30 Jan 2009 07:00
January 30, 2009
Consolidated Unaudited Results for the year 2008Compared to end of 2007
Total assets of US$ 20.4 billion, growing by 17.9% ;
Customers' deposits of US$ 17.3 billion, growing by 20.8% ;
Shareholders' equity of US$ 1.9 billion, growing by 7.5% ;
Net profits of US$ 238.5 million, growing by 19.1% .
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| Bank Audi s.a.l. - Audi Saradar Group | | |
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| Consolidated Balance Sheet | ||
| | | (LL million) |
| Assets | 31/12/2008 | 31/12/2007 |
| Cash and balances with Central Banks | 4,437,038 | 4,227,585 |
| Due from banks & financial institutions | 5,493,236 | 4,761,900 |
| Due from head office, sister,related banks and financial institutions | | |
| Financial assets given as collateral and reverse repurchase agreements | | |
| Derivative financial instruments | 16,031 | 23,346 |
| Financial assets held for trading | 20,851 | 719,227 |
| Financial assets designated at fair value through profit & loss | 600,615 | 475,347 |
| Net loans & advances to customers * | 8,992,807 | 6,828,316 |
| Net loans & advances to related parties | 255,977 | 268,278 |
| Debtors by acceptances | 248,703 | 198,288 |
| Available for sale financial instruments | 3,896,890 | 4,224,715 |
| - Credit risk ceded | 1,176,632 | 778,072 |
| - Net Exposure | 2,720,258 | 3,446,643 |
| Financial assets classified as loans and receivables | 5,539,702 | 2,940,798 |
| Held to maturity financial instruments | 255,078 | 512,435 |
| Investments in associates | 21,711 | 22,630 |
| Investment properties | | |
| Property & equipment | 480,108 | 455,661 |
| Intangible fixed assets | 17,684 | 13,502 |
| Non current assets held for sale | 38,533 | 40,254 |
| Deferred taxes assets | 14,223 | 14,722 |
| Other assets | 217,756 | 165,491 |
| Goodwill | 223,581 | 215,131 |
| Total Assets | 30,770,524 | 26,107,626 |
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| * After deduction of provisions amounting to LL (million) 189,944 from loans and advances to customers as per IAS 39, of whichLL (million) 11,513 representing provisions on collective assessment. | ||
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| Consolidated Balance Sheet | |||
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| (LL million) | ||
| Liabilities & Shareholders' Equity | 31/12/2008 | 31/12/2007 | |
| Due to Central Banks |
|
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| Due to banks & financial institutions | 706,334 | 956,076 | |
| Due to head office, sister, related banks and financial institutions |
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| Financial assets taken as collateral & repurchase agreement |
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| Derivative financial instruments |
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| Financial liabilities held for trading |
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| Financial liabilities designated at fair value through profit & loss |
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| Customers deposits | 25,793,893 | 21,163,808 | |
| Deposits from related parties | 237,182 | 392,097 | |
| Debt issued & other borrowed funds | 153,148 | 153,148 | |
| Engagements by acceptances | 248,703 | 198,288 | |
| Current tax liabilities | 60,266 | 58,349 | |
| Deferred tax liabilities | 5,754 | 874 | |
| Other liabilities | 556,650 | 395,524 | |
| Liabilities related to non-current assets held for sale |
|
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| Provisions for risks & charges | 21,995 | 14,723 | |
| End of service benefits | 30,649 | 25,482 | |
| Subordinated loans & similar debts |
|
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| Total Liabilities | 27,814,574 | 23,358,369 | |
| Shareholders' Equity - Group Share | 2,469,935 | 2,338,416 | |
| Capital - Common shares | 376,083 | 361,925 | |
| Capital - Preferred shares | 57,750 | 57,750 | |
| Issue premium - Common shares | 1,014,893 | 1,014,893 | |
| Issue premium - Preferred shares | 339,188 | 339,188 | |
| Cash contribution to capital | 72,586 | 72,586 | |
| Capital reserves | 464,567 | 282,413 | |
| Treasury shares | (57,954) | (1,531) | |
| Retained earnings | 84,334 | 56,305 | |
| Revaluation reserve of real estate | 18,600 | 18,600 | |
| Reserve on revaluation of financial Instruments | 80,292 | 109,241 | |
| Reserve for cash flow hedges |
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| Foreign currency translation reserve | 17,319 | 27,046 | |
| Other reserves | 2,277 |
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| Result of the year |
|
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| Minority Interest | 133,994 | 121,157 | |
| Profit & Loss Accounts | 352,021 | 289,684 | |
| Total Shareholders' Equity | 2,955,950 | 2,749,257 | |
| Total Liabilities & Shareholders' Equity | 30,770,524 | 26,107,626 | |
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| Bank Audi s.a.l. - Audi Saradar Group | |||
| Consolidated Off Balance Sheet | |||
|
| (LL million) | ||
| OFF Balance Sheet | 31/12/2008 | 31/12/2007 | |
| Financing Commitments |
|
| |
| - Financing commitments given to banks & financial institutions | 563,275 | 468,751 | |
| - Financing commitments received from banks & financial institutions | 216,054 | 172,143 | |
| - Engagement to customers | 458,219 | 390,751 | |
| Bank guarantees : |
|
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| - Guarantees given to banks & financial institutions | 245,702 | 230,499 | |
| of which: credit derivatives |
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| - Guarantees received from banks & financial institutions |
|
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| of which: credit derivatives |
|
| |
| - Guarantees given to customers | 1,332,528 | 958,921 | |
| - Guarantees received from customers | 3,707,897 | 3,537,056 | |
| Financial Notes Commitments |
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| - Financial notes commitments to be received |
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| of which: financial instruments sold with a buy back option |
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| - Financial notes commitments to be delivered |
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| of which: financial instruments purchased with a buy back option |
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| Foreign Currencies Forwards |
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| - Foreign currencies to receive | 1,221,987 | 1,705,167 | |
| - Foreign currencies to deliver | 1,237,441 | 1,706,867 | |
| Commitments on term financial instruments |
| 594,294 | |
| Other commitments |
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| Claims from legal cases |
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| Fiduciary assets | 2,810,523 | 3,159,896 | |
| Asset under management | 2,039,250 | 2,260,941 | |
| Mutual funds |
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| Structured financial products |
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| Engagement unlikely to be executed |
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| Bad debts fully provided for | 313,125 | 282,040 | |
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| Bank Audi s.a.l. - Audi Saradar Group | |||
| Consolidated Income statement | |||
| (LL million) | |||
| 2008 | 2007 | ||
| Interest & similar income | 1,744,029 | 1,525,548 | |
| Interest & similar expenses | (1,095,114) | (1,004,997) | |
| Net Interest Income | 648,915 | 520,551 | |
| Fees & commissions income | 260,148 | 192,109 | |
| Fees & commissions expenses | (39,611) | (31,860) | |
| Net Fees & Commissions Income | 220,537 | 160,249 | |
| Net trading income/loss | 75,187 | 78,420 | |
| Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | (3,758) | (8,213) | |
| Net gain or loss on financial investments | (2,727) | 38,344 | |
| Other operating Income | 62,783 | 34,875 | |
| Total Operating Income | 1,000,937 | 824,226 | |
| Net provisions for credit losses | (11,113) | 2,094 | |
| Provision on impairement of financial instruments | (1,371) | 1,681 | |
| Net Operating income | 988,453 | 828,001 | |
| Personnel expenses | (298,673) | (253,630) | |
| Depreciation of property & equipment | (32,454) | (27,014) | |
| Amortization of intangible assets | (5,125) | (4,831) | |
| Impairement of goodwill | (1,268) |
| |
| Other operating expenses | (225,513) | (175,118) | |
| Total Operating Expenses | (563,033) | (460,593) | |
| Operating Profits | 425,420 | 367,408 | |
| Share of profits of associates under equity method | 885 | 1,065 | |
| Net gain (loss) on sale or disposal of other assets | 3,173 | (3,539) | |
| Profits Before Tax | 429,478 | 364,934 | |
| Income tax | (69,946) | (63,025) | |
| Profits After Tax from Operating Activities | 359,532 | 301,909 | |
| Result of discontinued operations |
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| |
| Net Profits | 359,532 | 301,909 | |
| Minority Interest | 7,511 | 12,225 | |
| Net Profits - Group share | 352,021 | 289,684 | |
| Basic earnings per share LL | 9,778 | 7,994 | |
| Diluted earnings per share LL | 9,302 | 7,604 | |