Audi profits
up

Net earnings total $94 million in first quarter of 2012 despite higher provisions

Bank Audi sal - Audi Saradar banking group reported a good performance in the first quarter of 2012, with consolidated unaudited net earnings of $94.5 million. Bank Audi made a net profit of $365 million in 2011.

The bank’s earnings grew by 4.5 percent compared to the first quarter of 2011, despite the allocation of collective provisions of $31.2 million. Bank Audi had allocated provisions of $15.3 million in the first quarter of 2011. Pre-provision earnings thus rose by 18.8 percent year-on-year to $126 million in the first quarter of 2012.

Bank Audi’s consolidated assets totalled $28.7 billion at end-March 2012, unchanged from end-2011. The assets of Bank Audi Syria had contracted by 52 percent between March 2011 and March 2012.

Consolidated deposits amounted to $24.4 billion at end-March 2012. The bank’s customer deposits stood at $24.7 billion at end-December 2011.

Bank Audi’s earnings per common share rose by 6.6 percent over the covered period, to $0.26. The book value per share stood at $6.16.