30th Jan 2009 07:00
January 30, 2009
Consolidated Unaudited Results for the year 2008Compared to end of 2007
Total assets of US$ 20.4 billion, growing by 17.9% ;
Customers' deposits of US$ 17.3 billion, growing by 20.8% ;
Shareholders' equity of US$ 1.9 billion, growing by 7.5% ;
Net profits of US$ 238.5 million, growing by 19.1% .
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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
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31/12/2008
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31/12/2007
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Cash and balances with Central Banks
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4,437,038
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4,227,585
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Due from banks & financial institutions
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5,493,236
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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
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Derivative financial instruments
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16,031
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23,346
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Financial assets held for trading
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20,851
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719,227
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Financial assets designated at fair value through profit & loss
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600,615
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475,347
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Net loans & advances to customers *
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8,992,807
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6,828,316
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Net loans & advances to related parties
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255,977
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268,278
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Debtors by acceptances
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248,703
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198,288
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Available for sale financial instruments
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3,896,890
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4,224,715
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- Credit risk ceded
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1,176,632
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778,072
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- Net Exposure
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2,720,258
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3,446,643
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Financial assets classified as loans and receivables
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5,539,702
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2,940,798
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Held to maturity financial instruments
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255,078
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512,435
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Investments in associates
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21,711
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22,630
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Investment properties
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Property & equipment
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480,108
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455,661
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Intangible fixed assets
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17,684
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13,502
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Non current assets held for sale
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38,533
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40,254
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Deferred taxes assets
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14,223
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14,722
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Other assets
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217,756
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165,491
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Goodwill
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223,581
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215,131
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Total Assets
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30,770,524
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26,107,626
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* After deduction of provisions amounting to LL (million) 189,944 from loans and advances to customers as per IAS 39, of whichLL (million) 11,513 representing provisions on collective assessment.
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Consolidated Balance Sheet |
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(LL million) |
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Liabilities & Shareholders' Equity |
31/12/2008 |
31/12/2007 |
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Due to Central Banks |
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Due to banks & financial institutions |
706,334 |
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 |
25,793,893 |
21,163,808 |
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Deposits from related parties |
237,182 |
392,097 |
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Debt issued & other borrowed funds |
153,148 |
153,148 |
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Engagements by acceptances |
248,703 |
198,288 |
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Current tax liabilities |
60,266 |
58,349 |
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Deferred tax liabilities |
5,754 |
874 |
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Other liabilities |
556,650 |
395,524 |
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Liabilities related to non-current assets held for sale |
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Provisions for risks & charges |
21,995 |
14,723 |
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End of service benefits |
30,649 |
25,482 |
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Subordinated loans & similar debts |
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Total Liabilities |
27,814,574 |
23,358,369 |
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Shareholders' Equity - Group Share |
2,469,935 |
2,338,416 |
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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 |
1,014,893 |
1,014,893 |
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Issue premium - Preferred shares |
339,188 |
339,188 |
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Cash contribution to capital |
72,586 |
72,586 |
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Capital reserves |
464,567 |
282,413 |
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Treasury shares |
(57,954) |
(1,531) |
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Retained earnings |
84,334 |
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 |
80,292 |
109,241 |
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Reserve for cash flow hedges |
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Foreign currency translation reserve |
17,319 |
27,046 |
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Other reserves |
2,277 |
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Result of the year |
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Minority Interest |
133,994 |
121,157 |
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Profit & Loss Accounts |
352,021 |
289,684 |
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Total Shareholders' Equity |
2,955,950 |
2,749,257 |
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Total Liabilities & Shareholders' Equity |
30,770,524 |
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 million) |
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OFF Balance Sheet |
31/12/2008 |
31/12/2007 |
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Financing Commitments |
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- Financing commitments given to banks & financial institutions |
563,275 |
468,751 |
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- Financing commitments received from banks & financial institutions |
216,054 |
172,143 |
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- Engagement to customers |
458,219 |
390,751 |
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Bank guarantees : |
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- Guarantees given to banks & financial institutions |
245,702 |
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 |
1,332,528 |
958,921 |
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- Guarantees received from customers |
3,707,897 |
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 |
1,221,987 |
1,705,167 |
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- Foreign currencies to deliver |
1,237,441 |
1,706,867 |
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Commitments on term financial instruments |
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594,294 |
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Other commitments |
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Claims from legal cases |
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Fiduciary assets |
2,810,523 |
3,159,896 |
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Asset under management |
2,039,250 |
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 |
313,125 |
282,040 |
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Bank Audi s.a.l. - Audi Saradar Group |
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Consolidated Income statement |
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(LL million) |
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2008 |
2007 |
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Interest & similar income |
1,744,029 |
1,525,548 |
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Interest & similar expenses |
(1,095,114) |
(1,004,997) |
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Net Interest Income |
648,915 |
520,551 |
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Fees & commissions income |
260,148 |
192,109 |
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Fees & commissions expenses |
(39,611) |
(31,860) |
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Net Fees & Commissions Income |
220,537 |
160,249 |
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Net trading income/loss |
75,187 |
78,420 |
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Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
(3,758) |
(8,213) |
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Net gain or loss on financial investments |
(2,727) |
38,344 |
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Other operating Income |
62,783 |
34,875 |
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Total Operating Income |
1,000,937 |
824,226 |
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Net provisions for credit losses |
(11,113) |
2,094 |
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Provision on impairement of financial instruments |
(1,371) |
1,681 |
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Net Operating income |
988,453 |
828,001 |
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Personnel expenses |
(298,673) |
(253,630) |
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Depreciation of property & equipment |
(32,454) |
(27,014) |
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Amortization of intangible assets |
(5,125) |
(4,831) |
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Impairement of goodwill |
(1,268) |
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Other operating expenses |
(225,513) |
(175,118) |
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Total Operating Expenses |
(563,033) |
(460,593) |
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Operating Profits |
425,420 |
367,408 |
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Share of profits of associates under equity method |
885 |
1,065 |
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Net gain (loss) on sale or disposal of other assets |
3,173 |
(3,539) |
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Profits Before Tax |
429,478 |
364,934 |
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Income tax |
(69,946) |
(63,025) |
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Profits After Tax from Operating Activities |
359,532 |
301,909 |
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Result of discontinued operations |
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Net Profits |
359,532 |
301,909 |
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Minority Interest |
7,511 |
12,225 |
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Net Profits - Group share |
352,021 |
289,684 |
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Basic earnings per share LL |
9,778 |
7,994 |
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Diluted earnings per share LL |
9,302 |
7,604 |
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Related Shares:
BQAD.L