CIB 2010 Unconsolidated Year end financial results

RNS Number : 7566B

Commercial Intnl Bank (Egypt) SAE

24 February 2011



Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
December 31, 2010


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Dec. 31, 2010
Amounts in EGP.	Note	Dec. 31 ,2010	Dec.31, 2009 (Restated)
Assets

Cash & Due From Central Bank	15	5,675,241,791	4,179,212,739
Due From Banks	16	6,769,607,397	7,785,042,557
Treasury Bills & Other Notes Discountable at CBE	17	8,821,003,566	13,191,665,954
Trading Financial Assets	18	1,422,038,841	380,620,682
Loans & Overdrafts for Banks (Net after provisions)	19	128,527,576	200,765,433
Loans & Overdrafts for Customers (Net after provisions)	20	35,046,013,357	27,242,306,896
Financial Derivatives	21	139,263,948	225,347,220
Financial Investments
Available for Sale	22	13,605,347,030	7,420,529,606
Held to Maturity Financial Investments	22	289,151,745	579,926,673
Financial Investments in Subsidiary and associated companies	23	996,317,538	1,138,277,487
Real Estate investments	24	28,695,664	42,485,364
Debit Balances and Other Assets	25	1,375,945,140	918,003,882
Deferred Tax	33	79,656,694	39,799,318
Fixed Assets (Net)	26	716,071,158	718,847,964
Total Assets		75,092,881,445	64,062,831,775

Liabilities & Shareholders' Equity
Liabilities

Due to Banks	27	1,322,279,909	458,145,229
Customer Deposits	28	63,479,883,624	54,842,629,843
Financial Derivatives	21	113,551,040	150,526,830
Credit Balances & Other Liabilities	30	1,123,883,898	1,128,964,485
Long Term Loans	29	129,113,426	93,237,042
Other Provisions	31	310,238,930	443,728,578

Total Liabilities		66,478,950,828	57,117,232,007

Shareholders' Equity
Issued & Paid- in Capital	32	5,901,443,600	2,925,000,000
Reserves	32	416,828,938	2,077,203,969
Reserve for employee stock ownership plan (ESOP)		149,520,859	161,728,985
Retained Earnings		20,231,298	(1,942,684)
Total Shareholders' Equity		6,488,024,694	5,161,990,269
Net Profit of the Period		2,125,905,924	1,783,609,499
Total Shareholders' Equity & Net Profit		8,613,930,617	6,945,599,768
Total Liabilities & Shareholders' Equity		75,092,881,445	64,062,831,775
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,879,748,713	12,637,872,568
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of Dec. 31, 2010


Amounts in EGP.	Note	Dec.31, 2010	Dec. 31, 2009 (Restated)

Interest and Similar Income	6	4,521,390,287	4,026,337,183
Interest Expense and Similar Charges	6	(2,266,569,515)	(2,000,868,483)

Net Interest Income		2,254,820,773	2,025,468,700

Fees & Commissions Income	7	835,154,241	704,436,353
Fees and Commissions Expense	7	(84,876,559)	(67,147,458)
Net Income from Fees and Commissions		750,277,682	637,288,895
Dividends Income	8	184,309,092	126,062,373
Net Trading Income	9	413,109,812	404,153,055
Profit from Financial Investments	22	102,559,206	65,220,692
Administrative Expenses	10	(1,187,939,938)	(1,040,787,351)
Other operating (Expenses) Income	11	1,771,329	(84,879,302)
Return (Losses) of impairment of loans	12	(6,163,496)	(9,184,858)
Net Profit before Tax		2,512,744,460	2,123,342,204
Income Tax	13	(426,695,912)	(357,691,456)
Deferred Tax	13&33	39,857,376	17,958,750
Net Profit After Tax		2,125,905,924	1,783,609,499
Earning per share
Basic	14	2.99	2.63
Diluted	14	2.93	2.59

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Dec. 31, 2010
Amounts in EGP.		Dec. 31, 2010	Dec. 31, 2009 (Restated)
Cash Flow From Operating Activities
Net Income Before Tax		2,512,744,460	2,123,342,204
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		179,021,238	184,283,445
Provisions (Formed during the year)		84,416,535	59,026,765
Trading Financial Investment Evaluation Differences		(76,970,503)	(11,988,038)
Impairment of Assets		100,496,321	22,423,516
Utilization of Provision (except Provisions for Doubtful Debts)		(1,990,637)	(5,934,246)
Provisions no longer used		(178,037.726)	(517,078)
FCY Revaluation Differences of Provision Balances (except Doubtful Debt)		7,340,620	(724,579)
Profits From Selling of Fixed Assets		(1,574,746)	(15,797,710)
Profits From Selling of financial Investments		(209,478,369)	(113,051,948)
Losses from selling an investment in Associated		96	-
FCY Revaluation Difference of Long Term Loans		141,768	310,424
Share Based Payments		66,356,519	75,001,082
Operating Profits Before Changes in Operating Assets and Liabilities		2,482,465,576	2,316,373,837

Net Decrease (Increase) in Assets
Due from banks		1,114,664,704	(1,792,506,063)
Treasury Bills & Other Governmental Notes		492,012,203	1,410,297,463
Trading Financial Assets		(964,447,656)	128,921,843
Financial Derivatives (Net)		49,107,482	(6,844,342)
Loans & Overdrafts		(7,776,687,045)	(1,047,276,957)

Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(452,877,544)	(69,428,725)
Due to Banks		864,134,680	244,675,217
Customer Deposits		8,637,253,781	5,904,520,180
Credit Balances & Other Liabilities		(431,776,495)	(475,728,332)
Net Cash Provided from Operating Activities		4,013,849,685	6,613,004,121


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Dec. 31, 2010		Dec. 31, 2010	Dec. 31, 2009 (Restated)
Cash Flow From Investing Activities
(Payments) Incomings from (Purchase) selling Subsidiary & Associated companies		141,959,949	(86,222,016)
Purchase of Fixed Assets, premises and Fitting-out of Branches		(179,733,400)	(130,621,033)
Redemption of Held-to-Maturity Financial Investments		311,446,590	100,347,556
Held to Maturity financial Investments Purchases		(20,671,663)	989,046
Purchase of available for Sale Financial Investments		(5,967,119,276)	(4,567,668,190)
Real Estate investments		13,789,700	5,049,941
Net Cash (Used in) Provided from Investing Activities		(5,700,328,100)	(4,678,124,696)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		35,734,616	(16,347,315)
Dividends Paid		(658,369,589)	(478,236,553)
Capital Increase		25,721,800	-
Net Cash (Used in) provided from Financing Activities		(596,913,173)	(494,583,868)

Net cash & cash equivalent changes		(2,283,391,588)	1,440,295,557
Beginning Balance of cash and cash equivalent		10,062,335,629	8,622,040,072
Cash & Cash equivalent Balance At the End of the Year		7,778,944,041	10,062,335,629

Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		5,675,241,791	4,179,212,739
Due From Banks		6,769,607,397	7,785,042,557
Treasury Bills & other governmental notes		8,821,003,566	13,191,665,954
Due from Banks (time deposits) More than Three Months		(6,394,795,631)	(7,509,460,335)
Treasury Bills with Maturity More than Three Months		(7,092,113,082)	(7,584,125,286)
Total Cash & Cash Equivalent		7,778,944,041	10,062,335,629

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Sep. 30, 2010

Dec.31, 2009	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 Year (EGP)	Reserve for Employee Stock ownership plan ESOP	Total (EGP)
Beginning Balance	2,925,000,000	432,851,511	407,547,602	(1,942,684)	185,993,785	(20,312,399)	-	1,615,100,458	86,727,903	5,630,966,176
Effect of adjusting accounting standards	-	-	-	-	20,536,766	-	-	-	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	(1,942,684)	206,530,551	(20,312,399)	-	1,615,100,458	86,727,903	5,651,502,942
Transferred to Reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,863,905)	-	-
Dividends Paid	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)
Net Profit of the Year	-	-	-	-	-	-	-	1,783,609,499	-	1,783,609,499
Addition from financial investment revaluation	-	-	-	-	-	(86,277,201)	-	-	-	(86,277,201)
Effect of adjusting accounting standards	-	-	-	-	-	-	26,652,790	(26,652,790)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	75,001,082	75,001,082
Balance at the end of the Year	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,709	161,728,985	6,945,599,768

Dec.31, 2010	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 year (EGP)	Reserve for Employee Stock ownership plan ESOP	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	1,756,956,709	161,728,985	6,945,599,768
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	25,721,800
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	(1,098,587,119)	-	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the Year	-	-	-	-	-	-	-	2,125,905,924	-	2,125,905,924
Transfer to retained earnings	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment revaluation	-	-	-	-	-	108,716,196	-	-	-	108,716,196
Transferred to bank risk reserve	-	-	-	-	-	-	130,339,725	(130,339,725)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	78,564,646	-	-	-	-	-	(12,208,126)	66,356,519
Balance at the end of year	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