1st Quarter Results

RNS Number : 8182E

Commercial Intnl Bank (Egypt) SAE

16 May 2013

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2013
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2013
Amounts in EGP	Note	March 31, 2013		Dec. 31, 2012
Assets
Cash & Balances with Central Bank	15	5,616,291,150		5,393,974,124
Due From Banks	16	9,682,102,706		8,047,820,388
Treasury Bills & Other Governmental Notes	17	13,751,041,752		8,017,754,432
Trading Financial Assets	18	1,153,287,713		1,515,325,502
Loans & Advances to Banks	19	464,317,683		1,178,867,739
Loans & Advances to Customers	20	42,103,378,012		40,698,313,773
Derivative Financial Instruments	21	116,336,336		137,459,761
Financial Investments
Available for Sale	22	20,272,834,132		21,177,427,597
Held to Maturity	22	4,207,712,369		4,215,787,960
Investments in Associates	23	171,730,364		165,198,634
Brokers-Debit Balances		133,446,396		134,944,510
Reconciliation Accounts- Debit Balances		360,521,858		-
Investment Property	24	10,395,686		10,395,686
Other Assets	25	2,565,522,014		2,474,945,065
Intangible Assets	40	31,333,514		33,422,415
Deferred Tax	33	137,848,014		129,356,874
Property, Plant and Equipment	26	673,543,738		683,455,846
Total Assets		101,451,643,437		94,014,450,306
Liabilities and Equity
Liabilities
Due to Banks	27	999,246,979		1,714,862,716
Due to Customers	28	86,077,376,220		78,729,121,488
Brokers-Credit Balance		431,020,730		124,759,011
Reconciliation accounts- credit balances		-		1,664,718
Derivative Financial Instruments	21	120,656,880		119,099,260
Dividends Payable		746,534,426		-
Other Liabilities	30	2,303,421,127		2,059,005,013
Long Term Loans	29	129,130,238		80,495,238
Other Provisions	31	356,789,467		315,488,382
Total Liabilities
Equity
Issued and Paid In Capital	32	5,972,275,410		5,972,275,410
Reserves	32	3,909,805,853		2,970,163,921
Reserve for Employee Stock Ownership Plan (ESOP)		188,722,799		164,761,121
Retained Earnings		(488,608,478)		(510,946,406)
Total Equity		9,582,195,584		8,596,254,046
Net Profit of the Period/Year After Tax		657,592,213		2,226,180,503
Total Equity And Net Profit For Period/Year		10,239,787,797		10,822,434,549
Minority Interest		47,679,573		47,519,931
Total Minority Interest and Equity		10,287,467,370		10,869,954,480
Total Liabilities, Equity and Minority Interest		101,451,643,437		94,014,450,306
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	14,732,557,169		14,897,739,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2013
Amounts in EGP.	Note	March 31, 2013		March 31, 2012
Interest and Similar Income		2,145,204,975		1,668,937,886
Interest and Similar Expenses		(1,007,611,145)		(799,348,535)
Net Interest Income	6	1,137,593,830		869,589,351
Fees & Commissions Income		317,107,277		236,641,466
Fees and Commissions Expense		(29,298,795)		(23,670,700)
Net Income from Fees and Commissions	7	287,808,482		212,970,766
Dividend Income	8	1,701,888		3,948,837
Net Trading Income	9	135,889,585		100,610,509
Profit (losses) from Financial Investments	22	1,919,767		(367,885)
Goodwill Amortization		-		(868,876)
Administrative Expenses	10	(471,234,006)		(380,677,854)
Other operating (Expenses) Income	11	40,405,178		(37,680,487)
Impairment (Charge) for Credit Losses	12	(226,326,368)		(16,542,204)
Intangible Assets Amortization		(2,088,901)		(6,349,773)
Bank's Share in the Profits of Associates		3,758,246		560,511
Net Profit Before Tax		909,427,701		745,192,895
Income Tax Expense	13	(260,196,315)		(248,259,945)
Deferred Tax	33 & 13	8,519,220		8,487,613
Net Profit of The period		657,750,606		505,420,563
Minority Interest		158,393		361,836
Bank Shareholders		657,592,213		505,058,727
Earning per share	14
Basic		1.00		0.79
Diluted		0.98		0.78
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31, 2013
Amounts in EGP.		March 31, 2013		March 31, 2012
Cash Flow from Operating Activities
Net Profit Before Tax		909,427,701		745,192,895
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		41,568,698		42,167,415
Assets Impairment  Charges		226,326,368		16,560,299
Other Provisions Charges		34,710,014		67,087,237
Trading Financial Investment Revaluation Differences		25,349,735		(18,693,025)
Intangible Assets Amortization		2,088,901		6,349,773
Goodwill Amortization		-		868,876
Available for sale and held to maturity investments exchange revaluation differences		(96,308,651)		(3,344,835)
Financial Investments Impairment Charge (Release)		(3,062,279)		6,007,159
Utilization of Other Provisions		(3,265,332)		(8,253,610)
Other Provisions No Longer Used		(141,520)		(531,054)
Exchange Differences of Other Provisions		9,997,924		1,304,271
Profits From Selling Property, Plant and Equipment		(491,491)		(43,012)
Profits From Selling Financial Investments		(1,951,749)		(718,533)
Exchange Differences of Long Term Loans		-		90,904
Share Based Payments		23,961,679		22,235,018
Investments in Associates Revaluation		(6,531,730)		(587,031)
Operating Profits Before Changes in Operating Assets and Liabilities		1,161,678,268		872,305,360
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(1,187,126,786)		(1,025,354,198)
Treasury Bills & Other Governmental Notes		(2,179,687,466)		(2,799,053,252)
Trading Financial Assets		336,688,055		(61,229,351)
Derivative Financial Instruments		22,681,045		31,992,937
Loans and Advances to Banks and Customers		(916,840,550)		995,701,413
Other Assets		(364,050,710)		(457,703,493)
Due to Banks		(715,615,737)		(2,295,931,897)
Due to Customers		7,348,254,732		2,752,209,252
Other Liabilities		288,688,361		125,639,781
Net Cash Provided from Operating Activities		3,794,669,212		(1,858,036,061)
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2013		March 31, 2012		March 31, 2011
Cash Flow From Investing Activities
Purchase of Property, Plant and Equipment		(116,687,001)		(76,489,984)
Redemption of Held-to-Maturity Financial Investments		8,075,590		-
Purchases of Held to Maturity Financial Investment		-		(2,928,843,650)
Purchases of Available for Sale Financial Investments		(737,071,950)		(3,237,264,572)
Proceeds from Selling Available For Sale Financial Investments		1,534,760,298		3,130,594,820
Proceeds from Real Estate Investments		-		750,000
Net Cash Generated from (Used in) Investing  Activities		689,076,937		(3,111,253,387)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		48,635,000		2,507,384
Dividend Paid		(309,308,736)		(212,750,218)
Net Cash Generated from (Used in) Financing Activities		(260,673,736)		(210,242,834)
Net Increase (Decrease) in Cash and Cash Equivalent		4,223,072,413		(5,179,532,282)
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		9,888,986,880		3,027,984,851
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		5,616,291,150		5,395,158,277
Due From Banks		9,682,102,706		9,585,450,690
Treasury Bills and Other Governmental Notes		13,751,041,752		8,945,402,411
Obligatory Reserve Balance With CBE		(3,306,582,184)		(2,979,789,724)
Due from Banks (Time Deposits) More than Three Months		(5,611,100,817)		(6,297,816,068)
Treasury Bills With Maturity More than Three months		(10,242,765,727)		(11,620,420,735)
Total Cash & Cash Equivalent		9,888,986,880		3,027,984,851

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of March. 31, 2012

March 31, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (EGP)	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
Transferred to Reserves	-	87,306,567	743,027,060	-	-	2,716,747	-	-	(833,050,374)	-	-	-	-
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	-	-	-	-	-	-	-	-	505,058,727	-	505,058,727	361,836	505,420,563
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(341,600)	-	-	-	-	-	(341,600)	341,600	-
Addition from Financial	-	-	-	-	-	-	87,078,521	-	-	-	87,078,521	-	87,078,521
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(22,811,813)	22,811,813	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	22,235,018	22,235,018	-	22,235,018
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	5,934,562,990	380,348,755	1,985,293,061	-	(482,974,986)	117,805,566	(636,265,342)	258,877,806	527,870,540	159,589,436	8,245,107,825	47,059,982	8,292,167,807

March. 31, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders' Equity (EGP)	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
Transferred to Reserves	-	110,016,166	1,213,438,663	-	-	2,387,583	-	-	(1,325,842,412)	-	-	-	-
Transferred to Retained Earning	-	-	-	-	23,469,594	-	-	-	(23,469,594)	-	-	-	-
Dividend paid	-	-	-	-	(1,001,979)	-	-	-	(1,054,841,183)	-	(1,055,843,162)	-	(1,055,843,162)
Net Profit of the year	-	-	-	-	-	-	-	-	657,592,213	-	657,592,213	158,394	657,750,607
Transfer from special reserves	-	-	-	-	-	-	-	-	-	-	-	-	-
Change During the period	-	-	-	-	(129,687)	-	-	-	-	-	(129,687)	1,248	(128,439)
Addition from Financial Investment revaluation	-	-	-	-	-	-	(208,227,794)	-	-	-	(208,227,794)	-	(208,227,794)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(19,199,133)	19,199,133	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	23,961,679	23,961,679	-	23,961,679
End of the period	5,972,275,410	490,364,921	3,250,393,851	-	(488,608,478)	120,193,149	(54,863,000)	84,517,799	676,791,347	188,722,799	10,239,787,798	47,679,573	10,287,467,370

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