30 Jan 2014 16:04
Bank Audi sal - Audi Saradar Group
Among Leading Regional Banking Groups
US$ 36.1 billion in total assets as at 31/12/2013
Consolidated Activity Highlights as at End-December 2013
· US$ 31.1 billion of customers' deposits
· US$ 14.7 billion of net loans to customers
· US$ 9.3 billion of assets under management
· US$ 2.7 billion of shareholders' equity
· US$ 305 million of net profits in 2013
Main Financial Indicators
· 11% of capital adequacy ratio as per Basel III
· 2.7% only of gross doubtful loans to gross loans ratio
· 40.1% of primary liquidity to customers' deposits ratio
· 12.6% of return on average common equity
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 31/12/2013 | Restated * 31/12/2012 |
Cash and balances with Central Banks | 9,192,108 | 9,462,380 |
Deposits with banks and financial institutions | 4,082,921 | 4,280,978 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions and reverse repurchase agreements | 657,945 | 1,060,267 |
Financial assets given as collateral | ||
Derivative financial instruments | 136,062 | 51,046 |
Shares and participations at fair value through profit and loss | 64,632 | 52,222 |
Debt instruments and other similar financial assets at fair value through profit and loss | 344,451 | 458,435 |
Of which: Net advances and loans at fair value through profit and loss | 47,844 | 75,555 |
Net loans and advances to customers at amortized cost (1) | 22,050,871 | 15,416,403 |
Net loans and advances to related parties at amortized cost (2) | 114,829 | 304,511 |
Debtors by acceptances | 262,689 | 182,715 |
Debt instruments classified at amortized cost (3) | 16,023,035 | 14,549,116 |
Shares and participations at fair value through other comprehensive income | 272,475 | 245,793 |
Investments in associates | 28,615 | 34,230 |
Assets taken in settlement of debts | 14,334 | 15,113 |
Property and equipment | 575,836 | 528,710 |
Intangible fixed assets | 82,259 | 49,600 |
Non current assets held for sale | 4,984 | 34,941 |
Other assets | 327,616 | 239,632 |
Goodwill | 211,144 | 222,846 |
Total Assets | 54,446,806 | 47,188,938 |
(1) After deduction of provisions amounting to LBP 524,644 million from loans and advances to customers as per IAS 39, of which LBP 196,960 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 62,607 million. | ||
(3) Includes an amount of LBP 1,812 billion with risk ceded to customers. | ||
* Restatement for the effect of adopting IAS 19 (Revised) | ||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 31/12/2013 | Restated * 31/12/2012 |
Due to Central Banks | 252,042 | 133,108 |
Due to banks and financial institutions and repurchase agreement | 1,666,978 | 1,852,661 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 134,466 | 56,042 |
Financial liabilities at fair value through profit and loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers' deposits at amortized cost | 46,117,597 | 39,718,890 |
Deposits from related parties at amortized cost | 757,590 | 689,101 |
Debt issued and other borrowed funds | ||
Engagements by acceptances | 262,689 | 182,715 |
Other liabilities | 521,474 | 407,737 |
Provisions for risks and charges | 130,280 | 108,486 |
Subordinated loans and similar debts | 537,101 | |
Non current liabilities held for sale | 14,799 | |
Total Liabilities | 50,380,217 | 43,163,539 |
Shareholders' Equity - Group Share | ||
Share capital - Common shares | 454,324 | 438,586 |
Share capital - Preferred shares | 6,495 | 19,124 |
Issue premium - Common shares | 659,206 | 659,206 |
Issue premium - Preferred shares | 747,255 | 583,876 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 960,183 | 808,434 |
Reserves available for distribution | 594,069 | 551,406 |
Treasury shares | (114,327) | (20,245) |
Retained earnings | 440,776 | 328,223 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 119,442 | 86,805 |
Remeasurement actuarial (Gain)/Loss on defined benefit plan | (11,538) | (10,793) |
Foreign currency translation reserve | (399,883) | (173,759) |
Result of the year | 454,669 | 564,737 |
Total Shareholders' Equity - Group share | 4,003,632 | 3,928,561 |
Non controlling interest | 62,957 | 96,838 |
Total Shareholders' Equity | 4,066,589 | 4,025,399 |
Total Liabilities and Shareholders' Equity | 54,446,806 | 47,188,938 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/12/2013 | 31/12/2012 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 570,906 | 353,763 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 752,526 | 460,963 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 346,348 | 390,904 |
Of which: credit derivatives | 889 | 528 |
- Guarantees received from banks and financial institutions | 424,712 | 447,939 |
Of which: credit derivatives | ||
- Guarantees given to customers | 2,310,596 | 1,921,292 |
- Guarantees received from customers | 20,839,349 | 13,080,056 |
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 | 4,355,887 | 2,775,034 |
- Foreign currencies to deliver | 4,370,373 | 2,782,774 |
Engagements on term financial instruments | 7,143,169 | 2,243,844 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,389,016 | 1,215,349 |
under specific instructions | 1,351,026 | 1,128,697 |
under discretionary investments | 37,990 | 86,652 |
Assets under management | 12,286,291 | 11,274,636 |
Mutual funds | 327,000 | 244,763 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 14,371 | 158,427 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (unaudited) | 2013 | 2012 |
Interest and similar income | 2,723,405 | 2,208,509 |
Interest and similar expense | (1,735,489) | (1,344,819) |
Net Interest Income | 987,916 | 863,690 |
Fee and commission income | 351,846 | 330,562 |
Fee and commission expense | (68,778) | (51,197) |
Net Fee and Commission Income | 283,068 | 279,365 |
Net gain on financial assets or liabilities at fair value through profit and loss | 136,434 | 197,456 |
Of which: interest income | 26,719 | 38,421 |
Net gain on financial investments | 193,598 | 296,057 |
Other operating Income | 12,840 | 22,251 |
Total Operating Income | 1,613,856 | 1,658,819 |
Net provisions for credit losses | (136,139) | (182,475) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (148,323) | (202,104) |
Recoveries of provisions for doubtful loans | 12,184 | 19,629 |
Impairment loss on financial instruments | 736 | (110) |
Net Operating Income | 1,478,453 | 1,476,234 |
Personnel expenses | (493,029) | (411,746) |
Other operating expenses | (344,066) | (291,959) |
Depreciation of property and equipment | (52,723) | (46,088) |
Amortization of intangible assets | (16,092) | (7,663) |
Impairment of goodwill | (21,167) | |
Total Operating Expenses | (905,910) | (778,623) |
Operating Profit | 572,543 | 697,611 |
Share of profit of associates under equity method | 1,169 | 551 |
Net gain on disposal of assets | 686 | 850 |
Profit Before Tax | 574,398 | 699,012 |
Income tax | (114,680) | (154,537) |
Profit After Tax from Operating Activities | 459,718 | 544,475 |
Result of discontinued operations, net of tax | (600) | 33,814 |
Profit for the Year | 459,118 | 578,289 |
Non-controlling interest | 4,449 | 13,552 |
Profit For The Year - Group share | 454,669 | 564,737 |
Basic earnings per share LL | 1,200.0 | 1,527.0 |
Diluted earnings per share LL | 1,200.0 | 1,526.4 |
Basic earnings per share from continuing operations LL | 1,200.0 | 1,431.0 |
Diluted earnings per share from continuing operations LL | 1,200.0 | 1,430.0 |