1st Half 2015 Consolidated Financial Statements

RNS Number : 4877U

Commercial Intnl Bank (Egypt) SAE

30 July 2015

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2015
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2015
Amounts in EGP Thousands	Note	June 30, 2015		Dec. 31, 2014
Assets
Cash & Balances with Central Bank	15	12,668,642		7,502,256
Due From Banks	16	8,728,922		9,521,999
Treasury Bills & Other Governmental Notes	17	26,569,148		30,548,890
Trading Financial Assets	18	6,006,088		3,762,718
Loans and advances to banks, net	19	34,182		118,091
Loans and advances to customers, net	20	54,525,936		48,685,630
Derivative Financial Instruments	21	76,532		52,188
Financial Investments
Available for Sale	22	37,577,558		27,702,122
Held to Maturity	22	9,763,861		9,160,746
Investments in Associates	23	212,136		181,661
Brokerage Clients-Debit Balances		943,325		771,611
Investment  Properties	24	908,393		884,094
Other Assets	25	3,876,599		3,814,075
Deferred Tax Assets	33	224,591		121,737
Property, Plant and Equipment	26	1,032,913		985,504
Total Assets		163,148,826		143,813,322
Liabilities and Equity
Liabilities
Due to Banks	27	599,254		1,131,385
Due to Customers	28	142,869,000		121,974,959
Brokerage Clients-Credit Balances		398,643		360,145
Reconciliation Accounts - Credit Balances		24,553		8,975
Derivative Financial Instruments	21	140,748		137,175
Current Tax Obligations		1,130,674		1,814,609
Other Liabilities	30	2,086,753		2,609,452
Long Term Loans	29	205,974		242,878
Other Provisions	31	787,336		730,312
Total Liabilities		148,242,935		129,009,890
Equity
Issued and Paid Up Capital	32	9,176,482		9,081,734
Reserves	32	3,285,569		1,908,443
Reserve for Employee Stock Ownership Plan (ESOP)		199,970		177,765
Retained Earnings (Losses)		(59,866)		(155,160)
Total Equity		12,602,155		11,012,782
Net Profit for the Period/Year		2,255,698		3,741,456
Total Equity And Net Profit For Period/Year		14,857,853		14,754,238
Minority Interest		48,038		49,194
Total Minority Interest, Equity and Net Profit for Year		14,905,891		14,803,432
Total Liabilities, Equity and Minority Interest		163,148,826		143,813,322
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2015
Amounts in EGP Thousands	Note	June 30, 2015		June 30, 2014
Interest and Similar Income		6,896,196		5,265,020
Interest and Similar Expenses		(3,115,398)		(2,462,929)
Net Interest Income	6	3,780,798		2,802,091
Fees and Commissions Income		1,061,239		909,762
Fees and Commissions Expense		(122,286)		(82,036)
Net Fee and Commissions Income	7	938,953		827,726
Dividend Income	8	15,335		28,493
Net Trading Income	9	190,633		402,021
Profit (losses) from Financial Investments	22	158,424		9,389
Administrative Expenses	10	(1,027,434)		(832,921)
Other operating (Expenses) Income	11	(146,701)		(296,168)
Impairment (Charge) Release for Credit Losses	12	(648,442)		(359,160)
Bank's Share in the Profits of Associates		30,475		17,310
Profit Before Income Tax		3,292,041		2,598,781
Income Tax Expense	13	(1,138,985)		(849,921)
Deferred Tax	33 & 13	102,854		(10,817)
Net Profit of The period		2,255,910		1,738,043
Minority Interest		212		721
Bank Shareholders		2,255,698		1,737,322
Earnings per share	14
Basic		2.12		1.60
Diluted		2.09		1.58
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2015
Amounts in EGP Thousands		June 30, 2015		June 30, 2014
Cash Flow from Operating Activities
Profit Before Income Tax		3,292,041		2,598,781
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		110,349		104,686
Impairment  Charges for credit losses		648,442		359,160
Other Provisions Charges		48,144		102,316
Trading Financial Investment Revaluation Differences		276,043		(42,980)
Available for sale and held to maturity investments exchange revaluation differences		(69,351)		(38,176)
Financial Investments Impairment Charge (Release)		(17,226)		8,447
Utilization of Other Provisions		(662)		(6,504)
Exchange Differences of Other Provisions		9,542		5,411
Profits From Selling Property, Plant and Equipment		(798)		(392)
Profits From Selling Financial Investments		(177,395)		(9,408)
Shares Based Payments		85,218		54,630
Investments in Associates Revaluation		(30,475)		(17,311)
Real estate investments revaluation		(24,299)		-
Operating Profits Before Changes in Operating Assets and Liabilities		4,149,573		3,118,660
Net Decrease (Increase) in Assets and Liabilities
Due from banks	`	(3,812,186)		(3,636,603)
Treasury Bills and Other Governmental Notes		2,116,239		953,655
Trading Financial Assets		(2,519,413)		(902,208)
Derivative Financial Instruments		(20,771)		20,374
Loans and Advances to Banks and Customers		(6,404,839)		(3,555,450)
Other Assets		(224,710)		(744,548)
Due to Banks		(532,131)		(690,043)
Due to Customers		20,894,041		14,054,450
Income Tax obligations Paid		(1,814,609)		(1,179,709)
Other Liabilities		(476,934)		275,070
Net Cash Provided from Operating Activities		11,354,260		7,713,648
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June. 30, 2015		June 30, 2015		June 30, 2014
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		-		(6,167)
Purchase of Property, Plant and Equipment		(166,488)		(122,742)
Redemption of Held-to-Maturity Financial Investments		3,416,433		3,132
Purchases of held to maturity financial investments		(4,019,548)		(4,794,949)
Purchases of Available for Sale Financial Investments		(13,050,692)		(6,192,434)
Proceeds from Selling Available For Sale Financial Investments		2,669,457		2,801,705
Purchases of Real Estate Investments		-		5,640
Net Cash Generated from (Used in) Investing  Activities		(11,150,838)		(8,305,815)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(36,904)		80,035
Dividend Paid		(1,563,646)		(1,253,338)
Capital Increase		94,748		79,299
Net Cash Generated from (Used in) Financing Activities		(1,505,802)		(1,094,004)
Net Increase (Decrease) in Cash and Cash Equivalent during the period		(1,302,380)		(1,686,171)
Beginning Balance of Cash and Cash Equivalent		15,062,901		11,991,673
Cash and Cash Equivalent Balance At the End of the Period		13,760,521		10,305,502
Cash and Cash Equivalent Comprise
Cash and Balances with Central Bank		12,668,642		6,173,381
Due From Banks		8,728,922		11,629,599
Treasury Bills and Other Governmental Notes		26,569,148		20,668,152
Obligatory Reserve Balance With CBE		(10,528,028)		(4,298,440)
Due from Banks (Time Deposits) More than Three Months		(3,684,216)		(7,608,107)
Treasury Bills With Maturity More than Three months		(19,993,947)		(16,259,083)
Total Cash & Cash Equivalent		13,760,521		10,305,502

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of June. 30, 2014

June. 30, 2014	Issued and Paid Up Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Net Profit for the period (EGP)	Reserve for Employee Stock Ownership Plan (EGP)	Total Shareholders' Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	9,002,435	490,365	406,090	(546,531)	27,367	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414	12,007,126
Capital Increase	79,299	-	-	-	-	-	-	-	-	79,299	-	79,299
Transferred to Reserves	-	130,719	1,444,406	-	741	-	-	(1,463,514)	(112,352)	-	-	-
Transferred to Retained Earnings (Losses)	-	-	-	391,362	-	-	-	(391,362)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,253,338)	-	(1,253,338)	-	(1,253,338)
Net Profit of the period	-	-	-	-	-	-	-	1,737,322	-	1,737,322	721	1,738,043
Change in Ownership Percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net Unrealized Gain/(loss) on AFS	-	-	-	-	-	387,848	-	-	-	387,848	-	387,848
Cost of Employee Stock Ownership Plan (ESOP)	-	-	-	-	-	-	-	-	54,630	54,630	-	54,630
Balance at the End of the period	9,081,734	621,084	1,850,496	(155,160)	28,108	(332,631)	1,991	1,737,322	132,538	12,965,482	48,126	13,013,608

June 30, 2015	Issued and Paid Up Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Net Profits for the period (EGP)	Reserve for Employee Stock Ownership Plan (EGP)	Total Shareholders' Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	1,991	3,741,456	177,765	14,754,238	49,194	14,803,432
Capital Increase	94,748	-	-	-	-	-	-	-	-	94,748	-	94,748
Transferred to Reserves	-	182,271	1,961,998	-	2,106	-	-	(2,083,362)	(63,013)	-	-	-
Transferred to Retained Earnings (Losses)	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net Profit of the period	-	-	-	-	-	-	-	2,255,698	-	2,255,698	212	2,255,910
Change in Ownership percentage	-	-	-	1,368	-	-	-	-	-	1,368	(1,368)	-
Net Unrealized gain/(loss) on AFS	-	-	-	-	-	(769,771)	-	-	-	(769,771)	-	(769,771)
Cost of Employee Stock Ownership Plan (ESOP)	-	-	-	-	-	-	-	-	85,218	85,218	-	85,218
Balance at the End of the period	9,176,482	803,355	3,812,494	(59,866)	30,214	(1,363,007)	2,513	2,255,698	199,970	14,857,853	48,038	14,905,891

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