18th Apr 2013 16:00
Bank Audi sal - Audi Saradar Group
Significant activity growth of Odeabank A.Ş., the fully-owned subsidiary in Turkey
US$ 4.3 billion of assets at 31/3/2013
Consolidated Activity Highlights at End-March 2013
·; US$ 33.3 billion of assets, growing by 6.3% relative to end-December 2012, with a 36.3% contribution of foreign entities to consolidated assets
·; US$ 2.7 billion of shareholders' equity, of which 82% in core common equity
·; US$ 85.5 million of net profits in the first quarter of 2013, decreasing by 9.5% relative to the corresponding period of 2012, reflecting the initial stages of the launch of the fully-owned subsidiary in Turkey
Performance Indicators
·; 2.7% of gross doubtful loans to gross loans ratio
·; 71% of doubtful loans coverage by specific provisions
·; 47.3% of primary liquidity to customers' deposits ratio
·; 11% of capital adequacy ratio as per Basel III
·; 14.2% of return on average common equity
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 31/03/2013 | 31/12/2012 |
Cash and balances with Central Banks | 10,045,408 | 9,462,380 |
Deposits with banks and financial institutions | 3,292,151 | 4,280,978 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions and reverse repurchase agreements | 1,943,788 | 1,060,267 |
Financial assets given as collateral | ||
Derivative financial instruments | 57,834 | 51,046 |
Shares and participations at fair value through profit and loss | 52,730 | 52,222 |
Debt instruments and other similar financial assets at fair value through profit and loss | 571,244 | 458,435 |
Of which: Net advances and loans at fair value through profit and loss | 71,828 | 75,555 |
Net loans and advances to customers at amortized cost (1) | 17,177,266 | 15,416,403 |
Net loans and advances to related parties at amortized cost (2) | 289,661 | 304,511 |
Debtors by acceptances | 234,322 | 182,715 |
Debt instruments classified at amortized cost (3) | 15,095,705 | 14,549,116 |
Shares and participations at fair value through other comprehensive income | 254,219 | 245,793 |
Investments in associates | 33,592 | 34,230 |
Assets taken in settlement of debts | 14,828 | 15,113 |
Property and equipment | 519,352 | 528,710 |
Intangible fixed assets | 54,673 | 49,600 |
Non current assets held for sale | 6,212 | 34,941 |
Other assets | 322,712 | 238,163 |
Goodwill | 210,466 | 222,846 |
Total Assets | 50,176,163 | 47,187,469 |
(1) After deduction of provisions amounting to LBP 440,409 million from loans and advances to customers as per IAS 39, of which LBP 158,185 million representing provisions on collective assessment . | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 215,051 million. | ||
(3) Includes an amount of LBP 1,473 billion with risk ceded to customers. | ||
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Liabilities | 31/03/2013 | 31/12/2012 |
Due to Central Banks | 134,057 | 133,108 |
Due to banks and financial institutions and repurchase agreement | 1,785,596 | 1,852,661 |
Due to head office, sister, related banks and financial institutions | ||
Financial assets taken as a guarantee | ||
Derivative financial instruments | 54,669 | 56,042 |
Financial liabilities at fair value through profit and loss | ||
Of which: deposits at fair value through profit and loss | ||
Customers' deposits at amortised cost | 42,620,312 | 39,718,890 |
Deposits from related parties at amortized cost | 698,294 | 689,101 |
Debt issued and other borrowed funds | ||
Engagements by acceptances | 234,322 | 182,715 |
Other liabilities | 518,197 | 408,865 |
Provisions for risks and charges | 80,388 | 95,096 |
Subordinated loans and similar debts | ||
Non current liabilities held for sale | 5,924 | 14,799 |
Total Liabilities | 46,131,759 | 43,151,277 |
Shareholders' Equity - Group Share | ||
Share capital - Common shares | 438,586 | 438,586 |
Share capital - Preferred shares | 19,124 | 19,124 |
Issue premium - Common shares | 659,206 | 659,206 |
Issue premium - Preferred shares | 583,876 | 583,876 |
Cash contribution to capital | 72,586 | 72,586 |
Legal and statutory reserves | 812,216 | 808,434 |
Reserves available for distribution | 572,995 | 551,406 |
Treasury shares | (21,753) | (20,245) |
Retained earnings | 571,070 | 328,223 |
Proposed dividends | 245,854 | |
Revaluation reserve of real estate | 20,375 | 20,375 |
Reserve on revaluation of financial assets at fair value through other comprehensive income | 95,116 | 86,805 |
Reserve on changes in fair value of cash flow hedges | ||
Foreign currency translation reserve | (243,915) | (173,759) |
Result of the year | 128,507 | 564,737 |
Total Shareholders' Equity - Group share | 3,953,843 | 3,939,354 |
Non controlling interest | 90,561 | 96,838 |
Total Shareholders' Equity | 4,044,404 | 4,036,192 |
Total Liabilities and Shareholders' Equity | 50,176,163 | 47,187,469 |
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/03/2013 | 31/12/2012 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 352,382 | 353,763 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 432,045 | 460,964 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 344,746 | 390,904 |
Of which: credit derivatives | 452 | 528 |
- Guarantees received from banks and financial institutions | 394,992 | 447,939 |
Of which: credit derivatives | ||
- Guarantees given to customers | 2,051,738 | 1,921,292 |
- Guarantees received from customers | 14,326,111 | 13,080,056 |
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 | 2,930,244 | 2,775,034 |
- Foreign currencies to deliver | 2,774,579 | 2,782,774 |
Engagements on term financial instruments | 3,996,929 | 2,243,844 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,251,430 | 1,215,349 |
under specific instructions | 1,211,828 | 1,128,697 |
under discretionary investments | 39,602 | 86,652 |
Assets under management | 11,455,622 | 11,274,636 |
Mutual funds | 243,908 | 244,763 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 15,773 | 158,427 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 31/03/2013 | 31/03/2012 |
Interest and similar income | 621,226 | 533,828 |
Interest and similar expense | (407,830) | (318,495) |
Net Interest Income | 213,396 | 215,333 |
Fee and commission income | 80,833 | 84,056 |
Fee and commission expense | (14,687) | (12,699) |
Net Fee and Commission Income | 66,146 | 71,357 |
Net gain on financial assets or liabilities at fair value through profit and loss | 37,836 | 37,745 |
Of which: interest income | 8,000 | 8,809 |
Net gain on financial investments | 60,725 | 75,084 |
Other operating Income | 5,602 | 1,779 |
Total Operating Income | 383,705 | 401,298 |
Net provisions for credit losses | (21,425) | (46,928) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (23,879) | (50,891) |
Recoveries of provisions for doubtful loans | 2,454 | 3,963 |
Impairment loss on financial instruments | ||
Net Operating Income | 362,280 | 354,370 |
Personnel expenses | (109,705) | (89,951) |
Other operating expenses | (73,175) | (67,814) |
Depreciation of property and equipment | (12,932) | (10,602) |
Amortization of intangible assets | (3,236) | (1,075) |
Impairment of goodwill | ||
Total Operating Expenses | (199,048) | (169,442) |
Operating Profit | 163,232 | 184,928 |
Share of profit of associates under equity method | 85 | 674 |
Net gain on disposal of assets | 307 | 457 |
Profit Before Tax | 163,624 | 186,059 |
Income tax | (34,739) | (44,544) |
Profit After Tax from Operating Activities | 128,885 | 141,515 |
Result of discontinued operations, net of tax | 61 | 909 |
Profit for the Year | 128,946 | 142,424 |
Non-controlling interest | 439 | 1,609 |
Profit For The Year - Group share | 128,507 | 140,815 |
Basic earnings per share LL | 343.0 | 390.4 |
Diluted earnings per share LL | 343.0 | 389.8 |
Related Shares:
BQAD.L