations LBP | 1,295 | 1,200 |
Diluted earnings per share from continuing operations LBP | 1,295 | 1,200 |