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Bank Audi Seek to Inspire Our Clients Through New Products That Speak to Them

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Bank Audi Seek to Inspire Our Clients Through New Products That Speak to Them INTEGRITY Where many financial institutions focus solely on progression, we at Bank Audi seek to inspire our clients through new products that speak to them. TABLE OF CONTENTS FINANCIAL HIGHLIGHTS 8 STATEMENT OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER 10 CORPORATE GOVERNANCE 12 0I. Corporate Governance Framework 12 02. Composition of the Board of Directors 13 03. Biographies of Board Members 16 Management of Bank Audi sal - Audi Saradar Group 22 MANAGEMENT DISCUSSION AND ANALYSIS 26 01. Strategy 26 02. Operating Conditions 27 02.1. Domestic Operating Environment 27 02.2. Regional Operating Environment 29 02.3. Operating Environment in West Europe 31 03. Consolidated Performance in 2010 31 03.1. Consolidated Financial Standing 32 03.1.1. Consolidated Liabilities 32 03.1.2. Consolidated Assets 33 03.1.3. Profitability 40 03.2. Business Lines Review 42 03.2.1. Corporate and Commercial Banking 43 03.2.2. Retail and Individual Banking 43 03.2.3. Private Banking 44 03.2.4. Treasury and Capital Market Activities 45 03.3. Markets Review 45 03.3.1. Lebanese Entities’ Performance in 2010 48 03.3.2. Performance of the Entities in Europe in 2010 50 03.3.3. Performance of Entities in the MENA Region in 2010 51 04. Share Information 52 04.1. Dividend Policy 53 04.2. Investment Considerations 53 05. Investor Relations 54 05.1. Investor Relations Activity in 2010 54 05.2. Bank Audi Stock Research Coverage 54 05.3. Investor Relations Website and Mass Mail 55 06. Human Resources 55 07. Information Technology 56 08. Awards 57 GENERAL ASSEMBLY EXCERPTS 60 4 CONSOLIDATED FINANCIAL STATEMENTS 62 Auditors' Report 63 Consolidated Income Statement 64 Consolidated Statement of Comprehensive Income 65 Consolidated Statement of Financial Position 66 Consolidated Cash Flow Statement 68 Consolidated Statement of Changes in Equity 70 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 72 Notes' Index 73 Notes 74 SHAREHOLDERS' INFORMATION 168 GROUP HIGH LEVEL CHART 170 O RGANISATION CHART 172 C ORPORATE STRUCTURE 174 MNAGEMENTA 178 Bank Audi sal - Audi Saradar Group 178 Management of Bank Audi sal - Audi Saradar Group (continued) 178 Country Management Lebanon 180 Audi Saradar Investment Bank sal 181 Audi Saradar Private Bank sal 182 Banque Audi (Suisse) sa 183 Bank Audi Saradar France sa 184 Bank Audi sal - Jordan Branches 185 Bank Audi Syria sa 186 Bank Audi sae (Egypt) 187 Arabeya Online Brokerage (Egypt) 188 National Bank of Sudan 189 Audi Capital (KSA) cjsc 190 Bank Audi LLC (Qatar) 191 Bank Audi SAM - Audi Saradar Group (Monaco) 192 ADRESSESD 196 Lebanon 196 Bank Audi sal - Audi Saradar Group 196 Audi Saradar Investment Bank sal 200 Audi Saradar Private Bank sal 200 LIA insurance sal 200 Switzerland – Banque Audi (Suisse) sa 200 France – Bank Audi Saradar France sa 201 Jordan – Bank Audi sal - Jordan Branches 201 Syria 202 Bank Audi Syria sa 202 Syrian Arab Insurance sa 203 Egypt 203 Bank Audi sae 203 Arabeya Online Brokerage (Egypt) 205 Sudan – National Bank of Sudan 205 Saudi Arabia – Audi Capital (KSA) cjsc 206 Qatar – Bank Audi LLC 206 Monaco – Bank Audi SAM - Audi Saradar Group 206 United Arab Emirates – Bank Audi sal - Abu Dhabi Representative Office 206 5 EXPLORATION New grounds mean new challenges, but at Bank Audi, we believe that behind every challenge lies experience and the potential for mutual growth. FINANCIAL HIGHLIGHTS ASSETS NET EARNINGS USD CAGR 20.1% USD CAGR 27.2% 28,688 352 26,486 289 20,385 238 17,320 14,165 200 11,479 164 106 2010 2010 2007 2007 2009 2009 2005 2005 2006 2006 2008 2008 EARNINGS PER SHARE * USD CAGR 20.4% 0.96 0.94 0.80 0.78 0.65 0.62 0.53 0.50 0.47 0.45 0.38 2009 2010 2007 2005 2006 2008 Basic (2010 based on 335,103,547 of weighted Diluted (2010 based on 344,045,480 of diluted average number of common shares) weighted average number of common shares) * Earnings per common share calculations are adjusted for the 10:1 stock split effected in May 2010. 8 BANK AUDI sal: SELECTED FINANCIAL DATA USD Million 2005 2006 2007 2008 2009 2010 CAGR 05-10 Assets 11,479 14,171 17,320 20,385 26,486 28,688 20.1% Loans to customers 2,468 3,235 4,708 6,129 6,747 8,548 28.2% Customers' deposits 9,889 11,847 14,299 17,337 22,985 24,848 20.2% Shareholders' equity 953 1,699 1,824 1,966 2,193 2,420 20.5% Net earnings 106 164 200 238 289 352 27.2% Number of branches 90 114 136 143 154 157 11.8% Number of staff 2,302 2,886 3,872 4,291 4,388 4,838 16.0% Liquidity and asset quality Liquid assets/deposits 84.66% 85.50% 82.86% 77.39% 82.10% 77.25% Loans to deposits 24.96% 27.31% 32.92% 35.35% 29.35% 34.40% Net doubtful loans/gross loans -0.09% (including collective provisions) 1.06% 1.24% 0.75% 0.33% 0.35% Loan loss provisions/gross doubtful 104.17% loans (including collective provisions) 80.62% 78.62% 82.36% 89.17% 89.65% Net doubtful loans/gross loans 0.61% (excluding collective provisions) 1.06% 1.24% 0.8% 0.60% 0.93% Loan loss provisions/gross doubtful 72.61% loans (excluding collective provisions) 80.62% 78.62% 80.93% 80.35% 72.36% Net doubtful loans/equity 2.88% 2.49% 2.17% 1.06% 1.11% -0.34 Capital adequacy Equity/assets 8.31% 11.99% 10.53% 9.64% 8.28% 8.44% Capital adequacy ratio as per 11.42% BASEL II requirement 12.68% 12.84% 11.93% Profitability Cost to income 56.20% 51.68% 55.89% 54.91% 48.41% 47.28 ROAA 0.96% 1.28% 1.27% 1.26% 1.23% 1.28% ROACE 14.92% 13.59% 12.25% 13.30% 14.77% 16.02% Share data Common shares outstanding* 227,662,400 327,662,400 329,023,090 341,893,890 344,189,410 348,477,114 8.9% Preferred shares outstanding* 76,500,000 76,500,000 52,500,000 12,500,000 12,500,000 13,750,000 -29.1% Net dividends on common shares 139 (in USD million) 34 57 66 77 120 32.5% Net dividends on preferred shares 14 (in USD million) 18 26 18 18 10 -1.4% Payout ratio 50% 51% 42% 40% 45% 43% -3.2% Basic common earnings per share 0.96 (in USD) 0.38 0.47 0.53 0.65 0.80 20.2% Diluted common earnings per share 0.94 (in USD) 0.45 0.51 0.62 0.78 20.0% Share price (in USD) 6 6 7 5 8 9 8.4% Market capitalisation (in USD '000s) 1,365,9784 1,933,208 2,303,162 1,777,848 2,856,772 3,136,294 18.1% * Adjusted for the 10:1 stock split approved by the Extraordinary General Assembly held on 02/03/2010 and the Central Bank of Lebanon on 21/04/2010, and in effect since 24/05/2010. 9 STATEMENT OF THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER 2010 was a year of significant achievements, domestically margin-focused strategy versus the growth-focused strategy of and regionally, for Bank Audi sal - Audi Saradar Group. The the previous year, and hence endeavoured to decrease gradually Bank was able to post solid profits, domestically, through the its cost of funds throughout the year 2010. combined effect of the sound growth of its lending portfolio, on the assets side, and of the adopted margin-focused approach, The margin-based approach proved successful, leading to a rise on the funding side. Concurrently, the regional subsidiaries also in spread from 1.65% in the first quarter to 1.80% in the fourth reported strong results that upheld the judiciousness of the quarter. This was coupled with an improved net operating cross-border expansion strategy implemented a few years ago. margin as the economies of scale, which were gradually identified and pursued over the previous years, continued to As a result of the above achievements, Bank Audi reinforced its materialise, and translated into an enhanced efficiency in 2010. position as the largest bank in Lebanon and as one of the top Consequently, the Bank’s return on average assets and its return Arab banking groups in the MENA region where it recorded on average common equity reached 1.28% and 16% respectively. the first, fourth and seventh largest growth rates among its Looking ahead, the considerable foregone income caused by the peers, in loans, profits and deposits, respectively. aforementioned negative carry burden is an interesting measure of the latent significantly positive effect of a potential increase In fact, all major activity indicators of Bank Audi reported in global rates on the Bank’s spread and interest margin. This significant increases in 2010: the Bank secured close to is especially true when considering the Bank’s high foreign 2.3% of the aggregate growth of deposits of all banks in the currency liquidity which is placed in primary liquid uses yielding MENA region with its consolidated deposits growing by Libor-linked returns, currently at minimal levels. USD 1.9 billion to reach USD 24.8 billion at year-end; steadily driven by private deposits, consolidated assets grew by 8.3%, The Bank’s outstanding 2010 results were achieved, as has reaching USD 28.7 billion at year-end. Consolidated net consistently been the case over the previous years, while loans grew in tandem by a significant USD 1.8 billion to reach guarding the Bank’s financial standing and risk profile.
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