22nd Apr 2010 15:52
Bank Audi SAL - Audi Saradar Group
Consolidated Activity Highlights in the First Quarter of 2010
• US$ 26.8 billion in total assets,
• US$ 23.2 billion in customers' deposits,
increasing by US$ 237 million in the first quarter of 2010
• US$ 2.2 billion of shareholders' equity,
• US$ 80.2 million of consolidated net profits in the first quarter of 2010,
rising by 31.6% relative to the corresponding period of 2009.
• 51.4% primary liquidity to customers' deposits ratio
• 11.5% capital adequacy ratio as per Basle II
• 0.13% net doubtful to gross loans ratio
• 95.8% loan loss provision to gross doubtful loans ratio
• 14.9% return on average common equity
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Consolidated Statement of Financial Position (Unaudited) |
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(LBP million) |
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Assets |
31/03/2010 |
31/12/2009 |
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Cash and balances with Central Banks |
6,572,385 |
6,206,156 |
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Due from banks & financial institutions |
5,757,563 |
7,737,364 |
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Derivative financial instruments |
35,481 |
38,436 |
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Financial assets held for trading (2) |
904,803 |
835,042 |
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Net loans & advances to customers (1) |
11,120,761 |
9,930,856 |
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Net loans & advances to related parties |
245,336 |
239,824 |
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Debtors by acceptances |
269,237 |
284,423 |
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Available for sale financial instruments (2) |
6,636,717 |
6,003,316 |
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Financial assets classified as loans and receivables (2) (3) |
7,495,336 |
7,298,527 |
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Held to maturity financial instruments (2) |
372,209 |
367,379 |
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Investments in associates |
32,250 |
31,697 |
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Property & equipment |
504,863 |
503,490 |
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Intangible fixed assets |
24,437 |
25,906 |
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Non current assets held for sale |
27,129 |
29,261 |
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Deferred taxes assets |
2,067 |
2,417 |
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Other assets |
230,872 |
174,833 |
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Goodwill |
214,678 |
218,747 |
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Total Assets |
40,446,124 |
39,927,674 |
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(1) After deduction of provisions amounting to LBP (million) 248,812 from loans and advances to customers as per IAS 39, of which LBP (million) 62,375 representing provisions on collective assessment. |
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(2) Includes (a) an amount of LBP (billion) 4,027 representing Local Currency Lebanese Treasury Bills |
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(b) an amount of LBP (billion) 2,501 representing Lebanese Eurobonds of which LL (billion) 685 risk ceded |
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(3) Includes an amount of LBP (billion) 4,368 representing Local Currency Certificates of Deposits |
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Consolidated Statement of Financial Position (Unaudited) |
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(LBP million) |
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Liabilities |
31/03/2010 |
31/12/2009 |
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Due to Central Banks |
134,922 |
133,359 |
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Due to banks & financial institutions |
832,247 |
775,059 |
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Derivative financial instruments |
26,400 |
28,631 |
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Customers deposits |
34,749,329 |
34,382,301 |
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Deposits from related parties |
257,676 |
267,874 |
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Debt issued & other borrowed funds |
157,143 |
153,148 |
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Engagements by acceptances |
269,237 |
284,423 |
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Current tax liabilities |
55,689 |
45,721 |
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Deferred tax liabilities |
24,329 |
21,263 |
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Other liabilities |
491,604 |
467,548 |
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Provisions for risks & charges |
24,204 |
24,127 |
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End of service benefits |
37,911 |
38,461 |
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Subordinated loans & similar debts |
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Total Liabilities |
37,060,691 |
36,621,915 |
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Shareholders' Equity - Group Share |
3,217,799 |
3,103,325 |
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Capital - Common shares |
421,632 |
421,632 |
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Capital - Preferred shares |
15,313 |
15,313 |
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Issue premium - Common shares |
843,902 |
843,902 |
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Issue premium - Preferred shares |
173,125 |
173,125 |
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Merger premium |
36,006 |
36,006 |
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Cash contribution to capital |
72,586 |
72,586 |
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Capital reserves |
792,845 |
782,672 |
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Treasury shares |
(109,131) |
(74,390) |
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Retained earnings |
531,336 |
124,368 |
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Revaluation reserve of real estate |
18,600 |
18,600 |
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Reserve on revaluation of financial Instruments |
293,928 |
243,772 |
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Foreign currency translation reserve |
9,220 |
22,641 |
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Other reserves |
3,533 |
3,645 |
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Result of the year |
114,904 |
419,453 |
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Minority Interest |
167,634 |
202,434 |
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Total Shareholders' Equity |
3,385,433 |
3,305,759 |
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Total Liabilities & Shareholders' Equity |
40,446,124 |
39,927,674 |
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Consolidated Statement of Financial Position (Unaudited) |
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(LL million) |
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OFF Balance Sheet |
31/03/2010 |
31/12/2009 |
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Financing Commitments |
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- Financing commitments given to banks & financial institutions |
727,725 |
778,181 |
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- Engagement to customers |
363,280 |
487,834 |
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Bank guarantees : |
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- Guarantees given to banks & financial institutions |
311,096 |
294,932 |
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- Guarantees received from banks & financial institutions |
975,879 |
697,490 |
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- Guarantees given to customers |
2,339,338 |
2,453,686 |
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- Guarantees received from customers |
8,242,130 |
8,033,876 |
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Foreign Currencies Forwards |
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- Foreign currencies to receive |
1,652,494 |
1,275,714 |
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- Foreign currencies to deliver |
1,660,980 |
1,269,292 |
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Engagements on term financial instruments |
708,976 |
631,714 |
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Fiduciary assets |
1,054,344 |
1,493,915 |
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Assets under management |
9,967,655 |
9,006,903 |
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Mutual funds |
186,048 |
137,623 |
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Bad debts fully provided for |
289,129 |
359,735 |
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Consolidated Income statement (Unaudited) |
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(LL million) |
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31/03/2010 |
31/03/2009 |
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Interest & similar income |
492,094 |
427,546 |
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Interest & similar expenses |
(328,775) |
(283,184) |
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Net Interest Income |
163,319 |
144,362 |
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Fees & commissions income |
74,267 |
58,588 |
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Fees & commissions expenses |
(11,645) |
(10,716) |
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Net Fees & Commissions Income |
62,622 |
47,872 |
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Net trading income/loss |
36,602 |
15,465 |
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Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
(188) |
(315) |
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Net gain or loss on financial investments |
32,863 |
13,767 |
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Other operating Income |
8,927 |
22,236 |
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Total Operating Income |
304,145 |
243,387 |
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Net provisions for credit losses |
(14,662) |
(6,966) |
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Provisions for doubtful loans |
(17,541) |
(10,400) |
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Recoveries of provisions for doubtful loans |
2,879 |
3,434 |
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Provision on impairment of financial instruments |
(569) |
(459) |
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Net Operating income |
288,914 |
235,962 |
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Personnel expenses |
(76,937) |
(69,561) |
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Depreciation of property & equipment |
(9,347) |
(7,948) |
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Amortization of intangible assets |
(1,724) |
(1,814) |
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Other operating expenses |
(51,442) |
(49,481) |
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Total Operating Expenses |
(139,450) |
(128,804) |
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Operating Profits |
149,464 |
107,158 |
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Share of profits of associates under equity method |
313 |
209 |
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Net gain (loss) on sale or disposal of other assets |
17 |
317 |
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Profits Before Tax |
149,794 |
107,684 |
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Income tax |
(28,857) |
(15,791) |
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Net Profits |
120,937 |
91,893 |
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Minority Interest |
6,033 |
3,711 |
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Net Profits - Group share |
114,904 |
88,182 |
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Basic earnings per share LL |
3,318 |
2,514 |
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Diluted earnings per share LL |
3,272 |
2,466 |
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Related Shares:
BQAD.L