Bank Audi SAL BQAD Unaudited 3rd Quarter Results

  Bank Audi SAL (BQAD) - Unaudited 3rd Quarter Results

RNS Number : 0435P
Bank Audi SAL- Audi Saradar Group
18 October 2012




The following amendment has been made to the 'Unaudited 3^rd Quarter  Results' 
announcement released on 18/10/2012 at 16:00 under RNS No 0317P



Return on average  common equity: 17.6%  instead of 16.3%.  All other  details 
remain unchanged.



The full amended text is shown below.





Bank Audi sal - Audi Saradar Group





        Obtained on 28/9/2012 a license to launch operations in Turkey

      after being granted on 27/10/2011 a permission to establish a bank

       Opening the first 5 branches in Istanbul and 1 branch in Ankara

                    and 1 branch in Izmir before year-end



                                      

                                      

            Consolidated Activity Highlights at End-September 2012



· US$ 29.2 billion of total assets

· US$ 24.9 billion of customers' deposits

· US$ 2.6 billion of shareholders' equity

· US$ 309.4 million of consolidated net profits in the first nine  months 
of 2012, rising by  14% relative to the  corresponding period of 2011,  broken 
down to the extend of 73% over Lebanese entities and 27% over entities abroad





· Allocation of  US$ 93.9 million  of net provisions,  abiding by  strict 
precautionary management policies

· Net doubtful loans represent  0.72% of gross loans, without  accounting 
for collective provisions amounting to 1.1% of net loans





· 49.3% of primary liquidity to customers' deposits ratio

· 12% of capital adequacy ratio as per Basle III

· 17.6% of return on average common equity

· 44.1% of cost to income ratio







           Consolidated Statement of Financial Position (Unaudited)
Bank Audi sal - Audi Saradar Group                              (LBP million)
                      Assets                        30/9/2012     31/12/2011
Cash and balances with Central Banks                  9,132,148      8,703,354
Deposits with banks & financial institutions          3,934,407      4,562,602
Due from head office, sister, related banks and
financial institutions
Loans to banks and financial institutions &            237,755        219,084
reverse repurchase agreements
Financial assets given as collateral                                    17,424
Derivative financial instruments                         40,815         82,209
Shares and participations held at fair value            53,241         52,593
through profit & loss
Debt Instruments & other similar financial assets      551,328        771,333
at fair value through profit & loss
Of which: Net advances and loans designated at
fair value through profit and loss
Net loans & advances to customers at amortized       13,634,835     12,692,177
cost (1)
Net loans & advances to related parties at              305,454        263,666
amortized cost (2)
Debtors by acceptances                                  216,308        280,819
Debt instruments classified at Amortized Cost (3)    14,490,556     14,307,303
Shares and participations designated at fair value      231,425        223,984
through OCI
Investments in associates                                34,627         43,099
Assets taken in settlement of debts                      15,203         26,379
Property & equipment                                    527,736        511,550
Intangible fixed assets                                  37,277         13,508
Non current assets held for sale
Other assets                                            303,203        288,171
Goodwill                                                245,303        261,431
Total Assets                                         43,991,621     43,320,686
(1) After deduction of provisions amounting to LBP 443,340 million from loans
and advances to customers as per IAS 39, of which
LBP 158,584 million representing provisions on collective
assessment .
(2) Loans granted to related parties against cash
collateral amounted to LBP 246,157 million.
(3) Includes an amount of LBP 1,427 billion with risk ceded
to customers.







           Consolidated Statement of Financial Position (Unaudited)
Bank Audi sal - Audi Saradar Group                              (LBP million)
                     Liabilities                      30/9/2012   31/12/2011
Due to Central Banks                                    854,598       133,394
Due to banks & financial institutions & repurchase       937,752     1,007,558
agreement
Due to head office, sister, related banks and
financial institutions
Financial assets taken as a guarantee                         16
Derivative financial instruments                          38,519        58,247
Financial liabilities at fair value through profit &
loss
of which: deposits at fair value through profit and
loss
Customers deposits at amortised cost                  36,869,431    37,097,210
Deposits from related parties at amortized cost          631,975       285,297
Debt issued & other borrowed funds
Engagements by acceptances                               216,308       280,819
Other liabilities                                        398,288       832,087
Provisions for risks & charges                            83,446        72,925
Subordinated loans & similar debts
Non current liabilities held for sale
                  Total Liabilities                   40,030,333    39,767,537
Shareholders' Equity - Group Share
Capital - Common shares                                  438,198       438,198
Capital - Preferred shares                                19,124        17,243
Issue premium - Common shares                            657,846       657,846
Issue premium - Preferred shares                         583,876       359,633
Cash contribution to capital                              72,586        72,586
Legal and statutory reserves                             805,616       694,690
Reserves available for distribution                      386,294       381,884
Treasury shares                                         (26,541)     (103,912)
Retained earnings                                        516,910       328,515
Proposed dividends
Revaluation reserve of real estate                        20,375        20,375
Reserve on revaluation of financial assets at fair       81,922        87,227
value through OCI
Reserve on changes in fair value of cash flow hedges
Foreign currency translation reserve                   (157,346)      (86,547)
Result of the year                                       462,099       544,239
Total Shareholders' Equity - Group share               3,860,959     3,411,977
Non controlling interest                                 100,329       141,172
Total Shareholders' Equity                             3,961,288     3,553,149
Total Liabilities & Shareholders' Equity              43,991,621    43,320,686







                  Consolidated Off Balance Sheet (Unaudited)
Bank Audi sal - Audi Saradar Group                              (LBP million)
                  OFF Balance Sheet                   30/9/2012   31/12/2011
Financing Commitments
- Financing commitments given to banks & financial       315,899       387,781
institutions
- Financing commitments received from banks &
financial institutions
- Engagement to customers                                109,885       173,708
Bank guarantees :
- Guarantees given to banks & financial institutions     387,456       418,781
 of which: credit derivatives                             528            75
- Guarantees received from banks & financial             503,825       512,947
institutions
 of which: credit derivatives
- Guarantees given to customers                        2,010,259     2,254,602
- Guarantees received from customers                  11,588,643    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                        2,228,167     2,380,990
- Foreign currencies to deliver                        2,196,678     2,362,955
Engagements on term financial instruments              1,943,838     1,979,743
Other commitments
Claims from legal cases
Fiduciary accounts                                     1,304,597     1,205,948
under specific instructions                            1,214,674     1,153,072
under discretionary investments                           89,923        52,876
Assets under management                               11,098,017    10,522,174
Mutual funds                                             219,178       223,399
Structured financial products
Engagements unlikely to be executed
Bad debts written off during the period                  115,487        13,952







Bank Audi sal - Audi Saradar Group                              (LBP million)
      Consolidated Income statement (Unaudited)        30/9/2012   30/9/2011
Interest & similar income                              1,639,833     1,531,866
Interest & similar expense                             (989,095)     (947,278)
Net Interest Income                                      650,738       584,588
Fee & commission income                                  240,915       233,768
Fee & commission expense                                (37,816)      (37,120)
Net Fee & Commission Income                              203,099       196,648
Net gain/loss on financial assets or liabilities at      154,977        82,101
fair value through profit & loss
of which: interest revenues/charges                       30,174        25,123
Net gain on financial investments                        201,710       172,871
Other operating Income                                    18,613        33,093
Total Operating Income                                 1,229,137     1,069,301
Net provisions for credit losses                       (141,486)      (78,207)
Credit losses related to debt instruments classified
at Amortized Cost
Provisions for doubtful loans                          (158,283)      (90,732)
Recoveries of provisions for doubtful loans               16,797        12,525
Impairment loss on financial instruments                   (110)
Net Operating income                                   1,087,541       991,094
Personnel expenses                                     (291,833)     (282,565)
Other operating expenses                               (203,384)     (176,694)
Depreciation of property & equipment                    (33,354)      (28,879)
Amortization of intangible assets                        (4,342)       (4,679)
Impairment of goodwill                                   (9,817)
Total Operating Expenses                               (542,730)     (492,817)
Operating Profit                                         544,811       498,277
Share of profit of associates under equity method           436         4,509
Net gain on disposal of assets                               179           331
Profit Before Tax                                        545,426       503,117
Income tax                                             (128,514)      (98,482)
Profit After Tax from Operating Activities               416,912       404,635
Result of discontinued operations                         49,487         4,277
Net Profit                                               466,399       408,912
Non-controlling interest                                   4,300         9,471
Net Profit - Group share                                 462,099       399,441
Basic earnings per share LL                              1,258.8       1,108.7
Diluted earnings per share LL                            1,258.2       1,106.3



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


QRTBKFDPPBDDKKD -0- Oct/18/2012 16:00 GMT