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Annual Report 2020 Annual Report 2020 Statement of the Chairman and Group Chief Executive Officer Bank Audi Annual Report 2020

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Annual Report 2020 Annual Report 2020 Statement of the Chairman and Group Chief Executive Officer Bank Audi Annual Report 2020 ANNUAL REPORT 2020 ANNUAL REPORT 2020 STATEMENT OF THE CHAIRMAN AND GROUP CHIEF EXECUTIVE OFFICER BANK AUDI ANNUAL REPORT 2020 STATEMENT OF THE CHAIRMAN our offshore liquidity needs and boost our liquidity placements abroad. As a result, starting end-February 2021, the Bank complied with the 3% requirement of the Central Bank of Lebanon, in terms of offshore foreign liquidity as a percentage of AND GROUP CHIEF EXECUTIVE OFFICER total deposits in foreign currencies at 31 July 2020. Still, a lot needs to be done as we still do not consider our offshore foreign liquidity levels sufficient to cover all our offshore commitments as they become due, and thus restore the activities of the Dear stakeholders, Bank to normal levels as at before October 2019. By any measure, the year 2020 was an atypical year by all means. It was the year of a global pandemic, underscoring a global 5- Continuing to deleverage loans to the private sector, while maintaining a close monitoring of the lending portfolios, taking recession that has affected a lot of us on an individual and business level. early remedial actions on problematic files and providing adequate provisioning coverage. On this challenging backdrop, Lebanon, where the Group has the majority of its operations, has also been facing, for more than 6- Executing a wide cost rationalisation policy, particularly in Lebanon. a year and a half now, a series of crises: political, economic, financial, banking, and social, unprecedented in scope and scale, which has affected the entire Lebanese banking sector, creating major disruptions in activity and operating conditions. This was On the financial front, consolidated assets of Bank Audi contracted by 10.4% in 2020, from USD 39.5 billion as at end-December further amplified by the dramatic explosion of the Beirut port on 4 August 2020, leading to severe economic and infrastructural 2019 to USD 35.4 billion as at end-December 2020, and reached USD 44.2 billion when including fiduciary deposits, security damages, unseen during the Lebanese civil war. accounts and AuMs. Bank Audi reported a net loss of USD 145 million in 2020 compared to a net loss of USD 602 million in 2019. Those losses arise from the one-off costs association with a number of remedial measures reaching USD 1.1 billion in 2019 and The spillover effects of the COVID-19 pandemic on all markets of presence, compounded with the impact of the Lebanese crisis USD 754 million in 2020. Adjusted to those flows tied to the Lebanese Crisis, consolidated net profits of Bank Audi would have on the Group, prompted the Bank to further restrict its development or growth. In the absence of a credible and comprehensive moved from USD 489 million in 2019 to USD 609 million in 2020, representing an increase by USD 120 million or 24%. macro-financial reform program to resolve the Lebanese crisis, and in light of the prevailing market uncertainties, it remained extremely difficult to build accurate future plans regarding the Bank’s business model and its wider strategy. I am equally conscious that the Group’s activity and results remain closely linked to the overall political, social and economic situation in the region and in particular in Lebanon. Given the government fallout, the deepening recession, the currency crisis While watching events unfold around us, our priorities for 2020 were geared towards the consolidation and de-risking of the and the hyperinflation prevailing in Lebanon, the financial position of the Group does not reflect the adjustments that would be domestic franchise and operations, the strengthening of capital buffers, and the ring-fencing of foreign entities and branches required by IFRS. In particular, the emergence of several widely diverging exchange rates compared to the official exchange rate from Lebanon spillover effects, while also fully meeting the newly arising regulatory requirements. is making it very difficult to estimate the required adjustments to these financial statements with respect to any future change in the official exchange rate and/or alternative legal exchange mechanism. Within the persisting uncertainties, Management is Within this context, we at Bank Audi continued to exert extended efforts in 2020 to consolidate the Bank's financial position, unable to estimate in a reasonable manner or within a reasonable timeframe the adverse impact of those matters on the Bank’s reinforce its financial standing and strengthen its solvency and ability to withstand additional pressures on operating and financial position and equity which it anticipates to be material. financial conditions, specifically in Lebanon. These efforts actually covered the following: On the operations side, Bank Audi has taken rapid action to navigate the volatility across its markets of operations while factoring 1- Decreasing its exposure on Lebanese government Eurobonds: from a portfolio of USD 1.98 billion in nominal terms as at in frequent and wide-ranging regulatory developments. The main objectives of the Bank have been to support clients’ business 31 December 2019 to a mere USD 9.1 million in net terms (of which USD 2.9 million held in entities in Lebanon) as at continuity while ensuring adequate portfolio quality. Bank Audi has strived to provide banking support to its Corporate and 31 December 2020. Commercial Banking clients to ensure business continuity, and proactively deleverage the corporate and commercial portfolio, in line with the economic slowdowns witnessed across the market of presence while ensuring proper portfolio quality. The 2- Increasing core equity by an amount of USD 209 million, as shareholders representing 65% of the Bank’s capital, among Bank also leveraged its strong digital leadership position across its entities to accelerate customer alternative delivery channel which EBRD, participated in the cash contributions issuance, signaling a renewed commitment to support the Bank amidst engagement. In this respect, all entities worked on three main COVID-19 management fronts: (1) providing sufficient branch the prevailing exceptional situation. In addition, the Bank received dividends amounting to USD 110 million during the course working hours while adhering to top level hygiene and safety precaution protocols; (2) expanding digitilisation by encouraging of 2020 (of which USD 30 million in fresh funds), accumulating as such USD 319 million in cash capital during the year. As a and supporting customers to use alternative delivery channels to avoid physical presence at branches; and (3) optimising back result, the Bank’s capital adequacy ratio exceeded in all its components the minimum regulatory requirements. office working capacity while providing remote working setup for employees. 3- Selling four of our foreign operations, with the sale proceeds expected to largely cover and exceed the remaining As a result, customers’ banking needs were promptly attended for in an uninterrupted manner through the Bank’s fully USD 303 million of capital requirements as per BdL Intermediary Circular 567. Initiated in February 2020, ongoing discussions integrated 24/7 Contact Center and ADCs (i.e. ATMs, Interactive Teller Machines [ITMs], Mobile & Online Banking). with First Abu Dhabi Bank culminated in the signing, on 20 January 2021, of a Share Purchase Agreement for the sale of Contact Center agents not only answered all clients’ inquiries efficiently, but also contacted back all unanswered calls 100% of the share capital of Bank Audi sae (Egypt) and the assignment of the subordinated debt previously provided by that reached in total 7,000 per day at its peak, and executed specific banking operations. Our teams introduced new Bank Audi to its subsidiary in Egypt. Sale proceeds aggregate to USD 660 million, a price supported by the fairness opinion services, increased limits, and replenished ATMs around the clock, while NOVO agents digitally performed several provided by JP Morgan to the Bank’s Board of Directors. The transaction, representing the best outcome for all constituencies on-site transactions such as debit card issuance and delivery, sub-account opening for companies to transfer employees’ salaries, of Bank Audi, was finalised in the second quarter of 2021 following receipt of all regulatory approvals. cash transactions, emergency money transfers, salary payments for retired individuals, as well as credit card replacement and renewal. The somewhat unseen value of the crisis is that the events ensured a smooth migration to ADCs and directed On 29 December 2020, Bank Audi entered into business transfer agreements with Capital Bank of Jordan for the sale of customers to self- service platforms. Bank Audi sal – Jordan & Iraq Branches. The transactions were completed on 11 March 2021, after obtaining the approval of regulators and of the Bank’s Ordinary General Assembly. Over and above the cash consideration, the price was structured in Our key priorities focus on the provision of a best-in class service to our customers, in particular our core relationships, while a manner to effectively cancel the significant international liabilities carried by Bank Audi Lebanon in favour of Bank Audi Iraq. supporting our risk profile and capital buffers to set the stage for renewed growth as soon as economic conditions start to improve. In addition, early 2020, Banque Bemo Saudi Fransi expressed its interest in acquiring Bank Audi’s fully impaired investment The past year has been uniquely confronting for the customers and communities we serve, dealing with disruptions unparalleled in Bank Audi Syria (BASY), fulfilling the Bank’s key pre-condition to seek the Central Bank of Syria for the change of name in most of our lifetimes, which prompted organisations like Bank Audi to review their business model. Priority focus was given, of Bank Audi Syria. Completed on 29 March 2021, the transaction allowed Bank Audi to conclude its exit from Syria more than ever, to improving governance, accountability and culture. We are making sustainable progress by working towards initiated in 2016, while protecting itself from the heightened and increasing compliance risk the Group was facing tied to its setting in place new and right foundations.
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