21st Jan 2013 07:00
Bank Audi sal - Audi Saradar Group
Launch of activities of Odeabank A.Ş., the fully-owned
subsidiary in Turkey, on 01/11/2012
US$ 1.4 billion of customers' deposits and US$ 2 billion of assets at 31/12/2012
Consolidated Activity Highlights at End-December 2012
·; US$ 31.3 billion of assets, growing by 8.9% relative to end-December 2011
·; US$ 26.8 billion of customers' deposits, growing by 8.1% relative to end-December 2011
·; US$ 2.7 billion of shareholders' equity, growing by 13.6% relative to end-December 2011
·; US$ 384 million of net profits in 2012, growing by 5% relative to 2011
·; 10.8% of net loan loss provision charge (collective and specific) to total revenues ratio
·; 2.7% of gross doubtful loans to gross loans ratio
·; 76.3% of doubtful loans coverage by specific provisions, reaching 114.4% when including collective provisions
·; 49% of primary liquidity to customers' deposits ratio
·; 11.6% of capital adequacy ratio as per Basle III
·; 16.6% of return on average common equity
Consolidated Statement of Financial Position (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Assets | 31/12/2012 | 31/12/2011 |
Cash and balances with Central Banks | 9,444,835 | 8,703,354 |
Deposits with banks and financial institutions | 4,296,763 | 4,562,602 |
Due from head office, sister, related banks and financial institutions | ||
Loans to banks and financial institutions and reverse repurchase agreements | 1,060,267 | 219,084 |
Financial assets given as collateral | 17,424 | |
Derivative financial instruments | 51,046 | 82,209 |
Shares and participations at fair value through profit and loss | 52,215 | 52,593 |
Debt instruments and other similar financial assets at fair value through profit and loss | 458,436 | 771,333 |
Of which: Net advances and loans at fair value through profit and loss | 75,555 | |
Net loans and advances to customers at amortized cost (1) | 15,428,642 | 12,692,177 |
Net loans and advances to related parties at amortized cost (2) | 304,511 | 263,666 |
Debtors by acceptances | 180,317 | 280,819 |
Debt instruments classified at amortized cost (3) | 14,549,116 | 14,307,303 |
Shares and participations at fair value through other comprehensive income | 245,793 | 223,984 |
Investments in associates | 34,005 | 43,099 |
Assets taken in settlement of debts | 15,113 | 26,379 |
Property and equipment | 528,729 | 511,550 |
Intangible fixed assets | 49,582 | 13,508 |
Non current assets held for sale | 35,085 | |
Other assets | 236,688 | 288,171 |
Goodwill | 222,846 | 261,431 |
Total Assets | 47,193,989 | 43,320,686 |
(1) After deduction of provisions amounting to LBP 441,968 million from loans and advances to customers as per IAS 39, of which LBP 166,652 million representing provisions on collective assessment. | ||
(2) Loans granted to related parties against cash collateral amounted to LBP 240,545 million. | ||
(3) Includes an amount of LBP 1,464 billion with risk ceded to customers. | ||
Consolidated Statement of Financial Position (Unaudited) | ||||
| ||||
Bank Audi sal - Audi Saradar Group | (LBP million) | |||
Liabilities | 31/12/2012 | 31/12/2011 | ||
Due to Central Banks | 374,418 | 133,394 | ||
Due to banks and financial institutions and repurchase agreement | 1,608,637 | 1,007,558 | ||
Due to head office, sister, related banks and financial institutions | ||||
Financial assets taken as a guarantee | ||||
Derivative financial instruments | 56,042 | 58,247 | ||
Financial liabilities at fair value through profit and loss | ||||
Of which: deposits at fair value through profit and loss | ||||
Customers' deposits at amortised cost | 39,733,585 | 37,097,210 | ||
Deposits from related parties at amortized cost | 688,240 | 285,297 | ||
Debt issued and other borrowed funds | ||||
Engagements by acceptances | 180,317 | 280,819 | ||
Other liabilities | 405,542 | 832,087 | ||
Provisions for risks and charges | 95,867 | 72,925 | ||
Subordinated loans and similar debts | ||||
Non current liabilities held for sale | 14,870 | |||
Total Liabilities | 43,157,518 | 39,767,537 | ||
Shareholders' Equity - Group Share | ||||
Share capital - Common shares | 438,586 | 438,198 | ||
Share capital - Preferred shares | 19,124 | 17,243 | ||
Issue premium - Common shares | 659,206 | 657,846 | ||
Issue premium - Preferred shares | 583,876 | 359,633 | ||
Cash contribution to capital | 72,586 | 72,586 | ||
Legal and statutory reserves | 804,245 | 694,690 | ||
Reserves available for distribution | 559,068 | 381,884 | ||
Treasury shares | (20,245) | (103,912) | ||
Retained earnings | 323,384 | 328,515 | ||
Proposed dividends | ||||
Revaluation reserve of real estate | 20,375 | 20,375 | ||
Reserve on revaluation of financial assets at fair value through other comprehensive income | 86,701 | 87,228 | ||
Reserve on changes in fair value of cash flow hedges | ||||
Foreign currency translation reserve | (172,045) | (86,547) | ||
Result of the year | 564,686 | 544,238 | ||
Total Shareholders' Equity - Group share | 3,939,547 | 3,411,977 | ||
Non controlling interest | 96,924 | 141,172 | ||
Total Shareholders' Equity | 4,036,471 | 3,553,149 | ||
Total Liabilities and Shareholders' Equity | 47,193,989 | 43,320,686 | ||
| ||||
Consolidated Off Balance Sheet (Unaudited) | ||
Bank Audi sal - Audi Saradar Group | (LBP million) | |
OFF Balance Sheet | 31/12/2012 | 31/12/2011 |
Financing commitments | ||
- Financing commitments given to banks and financial institutions | 350,578 | 387,781 |
- Financing commitments received from banks and financial institutions | ||
- Engagement to customers | 104,063 | 173,708 |
Bank guarantees : | ||
- Guarantees given to banks and financial institutions | 382,683 | 418,781 |
Of which: credit derivatives | 528 | 75 |
- Guarantees received from banks and financial institutions | 448,309 | 512,947 |
Of which: credit derivatives | ||
- Guarantees given to customers | 1,857,065 | 2,254,602 |
- Guarantees received from customers | 12,083,959 | 11,843,246 |
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 | 2,775,034 | 2,380,990 |
- Foreign currencies to deliver | 2,782,774 | 2,362,955 |
Engagements on term financial instruments | 1,961,914 | 1,979,743 |
Other commitments | ||
Claims from legal cases | ||
Fiduciary accounts | 1,215,349 | 1,205,948 |
under specific instructions | 1,128,697 | 1,153,072 |
under discretionary investments | 86,652 | 52,876 |
Assets under management | 11,274,636 | 10,522,174 |
Mutual funds | 244,763 | 223,399 |
Structured financial products | ||
Engagements unlikely to be executed | ||
Bad debts written off during the year | 164,781 | 13,952 |
Bank Audi sal - Audi Saradar Group | (LBP million) | |
Consolidated Income statement (Unaudited) | 2012 | 2011 |
Interest and similar income | 2,210,729 | 2,056,972 |
Interest and similar expense | (1,344,816) | (1,268,750) |
Net Interest Income | 865,913 | 788,222 |
Fee and commission income | 327,879 | 315,916 |
Fee and commission expense | (51,197) | (50,060) |
Net Fee and Commission Income | 276,682 | 265,856 |
Net gain/loss on financial assets or liabilities at fair value through profit and loss | 197,631 | 126,171 |
Of which: interest income | 36,664 | 40,388 |
Net gain on financial investments | 293,954 | 250,736 |
Other operating Income | 24,730 | 51,674 |
Total Operating Income | 1,658,910 | 1,482,659 |
Net provisions for credit losses | (182,721) | (137,660) |
Credit losses related to debt instruments classified at amortized cost | ||
Provisions for doubtful loans | (202,350) | (174,436) |
Recoveries of provisions for doubtful loans | 19,629 | 36,776 |
Impairment loss on financial instruments | ||
Net Operating Income | 1,476,189 | 1,344,999 |
Personnel expenses | (416,669) | (380,856) |
Other operating expenses | (285,140) | (242,679) |
Depreciation of property and equipment | (46,115) | (38,795) |
Amortization of intangible assets | (7,636) | (7,045) |
Impairment of goodwill | (21,168) | |
Total Operating Expenses | (776,728) | (669,375) |
Operating Profit | 699,461 | 675,624 |
Share of profit of associates under equity method | 292 | 5,133 |
Net gain on disposal of assets | 907 | 387 |
Profit Before Tax | 700,660 | 681,144 |
Income tax | (156,590) | (139,514) |
Profit After Tax from Operating Activities | 544,070 | 541,630 |
Result of discontinued operations, net of tax | 34,147 | 8,921 |
Profit for the Year | 578,217 | 550,551 |
Non-controlling interest | 13,531 | 6,313 |
Profit For The Year - Group share | 564,686 | 544,238 |
Basic earnings per share LL | 1,527.0 | 1,509.5 |
Diluted earnings per share LL | 1,526.4 | 1,506.5 |
Related Shares:
BQAD.L