1st Half 2014 Standalone Financial Statements

RNS Number : 0159N

Commercial Intnl Bank (Egypt) SAE

23 July 2014

 

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Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
June 30,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2014
Amounts in EGP. Thousand	Note	June 30, 2014		Dec. 31 ,2013
Assets
Cash and Due with Central Bank	15	6,135,522		4,796,240
Due From Banks	16	11,397,564		8,893,671
Treasury Bills and Other Governmental Notes	17	20,661,024		23,654,813
Trading Financial Assets	18	3,262,270		2,246,348
Loans and Advances to Banks	19	69,546		132,422
Loans and Advances to Customers	20	45,333,118		41,837,952
Derivative Financial Investments	21	73,407		103,085
Financial Investments
Available for Sale	22	27,184,056		23,363,501
Held to Maturity	22	8,988,994		4,187,174
Investments in Subsidiary and Associates	23	606,456		599,277
Investment Property	24	4,056		9,696
Other Assets	25	3,273,416		2,879,795
Deferred Tax	33	73,557		83,755
Property, Plant and Equipment	26	980,632		964,539
Total Assets		128,043,618		113,752,268
Liabilities and Equity
Liabilities
Due to Banks	27	683,367		1,373,410
Due to Customers	28	111,165,190		96,940,270
Derivative Financial Instruments	21	105,575		114,879
Current Income Tax Obligations		843,785		1,179,709
Other Liabilities	30	1,439,022		1,446,040
Long Term Loans	29	212,188		132,153
Other Provisions	31	548,016		450,755
Total Liabilities		114,997,143		101,637,223
Equity
Issued & Paid- in Capital	32	9,081,734		9,002,435
Reserves	32	2,169,199		307,224
Reserve for Employee Stock Ownership Plan (ESOP)		132,539		190,261
Total Equity		11,383,472		9,499,920
Net Profit of the Period/Year After Tax		1,663,003		2,615,125
Total Equity and Net Profit for the Period/Year		13,046,475		12,115,045
Total Liabilities and Equity		128,043,618		113,752,268
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37	22,094,157		16,182,490
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2014
Amounts in EGP. Thousand	Note	June 30, 2014		June 30, 2013
Interest and Similar Income		5,268,734		4,503,578
Interest and Similar Expense		(2,462,911)		(2,097,760)
Net Interest Income	6	2,805,823		2,405,818
Fee and Commissions Income		763,978		668,595
Fee and Commissions Expense		(80,233)		(63,132)
Net Income from Fees and Commissions	7	683,745		605,463
Dividend Income	8	28,356		12,275
Net Trading Income	9	399,639		375,678
Profit from Financial Investments	22	9,379		2,214
Administrative Expenses	10	(757,887)		(687,248)
Other Operating (Expenses) Income	11	(292,909)		(232,701)
Impairment Charge for Credit Losses	12	(359,160)		(490,785)
Net Profit before Tax		2,516,986		1,990,714
Income Tax Expense	13	(843,785)		(671,154)
Deferred Tax	33 & 13	(10,198)		4,391
Net Profit of the Period		1,663,003		1,323,951
Earning per share	14
Basic		1.62		1.30
Diluted		1.59		1.29
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2014
Amounts in EGP. Thousand		June 30, 2014		June 30, 2013
Cash Flow From Operating Activities
Net Profit Before Tax		2,516,986		1,990,714
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Depreciation		102,925		90,274
Assets Impairment Charges		359,160		490,785
Other Provisions Charges		98,156		69,072
Trading Financial Investment Revaluation Differences		(42,020)		(1,317)
Available for sale and held to maturity investments exchange revaluation differences		(38,176)		(136,563)
Financial Investments Impairment Charge (Release)		8,436		(31,267)
Utilization of Other Provisions		(6,306)		(978)
Other Provisions No Longer Used		-		(142)
Exchange Differences of Other Provisions		5,411		15,527
Profits From Selling Property, Plant and Equipment		(392)		(495)
Profits From Selling Financial Investments		(9,387)		(2,229)
Share Based Payments		54,630		47,924
Investments in Subsidiary and Associates Revaluation		(1)		(4,039)
Operating Profits Before Changes in Operating Assets and Liabilities		3,049,422		2,527,266
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(2,493,816)		(1,826,251)
Treasury Bills & Other Governmental Notes		953,655		(6,760,815)
Trading Financial Assets		(973,902)		(293,432)
Derivative Financial Instruments		20,374		24,760
Loans and Advances to Banks and Customers		(3,791,450)		(1,178,066)
Other Assets		(390,244)		(17,542)
Due to Banks		(690,043)		(761,355)
Due to Customers		14,224,920		12,453,407
Income Tax obligations paid		(1,179,709)		(819,362)
Other Liabilities		(7,025)		181,867
Net Cash Provided from Operating Activities		8,722,182		3,530,477
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June 30, 2014		June 30, 2014		June 30, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(7,178)		(7,528)
Purchases of Property, Plant and Equipment		(122,003)		(367,000)
Redemption of Held-to-Maturity Financial Investments		3,132		11,860
Purchases of Held to Maturity Financial Investments		(4,804,952)		-
Purchases of Available for  Sale Financial Investments		(6,195,277)		(778,731)
Proceeds from Selling Available for Sale Financial Investments		2,801,684		2,681,275
Proceeds from Selling Real Estate Investments		5,640		700
Net Cash Generated from (Used in) Investing  Activities		(8,318,954)		1,540,576
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		80,035		37,300
Dividend Paid		(1,253,338)		(1,055,843)
Capital Increase		79,299		29,349
Net Cash Generated from (Used in) Financing Activities		(1,094,004)		(989,194)
Net Increase (Decrease) in Cash and Cash Equivalent		(690,776)		4,081,859
Beginning Balance of Cash and Cash Equivalent		11,758,996		5,536,080
Cash and Cash Equivalent Balance At the End of the Period		11,068,220		9,617,939
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		6,135,522		6,417,883
Due From Banks		11,397,564		9,808,439
Treasury Bills and Other  Governmental Notes		20,661,024		17,772,316
Obligatory Reserve Balance With CBE		(3,258,699)		(3,284,941)
Due from Banks (Time Deposits) More than Three Months		(7,608,108)		(6,271,865)
Treasury Bills with Maturity  More than Three Months		(16,259,083)		(14,823,893)
Total Cash & Cash Equivalent		11,068,220		9,617,939

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED JUNE 2013

June 30, 2013	Capital	Legal Reserve	General Reserve	Retained Earnings (losses)		Special Reserves	Reserve for A.F.S Investments Revaluation Difference	Banking Risks Reserve	Net Profits of the Period	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP thousand)
Beginning Balance	5,972,275	380,349	2,037,107	1,002	117,806		153,507	103,717	2,380,684	164,761	11,311,208
Capital Increase	29,348	-	-	-	-		-	-	-	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,388		-	-	(1,325,842)	(63,683)	-
Dividend Paid	-	-	-	(1,002)	-		-	-	(1,054,841)	-	(1,055,843)
Net Profit of the Period	-	-	-	-	-		-	-	1,323,951	-	1,323,951
Net Change at Fair Value of AFS Financial Investment	-	-	-	-	-		(425,480)	-	-	-	(425,480)
Transferred (from) to Bank Risk Reserve	-	-	-	-	-		-	(15,016)	15,016	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-		-	-	-	47,923	47,923
Balance at the end of the Period	6,001,623	490,365	3,314,228	-	120,194		(271,973)	88,701	1,338,968	149,001	11,231,107

SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED JUNE 2014

June 30, 2014	Capital	Legal Reserve	General Reserve	Retained Earnings (losses)		Special Reserves	Reserve for A.F.S Investments Revaluation Difference	Banking Risks Reserve	Net Profits of the Period	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP thousand)
Beginning Balance	9,002,435	490,365	406,242	-	27,368		(720,468)	1,991	2,716,852	190,261	12,115,046
Capital Increase	79,299	-	-	-	-		-	-	-	-	79,299
Transferred to Reserves	-	130,719	1,444,406	-	741		-	-	(1,463,514)	(112,352)	-
Dividend Paid	-	-	-	-	-		-	-	(1,253,338)	-	(1,253,338)
Net Profit of the Period	-	-	-	-	-		-	-	1,663,003	-	1,663,003
Net Change at Fair Value of AFS Financial Investment	-	-	-	-	-		(387,835)	-	-	-	(387,835)
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-		-	-	-	54,630	54,630
Balance at the end of the Period	9,081,734	621,084	1,850,648	-	28,109		(332,633)	1,991	1,663,003	132,539	13,046,475

 

END

 

 

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