3rd Quarter Results

RNS Number : 1518S

Commercial Intnl Bank (Egypt) SAE

16 November 2011

 



Commercial International Bank (Egypt) S.A.E.
Consolidated 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	4,585,395,495		5,675,241,791
Due From Banks	16	11,677,631,859		7,054,682,826
Treasury Bills & Other Governmental Notes	17	8,690,616,464		8,821,003,566
Trading Financial Assets	18	710,891,443		1,585,747,835
Loans & Overdrafts for Banks ( Net after Provision)	19	179,935,995		125,833,038
Loans & Overdrafts for Customers ( Net after Provision)	20	37,781,044,706		35,048,707,894
Financial Derivatives	21	158,821,014		139,263,948
Financial Investments:
Available for Sale	22	14,892,642,450		13,613,839,805
Held to Maturity	22	79,141,517		299,250,313
Financial Investments in Associated Co.	23	101,473,049		96,827,733
Brokers-Debit Balances		70,289,681		180,368,320
Reconciliation Accounts- Debit Balances		-		8,185,474
Real Estate Investments	24	28,334,464		28,695,664
Debit Balances and other Assets	25	1,405,285,359		1,384,657,474
Goodwill		130,303,698		160,373,782
Intangible Assets	41	326,219,914		376,820,344
Deferred Tax	33	111,232,073		117,602,829
Fixed Assets (Net)	26	620,933,666		708,330,987
Total Assets		81,550,192,847		75,425,433,625
Liabilities & Shareholders' Equity:-
Liabilities
Due to Banks	27	1,515,067,636		1,322,279,909
Customer Deposits	28	69,771,086,762		63,364,177,278
Brokers-Credit Balance		87,075,495		393,321,036
Reconciliation Accounts-Credit Balances		24,244,409		-
Financial Derivatives	21	108,072,845		113,551,039
Credit Balances & Other Liabilities	30	1,088,487,691		1,165,163,338
Long Term Loans	29	95,915,648		129,113,426
Other Provisions	31	278,371,709		318,889,536
Total Liabilities		72,968,322,195		66,806,495,563
Shareholders' Equity
Issued and Paid In Capital	32	5,934,562,990		5,901,443,600
Reserves	32	1,762,752,666		719,067,070
Reserve for employee stock ownership plan (ESOP)		122,008,974		149,520,858
Retained Earning		(349,524,462)		(203,604,610)
Total Shareholders' Equity		7,469,800,168		6,566,426,917
Net Profit of the Period/year after tax		1,065,096,613		2,005,545,505
Total Shareholders' Equity & Net Profit for Period/year		8,534,896,781		8,571,972,423
Minority Interest		46,973,871		46,965,639
Total Minority Interest and Shareholders' Equity		8,581,870,652		8,618,938,062
Total Liabilities,  Shareholders' Equity and Minority Interest		81,550,192,847		75,425,433,625
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	12,007,271,308		11,879,698,713
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	3,981,585,481		3,309,623,888
Interest Expenses and Similar Charges	6	(2,029,138,866)		(1,665,924,377)
Net Interest Income		1,952,446,615		1,643,699,511
Fees & Commissions Income	7	665,242,495		688,909,563
Fees & Commissions Expense	7	(64,114,837)		(58,278,187)
Net Fees and Commissions Income		601,127,658		630,631,376
Dividends Income	8	58,982,479		105,061,783
Net Trading Income	9	207,032,699		262,820,234
Profit from Financial Investments	22	78,553,717		174,443,538
Goodwill Amortization		(30,070,084)		(30,070,084)
Administrative Expenses	10	(1,052,722,830)		(975,922,760)
Other operating (Expenses) Income	11	(49,331,758)		(18,690,144)
Losses of impairment from loans	12	(312,228,115)		28,702,347
Intangible Assets Amortization	41	(50,600,430)		(50,600,430)
Bank's share in the profits of Associates		(6,856,381)		12,397,11
Net Profit before Tax		1,396,333,569		1,725,067,788
Income Tax	13	(324,757,923)		(307,676,349)
Deferred Tax	13 & 33	(6,370,762)		85,420
Net Profit After Tax		1,065,204,884		1,417,476,859
Minority Interest		108,271		1,290,821
Bank Shareholders		1,065,096,613		1,416,186,038
Earning per share
Basic	14	1.47		1.94
Diluted	14	1.44		1.90
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		1,396,333,569		1,725,067,788
Adjustments To Reconcile Net Income To Net Cash Provided by operating Activities
Depreciation		144,057,127		137,775,086
Provisions (Formed During the Period)		315,444,779		85,537,000
Trading Financial Investment Evaluation Differences		34,406,764		(70,759,769)
Intangible Assets Amortization		50,600,430		50,600,430
Goodwill Amortization		30,070,084		30,070,084
Financial Investments Impairment		(45,883,268)		(32,544,969)
Utilization of Provisions (Except Provision for Doubtful Debts)		(5,397,639)		(1,556,850)
Provisions no longer used (Except Provision for Doubtful Debts)		(40,635,496)		(108,465,097)
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)		3,926,263		4,657,616
Profits From Selling Fixed Assets		(2,664,190)		(2,073,253)
Profits From Selling 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 Company Evaluation Differences		6,354,684		(13,033,822)
Impairment of Real Estate Investments		361,200		5,989,700
Operating Profits Before Changes in Operating Assets and Liabilities		1,854,600,843		1,741,534,281
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(4,989,972,029)		135,222,889
Treasury Bills & Other Governmental Notes		121,265,205		1,047,055,612
Trading Financial Assets		840,449,628		(556,423,886)
Financial Derivatives (Net)		(25,035,261)		38,530,721
Loans and Overdrafts		(3,100,295,504)		(6,528,511,716)
Debit Balances and Other Assets		134,350,001		(54,207,077)
Due to Banks		(192,787,727)		292,228,569
Customer Deposits		6,406,909,484		5,849,443,981
Credit Balances & Other Liabilities		(686,370,502)		(477,288,787)
Net Cash Provided from Operating Activities		748,689,591		1,487,584,587
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Sep. 30, 2011		Sep. 30, 2011		Sep. 30, 2010
Amounts in EGP
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		(90,709,389)		(48,522,895)
Redemption of Held-to-Maturity Financial Investments		230,225,164		249,656,598
Held to Maturity Financial Investments Purchases		(5,000,000)		(15,919,404)
Purchase of Available for Sale Financial Investments		(1,493,244,059)		(4,563,382,432)
Net Cash (Used in) Provided from Investment  Activities		(1,369,728,284)		(4,394,574,982)
Cash Flow From Financing Activities:-
Increase (Decrease) in Long Term Loans		(33,657,304)		41,651,016
Dividends Paid		(844,414,580)		(661,806,331)
Capital Increase		33,119,390		25,721,800
Net Cash (Used in) Financing Activities		(844,952,494)		(594,433,515)
Net cash & cash equivalent changes		(1,465,991,187)		(3,501,423,910)
Beginning Balance of Cash and Cash Equivalent		8,058,126,497		10,230,779,568
Cash & Cash equivalent Balance At the End of the Period		6,592,135,310		6,729,355,659
Cash & Cash Equivalent are Represented as Follows:-
Cash and Due from Central Bank		4,585,395,495		4,532,683,673
Due From Banks		11,677,631,859		7,691,416,292
Treasury Bills and other Governmental Notes		8,690,616,464		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		(8,608,192,530)		(4,944,604,992)
Treasury Bills With Maturity More than 3 months		(6,970,847,875)		(6,537,069,673)
Total Cash & Cash Equivalent		6,592,135,310		6,729,355,659

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)	Intangible Assets Value for Bank share Before Acquisition	Retained Earning (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 Shareholders Equity (EGP)	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	1,717,315,559	161,728,984	7,033,720,534	45,607,323	7,079,327,857
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	-	25,721,800	-	25,721,800
Transferred To Reserves	-	87,847,835	1,089,303,930	-	-	-	-	-	(1,098,587,119)	(78,564,646)	-	-	-
Transferred to Retained Earning	-		-	-	(37,980,544)	(22,173,982)	-	-	43,077,890	-	(17,076,636)	-	(17,076,636)
Dividends Paid	-	-	-	-	-	-	-	-	(661.806.331)	-	(661.806.331)	-	(661.806.331)
Net Profits of the Year	-	-	-	-	-	-	-	-	1,416,186,038	-	1,416,186,038	1,290,821	1,417,476,859
Changes During the Period	-	-	-	-	1,626,635	-	-	-	-	-	1,626,635	-	1,626,635
Addition from Financial Investment 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)	-	-	-	-	-	-	-	-	-	56,766,652	56,766,652	-	56,766,652
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

Sep. 30, 2011	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) (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	1,722,491	156,992,515	1,875,205,780	149,520,858	8,571,972,422	46,965,639	8,618,938,062
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	-	33,119,390	-	33,119,390
Transferred to Reserves	-	106,216,559	1,155,710,315	-	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(122,852,795)	-	-	-	122,852,795	-	-	-	-
Dividends paid	-	-	-	-	(20,231,298)	-	-	-	(824,183,282)	-	(844,414,580)	-	(844,414,580)
Net Profits of the Period	-	-	-	-	-	-	-	-	1,065,096,613	-	1,065,096,613	108,271	1,065,204,884
Change during the period	-	-	-	-	(2,835,759)	-	-	-	-	-	(2,835,759)	(100,039)	(2,935,798)
Addition from Financial Investments Revaluation	-	-	-	-	-	-	(350,155,749)	-	-	-	(350,155,749)	-	(350,155,749)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	76,166,450	(76,166,450)	-	-	-	-
Reserve for Employee Stock Ownership Plan (ESOP)	-	-	-	-	-	-	-	-	-	62,114,443	62,114,443	-	62,114,443
Balance at the end of the period	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(349,524,462)	185,931,315	(348,433,258)	233,158,965	988,930,163	122,008,974	8,534,896,780	46,973,871	8,581,870,652

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