24
Consolidated Financial Highlights(1)
IN LEBANESE POUNDS
AT END-MARCH 2024
- The continued absence of the required reform pack to address the impact of the financial crisis prevailing since the year 2019, of which the ratification of the resolution program and the adoption of the restructuring plan, is translating into a perpetuation of the high levels of uncertainties, preventing Banks to estimate in a reasonable manner the impact of the Crisis on their financial position, which we anticipates to be quite material.
- Meanwhile, the Bank is continuing to implement measures aiming at reinforcing the Bank's financial standing, in accordance with laws and regulations.
- Pursuant to BdL's Basic Circular No.167 issued in February 2024, Bank Audi adopted, in preparing the financial statements as at the end-March 2024, the exchange rate announced on the electronic platform approved by the Central Bank of Lebanon, which is equivalent to LBP 89,500 to the US Dollar, compared to a prevailing official exchange rate of LBP 15,000 to the US Dollar as at end-December 2023.
- Generation of an operating surplus that was allocated to cover one-off losses tied to the crisis, within an adopted policy of allocation of all recurrent
profits to provisions and to cover exceptional losses until the dissipation of uncertainties.
LBP 1,506,995 | LBP 1,108,493 | LBP 87,329 | LBP 85,360 |
billion of | billion of net | billion of | |
billion of total | |||
customers' | loans to | shareholders' | |
assets | |||
deposits | customers | equity |
- Disclaimer: the figures below were published to comply with regulator y publishing requirements for listed banks operating in Lebanon. They should not be relied upon for decision-making, and they should be read in conjunction with the full set of financial statements and related disclosures as published on the Bank's website (please refer to the
2023 Annual Report ).
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
31/3/2024 | 31/12/2023 | |
LBP Million | LBP Million | |
ASSETS | ||
Cash and balances with central banks | 859,980,319 | 148,469,720 |
Due from banks and financial institutions | 145,610,900 | 24,847,986 |
Derivative financial instruments | 897,661 | 452,527 |
Shares and participations at fair value through profit or loss | 2,175,371 | 360,301 |
Debt instruments and other similar financial assets at fair value through profit or loss | 19,211,270 | 3,998,239 |
Shares and participations at fair value through other comprehensive income | 10,394,647 | 1,839,179 |
Debt instruments and other similar financial assets at fair value through other comprehensive income | 855,122 | 186,094 |
Loans and advances to customers at amortised cost | 83,940,724 | 15,165,583 |
Loans and advances to related parties at amortised cost(1) | 3,388,503 | 575,051 |
Debtors by acceptances | 1,323,185 | 250,048 |
Debt instruments classified at amortised cost(2) | 106,829,368 | 19,225,632 |
Investments in associates | - | 141,155 |
Property and equipment and right-of-use assets | 21,772,456 | 18,524,365 |
Intangible assets | 187,277 | 62,834 |
Assets taken in settlement of debts | 98,468 | 98,468 |
Assets held for sale | 241,214,443 | 42,541,256 |
Other assets | 6,377,612 | 1,250,884 |
Goodwill | 2,737,222 | 497,030 |
TOTAL ASSETS | 1,506,994,548 | 278,486,352 |
(1) Loans granted to related parties against cash collateral amounted to LBP 89 billion. | ||
(2) Includes an amount of LBP 934 billion with risk ceded to customers. |
31/3/2024 | 31/12/2023 | |
LBP Million | LBP Million | |
OFF-BALANCE SHEET | ||
Financing commitments | ||
Financing commitments given to banks and financial institutions | 13,769,390 | 2,228,704 |
Financing commitments given to customers | 26,390,522 | 4,211,514 |
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Due to central banks
Due to banks and financial institutions and repurchase agreements Derivative financial instruments
Customers' deposits
Deposits from related parties
Engagements by acceptances
Other liabilities
Provisions for risks and charges
Subordinated loans and similar debts
Liabilities related to assets held for sale
TOTAL LIABILITIES
Shareholders' equity - Group share
Share capital - common shares
Share capital - preferred shares
Issue premium - common shares
Issue premium - preferred shares
Share capital and cash contribution to capital
Non-distributable reserves
Distributable reserves
Treasury shares
Retained eaarnings - Accumulated losses
Revaluation reserve of real estate
Other components of equity
Foreign currency translation reserves
Reserves related to assets held for sale
Result of the period
Shareholders' equity - Group share
Non-controlling interests
TOTAL SHAREHOLDERS' EQUITY
31/3/2024 | 31/12/2023 |
LBP Million | LBP Million |
3,324,475 2,529,211
22,665,877 2,826,759
919,090 312,937
1,102,107,103 194,176,179
6,385,439 1,319,556
1,323,185 250,048
13,827,481 2,982,056
26,683,477 4,519,041
24,727,216 4,063,130
219,671,007 39,430,857
1,421,634,350 252,409,774
982,859 982,859
10,02010,020
902,290 902,290
894,480 894,480
72,58672,586
2,543,185 2,535,354
35,99535,995
(8,392)(8,392)
(4,806,974) (4,896,300)
17,605,464 16,917,281
5,063,024 412,332
47,756,337 7,819,520
10,355,065 (105,217)
(80,500) (233,195)
81,334,439 25,339,613
4,025,759 736,965
85,360,198 26,076,578
Bank guarantees | ||
Guarantees given to banks and financial institutions | 565,824 | 94,068 |
Guarantees received from banks and financial institutions | 2,674,668 | 356,128 |
Guarantees given to customers | 14,716,329 | 3,064,399 |
Guarantees received from customers | 275,207,806 | 46,496,591 |
Foreign currencies forwards | ||
Foreign currencies to receive | 17,128,637 | 11,159,774 |
Foreign currencies to deliver | 17,126,513 | 11,021,247 |
Commitments on term financial instruments | 32,123,353 | 4,788,393 |
Fiduciary accounts | 114,410,006 | 18,874,773 |
Under specific instructions | 113,203,895 | 18,844,861 |
Under discretionary investments | 1,206,111 | 29,912 |
Assets under management | 567,531,875 | 98,075,340 |
Mutual funds | 2,403,488 | 388,991 |
Bad debts written off during the year | - | 572,295 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,506,994,548 | 278,486,352 |
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
Interest and similar income
Less: tax on interest income
Interest and similar income, net of tax
Interest and similar expense
Net interest margin
Fee and commission income Fee and commission expense Net fee and commission Net trading gain
Of which: interest income
Net gain (loss) on financial investments Other operating income
Total operating income Impairment loss on financial assets Net operating income Personnel expenses
Other operating expenses
Depreciation of property and equipment and right-of-use assets Amortisation of intangible assets
Total operating expenses
Operating income
Net (loss) gain on disposal of fixed assets
Profit before tax
Income tax
Profit after tax
Result of discontinued operations, net of tax
Profit for the period
Non-controlling interest
Equity holders of the parent
Basic and diluted (loss) earnings per share LBP
Basic and diluted (loss) earnings per share from continuing operations LBP Basic and diluted earnings per share from discontinued operations LBP
31/3/2024 | 31/3/2023 |
LBP Million | LBP Million |
6,429,602 1,257,360
(245,270) (86,677)
6,184,332 1,170,683
(1,046,457) (155,109)
5,137,875 1,015,574
2,728,529 343,758
(269,483) (39,608)
2,459,046 304,150
5,887,139 144,173
2,243-
- (5,590)
51,7376,206
13,535,797 | 1,464,513 |
(171,535) | (104,946) |
13,364,262 | 1,359,567 |
(1,881,881) | (369,587) |
(11,286,052) | (274,852) |
(171,333) | (52,366) |
(22,015) | (4,520) |
(13,361,281) | (701,325) |
2,981 | 658,242 |
(13) | - |
2,968 | 658,242 |
(348,460) | (42,040) |
(345,492) | 616,202 |
346,881 | 158,251 |
1,389 | 774,453 |
81,889 | 37,353 |
(80,500) | 737,100 |
- 1,255
-
1,049
451206
HEADQUARTERS
BANK AUDI sal
Bank Audi Plaza, Bab Idriss P.O.Box: 11-2560 Beirut - LEBANON
Phone: +961 1 994000 Fax: +961 1 990555 contactus@bankaudi.com.lb - bankaudigroup.com
FOREIGN PRESENCE
• BANQUE AUDI (SUISSE) SA | Phone: +41 22 704 11 11 Fax: +41 22 704 11 00 - contactus.gva@bankaudipb.com - bankaudipb.com | |
Beirut Representative Office | Phone: +961 1 977 544 Fax: +961 1 980 535 | |
• BANK AUDI FRANCE sa | Phone: +33 1 53 83 50 00 | Fax: +33 1 42 56 09 74 - contactus@bankaudi.fr - bankaudi.fr |
• AUDI CAPITAL (KSA) cjsc | Phone: +966 11 2199300 | Fax: +966 11 4627942 - contactus@audicapital.com - audicapital.com |
• BANK AUDI LLC (Qatar) | Phone: +974 44051000 Fax: +974 44051023 - contactus@bankaudi.com.qa | |
• ODEA BANK A.Ş. | Phone: +90 212 3048444 Fax: +90 212 3048445 - info@odeabank.com.tr - odeabank.com.tr | |
• BAPB HOLDING LIMITED | Phone: +357 22 465151 Fax: +357 22 379379 - adcy-cs-b@alterdomus.com |
FACTORING
• Solifac sal | Phone: +961 1 209200 Fax: +961 1 209205 |
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Bank Audi SAL published this content on 28 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2024 17:10:24 UTC.