ADCB Fin(Cay) Ltd 60BW 3rd Quarter Results

  ADCB Fin(Cay) Ltd (60BW) - 3rd Quarter Results

RNS Number : 0992Q
ADCB Finance (Cayman) Ltd
01 November 2012




ABU DHABI COMMERCIAL BANK P.J.S.C.



        Review report and condensed consolidated interim financial 

        information for the nine month period ended September 30, 2012



        

        Review report and condensed consolidated interim financial information

        for the nine month period ended September 30, 2012






Page





Report on review of interim financial
information
1







Condensed consolidated interim statement of financial
position 2







Condensed consolidated interim income statement
(unaudited) 3 - 4







Condensed consolidated interim statement of comprehensive income
(unaudited) 5







Condensed consolidated interim statement of changes in equity
(unaudited) 6 - 7







Condensed consolidated interim statement of cash flows
(unaudited) 8 - 9







Notes to the condensed consolidated interim financial
information 10 - 49



                         report on review of INTERIM

                            financial INFORMATION





To the Board of Directors of

Abu Dhabi Commercial Bank P.J.S.C.

Abu Dhabi, U.A.E.



Introduction



We have reviewed the accompanying condensed consolidated interim statement  of 
financial position of Abu Dhabi Commercial Bank P.J.S.C. and its  subsidiaries 
(together referred to as "the Bank") as of September 30, 2012 and the  related 
condensed consolidated  interim statements  of income,  comprehensive  income, 
changes in  equity  and cash  flows  for the  nine  month period  then  ended. 
Management is responsible for the preparation and presentation of this interim
financial information in accordance with International Accounting Standard 34,
"Interim Financial Reporting ("IAS 34")".  Our responsibility is to express  a 
conclusion on this interim financial information based on our review.



Scope of review



We conducted our review  in accordance with  International Standard on  Review 
Engagements 2410, "Review  of Interim Financial  Information Performed by  the 
Independent Auditor of the Entity." A review of interim financial  information 
consists of making inquiries, primarily  of persons responsible for  financial 
and accounting matters, and applying analytical and other review procedures. A
review is substantially less  in scope than an  audit conducted in  accordance 
with International Standards on Auditing  and consequently does not enable  us 
to obtain assurance that we would become aware of all significant matters that
might be  identified in  an audit.  Accordingly, we  do not  express an  audit 
opinion.



Conclusion



Based on our  review, nothing  has come  to our  attention that  causes us  to 
believe  that  the  accompanying  condensed  consolidated  interim   financial 
information is not prepared, in all material respects, in accordance with  IAS 
34.



PricewaterhouseCoopers









Jacques Fakhoury

Registration Auditor Number 379

November 1, 2012

Condensed consolidated interim statement of financial position

as at September 30, 2012

                                                    As at                As at

                                             September 30          December 31

                                                     2012                2011
                                              (unaudited)            (audited)
                          Notes                   AED'000              AED'000
ASSETS
Cash and balances with        3                 7,984,720            6,629,945
Central Banks
Deposits and balances due     4                15,820,544           20,839,932
from banks
Trading securities            5                    34,769               15,755
Loans and advances, net       6         123,777,062          124,754,737
Derivative financial          7                 5,326,955            4,844,764
instruments
Investment securities         8                18,966,700           15,052,103
Investment in associates      9                    97,925               81,817
Investment properties        10                    396,912
                                661,667
Other assets                 11                 8,367,667           10,021,494
Property and equipment,                            964,518
net                             752,619
Intangible assets                                 100,008              123,653
                                                        
                                                 
Total assets                                  181,890,636          183,725,630
                                                    
                                                     
LIABILITIES
Due to Central Banks                                    -               48,100
Due to banks                 12                 4,273,448            3,090,386
Euro commercial paper        13                 4,512,831              716,652
Deposits from customers      14               108,988,191          109,170,825
Short and medium term        15                25,406,995           30,808,557
borrowings
Derivative financial          7                 5,105,871            4,821,568
instruments
Long term borrowings         16                   897,679            1,088,452
Other liabilities            17                 9,189,984           11,903,567
                                           
                                                               
Total liabilities                             158,374,999          161,648,107
                                           
                                                              
EQUITY
Share capital                18               5,595,597            5,595,597
Share premium                18                 3,848,286            3,848,286
Statutory and legal                             3,309,351            3,309,351
reserves
General and contingency                         2,150,000            2,150,000
reserves
Employees' incentive plan                       (106,871)            (104,595)
shares, net
Foreign currency                                 (26,729)             (27,521)
translation reserve
Hedge reserve                                      18,228              (2,581)
Cumulative changes in                             248,154            (404,758)
fair values
Retained earnings                               4,476,823            3,708,227
Capital notes                19               4,000,000           4,000,000
                                            
                                                               
Equity attributable to                         23,512,839           22,072,006
equity holders of the
parent
Non-controlling interests                           2,798                5,517
                                                   
                                                     
Total equity                                   23,515,637           22,077,523
                                        
                                                               
Total liabilities and                         181,890,636          183,725,630
equity
                                              
                                                         









_________________________
_______________________ _____________________

Eissa Al Suwaidi Ala'a
Eraiqat Deepak Khullar

Chairman    Chief 
Executive   Officer   Chief    Financial 
Officer









The accompanying notes form  an integral part  of this condensed  consolidated 
interim financial information.

Condensed consolidated interim income statement (unaudited)

for the nine month period ended September 30, 2012



                               3 months ended September 30      9 months ended September 30
                                          2012             2011             2012              2011
                      Notes             AED'000          AED'000          AED'000           AED'000
Interest income           20           1,875,112        1,874,579        5,669,804         5,447,938
Interest expense           21           (571,359)        (575,921)      (1,800,031)       (2,245,128)
                                                       
                                                              
Net interest income                     1,303,753        1,298,658        3,869,773         3,202,810
                                                  
                                                                   
Income from Islamic                        87,130           93,954          248,659           259,724
financing
Islamic profit                           (60,023)         (57,634)        (209,148)         (166,227)
distribution
                                            
                                                                          
Net income from                            27,107           36,320           39,511            93,497
Islamic financing
                                        
                                                                               
Total net interest
and Islamic
financing income                        1,330,860        1,334,978        3,909,284         3,296,307
Net fees and               22
commission income                         213,664          205,820          732,645           715,363
Net trading income         23              49,580          116,099          226,421           322,531
Other operating
income                                     37,702           42,052          116,549           112,597
                                                             
                                                             
Operating income                        1,631,806        1,698,949        4,984,899         4,446,798
                                                      
                                                                   
Staff costs                             (299,084)        (300,174)        (899,512)         (815,017)
Depreciation                             (31,786)         (40,209)         (97,217)         (113,186)
Amortisation of                           (7,881)          (7,020)         (23,645)          (21,060)
intangible assets
Other operating                         (177,561)        (180,853)        (538,430)         (566,080)
expenses
                                                  
                                                                   
Operating expenses                      (516,312)        (528,256)      (1,558,804)       (1,515,343)
                                             
                                                                       
Operating profit                        1,115,494        1,170,693        3,426,095         2,931,455
before impairment

allowances
Impairment allowance                                                                            
on loans and
advances, net                   (529,719)        (542,903)      (1,279,087)       (1,606,596)
                            6
Other impairment      24                 746           29,042         (28,611)         (241,198)
release/(allowances)
Share of                            8,602          (8,285)           16,108           167,565
profit/(loss) of           9
associates
Net gain on sale of                                                                               
investment in
                                                                                 -         1,314,315
associate                                       -                -
                                                          
                                                            
Profit before                             595,123          648,547        2,134,505         2,565,541
taxation
Overseas income tax                           253         (35,372)          (3,992)          (34,400)
credit /(expense)
                                                       
                                                                   
Net profit for the                        595,376          613,175        2,130,513         2,531,141
period
                                                
                                                                       







The accompanying notes form an integral part of this condensed consolidated
interim financial information.

















Condensed consolidated interim income statement (unaudited)

for the nine month period ended September 30, 2012 (continued)



                           3 months ended September 30        9 months ended September 30
                                   2012            2011               2012            2011
                Notes            AED'000         AED'000            AED'000         AED'000
Attributed to:
Equity holders                     594,203         607,566          2,127,715       2,516,909
of the parent
Non-controlling                      1,173           5,609              2,798          14,232
interests
                                     
                                                                          
Net profit for                     595,376         613,175          2,130,513       2,531,141
the period
                                      
                                                                          
                                                                                       

Basic earnings       25               0.09            0.09               0.34            0.42
per share (AED)
                               
                                                                                 
                                                                                        
                      
Diluted                               0.08            0.09               0.34            0.41
earnings per         25
share (AED)
                                 
                                                                               









The accompanying notes form an integral part of this condensed consolidated
interim financial information.

Condensed consolidated interim statement of comprehensive income (unaudited)

for the nine month period ended September 30, 2012



                    3 months ended September 30       9 months ended September 30
                           2012              2011             2012           2011
                        AED'000           AED'000          AED'000        AED'000
                                                                             
Net profit for            595,376           613,175        2,130,513      2,531,141
the period
Exchange
difference
arising on
translation of

foreign
operations                 10,211           (9,713)              792         51,694
Fair value
changes on cash
flow hedges on

financial
assets                     14,671             (119)           20,809            445
Fair value
changes on net
investment in
foreign

operation
hedges                          -                 -                -       (66,561)
Fair value
changes on
available for
sale

investments               275,265         (335,172)          650,144      (495,177)
Fair value
changes
reversed on
disposal/

impairment of
available for
sale
investments                 (781)                 -            2,768          (129)
Share in other
comprehensive
income
statement

items of
associate                       -                 -                -       (19,098)
Reversal of
related reserve
balances on
disposal

of associate                    -                 -                -        399,309
Reversal of
share in other
comprehensive
income

statement items
of associate on
disposal of

associate                       -                 -                -       (59,050)
                                         
                                           
Total                     894,742           268,171        2,805,026      2,342,574
comprehensive
income for the
period
                      
                                                                    
Attributed to:
Equity holders            893,569           262,562        2,802,228      2,328,342
of the parent
Non-controlling             1,173             5,609            2,798         14,232
interests
                                   
                                                
Total                     894,742           268,171        2,805,026      2,342,574
comprehensive
income for the
period
                     
                                                                    









The accompanying notes form an integral part of this condensed consolidated
interim financial information.

Condensed consolidated interim statement of changes in equity (unaudited)

for the nine month period ended September 30, 2012



                                                                                                                                                                                              Equity
                                                                                                         Employees'     Foreign                                                         attributable
                                                                                                          incentive    currency                Cumulative                                  to equity            Non -
                            Share             Share       Statutory       Legal      General Contingency      plan translation       Hedge    changes in        Retained       Capital   holders of      controlling       Total
                                                                                                            shares,
                          Capital           premium         reserve     reserve      reserve     reserve        net     reserve     reserve   fair values        earnings         notes   the parent    interests      equity
                          AED'000           AED'000         AED'000     AED'000      AED'000     AED'000    AED'000     AED'000     AED'000       AED'000         AED'000       AED'000      AED'000         AED'000     AED'000
Balance at January
1, 2012                 5,595,597         3,848,286       1,677,069   1,632,282    2,000,000     150,000  (104,595)    (27,521)     (2,581)     (404,758)       3,708,227     4,000,000   22,072,006            5,517  22,077,523
                                                                                                                                                                                                            
                           _                                           
                                                                                                     __                  
Net profit for the
period                          -                 -               -           -            -           -          -           -           -             -       2,127,715             -    2,127,715            2,798   2,130,513
Exchange difference
arising on                                                                                                                                                                                              
translation of
foreign operations              -                 -               -           -            -           -          -         792           -             -               -             -          792                -         792
Fair value changes                                                                                                                                                                                       
on cash flow hedges
on financial assets             -                 -               -           -            -           -          -           -      20,809             -               -             -       20,809                -      20,809
Fair value changes
on available
                                                                                                                                                                                                         
for sale
investments                     -                 -               -           -            -           -          -           -           -       650,144               -             -      650,144                -     650,144
Fair value changes                                                                                                                                                                                       
reversed on
disposal/impairment                                                                                                                                                                                      
of available for
sale investments                -                 -               -           -            -           -          -           -           -         2,768               -             -        2,768                -       2,768
                                                                                                                                                                                                                   
                             _                                                                   
                                                                                                 __         
                                                                                                                                                                                      

Total comprehensive                                                                                                                                                                   -
income for the
period                          -                 -               -           -            -           -          -         792      20,809       652,912       2,127,715                 2,802,228            2,798   2,805,026
                                                                                                                                                                                                       
                             _                                             __                   
                                                                                                                       


Dividends paid to
equity holders of
the parent (Note
18)

                               -                 -               -           -            -           -          -           -           -             -     (1,119,119)             -  (1,119,119)                - (1,119,119)


Dividends paid to
non-controlling
interests

                               -                 -               -           -            -           -          -           -           -             -               -             -            -          (5,517)     (5,517)
Capital notes
coupon paid                     -                 -               -           -            -           -          -           -           -             -       (240,000)             -    (240,000)                -   (240,000)
Shares purchased                -                 -               -           -            -           -   (40,000)           -           -             -               -             -     (40,000)                -    (40,000)
Shares - vested
portion                         -                 -               -           -            -           -     37,724           -           -             -               -             -       37,724                -      37,724
                                                                                                                                                                                                        
                             _                                                               
                                                                                                                    
Balance at
September 30, 2012      5,595,597         3,848,286       1,677,069   1,632,282    2,000,000     150,000  (106,871)    (26,729)      18,228       248,154       4,476,823     4,000,000   23,512,839            2,798  23,515,637
                                                                                                                                                                                                                  
                                                                                   
                                                                                                 







The accompanying notes form an integral part of this condensed consolidated
interim financial information.





Condensed consolidated interim statement of changes in equity (unaudited)

for the nine month period ended September 30, 2012 (continued)





                                                                                                                                                                                           Mandatory       Equity
                                                                                          Employees'       Foreign                                                                       convertible attributable
                                                                                                                                                                                          securities
                                                                                           incentive      currency                Cumulative                                                       -    to equity       Non -
                 Share         Share Statutory       Legal       General   Contingency         plan   translation       Hedge    changes in          Other         Retained     Capital      equity   holders of controlling      Total
                                                                                                                                                                                                                        
               capital       premium   reserve     reserve       reserve       reserve   shares, net       reserve     reserve   fair values        reserve         earnings       notes   component   the parent   interests     equity
               AED'000       AED'000   AED'000     AED'000       AED'000       AED'000       AED'000       AED'000     AED'000       AED'000        AED'000          AED'000     AED'000     AED'000      AED'000    AED'000    AED'000
Balance      4,810,000             - 1,374,483   1,329,696     2,000,000       150,000      (36,677)       136,676   (537,904)       174,799          5,630        1,524,201   4,000,000   4,633,883   19,564,787       8,561 19,573,348
at
January
1, 2011
                                _                                                                                                         
                                                  __         
                                                                                                                                                                                        
                                                                                                                                                                                               
Net                  -             -         -           -             -             -             -             - The story
profit                                                                                                             has been
for the                                                                                                            truncated,
period                                                                                                            
[TRUNCATED]