28th Jan 2010 17:00
Bank Audi S.A.L. - Audi Saradar Group
Consolidated Activity Highlights in 2009 Relative to 2008
US$ 26.5 billion in total assets, rising by 29.9%
US$ 23 billion in customers' deposits, rising by 32.6%
US$ 2.2 billion of shareholders' equity, rising by 11.1%
US$ 289 million of consolidated net profits, rising by 21.4%
55.7% primary liquidity to customers' deposits ratio
11.5% capital adequacy ratio as per Basle II
0.27% of net doubtful to gross loans ratio
91.8% of loan loss reserves to gross doubtful loans ratio
14.8% of return on average common equity ratio
US$ 8 of common earnings per share, rising by 23.5%
Bank Audi S.A.L. - Audi Saradar Group
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Consolidated Statement of Financial Position (Unaudited) |
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(LL million) |
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Assets |
31/12/2009 |
31/12/2008 |
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Cash and balances with Central Banks |
6,206,165 |
4,440,913 |
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Due from banks & financial institutions |
7,737,613 |
5,460,553 |
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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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|
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Derivative financial instruments |
36,747 |
48,442 |
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Financial assets held for trading (2) |
835,025 |
21,142 |
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Financial assets designated at fair value through profit & loss |
|
324,105 |
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Net loans & advances to customers (1) |
9,911,243 |
8,982,761 |
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Net loans & advances to related parties |
259,799 |
256,876 |
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Debtors by acceptances |
284,423 |
234,396 |
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Available for sale financial instruments (2) |
6,003,039 |
3,809,668 |
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Financial assets classified as loans and receivables (2) (3) |
7,225,213 |
5,910,767 |
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Held to maturity financial instruments (2) |
440,918 |
259,918 |
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Investments in associates |
33,996 |
33,124 |
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Investment properties |
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|
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Property & equipment |
527,130 |
479,888 |
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Intangible fixed assets |
26,276 |
18,937 |
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Non current assets held for sale |
29,261 |
38,534 |
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Deferred taxes assets |
2,279 |
10,852 |
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Other assets |
154,598 |
189,870 |
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Goodwill |
218,685 |
209,675 |
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Total Assets |
39,932,410 |
30,730,421 |
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(1) After deduction of provisions amounting to LL (million) 236,726 from loans and advances to customers as per IAS 39, of which LL (million) 65,032 representing provisions on collective assessment. |
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(2) Includes (a) an amount of LL (billion) 4,046 representing Local Currency Lebanese Treasury Bills |
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(b) an amount of LL (billion) 2,131 representing Lebanese Eurobonds of which LL (billion) 1,487 risk ceded to customers |
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(3) Includes an amount of LL (billion) 4,035 representing Local Currency Certificates of Deposits |
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Bank Audi S.A.L. - Audi Saradar Group
|
Consolidated Statement of Financial Position (Unaudited) |
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|
|
(LL million) |
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Liabilities |
31/12/2009 |
31/12/2008 |
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Due to Central Banks |
133,359 |
|
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Due to banks & financial institutions |
775,059 |
699,150 |
|
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 |
26,780 |
46,588 |
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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 |
34,382,119 |
25,898,206 |
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Deposits from related parties |
268,722 |
237,030 |
|
Debt issued & other borrowed funds |
153,148 |
153,148 |
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Engagements by acceptances |
284,423 |
234,396 |
|
Current tax liabilities |
43,055 |
33,610 |
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Deferred tax liabilities |
38,941 |
2,479 |
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Other liabilities |
471,816 |
408,933 |
|
Liabilities related to non-current assets held for sale |
|
|
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Provisions for risks & charges |
24,472 |
22,426 |
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End of service benefits |
36,810 |
30,644 |
|
Subordinated loans & similar debts |
|
|
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Total Liabilities |
36,638,704 |
27,766,610 |
|
Shareholders' Equity - Group Share |
3,091,006 |
2,832,672 |
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Capital - Common shares |
421,632 |
376,083 |
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Capital - Preferred shares |
15,313 |
57,750 |
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Issue premium - Common shares |
843,902 |
1,017,928 |
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Issue premium - Preferred shares |
173,125 |
281,438 |
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Merger premium |
36,006 |
36,006 |
|
Cash contribution to capital |
72,586 |
72,586 |
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Capital reserves |
819,200 |
518,887 |
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Treasury shares |
(74,390) |
(58,091) |
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Retained earnings |
105,255 |
50,516 |
|
Revaluation reserve of real estate |
18,600 |
18,600 |
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Reserve on revaluation of financial Instruments |
228,206 |
98,755 |
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Reserve for cash flow hedges |
|
1,258 |
|
Foreign currency translation reserve |
8,480 |
7,131 |
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Other reserves |
3,645 |
2,277 |
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Result of the year |
419,446 |
351,548 |
|
Minority Interest |
202,700 |
131,139 |
|
Profit & Loss Accounts |
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|
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Total Shareholders' Equity |
3,293,706 |
2,963,811 |
|
Total Liabilities & Shareholders' Equity |
39,932,410 |
30,730,421 |
Bank Audi S.A.L. - Audi Saradar Group
|
Consolidated Off Balance Sheet (Unaudited) |
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(LL million) |
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OFF Balance Sheet |
31/12/2009 |
31/12/2008 |
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Financing Commitments |
|
|
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- Financing commitments given to banks & financial institutions |
778,181 |
565,196 |
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- Financing commitments received from banks & financial institutions |
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|
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- Engagement to customers |
947,486 |
589,427 |
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Bank guarantees : |
|
|
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- Guarantees given to banks & financial institutions |
261,306 |
253,331 |
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of which: credit derivatives |
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|
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- Guarantees received from banks & financial institutions |
518,462 |
299,274 |
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|
of which: credit derivatives |
|
|
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- Guarantees given to customers |
2,504,522 |
1,453,659 |
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- Guarantees received from customers |
6,807,592 |
4,077,579 |
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Financial Notes Commitments |
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|
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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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|
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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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|
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- Foreign currencies to receive |
1,277,816 |
1,222,074 |
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- Foreign currencies to deliver |
1,269,265 |
1,237,529 |
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Engagements on term financial instruments |
36,629 |
104,102 |
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Other commitments |
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Claims from legal cases |
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|
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Fiduciary assets |
1,493,921 |
2,743,542 |
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Assets under management |
8,991,010 |
7,061,327 |
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Mutual funds |
79,173 |
7,392 |
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Structured financial products |
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Engagements unlikely to be executed |
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Bad debts fully provided for |
359,735 |
313,125 |
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Bank Audi S.A.L. - Audi Saradar Group
|
(LL million) |
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|
Consolidated Income statement (Unaudited) |
2009 |
2008 |
|
Interest & similar income |
1,866,544 |
1,729,337 |
|
Interest & similar expenses |
(1,241,832) |
(1,091,656) |
|
Net Interest Income |
624,712 |
637,681 |
|
Fees & commissions income |
285,024 |
253,609 |
|
Fees & commissions expenses |
(43,675) |
(40,865) |
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Net Fees & Commissions Income |
241,349 |
212,744 |
|
Net trading income/loss |
124,791 |
67,406 |
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Net gain or loss on financial assets or liabilities designated at fair value through profit & loss |
959 |
(34,709) |
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Net gain or loss on financial investments |
63,795 |
46,871 |
|
Other operating Income |
63,270 |
66,532 |
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Total Operating Income |
1,118,876 |
996,525 |
|
Net provisions for credit losses |
(35,600) |
(7,547) |
|
Provisions for doubtful loans |
(60,591) |
(38,471) |
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Recoveries of provisions for doubtful loans |
24,991 |
30,924 |
|
Provision on impairment of financial instruments |
(11,875) |
(13,148) |
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Net Operating income |
1,071,401 |
975,830 |
|
Personnel expenses |
(304,430) |
(299,391) |
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Depreciation of property & equipment |
(35,416) |
(31,737) |
|
Amortization of intangible assets |
(7,416) |
(6,208) |
|
Goodwill Impairment |
|
(1,268) |
|
Other operating expenses |
(199,390) |
(209,050) |
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Total Operating Expenses |
(546,652) |
(547,654) |
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Operating Profits |
524,749 |
428,176 |
|
Share of profits of associates under equity method |
1,732 |
3,711 |
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Net gain (loss) on sale or disposal of other assets |
(389) |
(2,910) |
|
Profits Before Tax |
526,092 |
428,977 |
|
Income tax |
(90,499) |
(70,085) |
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Profits After Tax from Operating Activities |
435,593 |
358,892 |
|
Result of discontinued operations |
|
|
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Net Profits |
435,593 |
358,892 |
|
Minority Interest |
16,147 |
7,344 |
|
Net Profits - Group share |
419,446 |
351,548 |
|
Basic earnings per share LL |
12,062 |
9,764 |
|
Diluted earnings per share LL |
11,752 |
9,288 |
Related Shares:
BQAD.L