20 Jul 2011 16:00
Bank Audi sal - Audi Saradar Group
Consolidated Activity Highlights at end-June 2011
·; US$ 29.1 billion in total assets
·; US$ 25.3 billion in customers' deposits
·; US$ 2.3 billion of shareholders' equity
·; US$ 179.1 million of consolidated net profits in the first half of 2011
Rising by 10.8% relative to the corresponding 2010 period
·; Allocation of US$ 43.3 million of loan loss provision charge, raising total loan loss provisions to US$ 198 million, the equivalent of 2.2% of gross loans
·; Growing coverage of gross doubtful loans by specific loan loss provisions from 72.6% at end-December 2010 to 80% at end-June 2011, reaching 111% when accounting for real guarantees
·; Rising collective provisions to US$ 69 million
·; 52.8% of primary liquidity to customers' deposits ratio
·; 11.3% of capital adequacy ratio as per Basle II
·; 16.4% of return on average common equity
·; 46% of cost to income ratio
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Bank Audi SAL - Audi Saradar Group | ||
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Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Assets | 30/6/2011 | 31/12/2010 |
Cash and balances with Central Banks | 7,432,971 | 6,684,541 |
Deposits with banks & financial institutions | 6,524,610 | 6,147,455 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions & reverse repurchase agreements | 232,171 | 190,529 |
Financial assets given as collateral | ||
Derivative financial instruments | 63,204 | 40,659 |
Shares and participations held at fair value through profit & loss (1) | 62,835 | 80,881 |
Debt Instruments & other similar financial assets at fair value through profit & loss (1) (3) | 595,975 | 928,218 |
Of which: Net advances and loans designated at fair value through profit and loss | ||
Net loans & advances to customers at amortized cost (2) | 12,670,805 | 12,643,760 |
Net loans & advances to related parties at amortized cost | 242,869 | 241,661 |
Debtors by acceptances | 342,088 | 274,811 |
Debt instruments classified at Amortized Cost (figures at end 31/12/2010 include LBP 7,389,549 million at fair value) (1) (3) | 14,213,976 | 14,616,102 |
Shares and participations designated at fair value through OCI (1) | 286,899 | 288,113 |
Investments in associates | 29,748 | 30,733 |
Assets taken in settlement of debts | 32,533 | 29,255 |
Property & equipment | 508,806 | 509,930 |
Intangible fixed assets | 26,485 | 25,467 |
Non current assets held for sale | ||
Other assets | 294,972 | 237,856 |
Goodwill | 279,867 | 277,204 |
Total Assets | 43,840,814 | 43,247,175 |
(1) Effective 01/01/2011, the Bank elected to early adopt IFRS 9 which required some reclassification in the bank's investments portfolio. | ||
(2) After deduction of provisions amounting to LBP 298,051 million from loans and advances to customers as per IAS 39, of which | ||
LBP 104,453 million representing provisions on collective assessment . | ||
(3) Includes an amount of LBP 1,222 billion with risk ceded to customers. | ||
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Bank Audi SAL - Audi Saradar Group | ||
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Consolidated Statement of Financial Position (Unaudited) | ||
(LBP million) | ||
Liabilities | 30/6/2011 | 31/12/2010 |
Due to Central Banks | 133,359 | 133,376 |
Due to banks & financial institutions & repurchase agreement | 900,594 | 909,668 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 69,318 | 59,274 |
Financial liabilities at fair value through profit & loss | ||
of which: deposits at fair value through profit and loss | ||
Customers deposits at amortised cost | 37,796,396 | 37,198,988 |
Deposits from related parties at amortized cost | 294,653 | 259,104 |
Debt issued & other borrowed funds | ||
Engagements by acceptances | 342,088 | 274,811 |
Other liabilities | 754,607 | 693,802 |
Provisions for risks & charges | 69,605 | 69,417 |
Subordinated loans & similar debts | ||
Non current liabilities held for sale | ||
Total Liabilities | 40,360,620 | 39,598,440 |
Shareholders' Equity - Group Share | ||
Capital - Common shares | 436,990 | 436,990 |
Capital - Preferred shares | 17,243 | 17,243 |
Issue premium - Common shares | 652,939 | 652,939 |
Issue premium - Preferred shares | 359,633 | 359,633 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 648,063 | 488,927 |
Reserves available for distribution | 487,756 | 566,218 |
Treasury shares | (53,425) | (37,163) |
Retained earnings | 340,472 | 209,541 |
Proposed dividends | ||
Revaluation reserve of real estate | 20,360 | 18,600 |
Reserve on revaluation of financial assets at fair value through OCI | 108,956 | 217,524 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (48,254) | (40,310) |
Result of the year | 261,845 | 508,556 |
Total Shareholders' Equity - Group share | 3,305,164 | 3,471,284 |
Non controlling interest | 175,030 | 177,451 |
Total Shareholder's Equity | 3,480,194 | 3,648,735 |
Total Liabilities & Shareholders' Equity | 43,840,814 | 43,247,175 |
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Bank Audi SAL - Audi Saradar Group | ||
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Consolidated Off Balance Sheet (Unaudited) | ||
(LBP million) | ||
OFF Balance Sheet | 30/6/2011 | 31/12/2010 |
Financing Commitments | ||
- Financing commitments given to banks & financial institutions | 576,275 | 690,308 |
- Financing commitments received from banks & financial institutions | ||
- Engagement to customers | 166,214 | 248,973 |
Bank guarantees : | ||
- Guarantees given to banks & financial institutions | 517,043 | 506,317 |
of which: credit derivatives | ||
- Guarantees received from banks & financial institutions | 652,217 | 840,068 |
of which: credit derivatives | ||
- Guarantees given to customers | 2,432,143 | 2,439,776 |
- Guarantees received from customers | 12,326,553 | 11,471,797 |
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 | 2,856,488 | 2,323,757 |
- Foreign currencies to deliver | 2,868,717 | 2,346,536 |
Engagements on term financial instruments | 1,425,188 | 457,551 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,383,517 | 1,268,874 |
under specific instructions | 1,364,346 | 1,239,973 |
under discretionary investments | 19,171 | 28,901 |
Assets under management | 10,957,279 | 10,863,500 |
Mutual funds | 196,166 | 180,795 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts fully provided for | 324,966 | 321,295 |
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Bank Audi SAL - Audi Saradar Group | ||
(LBP million) | ||
Consolidated Income statement (Unaudited) | 30/6/2011 | 30/6/2010 |
Interest & similar income | 1,025,757 | 969,150 |
Interest & similar expense | (625,059) | (647,167) |
Net Interest Income | 400,698 | 321,983 |
Fee & commission income | 165,389 | 153,033 |
Fee & commission expense | (28,901) | (24,156) |
Net Fee & Commission Income | 136,488 | 128,877 |
Net gain/loss on financial assets or liabilities at fair value through profit & loss | 58,075 | 72,357 |
of which: interest revenues/charges | 18,791 | 23,694 |
Net gain on financial investments | 107,934 | 79,638 |
Other operating Income | 16,851 | 33,029 |
Total Operating Income | 720,046 | 635,884 |
Net provisions for credit losses | (55,450) | (33,235) |
Credit losses related to debt instruments classified at Amortized Cost | ||
Provisions for doubtful loans | (65,286) | (43,946) |
Recoveries of provisions for doubtful loans | 9,836 | 10,711 |
Impairment loss on financial instruments | (5) | (627) |
Net Operating income | 664,591 | 602,022 |
Personnel expenses | (189,807) | (166,220) |
Other operating expenses | (119,771) | (108,630) |
Depreciation of property & equipment | (19,520) | (18,727) |
Amortization of intangible assets | (3,241) | (3,240) |
Impairment of goodwill | ||
Total Operating Expenses | (332,339) | (296,817) |
Operating Profit | 332,252 | 305,205 |
Share of profit of associates under equity method | 2,524 | 830 |
Net gain on disposal of assets | 308 | (59) |
Profit Before Tax | 335,084 | 305,976 |
Income tax | (65,034) | (62,271) |
Profit After Tax from Operating Activities | 270,050 | 243,705 |
Result of discontinued operations | ||
Net Profit | 270,050 | 243,705 |
Non-controlling interest | 8,205 | 10,154 |
Net Profit - Group share | 261,845 | 233,551 |
Basic earnings per share LL | 722 | 664 |
Diluted earnings per share LL | 720 | 645 |