Bank Audi group recognized profits equal to $304.18M in their unaudited financial statements by end-September 2015, equivalent to a 8.68% year-on-year (y-o-y) increase. This growth was driven by the 22.30% annual increase of the bank’s net interest margin over the first 9 months of the year, to attain $716.67M. In details, interest and similar income displayed a 12.05% y-o-y rise to $1.86B, while interest and similar expense edged up by 5.85% to $1.14B over the same period. Net fee and commission income also gained 8.94% y-o-y to $197.12M as fee and commission income gained 9.43% to $243.85M and fee and commission expense rose by 11.52% y-o-y to $46.73M. In its press release, Bank Audi stated that 46% of its profits were from entities outside Lebanon.
Regarding the balance sheet, total assets grew from the beginning of the year by 0.95% to $42.36B. However, net loans and advances to customers displayed a 1.34% year-to-date decrease to a value of $16.87B. It is worth noting that the majority of these loans (65%) are from entities outside of Lebanon.
On the liabilities’ side, customers’ deposits matched the inching down of net loans, as deposits at amortized cost revealed a year-to-date (y-t-d) 0.12% decrease to $35.39B. Total shareholders’ equity also declined by 5.18% during the first 9 months of 2015 to $3.17B. Worth mentioning, according to the press release, the Bank’s capital adequacy ratio stood at 13% as per Basel III and primary liquidity to customer’ deposits ratio was at 46.40%. The Bank’s Return on Average common equity (ROCE) reached 13.80%. Also mentioned in the press release is that doubtful loans only accounted for 3.20%
Bank Audi Q3 2015 Financial Highlights ($B)
15-Sep | 14-Dec | % change | |
Customers Deposits | 35.39 | 35.82 | -0.12% |
Loans and Facilities to Customers | 16.87 | 17.17 | -0.95% |
Total Assets | 42.36 | 41.96 | 0.95% |
Shareholders’ Equity | 3.17 | 3.35 | -5.18% |
Net Profit* ($M) | 292.14 | 271.65 | 7.55% |
*From September 2014 to September 2015 |
Source: Bank Audi