28 Jan 2010 17:00
Bank Audi S.A.L. - Audi Saradar Group
Consolidated Activity Highlights in 2009 Relative to 2008
US$ 26.5 billion in total assets, rising by 29.9%
US$ 23 billion in customers' deposits, rising by 32.6%
US$ 2.2 billion of shareholders' equity, rising by 11.1%
US$ 289 million of consolidated net profits, rising by 21.4%
55.7% primary liquidity to customers' deposits ratio
11.5% capital adequacy ratio as per Basle II
0.27% of net doubtful to gross loans ratio
91.8% of loan loss reserves to gross doubtful loans ratio
14.8% of return on average common equity ratio
US$ 8 of common earnings per share, rising by 23.5%
Bank Audi S.A.L. - Audi Saradar Group
| Consolidated Statement of Financial Position (Unaudited) | ||||
|
|
(LL million) | |||
| Assets | 31/12/2009 | 31/12/2008 | ||
| Cash and balances with Central Banks | 6,206,165 | 4,440,913 | ||
| Due from banks & financial institutions | 7,737,613 | 5,460,553 | ||
| Due from head office, sister, related banks and financial institutions |
|
| ||
| Financial assets given as collateral and reverse repurchase agreements |
|
| ||
| Derivative financial instruments | 36,747 | 48,442 | ||
| Financial assets held for trading (2) | 835,025 | 21,142 | ||
| Financial assets designated at fair value through profit & loss |
| 324,105 | ||
| Net loans & advances to customers (1) | 9,911,243 | 8,982,761 | ||
| Net loans & advances to related parties | 259,799 | 256,876 | ||
| Debtors by acceptances | 284,423 | 234,396 | ||
| Available for sale financial instruments (2) | 6,003,039 | 3,809,668 | ||
| Financial assets classified as loans and receivables (2) (3) | 7,225,213 | 5,910,767 | ||
| Held to maturity financial instruments (2) | 440,918 | 259,918 | ||
| Investments in associates | 33,996 | 33,124 | ||
| Investment properties |
|
| ||
| Property & equipment | 527,130 | 479,888 | ||
| Intangible fixed assets | 26,276 | 18,937 | ||
| Non current assets held for sale | 29,261 | 38,534 | ||
| Deferred taxes assets | 2,279 | 10,852 | ||
| Other assets | 154,598 | 189,870 | ||
| Goodwill | 218,685 | 209,675 | ||
| Total Assets | 39,932,410 | 30,730,421 | ||
| (1) After deduction of provisions amounting to LL (million) 236,726 from loans and advances to customers as per IAS 39, of which LL (million) 65,032 representing provisions on collective assessment. | ||||
| (2) Includes (a) an amount of LL (billion) 4,046 representing Local Currency Lebanese Treasury Bills | ||||
| (b) an amount of LL (billion) 2,131 representing Lebanese Eurobonds of which LL (billion) 1,487 risk ceded to customers | ||||
| (3) Includes an amount of LL (billion) 4,035 representing Local Currency Certificates of Deposits | ||||
Bank Audi S.A.L. - Audi Saradar Group
| Consolidated Statement of Financial Position (Unaudited) | ||
|
| (LL million) | |
| Liabilities | 31/12/2009 | 31/12/2008 |
| Due to Central Banks | 133,359 |
|
| Due to banks & financial institutions | 775,059 | 699,150 |
| Due to head office, sister, related banks and financial institutions |
|
|
| Financial assets taken as collateral & repurchase agreement |
|
|
| Derivative financial instruments | 26,780 | 46,588 |
| Financial liabilities held for trading |
|
|
| Financial liabilities designated at fair value through profit & loss |
|
|
| Customers deposits | 34,382,119 | 25,898,206 |
| Deposits from related parties | 268,722 | 237,030 |
| Debt issued & other borrowed funds | 153,148 | 153,148 |
| Engagements by acceptances | 284,423 | 234,396 |
| Current tax liabilities | 43,055 | 33,610 |
| Deferred tax liabilities | 38,941 | 2,479 |
| Other liabilities | 471,816 | 408,933 |
| Liabilities related to non-current assets held for sale |
|
|
| Provisions for risks & charges | 24,472 | 22,426 |
| End of service benefits | 36,810 | 30,644 |
| Subordinated loans & similar debts |
|
|
| Total Liabilities | 36,638,704 | 27,766,610 |
| Shareholders' Equity - Group Share | 3,091,006 | 2,832,672 |
| Capital - Common shares | 421,632 | 376,083 |
| Capital - Preferred shares | 15,313 | 57,750 |
| Issue premium - Common shares | 843,902 | 1,017,928 |
| Issue premium - Preferred shares | 173,125 | 281,438 |
| Merger premium | 36,006 | 36,006 |
| Cash contribution to capital | 72,586 | 72,586 |
| Capital reserves | 819,200 | 518,887 |
| Treasury shares | (74,390) | (58,091) |
| Retained earnings | 105,255 | 50,516 |
| Revaluation reserve of real estate | 18,600 | 18,600 |
| Reserve on revaluation of financial Instruments | 228,206 | 98,755 |
| Reserve for cash flow hedges |
| 1,258 |
| Foreign currency translation reserve | 8,480 | 7,131 |
| Other reserves | 3,645 | 2,277 |
| Result of the year | 419,446 | 351,548 |
| Minority Interest | 202,700 | 131,139 |
| Profit & Loss Accounts |
|
|
| Total Shareholders' Equity | 3,293,706 | 2,963,811 |
| Total Liabilities & Shareholders' Equity | 39,932,410 | 30,730,421 |
Bank Audi S.A.L. - Audi Saradar Group
| Consolidated Off Balance Sheet (Unaudited) | ||||
|
| (LL million) | |||
| OFF Balance Sheet | 31/12/2009 | 31/12/2008 | ||
| Financing Commitments |
|
| ||
| - Financing commitments given to banks & financial institutions | 778,181 | 565,196 | ||
| - Financing commitments received from banks & financial institutions |
|
| ||
| - Engagement to customers | 947,486 | 589,427 | ||
| Bank guarantees : |
|
| ||
| - Guarantees given to banks & financial institutions | 261,306 | 253,331 | ||
| of which: credit derivatives |
|
| ||
| - Guarantees received from banks & financial institutions | 518,462 | 299,274 | ||
| of which: credit derivatives |
|
| ||
| - Guarantees given to customers | 2,504,522 | 1,453,659 | ||
| - Guarantees received from customers | 6,807,592 | 4,077,579 | ||
| 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 | 1,277,816 | 1,222,074 | ||
| - Foreign currencies to deliver | 1,269,265 | 1,237,529 | ||
| Engagements on term financial instruments | 36,629 | 104,102 | ||
| Other commitments |
|
| ||
| Claims from legal cases |
|
| ||
| Fiduciary assets | 1,493,921 | 2,743,542 | ||
| Assets under management | 8,991,010 | 7,061,327 | ||
| Mutual funds | 79,173 | 7,392 | ||
| Structured financial products |
|
| ||
| Engagements unlikely to be executed |
|
| ||
| Bad debts fully provided for | 359,735 | 313,125 | ||
Bank Audi S.A.L. - Audi Saradar Group
| (LL million) | ||
| Consolidated Income statement (Unaudited) | 2009 | 2008 |
| Interest & similar income | 1,866,544 | 1,729,337 |
| Interest & similar expenses | (1,241,832) | (1,091,656) |
| Net Interest Income | 624,712 | 637,681 |
| Fees & commissions income | 285,024 | 253,609 |
| Fees & commissions expenses | (43,675) | (40,865) |
| Net Fees & Commissions Income | 241,349 | 212,744 |
| Net trading income/loss | 124,791 | 67,406 |
| Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | 959 | (34,709) |
| Net gain or loss on financial investments | 63,795 | 46,871 |
| Other operating Income | 63,270 | 66,532 |
| Total Operating Income | 1,118,876 | 996,525 |
| Net provisions for credit losses | (35,600) | (7,547) |
| Provisions for doubtful loans | (60,591) | (38,471) |
| Recoveries of provisions for doubtful loans | 24,991 | 30,924 |
| Provision on impairment of financial instruments | (11,875) | (13,148) |
| Net Operating income | 1,071,401 | 975,830 |
| Personnel expenses | (304,430) | (299,391) |
| Depreciation of property & equipment | (35,416) | (31,737) |
| Amortization of intangible assets | (7,416) | (6,208) |
| Goodwill Impairment |
| (1,268) |
| Other operating expenses | (199,390) | (209,050) |
| Total Operating Expenses | (546,652) | (547,654) |
| Operating Profits | 524,749 | 428,176 |
| Share of profits of associates under equity method | 1,732 | 3,711 |
| Net gain (loss) on sale or disposal of other assets | (389) | (2,910) |
| Profits Before Tax | 526,092 | 428,977 |
| Income tax | (90,499) | (70,085) |
| Profits After Tax from Operating Activities | 435,593 | 358,892 |
| Result of discontinued operations |
|
|
| Net Profits | 435,593 | 358,892 |
| Minority Interest | 16,147 | 7,344 |
| Net Profits - Group share | 419,446 | 351,548 |
| Basic earnings per share LL | 12,062 | 9,764 |
| Diluted earnings per share LL | 11,752 | 9,288 |