3rd Quarter Results

RNS Number : 1507S

Commercial Intnl Bank (Egypt) SAE

16 November 2011

 



Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
September 30,  2011
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Sep.30, 2011
Amounts in EGP.	Note	30-Sep-2011		31-Dec-2010
Assets
Cash & Due From Central Bank	15	4,585,370,018		5,675,241,791
Due From Banks	16	11,595,011,255		6,769,607,397
Treasury Bills & Other Governmental Notes	17	8,647,963,786		8,821,003,566
Trading Financial Assets	18	599,733,069		1,422,038,841
Loans & Overdrafts for Banks (Net after provisions)	19	179,935,995		125,833,038
Loans & Overdrafts for Customers (Net after provisions)	20	37,781,044,706		35,048,707,895
Financial Derivatives	21	158,821,014		139,263,948
Financial Investments:-
Available for Sale	22	14,880,838,015		13,605,347,030
Held to Maturity	22	69,066,925		289,151,745
Financial Investments in Subsidiary and Associated Co.	23	1,007,819,234		996,317,538
Real Estate investments	24	28,334,464		28,695,664
Debit Balances and Other Assets	25	1,378,540,947		1,375,945,140
Deferred Tax	33	84,492,142		79,656,694
Fixed Assets (Net)	26	629,330,705		716,071,158
Total Assets		81,626,302,275		75,092,881,445
Liabilities & Shareholders' Equity:-
Liabilities
Due to Banks	27	1,515,067,636		1,322,279,909
Customer Deposits	28	69,869,923,902		63,479,883,624
Financial Derivatives	21	108,072,845		113,551,040
Credit Balances & Other Liabilities	30	1,061,426,133		1,123,883,898
Long Term Loans	29	95,915,648		129,113,425
Other Provisions	31	272,197,292		310,238,930
Total Liabilities		72,922,603,456		66,478,950,826
Shareholders' Equity
Issued and Paid- in Capital	32	5,934,562,990		5,901,443,600
Reserves	32	1,460,416,239		416,828,938
Reserve for Employee Stock Ownership Plan (ESOP)		122,008,975		149,520,859
Retained Earning		-		20,231,298
Total Shareholders' Equity		7,516,988,204		6,488,024,695
Net Profit of the Period/Year after tax		1,186,710,615		2,125,905,924
Total Shareholders' Equity & Net Profit of the Period/Year		8,703,698,819		8,613,930,619
Total Liabilities &  Shareholders' Equity		81,626,302,275		75,092,881,445
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other Commitments	37	12,007,321,308		11,879,748,713
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Sep. 30, 2011
Amounts in EGP.	Note	Sep. 30, 2011		Sep. 30, 2010
Interest and Similar Income	6	3,973,996,549		3,306,493,377
Interest Expense and Similar Charges	6	(2,028,815,453)		(1,664,991,389)
Net Interest Income		1,945,181,095		1,641,501,988
Fees & Commissions Income	7	614,274,291		609,954,166
Fees and Commissions Expense	7	(64,114,837)		(58,278,187)
Net Fees and Commissions Income		550,159,454		551,675,979
Dividends Income	8	58,015,412		124,246,264
Net Trading Income	9	1,97,209,565		252,193,234
Profit from Financial Investments	22	78,409,261		171,541,834
Administrative Expenses	10	(968,821,954)		(877,566,249)
Other operating (Expenses) Income	11	(45,722,562)		3,181,161
Losses of impairment of loans	12	(312,228,115)		(28,702,347)
Net Profit before Tax		1,502,202,156		1,841,071,865
Income Tax	13	(320,326,989)		(299,810,196)
Deferred Tax	13&33	4,835,448		(203,828)
Net Profit After Tax		1,186,710,615		1,541,057,841
Earning per share
Basic	14	1.66		2.13
Diluted	14	1.62		2.08
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Sep. 30, 2011
Amounts in EGP.		Sep. 30, 2011		Sep. 30, 2010
Cash Flow From Operating Activities
Net Income Before Tax		1,502,202,156		1,841,071,865
Adjustments To Reconcile Net Income To Net Cash Provided by operating Activities
Depreciation		143,036,462		134,728,750
Provisions (Formed during the period)		315,292,360		83,404,585
Trading Financial Investment Evaluation Differences		43,856,029		(70,759,769)
Financial Investments Impairment		(45,885,268)		(32,544,969)
Utilization of Provisions (except Provisions for Doubtful Debts)		(3,119,614)		(1,556,850)
Provisions no longer used (except provisions for doubtful debts)		(40,284,922)		(108,037,726)
FCY Revaluation Differences of Provision Balances (except Doubtful Debt)		3,926,263		4,657,616
Profits From Selling of Fixed Assets		(2,664,190)		(2,073,253)
Profits From Selling of Financial Investments		(93,073,621)		(126,694,967)
Profits from selling an Investment in Associated		(1,873,813)		96
FCY Revaluation Difference of  Long Term Loans		459,526		176,557
Share Based Payments		62,114,443		56,766,651
Investment in Subsidiary and Associated Co. Evaluation differences		(501,696)		(614,711)
Impairment from Real estate investments		361,200		5,989,700
Operating Profits Before Changes in Operating Assets and Liabilities		1,883,847,325		1,784,513,575
Net Decrease (Increase) in Assets and liabilities
Due from banks		(4,998,033,002)		135,222,889
Treasury Bills & Other Governmental Notes		121,265,205		1,047,055,612
Trading Financial Assets		778,449,743		(474,142,850)
Financial Derivatives (Net)		(25,035,261)		38,530,721
Loans & Overdrafts		(3,100,295,504)		(6,528,511,716)
Debit Balances and Other Assets		34,117,966		(52,520,084)
Due to Banks		192,787,727		292,228,569
Customer Deposits		6,390,040,278		5,712,154,680
Credit Balances & Other Liabilities		(382,784,752)		(350,311,291)
Net Cash Provided from Operating Activities		894,359,724		1,604,220,105
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Sep. 30, 2011		Sep. 30, 2011		Sep. 30, 2010
Cash Flow From Investing Activities
Payments to purchase Subsidiary and Associated Co.		(11,000,000)		(16,455,599)
Income from Selling Subsidiary and Associated Co.		-		48,750
Purchase of fixed assets, premises and fitting out of branches		(90,345,592)		(122,473,601)
Redemption of Held-to-Maturity Financial Investments		230,201,187		249,632,622
Held to Maturity Financial Investment Purchases		(5,000,000)		(15,919,404)
Purchase of Available for Sale Financial Investment		(1,490,030,694)		(4,561,124,872)
Net Cash (Used in) Provided from Investing  Activities		(1,366,175,100)		(4,466,292,104)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(33,657,304)		41,651,016
Dividends Paid		(841,922,204)		(658,369,589)
Capital Increase		33,119,390		25,721,800
Net Cash (Used in) provided from Financing Activities		(842,460,118)		(590,996,773)
Net Cash and Cash Equivalent Changes		(1,314,275,493)		(3,453,068,773)
Beginning Balance of Cash and Cash Equivalent		7,778,944,041		10,062,335,630
Cash & Cash equivalent Balance At the End of the Period		6,464,668,548		6,609,266,857
Cash & Cash Equivalent are Represented as Follows:-
Cash and Due from Central Bank		4,585,370,018		4,532,172,246
Due From Banks		11,595,011,255		7,571,838,916
Treasury Bills and Other  Governmental Notes		8,647,963,786		8,416,562,813
Obligatory Reserve balance with CBE		(2,782,468,103)		(2,429,632,454)
Due from Banks (Time Deposits) More than Three Months		(8,610,360,530)		(4,944,604,992)
Treasury Bills with Maturity  More than Three Months		(6,970,847,877)		(6,537,069,672)
Total Cash & Cash Equivalent		6,464,668,548		6,609,266,857

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Sep. 30 2011

Sep. 30, 2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the Period (EGP)	Reserve for Employee Stock Ownership Plan (ESOP) (EGP)	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,708	161,728,985	6,945,599,768
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	25,721,800
Transferred to Reserves	-	87,847,835	1,089,303,930	-	-	-	-	(1,098,587,119)	(78,564,646)	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the period	-	-	-	-	-	-	-	1,541,057,841	-	1,541,057,841
Transferred to Retained Earning	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from Financial Investment Revaluation	-	-	-	-	-	110,090,291	-	-	-	110,090,291
Transferred to Bank Risk Reserve	-	-	-	-	-	-	113,960,161	(113,960,161)	-	-
Reserve for Employee Stock Ownership Plan (ESOP)	-	-	-	-	-	-	-	-	56,766,651	56,766,651
Balance at the end of Period	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	3,500,691	140,612,951	1,427,097,680	139,930,991	8,020,866,762

Sep. 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (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 (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	2,126,596	156,992,515	1,995,566,199	149,520,859	8,613,930,618
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	33,119,390
Transferred to Reserves	-	106,216,559	1,115710,315	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-
Dividends Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the Period	-	-	-	-	-	-	-	1,186,710,615	-	1,186,710,615
Addition from Financial Investment Revaluation	-	-	-	-	-	(350,254,044)	-	-	-	(350,254,044)
Transferred from bank Risk Reserves	-	-	-	-	-	-	76,166,450	(76,166,450)	-	-
Reserve for Employee Stock Ownership Plan (ESOP)	-	-	-	-	-	-	-	-	62,114,443	62,114,443
Balance at the End of Period	5,934,562,990	231,344,896	1,234,274,960	-	185,931,315	(348,127,448)	233,158,965	1,110,544,166	122,008,975	8,703,698,819

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