3rd Quarter Results

RNS Number : 9817V

Commercial Intnl Bank (Egypt) SAE

11 November 2010

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2010
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Sep. 30, 2010
Amounts in EGP	Note	Sep. 30, 2010		Dec. 31,2009 (Restated)
Assets
Cash & Due From Central Bank	15	4,532,683,673		4,179,256,489
Due From Banks	16	7,691,416,292		7,946,147,786
Treasury Bills & Other Notes Discountable at CBE	17	8,416,562,813		13,198,960,913
Trading Financial Assets	18	1,118,322,611		491,138,956
Loans & Overdrafts for Banks ( Net after Provision)	19	137,153,805		200,765,433
Loans & Overdrafts for Customers ( Net after Provision)	20	33,766,969,059		27,242,306,869
Financial Derivatives	21	219,896,414		225,347,220
Financial Investments
Available for Sale	22	12,262,788,010		7,429,977,151
Held to Maturity	22	356,320,015		590,057,209
Financial Investments in associated companies	23	104,169,316		74,750,645
Brokers-Debit Balances		185,015,801		80,154,770
Reconciliation Accounts- Debit Balances		-		20,302,650
Real Estate Investments	24	36,495,664		42,485,364
Debt Balances and other Assets	25	953,512,451		963,058,418
Goodwill		170,397,143		200,467,228
Intangible Assets		522,871,116		573,471,546
Deferred Tax	24	38,918,006		37,232,586
Fixed Assets (Net)	25	726,177,097		749,602,993
Total Assets		71,239,669,286		64,245,484,253
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	750,373,798		458,145,229
Customer Deposits	28	60,498,098,503		54,648,654,522
Brokers-Credit Balance		163,926,269		212,593,347
Reconciliation Accounts-Credit Balances		24,753,115		-
Financial Derivatives	21	183,606,745		150,526,830
Credit Balances & Other Liabilities	30	1,108,852,836		1,162,019,568
Long Term Loans	29	135,064,615		93,237,042
Other Provisions	31	362,767,980		450,056,493
Total Liabilities		63,227,443,861		57,175,233,031
Shareholders' Equity
Issued and Paid In Capital	29	5,901,443,600		2,925,000,000
Reserves	31	720,408,400		2,379,311,040
Reserve for employee stock ownership plan (ESOP)		139,930,990		161,728,984
Retained Earning		(212,641,747)		(176,287,838)
Total Shareholders' Equity		6,549,141,242		5,289,752,186
Net Profit of the Period/year		1,416,186,038		1,734,891,714
Total Shareholders' Equity & Net Profit		7,965,327,281		7,024,643,900
Minority Interest		46,898,144		45,607,323
Total Liabilities &  Shareholders' Equity		71,239,669,286		64,245,484,253
Contingent liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,483,218,710		12,637,872,568
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Sep. 30, 2010
Amounts in EGP.	Note	Sep. 30, 2010		Sep. 30, 2009 (Restated)
Interest and Similar Income	6	3,309,623,888		3,050,532,517
Interest Expenses and Similar Charges	6	(1,665,924,377)		(1,541,234,046)
Net Interest Income		1,643,699,511		1,509,298,471
Fees & Commissions Income	7	688,909,563		578,000,313
Fees and Commissions Expense	7	(58,278,187)		(46,930,027)
Net Income from Fees and Commissions		630,631,376		531,070,286
Dividends Income	8	105,061,783		129,389,084
Net Trading Income	9	262,820,234		359,818,056
Profit from Financial Investments	22	174,443,538		62,867,723
Goodwill Amortization		(30,070,084)		-
Administrative Expenses	10	(975,922,760)		(882,826,291)
Other operating (Expenses) Income	11	(18,690,144)		(27,992)
Return (Losses) of impairment from loans	12	(28,702,347)		(139,568,922)
Intangible Assets Amortization		(50,600,430)		(50,600,430)
Bank's share in the profits of Associates		12,397,111		-
Net Profit before Tax		1,725,067,788		1,519,419,985
Income Tax	13	(307,676,349)		(257,245,945)
Deferred Tax	13&33	85,420		13,191,868
Net Profit After Tax		1,417,476,859		1,275,365,908
Minority Interest		1,290,821		4,573,280
Bank Shareholders		1,416,186,038		1,270,792,628
Earning per share
Basic	14	1.95		1.91
Diluted	14	1.92		1.87
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Sep. 30 2010
Amounts in EGP.		Sep.30, 2010		Sep. 30, 2009 (Restated)
Cash Flow from Operating Activities
Net Income Before Tax		1,725,067,788		1,519,419,985
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		137,775,086		146,004,606
Provisions (Formed during the period)		85,537,000		146,581,885
Trading Financial Investment Evaluation Differences		(70,759,769)		4,743,400
Intangible Assets Amortization		(50,600,430)		(50,600,430)
Goodwill Amortization		(30,070,084)		-
Impairment of Assets		(32,544,969)		4,690,062
Utilization of Provisions (Except Provision for Doubtful Debts)		(1,556,850)		(6,542,060)
Provisions no longer used		(108,465,097)		(3,499,887)
FCY Revaluation Differences of Provision Balances (except Doubtful Debts)		4,657,616		(259,087)
Profits From Selling Fixed Assets		(2,073,253)		15,344,069
Profits From Selling financial Investments		(126,694,967)		(3,416,690)
FCY Revaluation Difference of  Long Term Loans		176,557		434,463
Share Based Payments		56,766,651		60,117,462
Operating Profits Before Changes in Operating Assets and Liabilities		1,587,215,375		1,833,017,778
Net Decrease (Increase) in Assets
Due from banks		135,222,889		(585,876,600)
Treasury Bills & Other Notes Discountable at CBE		1,047,055,612		2,216,935,318
Trading Financial Assets		(556,423,886)		(262,298,962)
Financial Derivatives (Net)		38,530,721		(40,675,900)
Loans & Overdrafts		(6,528,511,716)		(930,946,199)
Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(54,207,075)		(178,439,710)
Due to Banks		292,228,569		517,259,211
Customer Deposits		5,849,443,981		2,046,087,756
Credit Balances & Other Liabilities		(315,947,759)		(321,279,901)
Net Cash Provided from Operating Activities		1,494,606,710		4,293,782,791
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of  Sep. 30 2010		Sep. 30, 2010		Sep. 30, 2009 (Restated)
Cash Flow From Investing Activities
(Payments) Incomings from (Purchase) selling associated co.		(29,418,671)		55,302,976
Purchase of Fixed Assets, premises and Fitting-out of Branches		(48,522,895)		(151,786,904)
Redemption of Held-to-Maturity Financial Investments		249,656,598		82,086,393
Held to Maturity financial Investment Purchases		(15,919,404)		(22,033)
Purchase of Available for Sale Financial Investments		(4,563,382,432)		(5,040,119,863)
Real Estate Investments		5,989,700		-
Net Cash (Used in) Provided from Investment  Activities		(4,401,597,104)		(5,054,539,431)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		41,651,016		(12,863,095)
Dividends Paid		(661,806,331)		(478,236,553)
Capital Increase		25,721,800		-
Net Cash (Used in) Financing Activities		(594,433,515)		(491,099,648)
Net cash & cash equivalent changes		(3,501,423,909)		(1,251,856,288)
Beginning Balance of cash and cash equivalent		10,230,779,568		8,778,740,569
Cash & Cash equivalent Balance At the End of the period		6,729,355,659		7,526,884,281
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,532,683,673		4,174,723,405
Due From Banks		7,691,416,292		6,670,737,666
Treasury Bills & other governmental notes		8,416,562,813		9,806,172,890
Due from Banks (Time Deposits) More than Three Months		(7,374,237,446)		(6,314,873,872)
Treasury Bills With maturity More than Three months		(6,537,069,672)		(6,809,875,808)
Total Cash & Cash Equivalent		6,729,355,660		7,526,884,281

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Sep, 30, 2010

Sep. 30, 2009	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earning (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk 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	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	185,993,785	(20,985,045)	-	1,370,592,742	86,727,903	5,778,368,609	46,280,877	5,824,649,486
Effect of adjusting Accounting Standards	-	-	-	-	-	20,536,766	-	-	-	-	20,536,766	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	206,530,551	(20,985,045)	-	1,370,592,742	86,727,903	5,798,905,375	46,280,877	5,845,186,252
Transferred to reserves	-	80,755,023	1,056,108,882	-	-	-	-	-	(1,136,863,905)	-	-	-	-
Transferred to Retained earning	-	-	-	-	(244,507,717)	-	-	-	244,507,717	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)	-	(478,236,553)
Net profits of the period	-	-	-	-	-	-	-	-	1,270,792,628	-	1,270,792,628	4,573,280	1,275,365,908
Change during the period	-	-	-	-	(4,270,361)	-	-	-	-	-	(4,270,361)	3,935,351	(335,010)
Addition from financial Investment revaluation	-	-	-	-	-	-	55,281,526	-	-	-	55,281,526	-	55,281,526
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	60,117,462	60,117,462	-	60,117,462
Balance at the end of the period	2,925,000,000	513,606,534	1,463,656,484	302,794,421	(160,932,388)	206,530,551	34,296,481	-	1,270,792,628	146,845,365	6,702,590,077	54,789,508	6,757,379,585

Sep. 30,2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. 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	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(176,287,838)	206,530,551	(107,124,766)	26,652,790	1,708,238,924	161,728,984	7,024,643,899	45,607,323	7,070,251,222
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	-	25,721,800	-	25,721,800
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	-	(1,098,587,119)	-	-	-	-
Transfer to Retained Earnings	-	-	-	-	(37,980,544)	(22,173,982)	-	-	52,154,526	-	(8,000,000)	-	(8,000,000)
Dividends paid	-	-	-	-	-	-	-	-	(661,806,331)	-	(661,806,331)	-	(661,806,331)
Net Profits of the Period	-	-	-	-	-	-	-	-	1,416,186,038	-	1,416,186,038	1,290,821	1,417,476,859
Change during the period	-	-	-	-	1,626,635	-	-	-	-	-	1,626,635	-	1,626,635
Addition from Financial Investments Revaluation	-	-	-	-	-	-	110,188,587	-	-	-	110,188,587	-	110,188,587
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	113,960,161	(113,960,161)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	78,564,646	-	-	-	-	-	-	(21,797,994)	56,766,651	-	56,766,651
Balance at the end of the period	5,901,443,600	125,128,337	78,412,462	302,794,421	(212,641,747)	184,356,569	3,063,821	140,612,951	1,302,225,877	139,930,990	7,965,327,280	46,898,144	8,012,225,424

 

END

 

 

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