ENG - Consolidated Balance Sheet

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					       Consolidated
      Balance Sheet
as at March 31, 2008
         (Unaudited)
ASSETS (LL
                                      31/03/2008                         31/03/2007
millions)
                                LL       C/V LL       TOTAL         LL      C/V LL       TOTAL
Cash and Central
                          2,426,517   4,101,969    6,528,486 2,487,790   3,145,980    5,633,770
Banks
- Cash                       38,201      106,272     144,473    35,067      66,975     102,042

- Credit risk ceded                       12,039      12,039               211,835     211,835

- Net Exposure            2,388,316    3,983,658   6,371,974 2,452,723   2,867,170    5,319,893
Lebanese Treasury
bills and other   1,314,726           2,527,732    3,842,458 1,018,288   3,116,966    4,135,254
government bills
- Credit risk ceded                      769,635     769,635               540,700     540,700

- Net Exposure            1,314,726    1,758,097   3,072,823 1,018,288   2,576,266    3,594,554
Bonds and financial
instruments with                      1,408,111    1,408,111               672,321     672,321
fixed income
Shares, securities
and financial assets
                             8,018      305,564     313,582      8,260     195,391     203,651
with variable
income
Banks and financial
                            69,066    4,457,628    4,526,694    47,536   3,673,939    3,721,475
institutions
- Current accounts           10,692      872,132     882,824     6,815     570,537     577,352

- Time deposits              58,374    3,585,496   3,643,870    40,721   3,103,402    3,144,123
- Purchase of financial
instruments with an
option to resell
Due from Head
office, branches
and affiliates
- Current accounts

- Time deposits
Loans and
advances to                316,712    8,269,283    8,585,995   261,043   5,076,913    5,337,956
customers
- Commercial loans*         161,796    7,520,008   7,681,804   139,395   4,267,830    4,407,225
- Other loans to
                            107,594      416,941     524,535    76,228     458,888     535,116
customers*
- Overdraft accounts          2,840       30,082      32,922     2,657      32,041      34,698
- Net debtor accounts
against creditor and                       1,680       1,680                   209         209
cash collateral
accounts

- Advances to related
parties (o.w.cash
collateral of LL              54,732     244,048    298,780     49,095   250,333   299,428
168.86 billion as at
March end 2008)
- Doubtful loans**           (10,250)     56,524     46,274    (6,332)    67,612    61,280

Bank acceptances                        234,651    234,651               162,050   162,050
Investments and
                                          2,261       2,261
related loans
Investments and
related loans under            4,657     17,473     22,130       4,226    17,710    21,936
equity method
-Non financial
                               4,657      17,473     22,130      4,226    17,710    21,936
institutions
- Financial institutions
Tangible fixed
assets (including
revaluation
                            271,834     229,811    501,645     282,265   203,447   485,712
variance approved
by the Central
Bank)
Intangible fixed
                               8,626      7,824     16,450       5,488     6,619    12,107
assets
Other assets                   1,300        836       2,136      1,393    37,532    38,925
Regularization
accounts and other            72,904    191,077    263,981      47,133    92,186   139,319
debtor accounts
Revaluation
variance on other
fixed assets
Goodwill                      35,551    173,163    208,714      33,838   181,247   215,085




TOTAL ASSETS**             4,529,911 21,927,383 26,457,294 4,197,260 16,582,301 20,779,561



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 *Out of which sub-standard loans amounting
                                                              27,391                  30,646
 to :
 **After deduction of provision for doubtful
                                                           181,319                   163,112
 loans and unrealised interest:
 *For sub-standard loans                                       5,039                   5,923
 **For doubtful loans                                         80,568                  71,484
Off-Balance Sheet Items                       31/03/2008                            31/03/2007
                                         LL      C/V LL      TOTAL             LL     C/V LL       TOTAL
Financing commitments
received
Signature commitments
                                  26,219       197,991      224,210      19,827       112,085     131,912
received
Financial instruments sold
with a buy back option
Engagements on term
financial instruments
- Option on forex swap
Commitments on derivatives                      15,112       15,112
Other engagements received 236,681 3,401,239 3,637,920 225,898 2,457,196 2,683,094
Fiduciary assets and Assets
                                      6,611 6,081,923 6,088,534           6,630 4,678,075 4,684,705
under management
Custody accounts                 934,951 3,155,508 4,090,459 888,651 2,527,064 3,415,715
Forward operations:                           1,535,405 1,535,405                     872,902     872,902
-Foreign currencies to receive                1,535,405    1,535,405                  872,902     872,902
Bad debts transferred to off
                                  28,535       228,312      256,847      27,008       242,681     269,689
balance sheet items
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                                                                     Consolidated Balance Sheet
                                                                  as at March 31, 2008 (Unaudited)
LIABILITIES (LL
                                      31/03/2008                               31/03/2007
millions)
                                 LL       C/V LL          TOTAL           LL         C/V LL       TOTAL
Central Bank                               3,637          3,637
Banks and
financial                  64,466       735,407      799,873           3,381        240,590      243,971
institutions
- Current accounts           4,774       324,008      328,782          2,318        109,015      111,333
- Time deposits             59,692       411,399      471,091          1,063        131,575      132,638
- Sale of financial
instruments with an
option to rebuy
Due to Head office,
branches and
affiliates
- Current accounts
- Time deposits
Deposits from
                         3,323,458 18,521,365 21,844,823 3,147,974 14,024,351 17,172,325
customers
- Sight deposits           287,737      2,669,662   2,957,399     261,047      1,779,233      2,040,280
- Time deposits            622,734      9,082,854   9,705,588     667,738      6,653,204      7,320,942
- Savings accounts       2,365,398      5,626,687   7,992,085 2,184,564        4,737,099      6,921,663
- Net creditor and          42,837       912,795      955,632      30,184           706,265      736,449
cash collateral
accounts against
debtor accounts
- Related parties
                          4,752     229,367     234,119     4,441    148,550     152,991
accounts
Engagements by
                                   234,651     234,651               162,050     162,050
acceptances
Liabilities under
financial                          157,188     157,188               157,143     157,143
instruments
- Certificates of
                                    157,188     157,188              157,143     157,143
deposit
- Debenture bonds
- Other liabilities
under financial
instruments
Other liabilities      213,185     203,329     416,514    153,362    116,278     269,640
Regularization
accounts and other      35,313      78,607     113,920     19,098     57,064      76,162
creditor accounts
Provisions for
                        31,274       7,264      38,538     33,560     13,499      47,059
risks and charges
Subordinated
notes
Shareholders'
                      1,054,824   1,710,953   2,765,777   915,486   1,663,751   2,579,237
equity
-Revaluation
variance accepted
in the                  18,600                  18,600     18,600                 18,600
supplementary
capital
-Share capital &
cash contribution      422,190     182,659     604,849    404,945    173,799     578,744
to capital
- Group share           419,675      72,586     492,261   404,162     72,586     476,748
Ordinary shares
32.902.309
Preferred shares
5.250.000
- Minority share          2,515     110,073     112,588      783     101,213     101,996
-Reserves for
general banking         32,299      74,392     106,691     26,896     54,297      81,193
risks
- Group share            32,299      74,392     106,691    26,885     54,262      81,147
- Minority share                                              11          35          46
-Reserves and
premiums and           321,769    1,233,224   1,554,993   227,860   1,324,171   1,552,031
equity differences
- Group share           319,368   1,235,645   1,555,013   225,723   1,324,820   1,550,543
- Minority share          2,401     (2,421)        (20)     2,137       (649)      1,488
-Employees' stock
                           269      34,212      34,481        14      22,276      22,290
option plan as per
IFRS 2
-Less: Treasury
                               (135)       (2,901)       (3,036)           (189)        (1,521)      (1,710)
GDR's
-Profit carried
                              15,759       54,719       70,4788            5,347        12,784        18,131
forward
- Group share                 15,739        49,913           65,652        5,310        11,421        16,731
- Minority share                  20            4,806         4,826          37           1,363        1,400
-Net income for
                             222,720       58,110       280,830       212,682           34,805       247,487
the year
- Group share                221,996        53,353       275,349      211,634           34,813       246,447
- Minority share                 724            4,757         5,481        1,048            (8)        1,040
-Cumulative
changes in fair               21,353       76,538            97,891    19,331           43,140        62,471
value
Revaluation
variance of fixed
assets
Income and
                              57,857       24,516            82,373    61,415           10,559        71,974
expense accounts
Total Liabilities &
Shareholders'           4,780,377 21,676,917 26,457,294 4,334,276 16,445,285 20,779,561
Equity
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Off-Balance Sheet Items                         31/03/2008                              31/03/2007
                                          LL       C/V LL        TOTAL             LL     C/V LL      TOTAL
Financing commitments
                                                  580,557                                280,913      280,913
given to:
- Financial intermediaries                        580,557                                280,913      280,913
- Customers
Bank guarantees given to:          39,649 1,281,815 1,312,464                36,179      774,699      810,878
- Financial intermediaries              1,216     244,118       245,334       1,291      228,210      229,501
- Customers                            38,433 1,037,697        1,076,130     34,888      546,489      581,377
Financial instruments
purchased with a buy back
option
Other engagements
Engagements on term
financial instruments
Commitments on
                                                  444,745      444,745
derivatives
Fiduciary Deposits and
                                       8,427 6,080,107 6,088,534              8,284 4,676,421 4,684,705
Assets under management
Custody accounts                  934,951 3,155,508 4,090,459 888,651 2,527,064 3,415,715
Forward operations                              1,545,651 1,545,651                      873,351      873,351
-Foreign currencies to deliver                   1,545,651     1,545,651                 873,351      873,351
                                                  Consolidated Income Statement (Unaudited)
                                                              as at March 31, 2008 (unaudited)
                                                                                 (LL millions)
                                                                 31-March-
Income Statement                                                               31-March-2007
                                                                    2008
Interest and similar income                                     414,669               347,976
  Lebanese Treasury bills and other government bills            80,898                 88,465
  Deposits and similar accounts in banks and financial
                                                                159,500               150,959
  institutions
  Deposits in head office, branches and affiliates
  Bonds and financial instruments with fixed income             22,930                 11,125
  Loans and advances to customers                               141,002                87,638
  Loans and advances to related parties                         4,904                   4,249
  Other interest and similar income                             5,435                   5,540
  Interest on leasing contracts
Interest and similar charges                                    273,871               225,031
  Deposits and similar accounts from banks and financial
                                                                7,523                   2,181
  institutions
  Deposits from head office, branches and affiliates
  Deposits from customers and other creditor accounts           244,974               209,695
  Deposits from related parties                                 4,423                   3,715
  Cash contribution to capital and subordinated loans
  Certificates of deposit                                       13,399                  3,996
  Bonds and financial instruments with fixed income
  Other interest and similar charges                            3,552                   5,444
  Interest on leasing contracts
Net provisions and recoveries on doubtful loans                 4,386                   2,025
  Provisions for doubtful loans                                 9,086                  10,054
  Of which: provision setup related to commercial loans(granted
  by leasing companies)
  Recoveries of provisions for doubtful loans                   (4,700)                (8,029)
  Of which: provision write-back related to commercial
  loans(granted by leasing companies)
  Of which: provision write-back related to leasing contracts
  Provision related to leasing contracts
Net interest received                                           136,412               120,920
Revenues from shares, securities & financial assets with
                                                                156                     4,107
variable income
Net commissions                                                 44,739                 32,851
  Commissions received
                                                                54,248                 40,271
  Of which: commission related to leasing contracts
  Commissions paid
                                                                (9,509)                (7,420)
  Of which: commission related to leasing contracts
Profit on financial operations                                  59,556                 25,617
  Profit on marketable securities                               8,147                   1,580
  Profit on financial fixed assets                             3,380
  Profit on foreign exchange position              10,617      5,099
  Profit on financial instruments                  40,792     15,558
Loss on financial operations                       26,043      4,047
  Loss on marketable securities                    6,347        654
  Loss on financial fixed assets                   696
  Loss on foreign exchange position                4,597        686
  Loss on financial instruments                    14,403      2,707
Net income from financial operations               33,513    21,570
Other operating income                             12,289      7,109
Other operating expenses                           3,760       3,339
Total operating income                             223,349   183,218
General and administrative expenses                114,781    92,955
  Salaries wages and related charges               67,824     50,029
  Employees' stock options expense as per IFRS 2   2,409       4,363
  General operating expenses                       44,548     38,563
Depreciation and amortization                      8,629       9,230
Provisions on investments                                      4,070
Provisions on contingent accounts & other risks    578          (20)
Profit from operations before taxation             100,517    85,083
Net nonrecurring operations                        (676)         55
  Nonrecurring income                              827          619
  Nonrecurring expenses                            (1,503)     (564)
Income tax                                         17,966     13,477
Our part in affiliates under equity method         498          313
  Non financial institutions                       498          313
  Financial institutions
Net profit for the period                          82,373     71,974
  Group share                                      77,924     70,862
  Minority share                                   4,449       1,112

				
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