30th Jan 2008 16:18
Bank Audi SAL- Audi Saradar Group30 January 2008 Bank Audi SAL- Audi Saradar Group Consolidated Balance Sheet as at December 31, 2007 (Unaudited) (LL millions)ASSETS 2007 2006 LL C/V LL TOTAL LL C/V LL TOTAL Cash and Central Banks 2,491,338 4,396,694 6,888,032 2,340,602 3,173,873 5,514,475 - Cash 33,716 106,320 140,036 25,592 65,936 91,528 - Credit risk ceded 210,748 210,748 212,288 212,288 - Net Exposure 2,457,622 4,079,626 6,537,248 2,315,010 2,895,649 5,210,659Lebanese Treasury bills and 1,066,303 2,957,406 4,023,709 1,127,695 3,096,712 4,224,407other government bills - Credit risk ceded 403,644 403,644 478,842 478,842 - Net Exposure 1,066,303 2,553,762 3,620,065 1,127,695 2,617,870 3,745,565Bonds and financial instruments 1,190,118 1,190,118 679,236 679,236with fixed incomeShares, securities and financial 8,383 289,710 298,093 8,199 221,013 229,212assets with variable incomeBanks and financial institutions 104,786 4,884,004 4,988,790 71,912 4,780,173 4,852,085- Current accounts 16,481 943,629 960,110 14,833 619,631 634,464- Time deposits 88,305 3,940,375 4,028,680 57,079 4,160,542 4,217,621- Purchase of financialinstruments with an option toresellDue from Head office, branchesand affiliates- Current accounts- Time depositsLoans and advances to customers 309,508 7,122,077 7,431,585 239,287 4,637,795 4,877,082- Commercial loans* 162,100 6,313,367 6,475,467 104,657 3,856,559 3,961,216- Other loans to customers* 104,657 361,377 466,034 108,515 489,713 598,228- Overdraft accounts 2,326 162,758 165,084 2,587 12,098 14,685- Net debtor accounts against 1,009 1,009 775 775creditor and cash collateralaccounts- Advances to related parties 53,068 212,261 265,329 47,668 190,822 238,490(o.w.cash collateral of LL158.49 billion as at Decemberend 2007)- Doubtful loans** (12,643) 71,305 58,662 (24,140) 87,828 63,688Bank acceptances 217,092 217,092 136,994 136,994Investments and related loansInvestments and related loans 4,563 15,872 20,435 4,359 17,023 21,382under equity method-Non financial institutions 4,563 15,872 20,435 4,359 17,023 21,382- Financial institutionsTangible fixed assets (including 283,455 217,315 500,770 284,965 175,295 460,260revaluation variance approved bythe Central Bank)Intangible fixed assets 7,782 7,571 15,353 5,828 6,383 12,211Other assets 1,398 346 1,744 1,391 570 1,961Regularization accounts and 35,961 173,946 209,907 35,343 101,775 137,118other debtor accountsRevaluation variance on otherfixed assetsGoodwill 35,550 179,578 215,128 33,838 182,523 216,361 TOTAL ASSETS** 4,349,027 21,651,729 26,000,756 4,153,419 17,209,365 21,362,784 *Out of which sub-standard loans 23,612 29,244amounting to :**After deduction of provision 175,233 165,469for doubtful loansand unrealised interest:*For sub-standard loans 4,872 5,599**For doubtful loans 80,825 68,729 Off-Balance Sheet ItemsFinancing commitments receivedSignature commitments received 24,290 156,898 181,188 21,105 103,782 124,887Financial instruments sold witha buy back optionEngagements on term financial 568,851 568,851 388,317 388,317instruments- Option on forex swap 568,851 568,851 388,317 388,317Commitments on derivatives 16,882 16,882Other engagements received 233,135 3,286,601 3,519,736 182,310 2,101,816 2,284,126Fiduciary assets and Assets 6,784 5,385,443 5,392,227 6,859 4,257,647 4,264,506under managementCustody accounts 934,074 3,019,463 3,953,537 604,408 2,550,777 3,155,185Forward operations: 1,705,525 1,705,525 774,468 774,468-Foreign currencies to receive 1,705,525 1,705,525 774,468 774,468Bad debts transferred to off 28,748 253,292 282,040 26,404 242,826 269,230balance sheet items Bank Audi SAL- Audi Saradar Group Consolidated Balance Sheet as at December 31, 2007 (Unaudited) (LL millions)LIABILITIES 2007 2006 LL C/V LL TOTAL LL C/V LL TOTALCentral Bank 27,702 27,702Banks and financial institutions 60,360 680,545 740,905 3,570 281,745 285,315- Current accounts 5,985 316,347 322,332 2,408 182,333 184,741- Time deposits 54,375 364,198 418,573 1,162 99,412 100,574- Sale of financial instrumentswith an option to rebuyDue to Head office, branches andaffiliates- Current accounts- Time depositsDeposits from customers 3,197,165 18,382,687 21,579,852 3,148,359 14,711,186 17,859,545- Sight deposits 288,159 2,476,257 2,764,416 241,704 1,933,094 2,174,798- Time deposits 646,958 9,246,574 9,893,532 675,609 6,557,271 7,232,880- Savings accounts 2,220,334 5,391,726 7,612,060 2,196,263 4,596,670 6,792,933- Net creditor and cash 35,504 863,655 899,159 29,991 716,551 746,542collateral accounts againstdebtor accounts- Related parties accounts 6,210 404,475 410,685 4,792 907,600 912,392Engagements by acceptances 217,092 217,092 136,994 136,994Liabilities under financial 153,148 153,148 153,148 153,148instruments- Certificates of deposit 153,148 153,148 153,148 153,148- Debenture bonds- Other liabilities underfinancial instrumentsOther liabilities 196,703 170,240 366,943 140,021 87,994 228,015Regularization accounts and 29,738 102,225 131,963 10,789 55,794 66,583other creditor accountsProvisions for risks and charges 34,643 9,378 44,021 31,746 13,027 44,773Subordinated notesShareholders' equity 831,351 1,632,473 2,463,824 698,936 1,614,358 2,313,294-Revaluation variance accepted 18,600 18,600 18,600 18,600in the supplementary capital-Share capital & cash 422,190 179,176 601,366 404,945 172,372 577,317contribution to capital - Group share 419,675 72,586 492,261 404,162 72,586 476,748 Ordinary shares32.902.309 Preferred shares5.250.000 - Minority share 2,515 106,590 109,105 783 99,786 100,569-Reserves for general banking 32,299 72,150 104,449 26,896 54,079 80,975risks - Group share 32,299 72,150 104,449 26,885 54,044 80,929 - Minority share 11 35 46-Reserves and premiums and 306,124 1,219,040 1,525,164 221,467 1,305,917 1,527,384equity differences - Group share 303,776 1,220,686 1,524,462 219,339 1,307,258 1,526,597 - Minority share 2,348 (1,646) 702 2,128 (1,341) 787-Employees' stock option plan as 35,406 35,406 17,927 17,927per IFRS 2-Less: Treasury GDR's (147) (1,384) (1,531) (1,239) (10,524) (11,763)-Profit carried forward 13,783 42,235 56,018 5,347 27,981 33,328 - Group share 13,728 40,817 54,545 5,310 26,618 31,928 - Minority share 55 1,418 1,473 37 1,363 1,400-Net income for the year - Group share - Minority share-Cumulative changes in fair 38,502 85,850 124,352 22,920 46,606 69,526valueRevaluation variance of fixedassetsIncome and expense accounts 223,217 79,791 303,008 213,523 33,892 247,415Total Liabilities & 4,573,177 21,427,579 26,000,756 4,274,646 17,088,138 21,362,784Shareholders' Equity Off-Balance Sheet ItemsFinancing commitments given to: 468,751 468,751 225,995 225,995- Financial intermediaries 468,751 468,751 225,995 225,995- CustomersBank guarantees given to: 39,254 1,161,973 1,201,227 36,577 837,521 874,098- Financial intermediaries 1,271 232,117 233,388 1,037 228,717 229,754- Customers 37,983 929,856 967,839 35,540 608,804 644,344Financial instruments purchasedwith a buy back optionOther engagementsEngagements on term financial 29,454 29,454instrumentsCommitments on derivatives 446,518 446,518Fiduciary Deposits and Assets 8,600 5,383,627 5,392,227 8,533 4,255,973 4,264,506under managementCustody accounts 934,074 3,019,463 3,953,537 604,408 2,550,777 3,155,185Forward operations 1,706,510 1,706,510 774,254 774,254-Foreign currencies to deliver 1,706,510 1,706,510 774,254 774,254 Bank Audi SAL- Audi Saradar Group Consolidated Income Statement (Unaudited) (LL millions) 31/12/2007 31/12/2006 Interest and similar income 1,524,648 1,248,216 Lebanese Treasury bills and other 346,871 297,779 government bills Deposits and similar accounts in banks and 665,854 580,089 financial institutions Deposits in head office, branches and affiliates Bonds and financial instruments with fixed 57,519 57,519 income Loans and advances to customers 427,367 296,923 Loans and advances to related parties 17,965 13,577 Other interest and similar income 9,072 2,329 Interest on leasing contractsInterest expense and similar charges 1,006,181 809,810 Deposits and similar accounts from banks 12,275 16,173 and financial institutions Deposits from head office, branches and affiliates Deposits from customers and other creditor 956,505 758,104 accounts Deposits from related parties 17,953 18,199 Cash contribution to capital and subordinated loans Certificates of deposit 16,205 16,205 Bonds and financial instruments with fixed income Other interest and similar charges 3,243 1,129 Interest on leasing contractsNet provisions and recoveries on doubtful loans 4,374 24,670 Provisions for doubtful loans 27,729 41,755 Of which: provision setup related to commercial loans(granted by leasing companies) Recoveries of provisions for doubtful loans (23,355) (17,085) Of which: provision write-back related to commercial loans(granted by leasing companies) Of which: provision write-back related to leasing contracts Provision related to leasing contractsNet interest income 514,093 413,736Revenues from shares, securities & financial assets 10,642 12,759with variable incomeNet commissions 164,909 105,975 Commissions received 195,312 142,159 Of which: commission related to leasing contracts Commissions paid (30,403) (36,184) Of which: commission related to leasing contractsProfit on financial operations 150,822 150,196 Profit on marketable securities 24,762 33,188 Profit on financial fixed assets Profit on foreign exchange position 26,585 27,064 Profit on financial instruments 99,475 89,944Loss on financial operations 49,341 26,233 Loss on marketable securities 2,790 2,477 Loss on financial fixed assets Loss on foreign exchange position 9,738 9,341 Loss on financial instruments 36,813 14,415Net income from financial operations 101,481 123,963Other operating income 33,601 19,937Other operating expenses 5,735 7,830Total operating income 818,991 668,540General and administrative expenses 422,145 317,813 Salaries wages and related charges 237,442 173,373 Employees' stock options expense as per 17,479 17,927 IFRS 2 General operating expenses 167,224 126,513Depreciation and amortization 32,149 34,537Provisions on investments 2,473 (6,418)Provisions on contingent accounts & other risks 1,332 (631)Profit from operations before taxation 368,502 309,141Net nonrecurring operations (2,337) (12,167) Nonrecurring income 7,358 1,193 Nonrecurring expenses (9,695) (13,360)Income tax 64,223 50,300Our part in affiliates under equity method 1,066 741 Non financial institutions 1,066 741 Financial institutionsNet profit for the year 303,008 247,415 Group share 290,247 246,570 Minority share 12,761 845 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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