Audi sees seven percent rise in earnings

Bank Audi allocated $60 million in additional provisions in first nine months of 2011

Bank Audi’s consolidated net earnings grew by seven percent, to $271 million, in the first nine months of 2011, relative to the corresponding period of 2010.

Bank Audi said in a statement that it has adopted rigorous risk management policies within a conservative strategy in light of the adverse developments in the region. It said that it has allocated additional provisions of $60 million over the first nine months of 2011.

The bank said that a big share of the additional provisions were in its subsidiaries in Syria and Egypt “as a precautionary measure in light of the spillovers of recent developments in these two countries”.

Bank Audi’s assets reached $28.7 billion at end-September 2011 and $39.7 billion when accounting for fiduciary deposits, security accounts, and assets under management. Deposits reached $24.9 billion.

Shareholders’ equity amounted to $2.3 billion, accounting for around eight percent of the Bank’s assets.