Bank Audi Consolidated Profits Rose by 8.68% to $304.18M by Q3 2015

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-Sep14-Dec% change
Customers Deposits35.3935.82-0.12%
Loans and Facilities to Customers16.8717.17-0.95%
Total Assets42.3641.960.95%
Shareholders’ Equity3.173.35-5.18%
Net Profit* ($M)292.14271.657.55%
*From September 2014 to September 2015

Source: Bank Audi

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