30 Jul 2009 17:00
Bank Audi s.a.l. - Audi Saradar Group
Activity highlights at end-June 2009
US$ 132.9 million net profits for the first half of 2009
US$ 2 billion of additional customer deposits in the first half of 2009
53.9% primary liquidity to customer deposits ratio
US$ 22.4 billion total assets as at 30/6/2009
US$ 19.2 billion customer deposit base as at 30/6/2009
********
Bank Audi s.a.l. - Audi Saradar Group
| Consolidated Balance Sheet (Unaudited) | ||
|
|
| (LL million) |
| Assets | 30/06/2009 | 31/12/2008 |
| Cash and balances with Central Banks | 5,230,318 | 4,440,913 |
| Due from banks & financial institutions | 5,651,575 | 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 | 46,153 | 48,442 |
| Financial assets held for trading | 494,431 | 21,142 |
| Financial assets designated at fair value through profit & loss | 231,123 | 324,105 |
| Net loans & advances to customers * | 9,286,026 | 8,982,761 |
| Net loans & advances to related parties | 268,792 | 256,876 |
| Debtors by acceptances | 228,759 | 234,396 |
| Available for sale financial instruments** | 4,032,436 | 3,809,668 |
| Financial assets classified as loans and receivables*** | 6,895,122 | 5,910,767 |
| - Credit risk ceded | 1,070,827 | 1,176,632 |
| - Net Exposure | 5,824,295 | 4,734,135 |
| Held to maturity financial instruments** | 373,562 | 259,918 |
| Investments in associates | 33,166 | 33,124 |
| Investment properties |
|
|
| Property & equipment | 519,569 | 479,888 |
| Intangible fixed assets | 28,454 | 18,937 |
| Non current assets held for sale | 30,092 | 38,534 |
| Deferred taxes assets | 5,554 | 10,852 |
| Other assets | 238,712 | 228,041 |
| Goodwill | 218,529 | 209,675 |
| Total Assets | 33,812,373 | 30,768,592 |
| * After deduction of provisions amounting to LL (million) 215,243 from loans and advances to customers as per IAS 39, of which | ||
| LL (million) 14,052 representing provisions on collective assessment . | ||
| ** Includes an amount of LL (billion) 2,747 representing Lebanese Treasury Bills | ||
| *** Includes an amount of LL (billion) 3,396 representing Certificates of Deposits | ||
Bank Audi s.a.l. - Audi Saradar Group
| Consolidated Balance Sheet (Unaudited) | ||
|
| (LL million) | |
| Liabilities | 30/06/2009 | 31/12/2008 |
| Due to Central Banks | 133,315 |
|
| Due to banks & financial institutions | 615,623 | 699,150 |
| Due to head office, sister, related banks and financial institutions |
|
|
| Financial assets taken as collateral & repurchase agreement |
|
|
| Derivative financial instruments | 47,755 | 46,589 |
| Financial liabilities held for trading |
|
|
| Financial liabilities designated at fair value through profit & loss |
|
|
| Customers deposits | 28,692,554 | 25,736,656 |
| Deposits from related parties | 287,055 | 237,030 |
| Debt issued & other borrowed funds | 153,148 | 153,148 |
| Engagements by acceptances | 228,759 | 234,396 |
| Current tax liabilities | 41,796 | 71,780 |
| Deferred tax liabilities | 2,239 | 2,479 |
| Other liabilities | 675,490 | 570,483 |
| Liabilities related to non-current assets held for sale |
|
|
| Provisions for risks & charges | 20,337 | 22,426 |
| End of service benefits | 32,597 | 30,644 |
| Subordinated loans & similar debts |
|
|
| Total Liabilities | 30,930,668 | 27,804,781 |
| Shareholders' Equity - Group Share | 2,752,125 | 2,832,672 |
| Capital - Common shares | 418,820 | 376,083 |
| Capital - Preferred shares | 15,313 | 57,750 |
| Issue premium - Common shares | 886,457 | 1,017,929 |
| Issue premium - Preferred shares | 138,687 | 281,438 |
| Merger premium | 36,006 | 36,006 |
| Cash contribution to capital | 72,586 | 72,586 |
| Capital reserves | 778,978 | 518,886 |
| Treasury shares | (57,590) | (58,091) |
| Retained earnings | 93,945 | 50,516 |
| Revaluation reserve of real estate | 18,600 | 18,600 |
| Reserve on revaluation of financial Instruments | 155,265 | 98,755 |
| Reserve for cash flow hedges |
| 1,258 |
| Foreign currency translation reserve | (1,256) | 7,131 |
| Other reserves | 3,684 | 2,277 |
| Result of the year | 192,630 | 351,548 |
| Minority Interest | 129,580 | 131,139 |
| Profit & Loss Accounts |
|
|
| Total Shareholders' Equity | 2,881,705 | 2,963,811 |
| Total Liabilities & Shareholders' Equity | 33,812,373 | 30,768,592 |
Bank Audi s.a.l. - Audi Saradar Group
| Consolidated Off Balance Sheet (Unaudited) | ||
|
| (LL million) | |
| OFF Balance Sheet | 30/06/2009 | 31/12/2008 |
| Financing Commitments |
|
|
| - Financing commitments given to banks & financial institutions | 754,702 | 565,196 |
| - Financing commitments received from banks & financial institutions |
|
|
| - Engagement to customers | 620,162 | 589,427 |
| Bank guarantees : |
|
|
| - Guarantees given to banks & financial institutions | 296,479 | 253,331 |
| of which: credit derivatives |
|
|
| - Guarantees received from banks & financial institutions | 456,102 | 299,274 |
| of which: credit derivatives |
|
|
| - Guarantees given to customers | 1,768,756 | 1,342,842 |
| - Guarantees received from customers | 4,694,599 | 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 | 1,259,910 | 1,222,074 |
| - Foreign currencies to deliver | 1,273,964 | 1,237,529 |
| Engagements on term financial instruments | 48,374 | 104,102 |
| Other commitments |
|
|
| Claims from legal cases |
|
|
| Fiduciary assets | 2,166,827 | 2,743,542 |
| Assets under management | 7,792,020 | 7,061,327 |
| Mutual funds |
|
|
| Structured financial products |
|
|
| Engagements unlikely to be executed |
|
|
| Bad debts fully provided for | 311,181 | 313,125 |
Bank Audi s.a.l. - Audi Saradar Group
| (LL million) | ||
| Consolidated Income statement (Unaudited) | 30/06/2009 | 30/06/2008 |
| Interest & similar income | 881,992 | 824,938 |
| Interest & similar expenses | (575,184) | (522,667) |
| Net Interest Income | 306,808 | 302,271 |
| Fees & commissions income | 122,692 | 128,174 |
| Fees & commissions expenses | (20,252) | (19,111) |
| Net Fees & Commissions Income | 102,440 | 109,063 |
| Net trading income/loss | 44,252 | 75,854 |
| Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | 9,077 | 325 |
| Net gain or loss on financial investments | 25,727 | 11,197 |
| Other operating Income | 38,905 | 38,419 |
| Total Operating Income | 527,209 | 537,129 |
| Net provisions for credit losses | (24,605) | (18,330) |
| Provisions for doubtful loans | (31,082) | (26,332) |
| Recoveries of provisions for doubtful loans | 6,477 | 8,002 |
| Provision on impairement of financial instruments | 30 | (754) |
| Net Operating income | 502,634 | 518,045 |
| Personnel expenses | (142,989) | (152,556) |
| Depreciation of property & equipment | (17,542) | (15,290) |
| Amortization of intangible assets | (2,945) | (2,122) |
| Goodwill Impairement |
|
|
| Other operating expenses | (95,733) | (110,368) |
| Total Operating Expenses | (259,209) | (280,336) |
| Operating Profits | 243,425 | 237,709 |
| Share of profits of associates under equity method | 301 | 481 |
| Net gain (loss) on sale or disposal of other assets | 641 |
|
| Profits Before Tax | 244,367 | 238,190 |
| Income tax | (43,965) | (41,467) |
| Profits After Tax from Operating Activities | 200,402 | 196,723 |
| Result of discontinued operations |
|
|
| Net Profits | 200,402 | 196,723 |
| Minority Interest | 7,772 | 10,215 |
| Net Profits - Group share | 192,630 | 186,508 |
| Basic earnings per share LL | 5,525 | 5,256 |
| Diluted earnings per share LL | 5,408 | 4,959 |