Bank Audi posted 7.12% year-on-year (y-o-y) increase in its net profit to $279.88M by end of September 2014. In details, the net interest income increased by 24.58% y–o-y to $585.98M while net fees and commissions jumped by a yearly 35.52% to $180.93M. Nevertheless, these increases were partly outweighed by the 26.44% annual surge in operating expenses to $533.67M.
The bank’s balance sheet revealed a 10.22% gain in total assets since the beginning of the year, standing at $39.89B in the first three-quarters of 2014. This expansion was due to growth in the core markets of Lebanon, Egypt and Turkey. In fact, net loans and advances to customers at amortized cost (after deduction of provisions) rose by 8.34% since year-start to $15.86B.
On the liabilities side, customers’ deposits at amortized cost rose by 9.57% year-to date (y-t-d) to reach $33.52B at the end of September. As for total shareholders’ equity, it surged by 13.86% y-t-d to reach $3.07B, as a result of a $300M capital increase that took place in September after listing 50M common shares on the Beirut Stock Exchange.
Worth mentioning that the net doubtful loans to gross loans ratio reached 0.80% while the return on average equity stood at 15.2%. Bank Audi has also reinforced its asset quality by allocating $71M in netloan loss provision charges.
It remains to be seen how Audi’s subsidiaries in Egypt and Turkey contributed to the overall growth in balance sheet items, once the subsidiaries’ financial statements are released.