CIB 1st Quarter Consolidated Results

RNS Number : 1088N

Commercial Intnl Bank (Egypt) SAE

14 May 2015

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2015
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2015
Amounts in EGP Thousands	Note	March 31, 2015		Dec. 31, 2014
Assets
Cash and balances with Central Bank	15	8,842,134		7,502,256
Due from  banks	16	9,979,956		9,521,999
Treasury bills and other governmental notes	17	30,680,693		30,548,890
Trading financial assets	18	5,664,441		3,762,718
Loans and advances to banks, net	19	32,267		118,091
Loans and advances to customers, net	20	53,066,183		48,685,630
Derivative financial instruments	21	115,099		52,188
Financial investments
- Available for sale	22	32,229,425		27,702,122
- Held to maturity	22	10,208,841		9,160,746
Investments in associates	23	196,612		181,661
Brokerage clients - debit balances		800,047		771,611
Reconciliation accounts- debit balances		27,711		-
Investment properties	24	908,393		884,094
Other assets	25	3,907,096		3,814,075
Deferred tax assets	33	142,167		121,737
Property, plant and equipment	26	1,011,751		985,504
Total assets		157,812,816		143,813,322
Liabilities and equity
Liabilities
Due to banks	27	409,774		1,131,385
Due to customers	28	136,017,007		121,974,959
Brokerage clients - credit balances		214,149		360,145
Reconciliation accounts - credit balances		-		8,975
Derivative financial instruments	21	256,295		137,175
Dividends Payable		1,089,808		-
Current tax liabilities		542,567		1,814,609
Other liabilities	30	3,794,282		2,609,452
Long term loans	29	214,662		242,878
Other provisions	31	766,047		730,312
Total liabilities		143,304,591		129,009,890
Equity
Issued and paid up capital	32	9,081,734		9,081,734
Reserves	32	4,109,758		1,908,443
Reserve for employee stock ownership plan (ESOP)		220,374		177,765
Retained earnings (losses)		(61,234)		(155,160)
Total equity		13,350,632		11,012,782
Net profit for the  period / year after tax		1,108,166		3,741,456
Total equity and net profit for  period / year		14,458,798		14,754,238
Minority interest		49,427		49,194
Total minority interest , equity and net profit for year		14,508,225		14,803,432
Total liabilities , equity and minority interest		157,812,816		143,813,322
Contingent liabilities and commitments
Letters of credit, guarantees and other commitments	37	27,676,096		25,309,960
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2015
Amounts in EGP. Thousands	Note	March 31, 2015		March 31, 2014
Interest and similar income		3,366,458		2,561,862
Interest and similar expense		(1,510,765)		(1,192,668)
Net interest income	6	1,855,693		1,369,194
Fee and commission income		526,427		410,604
Fee and commission expense		(53,576)		(36,852)
Net fee and commission income	7	472,851		373,752
Dividend income	8	-		223
Net trading income	9	66,733		152,918
Profit (Losses) on financial investments	22	163,823		3,958
Administrative expenses	10	(527,660)		(421,616)
Other operating (expenses) income	11	9,641		(151,260)
Impairment (charge) release for credit losses	12	(420,898)		(184,587)
Bank's share in the profits of associates		15,442		7,385
Profit before income tax		1,635,625		1,149,967
Income tax expense	13	(547,656)		(325,968)
Deferred tax assets	33 & 13	20,430		(18,335)
Net profit for the period		1,108,399		805,664
Minority interest		233		439
Bank shareholders		1,108,166		805,225
Earning per share	14
Basic		1.05		0.76
Diluted		1.03		0.75
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31, 2015
Amounts in EGP. Thousands		March 31, 2015		March 31, 2014
Cash flow from operating activities
Profit before income tax		1,635,625		1,149,967
Adjustments to reconcile net profit to net cash provided by operating  activities
Depreciation		54,692		51,491
Impairment charge for credit losses		420,898		184,587
Other provisions charges		27,970		46,175
Trading financial investments revaluation differences		95,971		2,623
Available for sale and held to maturity investments exchange revaluation differences		(69,351)		(3,336)
Financial investments impairment charge (release)		22,868		423
Utilization of other provisions		(155)		(1,716)
Exchange differences of  other provisions		7,920		444
Profits from selling property, plant and equipment		(647)		(73)
Profits from selling financial investments		(177,242)		(3,973)
Shares based payments		42,609		27,315
Investments in associates revaluation		(15,442)		(7,495)
Real estate investments revaluation		(24,299)		-
Operating profits before changes in operating assets and liabilities		2,021,417		1,446,432
Net decrease (increase) in assets and  liabilities
Due from banks		(1,637,664)		(763,003)
Treasury bills and other governmental notes		(3,500,850)		1,349,983
Trading financial assets		(1,997,694)		(1,096,699)
Derivative financial instruments		56,209		12,601
Loans and advances to banks and customers		(4,715,627)		(831,843)
Other assets		(112,901)		(659,051)
Due to banks		(721,611)		(497,269)
Due to customers		14,042,048		5,875,179
Income tax obligations paid		(1,814,609)		(352,316)
Other liabilities		1,024,770		1,106,773
Net cash provided from operating activities		2,643,488		5,590,787
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2015		March 31, 2015		March 31, 2014
Cash Flow From Investing Activities
Purchase of subsidiary and associates		491		(4,988)
Purchases of property, plant and equipment		(116,559)		(67,673)
Redemption of held to maturity financial investments		2,765,025		11,697
Purchases of held to maturity financial investments		(3,813,120)		-
Purchases of  available for sale financial investments		(5,852,952)		(4,913,752)
Proceeds from selling available for sale financial investments		1,666,803		1,494,780
Purchases of real estate investments		-		5,640
Net cash generated from (used in)  investing activities		(5,350,312)		(3,474,296)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(28,216)		9,149
Dividend Paid		(473,838)		(1,253,338)
Capital Increase		-		79,299
Net Cash Generated from (Used in) Financing Activities		(502,054)		(1,164,890)
Net Increase (Decrease) in Cash and Cash Equivalent during the period		(3,208,878)		951,601
Beginning Balance of Cash and Cash Equivalent		15,062,901		11,991,673
Cash & Cash Equivalent Balance At the End of the Period		11,854,023		12,943,274
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		8,842,134		4,729,830
Due From Banks		9,979,956		10,333,595
Treasury Bills and Other Governmental Notes		30,680,693		22,775,550
Obligatory Reserve Balance With CBE		(6,820,947)		(3,071,659)
Due from Banks (Time Deposits) More than Three Months		(5,216,772)		(5,961,288)
Treasury Bills With Maturity More than Three months		(25,611,041)		(15,862,754)
Total Cash & Cash Equivalent		11,854,023		12,943,274

Consolidated statement of changes in shareholders' equity  for the period ended  March 31, 2014
Mar. 31, 2014	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders' Equity	Minority Interest		Total
												EGP Thousands
Beginning balance	9,002,435	490,365	406,090	(546,531)	27,367	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414		12,007,126
Capital increase	79,299	-	-	-	-	-	-	-	-	79,299	-		79,299
Transferred to reserves	-	130,719	1,444,406	-	741	-	-	(1,463,514)	(112,352)	-	-		-
Transferred to retained earnings (losses)	-	-	-	391,362	-	-	-	(391,362)	-	-	-		-
Dividend paid	-	-	-	-	-	-	-	(1,253,338)	-	(1,253,338)	-		(1,253,338)
Net profit of the year	-	-	-	-	-	-	-	805,225	-	805,225	439		805,664
Change in owner ship percentage	-	-	-	9	-	-	-	-	-	9	(9)		-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	262,697	-	-	-	262,697	-		262,697
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	27,315	27,315	-		27,315
Balance at the end of the period	9,081,734	621,084	1,850,496	(155,160)	28,108	(457,782)	1,991	805,225	105,223	11,880,919	47,844		11,928,763

Consolidated statement of changes in shareholders' equity  for the period ended  March 31, 2015
Mar. 31, 2015	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders' Equity	Minority Interest	Total
												EGP Thousands
Beginning balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	2,513	3,740,934	177,765	14,754,238	49,194	14,803,432
Capital increase	-	-	-	-	-	-	-	-	-	-	-	-
Transferred to reserves	-	182,271	1,898,985	-	2,106	-	-	(2,083,362)	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net profit of the period	-	-	-	-	-	-	-	1,108,166	-	1,108,166	233	1,108,399
Net unrealised gain/(loss) on AFS	-	-	-	-	-	117,431	-	-	-	117,431	-	117,431
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	42,609	42,609	-	42,609
Balance at the end of the period	9,081,734	803,355	3,749,481	(61,234)	30,214	(475,805)	2,513	1,108,166	220,374	14,458,798	49,427	14,508,225

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