financials - Bank Audi

August 24, 2012
FINANCIALS
EQUITY RESEARCH
BANK AL JAZIRA
Income Statement 2010 2011 2012E 2013E 2014E 2015E 2016E
Net Special Commission Income 717 781 950 1,157 1,359 1,574 1,964
Fee and Banking Income 160 213 334 403 476 544 615
Non Lending Fees and Commissions 106 144 316 348 382 421 463
Exchange Income 18 20 25 25 25 25 25
Trading Income 106 15 50 56 61 66 72
Other Income 48 36 5 6 6 8 9
Non Special Commission Income 438 427 729 837 951 1,063 1,184
Total Banking Income 1,155 1,208 1,679 1,994 2,310 2,637 3,148
Operating Expenses (764) (835) (952) (1,043) (1,143) (1,252) (1,359)
Operating Profit Before Provisions 391 373 728 951 1,167 1,385 1,788
Provision losses on loans& investments (362) (70) (197) (226) (267) (312) (359)
Profit/Loss from Associates - - - - - - -
Minority Interest - - - - - - -
Net Income 29 303 530 725 900 1,073 1,429
Balance Sheet Summary 2010 2011 2012E 2013E 2014E 2015E 2016E
Cash and due from banks 8,188 8,710 5,446 3,377 3,455 3,124 3,343
Loans and Advances (Net) 18,704 23,307 30,323 36,231 42,223 48,589 55,281
Investments 4,546 5,397 7,710 10,479 11,343 12,288 13,288
Prorperty Plant and Equipment 462 447 478 512 547 586 627
Other Assets 1,117 1,037 1,626 1,952 2,244 2,581 2,968
Total Assets 33,018 38,898 45,583 52,549 59,814 67,169 75,507
Deposits 27,345 31,159 36,533 42,744 49,155 55,545 62,655
Due to Banks 389 1,306 2,220 2,442 2,637 2,822 3,019
Other liabilities 478 497 522 548 575 604 634
Total Liabilities 28,212 33,961 40,275 46,733 53,368 59,971 67,309
Shareholder Equity 4,806 4,937 5,308 5,816 6,446 7,197 8,198
Total Liabilities and Shareholders Equity 33,017 38,898 45,583 52,549 59,814 67,169 75,507
Per Share Data 2010 2011 2012E 2013E 2014E 2015E 2016E
EPS 0.10 1.01 1.77 2.42 3.00 3.58 4.76
DPS - 0.53 0.70 0.90 1.10 1.30 1.40
Growth 2010 2011 2012E 2013E 2014E 2015E 2016E
Total Assets Growth 10% 18% 17% 15% 14% 12% 12%
Loans Growth 21% 25% 30% 19% 17% 15% 14%
Deposits Growth 23% 14% 17% 17% 15% 13% 13%
EPS Growth 4% 960% 75% 37% 24% 19% 33%
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