29th Oct 2009 17:00
Activity highlights at end-September 2009
US$ 212.8 million net profits for the first nine months of 2009 A growth of 17.8% relative to the corresponding period of 2008
US$ 21.3 billion customer deposits as at end-September 2009US$ 4.1 billion of growth in the deposit base in the first nine months of 2009
US$ 24.7 billion total assets as at end-September 2009A growth of 20.9% relative to end-December 2008
51.2% primary liquidity to customer deposits ratio
********
Bank Audi SAL - Audi Saradar Group
|
Consolidated Balance Sheet (Unaudited) |
||
|
|
|
(LL million) |
|
Assets |
30/09/2009 |
31/12/2008 |
|
Cash and balances with Central Banks |
6,066,403 |
4,440,913 |
|
Due from banks & financial institutions |
5,591,027 |
5,460,553 |
|
Due from head office, sister,related banks and financial institutions |
|
|
|
Financial assets given as collateral and reverse repurchase agreements |
|
|
|
Derivative financial instruments |
20,023 |
48,442 |
|
Financial assets held for trading |
939,589 |
21,142 |
|
Financial assets designated at fair value through profit & loss |
122,240 |
324,105 |
|
Net loans & advances to customers * |
9,861,475 |
8,982,761 |
|
Net loans & advances to related parties |
264,640 |
256,876 |
|
Debtors by acceptances |
236,371 |
234,396 |
|
Available for sale financial instruments** |
5,779,996 |
3,809,668 |
|
Financial assets classified as loans and receivables*** |
6,865,425 |
5,910,767 |
|
- Credit risk ceded |
1,241,866 |
1,176,632 |
|
- Net Exposure |
5,623,559 |
4,734,135 |
|
Held to maturity financial instruments** |
401,658 |
259,918 |
|
Investments in associates |
42,089 |
33,124 |
|
Investment properties |
|
|
|
Property & equipment |
523,954 |
479,888 |
|
Intangible fixed assets |
24,790 |
18,937 |
|
Non current assets held for sale |
29,908 |
38,534 |
|
Deferred taxes assets |
7,040 |
10,852 |
|
Other assets |
187,572 |
228,041 |
|
Goodwill |
219,656 |
209,675 |
|
Total Assets |
37,183,856 |
30,768,592 |
* After deduction of provisions amounting to LL (million) 229,225 from loans and advances to customers as per IAS 39, of which LL (million) 22,356 representing provisions on collective assessment.
** Includes an amount of LL (billion) 3,712 representing Lebanese Treasury Bills
*** Includes an amount of LL (billion) 3,402 representing Certificates of Deposits
Bank Audi SAL - Audi Saradar Group
|
Consolidated Balance Sheet (Unaudited) |
||
|
|
(LL million) |
|
|
Liabilities |
30/09/2009 |
31/12/2008 |
|
Due to Central Banks |
134,891 |
|
|
Due to banks & financial institutions |
538,343 |
699,150 |
|
Due to head office, sister, related banks and financial institutions |
|
|
|
Financial assets taken as collateral & repurchase agreement |
|
|
|
Derivative financial instruments |
26,003 |
46,589 |
|
Financial liabilities held for trading |
|
|
|
Financial liabilities designated at fair value through profit & loss |
|
|
|
Customers deposits |
31,858,834 |
25,736,656 |
|
Deposits from related parties |
298,808 |
237,030 |
|
Debt issued & other borrowed funds |
157,232 |
153,148 |
|
Engagements by acceptances |
236,371 |
234,396 |
|
Current tax liabilities |
51,303 |
71,780 |
|
Deferred tax liabilities |
5,003 |
2,479 |
|
Other liabilities |
659,747 |
570,483 |
|
Liabilities related to non-current assets held for sale |
|
|
|
Provisions for risks & charges |
24,841 |
22,426 |
|
End of service benefits |
34,228 |
30,644 |
|
Subordinated loans & similar debts |
|
|
|
Total Liabilities |
34,025,604 |
27,804,781 |
|
Shareholders' Equity - Group Share |
2,976,371 |
2,832,672 |
|
Capital - Common shares |
418,820 |
376,083 |
|
Capital - Preferred shares |
15,313 |
57,750 |
|
Issue premium - Common shares |
833,511 |
1,017,929 |
|
Issue premium - Preferred shares |
173,125 |
281,438 |
|
Merger premium |
36,006 |
36,006 |
|
Cash contribution to capital |
72,586 |
72,586 |
|
Capital reserves |
813,986 |
518,886 |
|
Treasury shares |
(72,839) |
(58,091) |
|
Retained earnings |
102,437 |
50,516 |
|
Revaluation reserve of real estate |
18,600 |
18,600 |
|
Reserve on revaluation of financial Instruments |
242,950 |
98,755 |
|
Reserve for cash flow hedges |
|
1,258 |
|
Foreign currency translation reserve |
10,632 |
7,131 |
|
Other reserves |
3,653 |
2,277 |
|
Result of the year |
307,591 |
351,548 |
|
Minority Interest |
181,881 |
131,139 |
|
Profit & Loss Accounts |
|
|
|
Total Shareholders' Equity |
3,158,252 |
2,963,811 |
|
Total Liabilities & Shareholders' Equity |
37,183,856 |
30,768,592 |
Bank Audi SAL - Audi Saradar Group
|
Consolidated Off Balance Sheet (Unaudited) |
||
|
|
(LL million) |
|
|
OFF Balance Sheet |
30/09/2009 |
31/12/2008 |
|
Financing Commitments |
|
|
|
- Financing commitments given to banks & financial institutions |
714,939 |
565,196 |
|
- Financing commitments received from banks & financial institutions |
|
|
|
- Engagement to customers |
684,786 |
589,427 |
|
Bank guarantees : |
|
|
|
- Guarantees given to banks & financial institutions |
451,054 |
253,331 |
|
of which: credit derivatives |
|
|
|
- Guarantees received from banks & financial institutions |
570,023 |
299,274 |
|
of which: credit derivatives |
|
|
|
- Guarantees given to customers |
2,359,521 |
1,342,842 |
|
- Guarantees received from customers |
5,297,535 |
4,077,579 |
|
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 |
1,681,839 |
1,222,074 |
|
- Foreign currencies to deliver |
1,694,077 |
1,237,529 |
|
Engagements on term financial instruments |
147,708 |
104,102 |
|
Other commitments |
|
|
|
Claims from legal cases |
|
|
|
Fiduciary assets |
1,736,263 |
2,743,542 |
|
Assets under management |
9,225,389 |
7,061,327 |
|
Mutual funds |
|
|
|
Structured financial products |
|
|
|
Engagements unlikely to be executed |
|
|
|
Bad debts fully provided for |
283,705 |
313,125 |
Bank Audi SAL - Audi Saradar Group
|
Consolidated Income statement (Unaudited) |
(LL million) |
|
|
|
30/09/2009 |
30/09/2008 |
|
Interest & similar income |
1,363,369 |
1,274,318 |
|
Interest & similar expenses |
(894,546) |
(804,750) |
|
Net Interest Income |
468,823 |
469,568 |
|
Fees & commissions income |
194,079 |
193,702 |
|
Fees & commissions expenses |
(32,067) |
(30,269) |
|
Net Fees & Commissions Income |
162,012 |
163,433 |
|
Net trading income/loss |
78,141 |
62,707 |
|
Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
5,387 |
(38,626) |
|
Net gain or loss on financial investments |
44,086 |
26,719 |
|
Other operating Income |
50,674 |
46,154 |
|
Total Operating Income |
809,123 |
729,955 |
|
Net provisions for credit losses |
(29,892) |
4,635 |
|
Provisions for doubtful loans |
(47,037) |
(20,046) |
|
Recoveries of provisions for doubtful loans |
17,145 |
24,681 |
|
Provision on impairement of financial instruments |
31 |
(1,131) |
|
Net Operating income |
779,262 |
733,459 |
|
Personnel expenses |
(217,302) |
(224,213) |
|
Depreciation of property & equipment |
(26,824) |
(23,113) |
|
Amortization of intangible assets |
(4,549) |
(3,363) |
|
Goodwill Impairement |
|
|
|
Other operating expenses |
(142,102) |
(159,393) |
|
Total Operating Expenses |
(390,777) |
(410,082) |
|
Operating Profits |
388,485 |
323,377 |
|
Share of profits of associates under equity method |
1,090 |
733 |
|
Net gain (loss) on sale or disposal of other assets |
847 |
5,708 |
|
Profits Before Tax |
390,422 |
329,818 |
|
Income tax |
(69,697) |
(57,531) |
|
Profits After Tax from Operating Activities |
320,725 |
272,287 |
|
Result of discontinued operations |
|
|
|
Net Profits |
320,725 |
272,287 |
|
Minority Interest |
13,134 |
5,390 |
|
Net Profits - Group share |
307,591 |
266,897 |
|
Basic earnings per share LL |
8,849 |
7,205 |
|
Diluted earnings per share LL |
8,650 |
6,829 |
Related Shares:
BQAD.L