19 Jul 2012 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at End-June 2012
·; Total assets reached US$ 28.8 billion
·; Customers' deposits reached US$ 24.7 billion
·; Shareholders' equity reached US$ 2.6 billion
·; Consolidated net profits rose to US$ 230.1 million in the first half of 2012,
of which US$ 44.5 million of net profits after tax and expenses related to the sale of 81% of LIA insurance sal. Earnings grew by 27.7% relative to the corresponding period of 2011 (5.6% before profits on sale) after the allocation of US$ 67.9 million of provisions, abiding by strict precautionary management policies
·; After allocation of cash provisions, the ratio of net doubtful loans represented 0.67% of gross loans, without accounting for collective provisions amounting to 1% of net loans
·; 49.3% of primary liquidity to customers' deposits ratio
·; 12.2% of capital adequacy ratio as per Basle III
·; 16.7% of return on average common equity
reaching 20.6% when accounting for the profits on sale of LIA insurance sal
·; 42.8% of cost to income ratio
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 30/6/2012 | 31/12/2011 |
Cash and balances with Central Banks | 8,890,274 | 8,703,354 |
Deposits with banks & financial institutions | 4,002,177 | 4,562,602 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions & reverse repurchase agreements | 248,512 | 219,084 |
Financial assets given as collateral | 2,420 | 17,424 |
Derivative financial instruments | 51,456 | 82,209 |
Shares and participations held at fair value through profit & loss | 51,018 | 52,593 |
Debt Instruments & other similar financial assets at fair value through profit & loss | 774,282 | 771,333 |
Of which: Net advances and loans designated at fair value through profit and loss | ||
Net loans & advances to customers at amortized cost (1) | 13,388,425 | 12,692,177 |
Net loans & advances to related parties at amortized cost (2) | 294,071 | 263,666 |
Debtors by acceptances | 232,905 | 280,819 |
Debt instruments classified at Amortized Cost (3) | 14,080,450 | 14,307,303 |
Shares and participations designated at fair value through OCI | 232,671 | 223,984 |
Investments in associates | 34,277 | 43,099 |
Assets taken in settlement of debts | 15,567 | 26,379 |
Property & equipment | 495,932 | 511,550 |
Intangible fixed assets | 15,613 | 13,508 |
Non current assets held for sale | ||
Other assets | 336,105 | 288,171 |
Goodwill | 255,064 | 261,431 |
Total Assets | 43,401,219 | 43,320,686 |
(1) After deduction of provisions amounting to LBP 399,447 million from loans and advances to customers as per IAS 39, of which | ||
LBP 134,314 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 238,680 million. | ||
(3) Includes an amount of LBP 1,484 billion with risk ceded to customers. | ||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 30/6/2012 | 31/12/2011 |
Due to Central Banks | 594,868 | 133,394 |
Due to banks & financial institutions & repurchase agreement | 979,789 | 1,007,558 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | 16 | |
Derivative financial instruments | 42,698 | 58,247 |
Financial liabilities at fair value through profit & loss | ||
of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 36,592,978 | 37,097,210 |
Deposits from related parties at amortized cost | 651,735 | 285,297 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 232,905 | 280,819 |
Other liabilities | 345,736 | 832,087 |
Provisions for risks & charges | 73,384 | 72,925 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 39,514,109 | 39,767,537 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 438,198 | 438,198 |
Capital - Preferred shares | 19,124 | 17,243 |
Issue premium - Common shares | 657,846 | 657,846 |
Issue premium - Preferred shares | 583,876 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 809,998 | 694,690 |
Reserves available for distribution | 380,369 | 381,884 |
Treasury shares | (23,046) | (103,912) |
Retained earnings | 516,756 | 328,515 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through OCI | 89,287 | 87,227 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (136,948) | (86,547) |
Result of the year | 343,141 | 544,239 |
Total Shareholders' Equity - Group share | 3,771,562 | 3,411,977 |
Non controlling interest | 115,548 | 141,172 |
Total Shareholders' Equity | 3,887,110 | 3,553,149 |
Total Liabilities & Shareholders' Equity | 43,401,219 | 43,320,686 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 30/6/2012 | 31/12/2011 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 317,713 | 387,781 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 153,555 | 173,708 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 329,867 | 418,781 |
of which: credit derivatives | 528 | 75 |
- Guarantees received from banks & financial institutions | 533,087 | 512,947 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,079,407 | 2,254,602 |
- Guarantees received from customers | 11,769,913 | 11,843,246 |
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 | 2,594,515 | 2,380,990 |
- Foreign currencies to deliver | 2,585,306 | 2,362,955 |
Engagements on term financial instruments | 2,286,012 | 1,979,743 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,427,825 | 1,205,948 |
under specific instructions | 1,376,603 | 1,153,072 |
under discretionary investments | 51,222 | 52,876 |
Assets under management | 10,581,821 | 10,522,174 |
Mutual funds | 204,386 | 223,399 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the period | 118,641 | 13,952 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 30/6/2012 | 30/6/2011 |
Interest & similar income | 1,082,244 | 1,018,075 |
Interest & similar expense | (652,512) | (625,059) |
Net Interest Income | 429,732 | 393,016 |
Fee & commission income | 169,080 | 155,646 |
Fee & commission expense | (25,935) | (23,906) |
Net Fee & Commission Income | 143,145 | 131,740 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 81,343 | 57,031 |
of which: interest revenues/charges | 20,028 | 17,827 |
Net gain on financial investments | 143,801 | 108,131 |
Other operating Income | 14,198 | 16,001 |
Total Operating Income | 812,219 | 705,919 |
Net provisions for credit losses | (102,428) | (55,449) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (110,779) | (65,630) |
Recoveries of provisions for doubtful loans | 8,351 | 10,181 |
Impairment loss on financial instruments | ||
Net Operating income | 709,791 | 650,470 |
Personnel expenses | (188,199) | (186,105) |
Other operating expenses | (136,266) | (116,021) |
Depreciation of property & equipment | (21,231) | (19,392) |
Amortization of intangible assets | (2,304) | (3,207) |
Impairment of goodwill | ||
Total Operating Expenses | (348,000) | (324,725) |
Operating Profit | 361,791 | 325,745 |
Share of profit of associates under equity method | 581 | 2,524 |
Net gain on disposal of assets | 411 | 315 |
Profit Before Tax | 362,783 | 328,584 |
Income tax | (83,118) | (63,612) |
Profit After Tax from Operating Activities | 279,665 | 264,972 |
Result of discontinued operations | 67,143 | 6,743 |
Net Profit | 346,808 | 271,715 |
Non-controlling interest | 3,667 | 8,349 |
Net Profit - Group share | 343,141 | 263,366 |
Basic earnings per share LL | 942.0 | 726.1 |
Diluted earnings per share LL | 941.5 | 724.4 |