Audi profits up

Net earnings total $94 million in Q1 2012 despite higher provisioning

Audi Saradar Group (Bank Audi) reported good performance, with 2012 first quarter consolidated unaudited net earnings at $94.5 million. Bank Audi made a net profit of $365 million in 2011.

The bank’s earnings grew by 4.5 percent in the first quarter of the year compared to the same period last year, 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 rose by 18.8 percent to $126 million in the first quarter of this year from a year ago.

The bank's consolidated assets totalled $28.7 billion at end-March 2012, unchanged from end-2011. The assets of Bank Audi Syria shrunk by 52 percent over the past year.

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 share rose by 6.6 percent over the past year to $0.26 per common share. The book value per share stood at $6.16 .