28 Jul 2014 07:00
Bank Audi
A Leading Regional1 Banking Group
US$ 39.3 billion in total assets as at 30/6/2014
of which 45% from entities outside Lebanon
Consolidated Activity Highlights as at End-June 2014
· US$ 34.0 billion of customers' deposits
of which 43% from entities abroad
· US$ 16.0 billion of net loans to customers
of which 64% from entities abroad
· US$ 2.7 billion of shareholders' equity
· US$ 190 million of net profits in the first half of 2014
of which 31% from entities abroad
Main Financial Indicators
· 12.3% of capital adequacy ratio as per Basel III
· 2.5% only of gross doubtful loans to gross loans ratio
after the allocation of provisions, the ratio of net doubtful loans to gross loans reaches 0.9%
· 41.6% of primary liquidity to customers' deposits ratio
· 15.9% of return on average common equity
UNIVERSAL BANKING OFFERING THROUGH 12 BANKS
AND 3 FINANCIAL COMPANIES IN 13 COUNTRIES
LEBANON │ SWITZERLAND │ FRANCE │ JORDAN │SYRIA │ EGYPT│ SUDAN │ KINGDOM OF SAUDI ARABIA │ QATAR MONACO│ TURKEY │IRAQ│REPRESENTATIVE OFFICE IN ABU DHABI
___________________________
1 Refers to the Middle East and North Africa Region
Bank Audi | ||
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Assets | 30/06/2014 | 31/12/2013 |
Cash and balances with Central Banks | 11,044,411 | 9,192,108 |
Deposits with banks and financial institutions | 4,346,211 | 4,229,557 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions and reverse repurchase agreements | 1,544,800 | 657,945 |
Financial assets given as collateral | 2,022 | |
Derivative financial instruments | 121,089 | 136,062 |
Shares and participations at fair value through profit and loss | 61,843 | 64,632 |
Debt instruments and other similar financial assets at fair value through profit and loss | 316,821 | 344,451 |
Of which: Net advances and loans at fair value through profit and loss | 22,772 | 47,844 |
Net loans and advances to customers at amortized cost (1) | 24,080,014 | 22,064,822 |
Net loans and advances to related parties at amortized cost (2) | 91,693 | 114,829 |
Debtors by acceptances | 296,332 | 262,689 |
Debt instruments classified at amortized cost (3) | 15,700,064 | 16,023,035 |
Shares and participations at fair value through other comprehensive income | 288,844 | 272,475 |
Investments in associates | 28,034 | 28,615 |
Assets taken in settlement of debts | 14,187 | 14,334 |
Property and equipment | 573,554 | 575,836 |
Intangible fixed assets | 85,648 | 82,259 |
Non current assets held for sale | 9,054 | 4,984 |
Other assets | 375,069 | 278,583 |
Goodwill | 208,154 | 211,144 |
Total Assets | 59,187,844 | 54,558,360 |
(1) After deduction of provisions amounting to LBP 569,436 million from loans and advances to customers as per IAS 39, of which | ||
LBP 256,975 million representing provisions on collective assessment. | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 50,076 million. | ||
(3) Includes an amount of LBP 2,033 billion with risk ceded to customers. | ||
Bank Audi | ||
Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Liabilities | 30/06/2014 | 31/12/2013 |
Due to Central Banks | 357,241 | 252,042 |
Due to banks and financial institutions and repurchase agreement | 1,667,388 | 1,796,092 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 87,314 | 134,466 |
Financial liabilities at fair value through profit and loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers' deposits at amortised cost | 50,530,682 | 46,118,217 |
Deposits from related parties at amortized cost | 663,678 | 757,590 |
Debt issued and other borrowed funds | 96,897 | |
Engagements by acceptances | 296,332 | 262,689 |
Other liabilities | 475,151 | 502,771 |
Provisions for risks and charges | 121,310 | 132,882 |
Subordinated loans and similar debts | 764,884 | 537,101 |
Non current liabilities held for sale | ||
Total Liabilities | 55,060,877 | 50,493,850 |
Shareholders' Equity - Group Share | ||
Share capital - Common shares | 454,324 | 454,324 |
Share capital - Preferred shares | 6,495 | 6,495 |
Issue premium - Common shares | 659,206 | 659,206 |
Issue premium - Preferred shares | 747,255 | 747,255 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 1,059,821 | 959,544 |
Reserves available for distribution | 589,284 | 589,523 |
Treasury shares | (420) | (114,327) |
Retained earnings | 522,118 | 441,400 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 136,437 | 119,442 |
Remeasurement actuarial (Gain)/Loss on defined benefit plan | (13,641) | (13,641) |
Share of associates' other comprehensive income under equity method | 4,546 | 4,546 |
Foreign currency translation reserve | (473,460) | (399,802) |
Result of the period | 278,345 | 454,621 |
Total Shareholders' Equity - Group share | 4,063,271 | 4,001,547 |
Non controlling interest | 63,696 | 62,963 |
Total Shareholders' Equity | 4,126,967 | 4,064,510 |
Total Liabilities and Shareholders' Equity | 59,187,844 | 54,558,360 |
Bank Audi | ||
Consolidated Off Balance Sheet (Unaudited) | ||
(LBP million) | ||
OFF Balance Sheet | 30/06/2014 | 31/12/2013 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 561,658 | 570,906 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 4,210,017 | 3,754,997 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 269,985 | 383,675 |
Of which: credit derivatives | 829 | 889 |
- Guarantees received from banks and financial institutions | 430,708 | 424,712 |
Of which: credit derivatives | ||
- Guarantees given to customers | 2,316,776 | 2,242,142 |
- Guarantees received from customers | 24,985,029 | 20,898,416 |
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 | 4,781,492 | 4,355,887 |
- Foreign currencies to deliver | 4,786,178 | 4,370,373 |
Engagements on term financial instruments | 9,099,774 | 7,167,566 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,365,400 | 1,389,016 |
under specific instructions | 1,255,743 | 1,351,026 |
under discretionary investments | 109,657 | 37,990 |
Assets under management | 13,725,129 | 12,286,291 |
Mutual funds | 390,739 | 327,000 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 6,871 | 14,371 |
Bank Audi | ||
(LBP million) | ||
Consolidated Income statement (Unaudited) | 30/06/2014 | 30/06/2013 |
Interest and similar income | 1,627,236 | 1,272,975 |
Interest and similar expense | (1,063,084) | (818,083) |
Net interest income | 564,152 | 454,892 |
Fee and commission income | 213,660 | 162,889 |
Fee and commission expense | (40,094) | (30,492) |
Net fee and commission income | 173,566 | 132,397 |
Net gain on financial assets or liabilities at fair value through profit and loss | 58,977 | 110,346 |
Of which: net unrealized gain/loss | ||
Of which: interest income | 6,331 | 15,124 |
Net gain on financial investments | 141,079 | 131,438 |
Other operating Income | 3,816 | 7,116 |
Total operating income | 941,590 | 836,189 |
Net provisions for credit losses | (52,620) | (69,958) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (60,585) | (74,528) |
Recoveries of provisions for doubtful loans | 7,965 | 4,570 |
Impairment loss on financial instruments | 448 | (355) |
Net operating income | 889,418 | 765,876 |
Personnel expenses | (303,096) | (229,468) |
Other operating expenses | (186,789) | (150,717) |
Depreciation of property and equipment | (31,765) | (25,712) |
Amortization of intangible assets | (10,880) | (6,342) |
Impairment of goodwill | ||
Total operating expenses | (532,530) | (412,239) |
Operating profit | 356,888 | 353,637 |
Share of profit of associates under equity method | 196 | 69 |
Net gain on disposal of assets | 880 | 593 |
Profit before tax | 357,964 | 354,299 |
Income tax | (71,956) | (70,846) |
Profit after tax from operating activities | 286,008 | 283,453 |
Result of discontinued operations, net of tax | 48 | |
Profit for the period | 286,056 | 283,453 |
Non-controlling interest | 7,711 | 10,607 |
Profit for the period - Group share | 278,345 | 272,846 |
Basic earnings per share LBP | 737.7 | 729.3 |
Diluted earnings per share LBP | 737.7 | 729.3 |
Basic earnings per share from continuing operations LBP | 737.7 | 729.3 |
Diluted earnings per share from continuing operations LBP | 737.7 | 729.3 |