3rd Quarter Results

RNS Number : 0276R

Commercial Intnl Bank (Egypt) SAE

14 November 2012

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2012
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2012
Amounts in EGP	Note	Sep. 30, 2012		Dec. 31, 2011
Assets
Cash & Balances with Central Bank	15	3,414,510,382		7,492,064,510
Due From Banks	16	8,851,001,009		8,528,229,519
Treasury Bills & Other Governmental Notes	17	9,139,014,588		9,260,842,183
Trading Financial Assets	18	1,838,742,061		675,325,450
Loans & Advances to Banks	19	987,397,719		1,395,594,609
Loans & Advances to Customers	20	40,142,585,729		39,669,785,864
Derivative Financial Instruments	21	145,153,442		146,544,656
Financial Investments
Available for Sale	22	21,058,077,980		15,421,546,277
Held to Maturity	22	4,222,446,777		39,159,520
Investments in Associates	23	138,641,109		106,676,167
Brokers-Debit Balances		150,477,111		24,185,525
Reconciliation Accounts- Debit Balances		35,207,289		42,507,905
Investment Property	24	10,024,686		12,774,686
Other Assets	25	2,467,526,528		1,534,819,491
Goodwill	41	7,819,883		120,280,337
Intangible Assets	41	97,363,181		309,353,104
Deferred Tax	33	141,320,435		123,977,698
Property, Plant and Equipment	26	658,164,116		630,508,089
Total Assets		93,505,474,025		85,534,175,590
Liabilities and Equity
Liabilities
Due to Banks	27	2,085,096,618		3,340,794,517
Due to Customers	28	78,427,912,179		71,467,935,259
Brokers-Credit Balance		204,967,326		111,851,855
Derivative Financial Instruments	21	129,801,534		114,287,990
Other Liabilities	30	1,903,524,337		1,342,736,040
Long Term Loans	29	62,424,153		99,333,376
Other Provisions	31	289,381,202		270,801,909
Total Liabilities		83,103,107,349		76,747,740,946
Equity
Issued and Paid In Capital	32	5,972,275,410		5,934,562,990
Reserves	32	3,074,866,835		1,387,842,060
Reserve for Employee Stock Ownership Plan (ESOP)		151,728,837		137,354,418
Retained Earnings		(482,986,800)		(334,419,692)
Total Equity		8,715,884,282		7,125,339,776
Net Profit of the Period/Year After Tax		1,638,574,471		1,614,738,322
Total Equity And Net Profit For Period/Year		10,354,458,753		8,740,078,098
Minority Interest		47,907,293		46,356,546
Total Minority Interest and Equity		10,402,366,676		8,786,434,644
Total Liabilities, Equity and Minority Interest		93,505,474,025		85,534,175,590
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	13,726,458,703		12,559,553,516
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of September 30, 2012
Amounts in EGP.	Note	Sep. 30, 2012		Sep. 30, 2011
Interest and Similar Income		5,709,924,331		3,981,585,481
Interest and Similar Expenses		(2,878,602,209)		(2,029,138,866)
Net Interest Income	6	2,831,322,122		1,952,446,615
Fees & Commissions Income		737,746,221		665,242,495
Fees and Commissions Expense		(76,765,133)		(64,114,837)
Net Income from Fees and Commissions	7	660,981,088		601,127,658
Dividend Income	8	22,704,086		58,982,479
Net Trading Income	9	418,171,996		252,241,996
Profit from Financial Investments	22	(29,687,230)		38,160,205
Goodwill Amortization		(2,606,628)		(30,070,084)
Administrative Expenses	10	(1,124,726,722)		(1,052,722,830)
Other operating (Expenses) Income	11	(74,848,809)		(54,147,544)
Impairment Charge for Credit Losses	12	(406,580,325)		(312,228,115)
Intangible Assets Amortization		(19,049,318)		(50,600,430)
Bank's Share in the Profits of Associates		1,107,855		(6,856,381)
Net Profit Before Tax		2,276,788,115		1,396,333,569
Income Tax Expense	13	(654,358,417)		(324,757,923)
Deferred Tax	33 & 13	17,342,735		(6,370,762)
Net Profit of The Year		1,639,772,433		1,065,204,884
Minority Interest		1,197,962		108,271
Bank Shareholders		1,638,574,471		1,065,096,613
Earning per share	14
Basic		2.73		1.65
Diluted		2.68		1.62
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2012
Amounts in EGP.		Sep. 30, 2012		Sep. 30, 2011
Cash Flow from Operating Activities
Net Profit Before Tax		2,276,788,115		1,396,333,569
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		127,504,186		144,057,127
Impairment  Charges for credit losses		406,836,170		313,855,735
Other Provisions Charges		90,779,892		1,589,044
Trading Financial Investment Revaluation Differences		(114,094,428)		34,406,764
Intangible Assets Amortization		19,049,318		50,600,430
Goodwill Amortization		2,606,628		30,070,084
Available for sale and held to maturity investments exchange revaluation differences		(13,580,979)		(45,509,879)
Financial Investments Impairment Charge (Release)		7,844,587		(373,389)
Utilization of Other Provisions		(73,032,184)		(5,397,639)
Other Provisions No Longer Used		(531,054)		(40,635,496)
Exchange Differences of Other Provisions		1,106,792		3,926,263
Profits From Selling Property, Plant and Equipment		(3,801,360)		(2,664,190)
Profits From Selling Financial Investments		2,289,009		(93,073,621)
Profits from Selling Associates		-		(1,873,813)
Exchange Differences of Long Term Loans		42,050		459,526
Shares Based Payments		66,036,546		62,114,443
Investments in Associates Revaluation		-		6,354,684
Real Estate Investments Impairment Charges		-		361,200
Operating Profits Before Changes in Operating Assets and Liabilities		2,795,843,288		1,854,600,842
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(233,540,939)		(4,989,972,029)
Treasury Bills & Other Governmental Notes		(43,416,593)		121,265,205
Trading Financial Assets		(1,049,322,183)		840,449,628
Derivative Financial Instruments		16,904,759		(25,035,261)
Loans and Advances to Banks and Customers		(471,183,299)		(3,100,295,504)
Other Assets		(1,035,637,518)		134,350,001
Due to Banks		(1,255,697,899)		192,787,727
Due to Customers		6,959,976,920		6,406,909,484
Other Liabilities		(454,640)		(686,370,502)
Net Cash Provided from Operating Activities		5,683,471,896		748,689,591
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2012		Sep. 30, 2012		Sep. 30, 2011
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(31,964,942)		(11,000,000)
Purchases of Property, Plant and Equipment		(167,419,342)		(90,709,389)
Redemption of Held-to-Maturity Financial Investments		-		230,225,164
Purchases of Held to Maturity Financial Investment		(4,183,287,258)		(5,000,000)
Purchases of Available for Sale Financial Investments		(9,826,460,193)		(3,287,981,324)
Proceeds from Selling Available For Sale Financial Investments		5,174,787,444		1,794,737,265
Proceeds from Selling Real Estate Investments		2,750,000		-
Net Cash Generated from (Used in) Investing  Activities		(9,031,594,291)		(1,369,728,284)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(36,951,273)		(33,657,304)
Dividend Paid		(806,206,518)		(844,414,580)
Capital Increase		37,712,420		33,119,390
Net Cash Generated from (Used in) Financing Activities		(805,445,371)		(844,952,494)
Net Increase (Decrease) in Cash and Cash Equivalent		(4,153,567,765)		(1,465,991,187)
Beginning Balance of Cash and Cash Equivalent		8,207,517,133		8,058,126,497
Cash & Cash Equivalent Balance At the End of the Period		4,053,949,368		6,592,135,310
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		3,414,510,382		4,585,395,495
Due From Banks		8,851,001,009		11,677,631,859
Treasury Bills and Other Governmental Notes		9,139,014,588		8,690,616,464
Obligatory Reserve Balance With CBE		(3,067,529,100)		(2,782,468,103)
Due from Banks (Time Deposits) More than Three Months		(5,418,263,433)		(8,608,192,530)
Treasury Bills With Maturity More than Three months		(8,864,784,078)		(6,970,847,875)
Total Cash & Cash Equivalent		4,053,949,368		6,592,135,310

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

September 30, 2011	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	5,901,443,660	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	8,571,972,423	46,965,639	8,613,938,062
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 (losses)	-	-	-	-	(122,852,795)	-	-	-	122,852,795	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(824,183,282)	-	(844,414,580)	-	(844,414,580)
Net Profit of the year	-	-	-	-	-	-	-	-	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 Investment 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
The effect of changing accounting policies	-	-	-	-	15,105,920	-	-	-	(15,105,920)	-	-	-	-
Balance at the end of the period	5,934,562,990	231,344,896	1,234,122,777	302,794,421	(334,418,542)	185,931,315	(348,433,258)	233,158,965	973,824,243	122,008,974	8,534,896,781	46,973,871	8,581,870,652

September 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings(losses) (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
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
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	-	-	-	-	-	-	-	-	1,028,139,869	-	1,028,139,869	655,973	1,028,795,842
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(353,414)	-	-	-	-	-	(353,414)	353,414	-
Addition from Financial investment revaluation	-	-	-	-	-	-	981,411,571	-	-	-	981,411,571	-	981,411,571
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(181,708,448)	181,708,448	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	66,036,546	66,036,546	-	66,036,546
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	5,972,275,410	380,348,755	2,036,955,188	-	(482,986,800)	117,805,566	258,067,708	99,981,171	1,820,282,919	151,728,837	10,354,458,753	47,907,923	10,402,366,676

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