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To review the most recent report of the Special Investigation Commission relating to Lebanon's efforts in fighting Money Laundering, please visit: http://sic.gov.lb/


Beirut, October 19th, 2008 - Activity Highlights as at End-September 2008 Relative to End-December 2007

Sustained growth in all areas of activity:

• Total assets of US$ 20 billion, growing by 15.2%
• Customer deposits of US$ 16.5 billion, growing by 17.9%,
• Shareholders’ equity of US$ 1.9 billion, growing by 6.9%
• Net profits of US$ 180.6 million in the first nine months, growing by 28.7% as compared to the corresponding period of 2007
• In the third quarter of 2008, net profits reached US$ 50.1 million and deposits grew by US$ 1.2 billion

Strong financial standing:

• Primary liquidity of US$ 8.3 billion, of which US$ 6.9 billon in foreign currency (the equivalent of 51.5% of foreign currency deposits) placed at the Central Banks of the countries of presence of the Group, and at large international deposit-rich banks, which were insulated from the recent crisis.
• Total shareholders’ equity amounts to US$ 1.9 billion, the equivalent of close to 29% of the consolidated shareholders’ equity in the Lebanese banking sector, providing superior financial flexibility against markets conditions.
• Very good asset quality, as net non-performing loans account for a mere 0.35% of gross loans. Gross non-performing loans are covered to the extent of 88.4% by loan loss provisions, which exceeds 100% when accounting for guarantees.
• The impact of the international financial crisis was limited to holdings of Lehman Brothers bonds by the Group amounting to US$ 10 million held in Lebanon and an additional US$ 10 million held in foreign subsidiaries. The Group has fully provisioned the entire amount as at end-September 2008.
• Net profits after taxes exceed US$ 180.6 million in the first nine months of the year, growing by 28.7% relative to the corresponding 2007 period, after the allocation of provisions on assets including loan portfolio.

Bank Audi, which ranks among the top two banks in Lebanon and the first 25 Arab banking groups, enjoys significant market share in the countries where it operates, as well as a strong financial standing as reflected by the above indicators. Bank Audi will continue to focus on providing the best and largest spectrum of products and services to its customer base thus contributing to the development of the economies of Lebanon and the Arab region.