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2012 ANNUAL REPORT 2012 06 Chairman’S Letter 68 Consolidated Financial Statements

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2012 ANNUAL REPORT 2012 06 Chairman’S Letter 68 Consolidated Financial Statements www.blombank.com ANNUAL REPORT 2012 ANNUAL REPORT 2012 06 Chairman’s Letter 68 Consolidated Financial Statements 08 Key Figures 70 Consolidated Financial Statements 70 Auditors’ Report 71 Consolidated Income Statement for the 11 Organizational Chart year ended 31 December 2012 72 Consolidated Statement of Comprehensive Income for the year 12 Group Chart ended 31 December 2012 73 Consolidated Statement of Financial Position at 31 December 2012 Corporate Governance 16 74 Consolidated Statement of Changes in Equity for the year ended 31 December Code of Corporate Governance 2012 BLOM BANK S.A.L. Major Common Shareholders Consolidated Statement of Cash Flows Board of Directors 78 for the year ended 31 December 2012 List of Board Members Information about Board of Directors 79 Notes to the Consolidated Financial Statements Board Meetings held in 2012 Information on Key Members of BLOM BANK S.A.L. Management 160 Worldwide BLOM BANK S.A.L. Commercial Arrangements Correspondent Banks General Management of BLOM BANK S.A.L. BLOM BANK Group 161 Management & Network 30 Management Discussion & 162 Banks & Financial Subsidiaries Analysis 2012 BLOM BANK S.A.L. BLOMINVEST Bank S.A.L. 31 Operating Environment BLOM Development Bank S.A.L. 36 Overview BLOM Bank France 37 Evolution of Total Assets BLOM Bank (Switzerland) S.A. 38 Sources of Funds Bank of Syria and Overseas S.A. 41 Uses of Funds Syria and Overseas For Financial 45 Liquidity Services Ltd 46 Profitability BLOM Bank Egypt 52 Dividend Distribution and Preferred Shares BLOM Egypt Securities Revenue BLOMINVEST Saudi Arabia 53 Interest Rate Risk BLOM Bank Qatar LLC 53 Risk Management and Basel III Preparations Experts Financial Services 57 Universal Banking Services 180 Insurance Subsidiaries 61 Information Systems and Technology AROPE Insurance 63 People Development AROPE Syria - Syria International 65 Bank’s Operational Efficiency Insurance AROPE Egypt Insurance AROPE Egypt Life Insurance Dr. Naaman AZHARI - Chairman of BLOM BANK Group Mr. Saad AZHARI - Chairman and General Manager of BLOM BANK S.A.L. 5 Chairman’s Letter Chairman’s Letter Driven by a conservative culture, a constructive vision, and a stable management team, BLOM BANK weathered the difficult year of 2012 with stride and strength. This has always been a trademark of its robust banking profile that enables it to navigate difficult operating conditions with success and growth. And as one of the leading banks in Lebanon, this also reflects the sound and sturdy nature of the Lebanese banking system and its enduring qualities in the face of economic hardships and political instability. The numbers speak for themselves. True to its record, BLOM BANK achieved once again in 2012 the highest rate of profitability among listed banks with an ROAE of 17.78% and an ROAA of 1.39%. And despite the troubled conditions in Lebanon and in the region, BLOM BANK’s operations in all the countries in which it is present remained profitable: profits reached an all-time high of $335.5 million in 2012, an achievement that was extended to 1Q-2013 where profits stood at $87.2 million, the highest in the Lebanese banking system. Mr. Saad AZHARI The growth in profitability was also underlined by a growth in the Bank’s balance sheet. In 2012, assets stood at $25.02 billion, increasing by 7.99%; deposits reached $21.75 billion, rising by 7.14%; shareholders’ equity rose to $2.1 billion, increasing by 10%; and loans to customers stood at $6.03 billion, rising by 7.8%. What makes the growth of these aggregates noteworthy is that they were attained despite a drastic reduction in the balance sheet of the Bank’s Syrian unit, Bank of Syria and Overseas, with deposits in 2012 at 35.3% – and loans at 27.4% – of what they were in 2010 before the onset of the Syrian crisis. What also makes these achievements even more noteworthy is that they were achieved while maintaining BLOM BANK’s traditional concern for controlling banking risks and expenses and its observance of sound financial indicators. In this context, the cost-to-income ratio stood at 38.25% in 2012 – the lowest among listed banks; the capital adequacy ratio according to Basel III at 13.7%; the primary liquidity ratio at 66.4%; and the non-performing loans coverage ratio at 140.3% including collective provisions and real guarantees. Perhaps more important, these achievements are bound to grow and prosper given the Bank’s commitment to prudent horizontal and vertical expansion. They will also be underscored by the Bank’s excellent record of universal banking activities and products, made prominent by the following: The Bank’s dominance in retail banking that saw its retail loans rise to $2.1 billion in 2012, increasing by a notable 14.1%, and constituting 34.8% of our loan portfolio. This was bolstered by agreements with the Association of 6 BLOM BANK S.A.L. Annual Report 2012 Chairman’s Letter Lebanese Industrialists to provide easy and subsidized The Bank’s record of achievements is also a witness to loans and services to its members, and with the Beirut the success of its strategic vision and of its operational Traders’ Association to provide credit and loyalty efficiency, and the utmost regard that it gives to asset cards to the customers of its small-and medium-sized safety and risk management. This of course extends to members. Also, the Bank’s retail dominance in the its well-paced foreign expansion that sees the region Lebanese market is extending to neighboring markets, as a fruitful source of banking opportunities despite especially in Jordan and Egypt where it is enjoying the the current upheavals taking place. Not surprisingly, highest market growth in retail services. the Bank’s record has not gone un-noticed, for it was bestowed the most prestigious awards by leading The Bank’s pioneering activity in asset and wealth international and regional organizations, making BLOM management where it is considered the market leader Bank their unanimous choice as the Best Bank in in the mutual funds industry. The total value of its Lebanon in 2012. funds reached $538 million in 2012, having increased by 190.2% from $184.9 million in 2009. Two additional BLOM BANK’s commitment to the “Peace of Mind” of funds were added recently, BLOM-Quilvest Real Estate its clients has gone hand in hand with delivering the best Fund focusing on assets in the US market, and the Arab returns to its shareholders. Earnings per share stood at Market Fund comprising equity shares from leading $1.53 in 2012, 3.4% higher than 2011, and dividend Arab companies. per share was $0.45, amounting to a dividend yield of 5.41% and a payout ratio of 30%. And, as always, the The Bank’s strengthening of the activities of its Bank’s commitment of “Peace of Mind” to the larger overseas units, especially in the Gulf and in relation community through its Corporate Social Responsibility to our recently established entities in Qatar and Saudi (CSR) activities has gone farther with its sole funding Arabia where both have turned the corner and have of the “ProtectEd” program that aims at promulgating become highly profitable, not to mention the strong safety in all schools, and with its sponsorship of the improvement of our operations in the UAE. Our Saudi “Open Your Tomorrow” program that provides zero- unit, BLOMINVEST Saudi Arabia, is now among the interest funding for electronic tablets to all school leaders in real estate funds, the latest of which is the students – in addition to its unique BLOM shabab SR 250 million Amjal Real Estate Fund investing in the program and its world-renowned BLOM “Giving” card. development of luxurious villas north of Riyadh City. The same is true of BLOM BANK EGYPT where it had In closing, BLOM BANK’s success as a leading bank in a buoyant 2012 year and still represents a major part the Arab world and its consistent delivery of world-class of our Group with tremendous medium-term potential. financial services are a product of the trust that our clients In this respect, prudent overseas expansion will also has in the Bank and the dedication of our professional staff carry the Bank to a new promising country, Iraq, with and management team. These are assets that we dearly branches opening in Baghdad and Irbil in late 2013. cherish and deeply recognize as the crucial attributes that lift the Bank towards new heights of outreach, profitability, The Bank’s enhancing of its corporate banking and and success. project financing activities that put their share at 47.5% of our loan portfolio in 2012, and encompassed some of Thank you, the biggest companies and leading sectors in Lebanon and the region. This was coupled by our constant upgrading of our private banking services to serve the needs of our high net-worth clients, with assets under management reaching $5.3 billion in 2012 and Saad Azhari contributing handsomely to our fee income which stood Chairman and General Manager at $272 million, increasing by 32.7% and constituting 34.3% of operating income. 7 Key Figures Key Figures Consolidated Customers’ Deposits Evolution (in USD Million) 2012 21,791 20,296 19,606 18,024 2008 15,109 13,737 11,735 10,161 2004 8,992 7,686 6,215 5,525 2000 5,056 4,330 3,861 3,333 1996 2,686 1,805 1,259 871 1992 595 years 0 4,000 8,000 12,000 16,000 20,000 24,000 8 BLOM BANK S.A.L. Annual Report 2012 Key Figures Strong and Continuous Growth Total Assets (in USD Million) 2012 25,051 23,165 2010 22,344 20,702 2008 17,898 16,639 2006 14,212 11,918 2004 10,835 years 0 6,000 12,000 18,000 24,000 30,000 Net Profits (in USD Million)
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