20th Oct 2008 07:00
October 17, 2008
Consolidated Unaudited Results for the First Nine months of 2008
Total assets of US$ 20 billion, growing by 15.2%
Customer deposits of US$ 16.5 billion, growing by 17.9%,
Shareholders' equity of US$ 1.9 billion, growing by 6.9%
Net profits of US$ 180.6 million in the first nine months, growing by 28.7% as compared to the corresponding period of 2007
In the third quarter of 2008, net profits reached US$ 50.1 million and deposits grew by US$ 1.2 billion
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Bank Audi s.a.l. - Audi Saradar Group |
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Consolidated Balance Sheet |
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(LL million) |
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Assets |
30/09/2008 |
31/12/2007 |
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Cash and balances with Central Banks |
4,257,775 |
4,227,585 |
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Due from banks & financial institutions |
5,437,136 |
4,761,900 |
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Due from head office, sister,related banks and financial institutions |
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Financial assets given as collateral and reverse repurchase agreements |
120,600 |
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Derivative financial instruments |
11,119 |
23,346 |
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Financial assets held for trading |
630,723 |
716,409 |
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Financial assets designated at fair value through profit & loss |
432,491 |
467,838 |
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Net loans & advances to customers * |
8,282,941 |
6,828,316 |
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Net loans & advances to related parties |
267,849 |
268,278 |
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Debtors by acceptances |
285,748 |
198,288 |
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Available for sale financial instruments |
5,608,356 |
4,222,839 |
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- Credit risk ceded |
1,200,488 |
778,072 |
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- Net Exposure |
4,407,868 |
3,444,767 |
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Financial assets classified as loans and receivables |
3,500,345 |
2,953,170 |
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Held to maturity financial instruments |
244,492 |
512,266 |
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Investments in associates |
23,888 |
22,630 |
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Investment properties |
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Property & equipment |
473,565 |
455,661 |
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Intangible fixed assets |
16,446 |
13,502 |
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Non current assets held for sale |
38,383 |
40,254 |
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Deferred taxes assets |
2,080 |
14,722 |
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Other assets |
234,972 |
165,491 |
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Goodwill |
214,686 |
215,131 |
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Total Assets |
30,083,595 |
26,107,626 |
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* After deduction of provisions amounting to LL (millions) 183,823 from loans and advances to customers as per IAS 39, of which LL (millions) 4,321 representing provisions on collective assessment . |
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Bank Audi s.a.l. - Audi Saradar Group |
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Consolidated Balance Sheet |
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(LL millions) |
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Liabilities & Shareholders' Equity |
30/09/2008 |
31/12/2007 |
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Due to Central Banks |
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Due to banks & financial institutions |
826,988 |
956,076 |
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Due to head office, sister, related banks and financial institutions |
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Financial assets taken as collateral & repurchase agreement |
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Derivative financial instruments |
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Financial liabilities held for trading |
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Financial liabilities designated at fair value through profit & loss |
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Customers deposits |
24,945,307 |
21,163,808 |
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Deposits from related parties |
284,594 |
392,097 |
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Debt issued & other borrowed funds |
157,232 |
153,148 |
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Engagements by acceptances |
285,748 |
198,288 |
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Current tax liabilities |
52,711 |
58,349 |
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Deferred tax liabilities |
429 |
874 |
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Other liabilities |
557,177 |
395,524 |
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Liabilities related to non-current assets held for sale |
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Provisions for risks & charges |
8,336 |
14,723 |
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End of service benefits |
27,244 |
25,482 |
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Subordinated loans & similar debts |
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Total Liabilities |
27,145,766 |
23,358,369 |
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Shareholders' Equity - Group Share |
2,539,009 |
2,628,100 |
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Capital - Common shares |
376,083 |
361,925 |
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Capital - Preferred shares |
57,750 |
57,750 |
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Issue premium - Common shares |
1,035,393 |
1,007,648 |
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Issue premium - Preferred shares |
318,688 |
267,734 |
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Cash contribution to capital |
72,586 |
72,586 |
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Capital reserves |
462,215 |
361,112 |
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Treasury shares |
(58,408) |
(1,531) |
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Retained earnings |
83,409 |
56,305 |
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Revaluation reserve of real estate |
18,600 |
18,600 |
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Reserve on revaluation of financial Instruments |
147,515 |
109,241 |
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Reserve for cash flow hedges |
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Foreign currency translation reserve |
22,943 |
27,046 |
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Other reserves |
2,235 |
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Result of the year |
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289,684 |
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Minority Interest |
126,533 |
121,157 |
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Profit & Loss Accounts |
272,287 |
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Total Shareholders' Equity |
2,937,829 |
2,749,257 |
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Total Liabilities & Shareholders' Equity |
30,083,595 |
26,107,626 |
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Bank Audi s.a.l. - Audi Saradar Group |
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Consolidated Off Balance Sheet |
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(LL millions) |
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OFF Balance Sheet |
30/09/2008 |
31/12/2007 |
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Financing Commitments |
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- Financing commitments given to banks & financial institutions |
777,819 |
468,751 |
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- Financing commitments received from banks & financial institutions |
179,936 |
172,143 |
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- Engagement to customers |
68,096 |
390,751 |
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Bank guarantees : |
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- Guarantees given to banks & financial institutions |
254,495 |
230,499 |
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of which: credit derivatives |
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- Guarantees received from banks & financial institutions |
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of which: credit derivatives |
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- Guarantees given to customers |
1,330,876 |
958,921 |
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- Guarantees received from customers |
3,785,136 |
3,537,056 |
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Financial Notes Commitments |
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- Financial notes commitments to be received |
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of which: financial instruments sold with a buy back option |
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- Financial notes commitments to be delivered |
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of which: financial instruments purchased with a buy back option |
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Foreign Currencies Forwards |
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- Foreign currencies to receive |
1,601,735 |
1,705,167 |
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- Foreign currencies to deliver |
1,596,412 |
1,706,867 |
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Commitments on term financial instruments |
434,073 |
594,294 |
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Other commitments |
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Claims from legal cases |
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Fiduciary assets |
3,093,959 |
3,159,896 |
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Asset under management |
2,510,255 |
2,260,941 |
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Mutual funds |
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Structured financial products |
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Engagement unlikely to be executed |
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Bad debts fully provided for |
310,412 |
282,040 |
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Bank Audi s.a.l. - Audi Saradar Group |
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(LL millions) |
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Consolidated Income statement |
Period ended 30/09/2008 |
Period ended 30/09/2007 |
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Interest & similar income |
1,274,318 |
1,117,790 |
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Interest & similar expenses |
(804,750) |
(742,514) |
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Net Interest Income |
469,568 |
375,276 |
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Fees & commissions income |
193,702 |
137,981 |
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Fees & commissions expenses |
(30,269) |
(22,137) |
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Net Fees & Commissions Income |
163,433 |
115,844 |
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Net trading income/loss |
62,707 |
49,397 |
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Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
(38,626) |
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Net gain or loss on financial investments |
26,719 |
23,387 |
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Other operating Income |
46,154 |
24,857 |
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Total Operating Income |
729,955 |
588,762 |
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Net provisions for credit losses |
4,635 |
(3,718) |
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Provision on impairement of financial instruments |
(1,131) |
3,262 |
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Net Operating income |
733,459 |
588,306 |
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Personnel expenses |
(224,213) |
(177,939) |
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Depreciation of property & equipment |
(23,113) |
(24,735) |
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Amortization of intangible assets |
(3,363) |
(2,127) |
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Impairement of goodwill |
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Other operating expenses |
(159,393) |
(129,245) |
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Total Operating Expenses |
(410,082) |
(334,046) |
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Operating Profit |
323,377 |
254,260 |
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Share of profit of associates under equity method |
733 |
185 |
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Net gain (loss) on sale or disposal of other assets |
5,708 |
1,092 |
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Profit Before Tax |
329,818 |
255,537 |
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Income tax |
(57,531) |
(44,012) |
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Profit After Tax from Operating Activities |
272,287 |
211,525 |
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Result of discontinued operations |
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Net Profit |
272,287 |
211,525 |
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Minority Interest |
5,390 |
3,554 |
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Net Profit - Group share |
266,897 |
207,971 |
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Basic earnings per share LL |
7,205 |
5,702 |
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Diluted earnings per share LL |
6,829 |
5,558 |
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Related Shares:
BQAD.L