1st half consolidated results

RNS Number : 6121L

Commercial Intnl Bank (Egypt) SAE

14 August 2013

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2013
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2013
Amounts in EGP	Note	June 30, 2013		Dec. 31, 2011
Assets
Cash & Balances with Central Bank	15	6,417,883,889		5,393,974,124
Due From Banks	16	9,942,222,622		8,047,820,388
Treasury Bills & Other Governmental Notes	17	17,799,004,050		8,017,754,432
Trading Financial Assets	18	1,807,799,496		1,515,325,502
Loans & Advances to Banks	19	118,736,640		1,178,867,739
Loans & Advances to Customers	20	42,195,725,873		40,698,313,773
Derivative Financial Instruments	21	80,138,385		137,459,761
Financial Investments
Available for Sale	22	19,018,435,790		21,177,427,597
Held to Maturity	22	4,203,912,350		4,215,787,960
Investments in Associates	23	186,930,315		165,198,634
Brokers-Debit Balances		178,934,655		134,944,510
Investment Property	24	9,695,686		10,395,686
Other Assets	25	2,622,150,320		2,474,945,065
Intangible Assets	40	29,244,613		33,422,415
Deferred Tax	33	133,517,870		129,356,874
Property, Plant and Equipment	26	837,880,061		683,455,846
Total Assets		105,582,212,615		94,014,450,306
Liabilities and Equity
Liabilities
Due to Banks	27	953,508,142		1,714,862,716
Due to Customers	28	91,187,302,033		78,729,121,488
Brokers-Credit Balance		167,916,044		124,759,011
Reconciliation accounts- credit balances		34,249,300		1,664,718
Derivative Financial Instruments	21	86,538,113		119,099,260
Other Liabilities	30	1,844,015,404		2,059,005,013
Long Term Loans	29	117,795,397		80,495,238
Other Provisions	31	395,925,190		315,488,382
Total Liabilities		94,787,249,623		83,144,495,826
Equity
Issued and Paid In Capital	32	6,001,623,790		5,972,275,410
Reserves	32	3,756,300,963		2,970,163,921
Reserve for Employee Stock Ownership Plan (ESOP)		149,002,251		164,761,121
Retained Earnings		(488,609,753)		(510,946,406)
Total Equity		9,418,317,251		8,596,254,046
Net Profit of the Period/Year After Tax		1,328,840,907		2,226,180,503
Total Equity And Net Profit For Period/Year		10,747,158,158		10,822,434,549
Minority Interest		47,804,834		47,519,931
Total Minority Interest and Equity		10,794,962,992		10,869,954,480
Total Liabilities, Equity and Minority Interest		105,582,212,615		94,014,450,306
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	15,834,415,580		14,897,739,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2013
Amounts in EGP.	Note	June 30, 2013		June 30, 2012
Interest and Similar Income		4,508,235,033		3,602,430,763
Interest and Similar Expenses		(2,098,423,604)		(1,801,233,932)
Net Interest Income	6	2,409,811,429		1,801,196,831
Fees & Commissions Income		721,374,919		477,424,825
Fees and Commissions Expense		(63,183,179)		(47,766,855)
Net Income from Fees and Commissions	7	658,191,740		429,657,970
Dividend Income	8	14,064,372		21,744,400
Net Trading Income	9	381,716,804		204,616,711
Profit from Financial Investments	22	2,148,593		(23,267,142)
Goodwill Amortization		-		(1,737,752)
Administrative Expenses	10	(941,406,590)		(756,065,029)
Other operating (Expenses) Income	11	(40,617,852)		(56,004,253)
Impairment Charge for Credit Losses	12	(490,785,133)		(159,244,620)
Intangible Assets Amortization		(4,177,802)		(12,699,546)
Bank's Share in the Profits of Associates		10,165,541		(471,111)
Net Profit Before Tax		1,999,111,102		1,447,726,459
Income Tax Expense	13	(674,177,022)		(430,386,683)
Deferred Tax	33 & 13	4,189,077		11,456,066
Net Profit of The Year		1,329,123,157		1,028,795,842
Minority Interest		282,250		655,973
Bank Shareholders		1,328,840,907		1,028,139,869
Earning per share	14
Basic		1.97		1.77
Diluted		1.94		1.74
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2013
Amounts in EGP.		June 30, 2013		June 30, 2012
Cash Flow from Operating Activities
Net Profit Before Tax		1,999,111,102		1,447,726,459
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		92,706,053		84,143,375
Assets Impairment  Charges		490,785,133		159,262,715
Other Provisions Charges		69,071,603		86,724,165
Trading Financial Investment Revaluation Differences		(5,284,126)		(27,220,349)
Intangible Assets Amortization		4,177,802		12,699,546
Goodwill Amortization		-		1,737,752
Available for sale and held to maturity investments exchange revaluation differences		(136,563,408)		(6,075,233)
Financial Investments Impairment Charge (Release)		(31,201,193)		16,728,215
Utilization of Other Provisions		(4,019,910)		(72,300,072)
Other Provisions No Longer Used		(141,520)		(531,054)
Exchange Differences of Other Provisions		15,526,634		(711,571)
Profits From Selling Property, Plant and Equipment		(495,294)		(1,633,796)
Profits From Selling Financial Investments		(2,228,946)		(8,415,397)
Exchange differences of long term loans		-		(20,812)
Shares Based Payments		47,923,358		44,135,782
Investments in Associates Revaluation		(14,204,380)		-
Real Estate Investments Impairment Charges
Operating Profits Before Changes in Operating Assets and Liabilities		2,525,162,908		1,736,249,725
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(1,804,750,632)		(962,784,101)
Treasury Bills & Other Governmental Notes		(6,760,815,159)		(1,601,411,260)
Trading Financial Assets		(287,189,868)		(638,630,558)
Derivative Financial Instruments		24,760,229		28,057,118
Loans and Advances to Banks and Customers		(928,066,134)		135,430,874
Other Assets		(63,536,059)		(799,386,923)
Due to Banks		(761,354,574)		(1,555,779,809)
Due to Customers		12,458,180,545		5,299,136,367
Other Liabilities		(813,553,325)		(258,575,320)
Net Cash Provided from Operating Activities		3,588,837,931		1,382,306,113
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June 30, 2013		June 30, 2013		June 30, 2012
Cash Flow From Investing Activities
Purchases of Property, Plant and Equipment		(374,266,234)		(109,963,446)
Redemption of Held-to-Maturity Financial Investments		11,875,610		-
Purchases of Held to Maturity Financial Investment		-		(3,634,130,249)
Purchases of Available for Sale Financial Investments		(778,731,294)		(4,845,384,951)
Proceeds from Selling Available For Sale Financial Investments		2,682,301,736		4,989,103,162
Proceeds from Selling Real Estate Investments		700,000		2,750,000
Net Cash Generated from (Used in) Investing  Activities		1,534,352,518		(3,613,779,994)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		37,300,159		(8,237,604)
Dividend Paid		(1,055,843,161)		(806,206,518)
Capital Increase		29,348,380		37,712,420
Net Cash Generated from (Used in) Financing Activities		(989,194,622)		(776,731,702)
Net Increase (Decrease) in Cash and Cash Equivalent		4,133,995,827		(3,008,205,584)
Beginning Balance of Cash and Cash Equivalent		5,665,914,467		8,207,517,133
Cash & Cash Equivalent Balance At the End of the Period		9,799,910,294		5,199,311,549
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		6,417,883,889		5,542,320,904
Due From Banks		9,942,222,622		9,880,244,903
Treasury Bills and Other Governmental Notes		17,799,004,050		9,414,560,183
Obligatory Reserve Balance With CBE		(3,284,941,291)		(3,028,051,899)
Due from Banks (Time Deposits) More than Three Months		(6,250,365,556)		(6,186,983,796)
Treasury Bills With Maturity More than Three months		(14,823,893,420)		(10,442,778,746)
Total Cash & Cash Equivalent		9,799,910,294		5,199,311,549

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of June 30, 2012 June 30, 2012 Capital (EGP) Legal Reserve (EGP) General Reserve (EGP) Intangible Assets Value for Bank Share before Acquisition (EGP) Retained Earnings (losses) Special Reserves (EGP) Reserves for A.F.S Investments Revaluation Diff. (EGP) Banking Risk reserve (EGP) Profits of the period Reserve for Employee Stock ownership plan ESOP Total Shareholders' Equity Minority Interest (EGP) Total (EGP) Beginning Balance 5,934,562,990 231,344,896 1,234,122,776 302,794,421 (334,419,692) 185,931,315 (723,343,863) 281,689,619 1,490,041,219 137,354,418 8,740,078,098 46,356,546 8,786,434,644 Capital Increase 37,712,420 - - - - - - - - - 37,712,420 - 37,712,420 Transferred to Reserves - 87,306,567 794,689,187 - - 2,716,747 - - (833,050,374) (51,662,127) - - - Transferred to Retained Earnings - - - - (134,109,753) - - - 134,109,753 - - - - Dividend paid - - - - (15,105,920) - - - (791,100,598) - (806,206,518) - (806,206,518) Net Profit of the Year - - - - - - - - 1,028,139,869 - 1,028,139,869 655,973 1,028,795,842 Transfer from Special Reserve - 61,697,292 8,143,225 - 1,001,979 (70,842,496) - - - - - - - Change during the period - - - - (343,002) - - - - - (343,002) 343,002 - Addition from Financial - - - - - - 129,977,478 - - - 129,977,478 - 129,977,478 Transferred to Bank Risk Reserve - - - - - - - (153,575,808) 153,575,808 - - - - Reserve for Employee Stock Ownership Plan ESOP - - - - - - - - - 44,135,782 44,135,782 - 44,135,782 Settlement of Intangible Asset value for Bank Share Before Acquisition - - - (302,794,421) - - - - - - (302,794,421) - (302,794,421) Balance at the end of the period 5,972,275,410 380,348,755 2,036,955,188 - (482,976,388) 117,805,566 (593,366,385) 128,113,811 1,181,715,677 129,828,073 8,870,699,706 47,355,521 8,918,055,227

June 30, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (losses)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,036,955,188	(510,946,406)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,822,434,549	47,519,931	10,869,954,480
Capital Increase	29,348,380	-	-	-	-	-	-	-	-	29,348,380	-	29,348,380
Transferred to Reserves	-	110,016,166	1,277,120,890	-	2,387,583	-	-	(1,325,842,412)	(63,682,227)	-	-	-
Transferred to Retained Earnings	-	-	-	23,469,594	-	-	-	(23,469,594)	-	-	-	-
Dividend paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,182)	-	(1,055,843,161)	-	(1,055,843,161)
Net Profit of the Year	-	-	-	-	-	-	-	1,328,840,907	-	1,328,840,907	282,251	1,329,123,158
Transfer from Special Reserve	-	-	-	-	-	-	-	-	-	-	-	-
Change during the period	-	-	-	(130,962)	-	-	-	-	-	(130,962)	2,652	(128,310)
Addition from Financial	-	-	-	-	-	(425,414,911)	-	-	-	(425,414,911)	-	(425,414,911)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(15,016,039)	15,016,039	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	47,923,358	47,923,358	-	47,923,358
Balance at the end of the period	6,001,623,790	490,364,921	3,314,076,078	(488,609,753)	120,193,149	(272,050,117)	88,700,893	1,343,856,947	149,002,251	10,747,158,159	47,804,834	10,794,962,992

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