22 Apr 2010 15:52
Bank Audi SAL - Audi Saradar Group
Consolidated Activity Highlights in the First Quarter of 2010
• US$ 26.8 billion in total assets,
• US$ 23.2 billion in customers' deposits,
increasing by US$ 237 million in the first quarter of 2010
• US$ 2.2 billion of shareholders' equity,
• US$ 80.2 million of consolidated net profits in the first quarter of 2010,
rising by 31.6% relative to the corresponding period of 2009.
• 51.4% primary liquidity to customers' deposits ratio
• 11.5% capital adequacy ratio as per Basle II
• 0.13% net doubtful to gross loans ratio
• 95.8% loan loss provision to gross doubtful loans ratio
• 14.9% return on average common equity
Consolidated Statement of Financial Position (Unaudited) | ||
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| (LBP million) |
Assets | 31/03/2010 | 31/12/2009 |
Cash and balances with Central Banks | 6,572,385 | 6,206,156 |
Due from banks & financial institutions | 5,757,563 | 7,737,364 |
Derivative financial instruments | 35,481 | 38,436 |
Financial assets held for trading (2) | 904,803 | 835,042 |
Net loans & advances to customers (1) | 11,120,761 | 9,930,856 |
Net loans & advances to related parties | 245,336 | 239,824 |
Debtors by acceptances | 269,237 | 284,423 |
Available for sale financial instruments (2) | 6,636,717 | 6,003,316 |
Financial assets classified as loans and receivables (2) (3) | 7,495,336 | 7,298,527 |
Held to maturity financial instruments (2) | 372,209 | 367,379 |
Investments in associates | 32,250 | 31,697 |
Property & equipment | 504,863 | 503,490 |
Intangible fixed assets | 24,437 | 25,906 |
Non current assets held for sale | 27,129 | 29,261 |
Deferred taxes assets | 2,067 | 2,417 |
Other assets | 230,872 | 174,833 |
Goodwill | 214,678 | 218,747 |
Total Assets | 40,446,124 | 39,927,674 |
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(1) After deduction of provisions amounting to LBP (million) 248,812 from loans and advances to customers as per IAS 39, of which LBP (million) 62,375 representing provisions on collective assessment. | ||
(2) Includes (a) an amount of LBP (billion) 4,027 representing Local Currency Lebanese Treasury Bills | ||
(b) an amount of LBP (billion) 2,501 representing Lebanese Eurobonds of which LL (billion) 685 risk ceded | ||
(3) Includes an amount of LBP (billion) 4,368 representing Local Currency Certificates of Deposits |
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Consolidated Statement of Financial Position (Unaudited) | ||
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| (LBP million) |
Liabilities | 31/03/2010 | 31/12/2009 |
Due to Central Banks | 134,922 | 133,359 |
Due to banks & financial institutions | 832,247 | 775,059 |
Derivative financial instruments | 26,400 | 28,631 |
Customers deposits | 34,749,329 | 34,382,301 |
Deposits from related parties | 257,676 | 267,874 |
Debt issued & other borrowed funds | 157,143 | 153,148 |
Engagements by acceptances | 269,237 | 284,423 |
Current tax liabilities | 55,689 | 45,721 |
Deferred tax liabilities | 24,329 | 21,263 |
Other liabilities | 491,604 | 467,548 |
Provisions for risks & charges | 24,204 | 24,127 |
End of service benefits | 37,911 | 38,461 |
Subordinated loans & similar debts |
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Total Liabilities | 37,060,691 | 36,621,915 |
Shareholders' Equity - Group Share | 3,217,799 | 3,103,325 |
Capital - Common shares | 421,632 | 421,632 |
Capital - Preferred shares | 15,313 | 15,313 |
Issue premium - Common shares | 843,902 | 843,902 |
Issue premium - Preferred shares | 173,125 | 173,125 |
Merger premium | 36,006 | 36,006 |
Cash contribution to capital | 72,586 | 72,586 |
Capital reserves | 792,845 | 782,672 |
Treasury shares | (109,131) | (74,390) |
Retained earnings | 531,336 | 124,368 |
Revaluation reserve of real estate | 18,600 | 18,600 |
Reserve on revaluation of financial Instruments | 293,928 | 243,772 |
Foreign currency translation reserve | 9,220 | 22,641 |
Other reserves | 3,533 | 3,645 |
Result of the year | 114,904 | 419,453 |
Minority Interest | 167,634 | 202,434 |
Total Shareholders' Equity | 3,385,433 | 3,305,759 |
Total Liabilities & Shareholders' Equity | 40,446,124 | 39,927,674 |
Consolidated Statement of Financial Position (Unaudited) | ||
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| (LL million) |
OFF Balance Sheet | 31/03/2010 | 31/12/2009 |
Financing Commitments |
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- Financing commitments given to banks & financial institutions | 727,725 | 778,181 |
- Engagement to customers | 363,280 | 487,834 |
Bank guarantees : |
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- Guarantees given to banks & financial institutions | 311,096 | 294,932 |
- Guarantees received from banks & financial institutions | 975,879 | 697,490 |
- Guarantees given to customers | 2,339,338 | 2,453,686 |
- Guarantees received from customers | 8,242,130 | 8,033,876 |
Foreign Currencies Forwards |
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- Foreign currencies to receive | 1,652,494 | 1,275,714 |
- Foreign currencies to deliver | 1,660,980 | 1,269,292 |
Engagements on term financial instruments | 708,976 | 631,714 |
Fiduciary assets | 1,054,344 | 1,493,915 |
Assets under management | 9,967,655 | 9,006,903 |
Mutual funds | 186,048 | 137,623 |
Bad debts fully provided for | 289,129 | 359,735 |
Consolidated Income statement (Unaudited) |
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| (LL million) | |||
| 31/03/2010 | 31/03/2009 | |||
Interest & similar income | 492,094 | 427,546 | |||
Interest & similar expenses | (328,775) | (283,184) | |||
Net Interest Income | 163,319 | 144,362 | |||
Fees & commissions income | 74,267 | 58,588 | |||
Fees & commissions expenses | (11,645) | (10,716) | |||
Net Fees & Commissions Income | 62,622 | 47,872 | |||
Net trading income/loss | 36,602 | 15,465 | |||
Net gain or loss on financial assets or liabilities designated at fair value through profit & loss | (188) | (315) | |||
Net gain or loss on financial investments | 32,863 | 13,767 | |||
Other operating Income | 8,927 | 22,236 | |||
Total Operating Income | 304,145 | 243,387 | |||
Net provisions for credit losses | (14,662) | (6,966) | |||
Provisions for doubtful loans | (17,541) | (10,400) | |||
Recoveries of provisions for doubtful loans | 2,879 | 3,434 | |||
Provision on impairment of financial instruments | (569) | (459) | |||
Net Operating income | 288,914 | 235,962 | |||
Personnel expenses | (76,937) | (69,561) | |||
Depreciation of property & equipment | (9,347) | (7,948) | |||
Amortization of intangible assets | (1,724) | (1,814) | |||
Other operating expenses | (51,442) | (49,481) | |||
Total Operating Expenses | (139,450) | (128,804) | |||
Operating Profits | 149,464 | 107,158 | |||
Share of profits of associates under equity method | 313 | 209 | |||
Net gain (loss) on sale or disposal of other assets | 17 | 317 | |||
Profits Before Tax | 149,794 | 107,684 | |||
Income tax | (28,857) | (15,791) | |||
Net Profits | 120,937 | 91,893 | |||
Minority Interest | 6,033 | 3,711 | |||
Net Profits - Group share | 114,904 | 88,182 | |||
Basic earnings per share LL | 3,318 | 2,514 | |||
Diluted earnings per share LL | 3,272 | 2,466 | |||