19 Jan 2012 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at End-December 2011
·; US$ 28.7 billion in total assets
·; US$ 24.8 billion in customers' deposits
·; US$ 2.4 billion of shareholders' equity
·; US$ 365.2 million of consolidated net profits in 2011
rising by 3.7% relative to 2010, despite the allocation of the profits of the Syrian and Egyptian entities (US$ 42 million) to collective provisions on consolidated level, thereby abiding by strict precautionary management policies
·; 77.3% coverage of gross doubtful loans by specific loan loss provisions in cash, reaching 104% when accounting for real guarantees
·; 0.66% only of net doubtful loans to gross loans ratio, without accounting for US$ 101 million of consolidated collective provisions
·; 50.6% of primary liquidity to customers' deposits ratio
·; 11% of capital adequacy ratio as per Basle II
·; 16.4% of return on average common equity
corresponding to US$ 1 of earnings per common share and US$ 5.72 of common book per share
·; 45.5% of cost to income ratio
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 31/12/2011 | 31/12/2010 |
Cash and balances with Central Banks | 8,703,354 | 6,684,541 |
Deposits with banks & financial institutions | 4,562,065 | 6,147,455 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions & reverse repurchase agreements | 218,647 | 190,529 |
Financial assets given as collateral | 17,424 | |
Derivative financial instruments | 62,860 | 40,659 |
Shares and participations held at fair value through profit & loss (1) | 26,431 | 80,881 |
Debt Instruments & other similar financial assets at fair value through profit & loss (1) (3) | 771,349 | 928,218 |
Of which: Net advances and loans designated at fair value through profit and loss | ||
Net loans & advances to customers at amortized cost (2) | 12,692,260 | 12,643,760 |
Net loans & advances to related parties at amortized cost (4) | 263,666 | 241,661 |
Debtors by acceptances | 280,819 | 274,811 |
Debt instruments classified at Amortized Cost (figures at end 31/12/2010 include LBP 7,389,549 million at fair value) (1) (3) | 14,307,305 | 14,616,102 |
Shares and participations designated at fair value through OCI (1) | 250,108 | 288,113 |
Investments in associates | 43,077 | 30,733 |
Assets taken in settlement of debts | 25,945 | 29,255 |
Property & equipment | 511,550 | 509,930 |
Intangible fixed assets | 13,508 | 25,467 |
Non current assets held for sale | ||
Other assets | 310,732 | 237,856 |
Goodwill | 261,431 | 277,204 |
Total Assets | 43,322,531 | 43,247,175 |
(1) Effective 01/01/2011, the Bank elected to early adopt IFRS 9 which required some reclassification in the bank's investments portfolio. | ||
(2) After deduction of provisions amounting to LBP 368,478 million from loans and advances to customers as per IAS 39, of which | ||
LBP 151,720 million representing provisions on collective assessment . | ||
(3) Includes an amount of LBP 1,618 billion with risk ceded to customers. | ||
(4) Loans granted to related parties against cash collateral amounted to LBP 220,765 million. | ||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 31/12/2011 | 31/12/2010 |
Due to Central Banks | 133,394 | 133,376 |
Due to banks & financial institutions & repurchase agreement | 1,007,558 | 909,668 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 51,882 | 59,274 |
Financial liabilities at fair value through profit & loss | ||
of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 37,097,189 | 37,198,988 |
Deposits from related parties at amortized cost | 285,270 | 259,104 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 280,819 | 274,811 |
Other liabilities | 819,411 | 693,802 |
Provisions for risks & charges | 95,306 | 69,417 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 39,770,829 | 39,598,440 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 438,198 | 436,990 |
Capital - Preferred shares | 17,243 | 17,243 |
Issue premium - Common shares | 657,846 | 652,939 |
Issue premium - Preferred shares | 359,633 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 639,135 | 488,927 |
Reserves available for distribution | 439,020 | 566,218 |
Treasury shares | (103,912) | (37,163) |
Retained earnings | 325,501 | 209,541 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 18,600 |
Reserve on revaluation of financial assets at fair value through OCI | 87,678 | 217,524 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (86,951) | (40,310) |
Result of the year | 544,179 | 508,556 |
Total Shareholders' Equity - Group share | 3,410,531 | 3,471,284 |
Non controlling interest | 141,171 | 177,451 |
Total Shareholder's Equity | 3,551,702 | 3,648,735 |
Total Liabilities & Shareholders' Equity | 43,322,531 | 43,247,175 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/12/2011 | 31/12/2010 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 391,956 | 690,308 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 173,708 | 248,973 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 426,938 | 506,317 |
of which: credit derivatives | 8,233 | |
- Guarantees received from banks & financial institutions | 512,947 | 840,068 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,224,768 | 2,439,776 |
- Guarantees received from customers | 11,825,938 | 11,471,797 |
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 | 2,468,285 | 2,323,757 |
- Foreign currencies to deliver | 2,455,933 | 2,346,536 |
Engagements on term financial instruments | 1,979,743 | 457,551 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,205,948 | 1,268,874 |
under specific instructions | 1,153,072 | 1,239,973 |
under discretionary investments | 52,876 | 28,901 |
Assets under management | 10,522,456 | 10,863,500 |
Mutual funds | 223,399 | 180,795 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 320,791 | 321,295 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 31/12/2011 | 31/12/2010 |
Interest & similar income | 2,085,004 | 1,987,204 |
Interest & similar expense | (1,269,997) | (1,293,927) |
Net Interest Income | 815,007 | 693,277 |
Fee & commission income | 337,776 | 313,786 |
Fee & commission expense | (60,101) | (50,704) |
Net Fee & Commission Income | 277,675 | 263,082 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 122,640 | 137,723 |
of which: interest revenues/charges | 36,179 | 45,061 |
Net gain on financial investments | 250,016 | 187,177 |
Other operating Income | 49,845 | 48,115 |
Total Operating Income | 1,515,183 | 1,329,374 |
Net provisions for credit losses | (136,868) | (47,503) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (167,633) | (81,591) |
Recoveries of provisions for doubtful loans | 30,765 | 34,088 |
Impairment loss on financial instruments | (251) | (922) |
Net Operating income | 1,378,064 | 1,280,949 |
Personnel expenses | (389,040) | (353,079) |
Other operating expenses | (255,097) | (232,579) |
Depreciation of property & equipment | (39,444) | (37,720) |
Amortization of intangible assets | (7,936) | (7,052) |
Impairment of goodwill | ||
Total Operating Expenses | (691,517) | (630,430) |
Operating Profit | 686,547 | 650,519 |
Share of profit of associates under equity method | 4,818 | 4,192 |
Net gain on disposal of assets | 415 | (93) |
Profit Before Tax | 691,780 | 654,618 |
Income tax | (141,229) | (123,605) |
Profit After Tax from Operating Activities | 550,551 | 531,013 |
Result of discontinued operations | ||
Net Profit | 550,551 | 531,013 |
Non-controlling interest | 6,372 | 22,457 |
Net Profit - Group share | 544,179 | 508,556 |
Basic earnings per share LL | 1,510 | 1,452 |
Diluted earnings per share LL | 1,506 | 1,413 |