2014 Consolidated Financial Statements under IFRS

RNS Number : 3672J

Commercial Intnl Bank (Egypt) SAE

07 April 2015

Commercial International Bank (Egypt) S.A.E.

Consolidated IFRS Financial Statements

December 31, 2014


Consolidated income statement for the year ended December 31, 2014

	Notes	Dec. 31, 2014	Dec. 31, 2013
		EGP Thousands	EGP Thousands

Interest and similar income		11,544,829	9,520,697
Interest and similar expense		(5,292,276)	(4,470,406)
Net interest income	3	6,252,553	5,050,291

Fee and commission income		1,892,119	1,436,107
Fee and commission expense		(182,135)	(128,827)
Net fee and commission income	4	1,709,984	1,307,280

Dividend income	5	32,270	16,915
Net trading income	6	718,261	767,392
(Losses) Gain from financial investments	22	(29,122)	(28,672)
Goodwill impairment		-	(90,613)
Administrative expenses	7	(2,290,403)	(1,935,784)
Other operating (expenses) income	8	(710,135)	(386,604)
Impairment (charge) for credit losses	9	(588,794)	(915,582)
Intangible Assets impairment and amortization	39	-	(33,422)
Bank's share in the profits of associates	12	24,510	22,097
Profit before income tax		5,119,124	3,773,298

Current income tax expense		(1,831,273)	(1,182,253)
Deferred income tax		38,180	12,149
Net Profit for the year		3,326,031	2,603,194
Attributable to:
Equity holders of the bank		3,324,242	2,603,305
Non-controlling interest		1,789	(111)
Net Profit for the year		3,326,031	2,603,194

Earning per share	11
Basic		3.66	2.89
Diluted		3.59	2.85



		Hisham Ezz El-Arab
		Chairman and Managing Director

Statement of other comprehensive income for the year ended December 31, 2014

	Dec. 31, 2014	Dec. 31, 2013

	EGP Thousands	EGP Thousands
Profit for the year	3,326,031	2,603,194
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on available-for-sale financial assets	127,243	(873,844)
Other comprehensive income for the year	127,243	(873,844)
Total comprehensive income for the year	3,453,274	1,729,350

Attributable to:
Equity holders of the bank	3,451,485	1,729,461
Non-controlling interests	1,789	(111)

Consolidated statement of financial position as at December 31, 2014


			Notes	Dec. 31, 2014			Dec. 31, 2013
				EGP Thousands			EGP Thousands
Assets
Cash and balances with Central Bank			13	7,502,256			4,796,240
Due from banks			14	9,521,999			9,003,951
Treasury bills and other governmental notes			15	30,548,890			23,665,429
Financial assets held for trading			16	3,762,718			2,295,220
Loans and advances to banks			17	118,091			132,422
Loans and advances to customers			18	48,685,630			41,733,252
Derivative financial instruments			19	52,188			103,085
Financial investments
- Available for sale			21	27,702,122			23,378,104
- Held to maturity			21	9,160,746			4,197,177
Investments in associates			23	181,661			192,753
Investment property			24	884,094			-
Other assets			25	4,585,686			3,201,629
Deferred tax assets			10.2	121,737			83,557
Property, plant and equipment			26	1,001,815			998,747
Total assets				143,829,633			113,781,566
Liabilities and equity
Liabilities
Due to banks			27	1,131,385			1,373,410
Due to customers			28	121,974,959			96,845,683
Derivative financial instruments			19	137,175			114,879
Other liabilities			30	3,401,729			1,990,010
Current Tax Liability				1,831,273			1,182,253
Long term loans			29	242,878			132,154
Other provisions			31	730,312			454,699
Total liabilities				129,449,711			102,093,088
Equity
Issued and paid in capital			32	9,081,734			9,002,435
Reserves			33	1,905,930			203,343
Reserve for employee stock ownership plan (ESOP)				177,765			190,260
Retained earning				3,165,298			2,245,025
Total equity attributable to equity holders of the parent				14,330,727			11,641,063
Non-controlling interest				49,195			47,415
Total equity				14,379,922			11,688,478
Total liabilities , equity and non-controlling interest				143,829,633			113,781,566

Contingent liabilities and commitments
Letters of credit, guarantees and other commitments			37	25,309,960			16,182,440




				Hisham Ezz El-Arab
				Chairman and Managing Director

Consolidated statement of changes in shareholders' equity
	Attributable to equity holders of the parents
Dec. 31, 2013	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)			Retained earning	Reserves		Total	Non-controlling interest	Total equity
										EGP Thousands
Beginning balance	5,972,275	164,761			1,749,932	2,688,474		10,575,442	47,520	10,622,962
Profit for the year	-	-			2,603,305	-		2,603,305	(111)	2,603,194
Other comprehensive income	-	-			-	(873,844)		(873,844)	-	(873,844)
Total comprehensive income	-	-			2,603,305	(873,844)		1,729,461	(111)	1,729,350
Capital increase	3,030,160	-			-	(3,000,812)		29,348	-	29,348
Reserve for employees stock ownership plan (ESOP)	-	89,182			-	-		89,182	-	89,182
Dividend	-	-			(782,224)	-		(782,224)	-	(782,224)
Transferred to reserves	-	(63,683)			(1,325,842)	1,389,525		-	-	-
Change during the year	-	-			(146)	-		(146)	6	(140)
Balance at 31 December 2013	9,002,435	190,260			2,245,025	203,343		11,641,063	47,415	11,688,478
Profit for the year	-	-			3,326,031	-		3,326,031	1,789	3,327,820
Other comprehensive income	-	-			-	127,243		127,243	-	127,243
Total comprehensive income	-	-			3,326,031	127,243		3,453,274	1,789	3,455,063
Capital increase	79,299	-			-	-		79,299	-	79,299
Reserve for employees stock ownership plan (ESOP)	-	99,857			-	-		99,857	-	99,857
Dividend	-	-			(942,775)			(942,775)	-	(942,775)
Transferred to reserves	-	(112,352)			(1,462,992)	1,575,344		-	-	-
Change during the period	-	-			9	-		9	(9)	-
Balance at 31 December 2014	9,081,734	177,765			3,165,298	1,905,930		14,330,727	49,195	14,379,922


Consolidated cash flow statement for the year ended December 31, 2014

	Dec. 31, 2014	Dec. 31, 2013
	EGP Thousands	EGP Thousands

Cash flow from operating activities
Profit before income tax	5,119,124	3,773,298
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation	231,582	219,013
Impairment charge for credit losses	588,794	915,582
Other provisions charges	286,724	132,957
Trading financial investments revaluation differences	(4,957)	11,861
Intangible assets impairment	-	33,422
Goodwill impairment	-	90,613
Available for sale and held to maturity investments foreign exchange revaluation	(38,176)	(124,231)
Financial investments impairment charge (release)	65,748	(6,136)
Utilization of other provisions	(6,798)	(10,383)
Other provisions no longer used	(456)	(142)
Exchange differences of other provisions	(3,857)	16,778
Profits from selling property, plant and equipment	(2,106)	(741)
Profits from selling financial investments	(83,131)	(4,363)
Shares based payments expense	99,857	89,182
Share of profits in associates	(24,510)	(22,097)
Finance expense related to financial lease contract	2,483	3,457
Operating profits before changes in operating assets and liabilities	6,230,321	5,118,070

Net decrease (increase) in assets and liabilities
Due from banks	(131,636)	(642,434)
Treasury bills and other governmental notes	(4,897,448)	(9,149,658)
Trading financial assets	(1,462,541)	(783,020)
Derivative financial instruments	73,193	30,153
Loans and advances to banks and customers	(7,526,841)	(904,075)
Other assets	(1,373,214)	(544,594)
Repos	-	(3,175,711)
Due to banks	(242,025)	(341,453)
Due to customers	25,129,276	18,116,562
Other liabilities	1,411,719	383,922
Income tax paid	(1,182,253)	(887,265)
Income tax paid	16,028,551	7,220,497


Purchase of associates	(16,877)	(7,527)
Purchases of property, plant and equipment	(245,493)	(530,108)
Redemption of held to maturity financial investments	-	18,611
Purchases of held to maturity financial investments	(4,963,569)	-
Purchases of available for sale financial investments	(9,079,241)	(7,463,492)
Proceeds from selling property, plant and equipment	2,106	741
Proceeds from selling available for sale financial investments	4,938,025	4,523,701
Proceeds from selling real estate investments	-	700
Purchases of real estate investments	(884,094)	-
Net cash (used in) investing activities	(10,249,143)	(3,457,374)


Consolidated cash flow statement for the year ended December 31, 2014
(Cont.)
	Dec. 31, 2014	Dec. 31, 2013
	EGP Thousands	EGP Thousands

Cash flow from financing activities
Long term loans receipts	175,077	100,218
Long term loans paid	(64,352)	(48,560)
Dividend paid	(942,775)	(782,224)
Capital increase	79,299	29,348
Payments related to finance lease	(15,210)	(11,816)
Net cash (used in) financing activities	(767,961)	(713,034)


Net increase (decrease) in cash and cash equivalent during the year	5,011,447	3,050,089
Beginning balance of cash and cash equivalent	11,529,218	8,479,129
Cash and cash equivalent at the end of the year	16,540,665	11,529,218

Cash and cash equivalent comprise:
Cash and balances with Central Bank	7,502,256	4,804,974
Due from banks	9,521,999	9,003,951
Treasury bills and other governmental notes	30,548,890	23,665,429
Obligatory reserve balance with CBE	(3,497,164)	(3,224,659)
Due from banks (time deposits) more than three months	(5,425,131)	(5,507,739)
Treasury bills with maturity more than three months	(22,110,185)	(17,212,738)
Total cash and cash equivalent	16,540,665	11,529,218