CIB announces 2013 Year End Financial Results

RNS Number : 8206Z

Commercial Intnl Bank (Egypt) SAE

12 February 2014



Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31, 2013


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2013
Amounts in EGP.	Note	Dec.31, 2013	Dec. 31 ,2012
Assets

Cash and Balances with Central Bank	15	4,796,240,354	5,393,974,124
Due From Banks	16	8,893,670,965	7,957,710,034
Treasury Bills and Other Governmental Notes	17	23,654,812,174	7,978,030,413
Trading Financial Assets	18	2,246,347,806	1,472,281,763
Loans and Advances to Banks	19	132,422,732	1,178,867,739
Loans and Advances to Customers	20	41,837,951,712	40,698,313,773
Derivative Financial Investments	21	103,085,538	137,459,761
Financial Investments
Available for Sale	22	23,363,501,695	21,161,884,032
Held to Maturity	22	4,187,173,991	4,205,753,328
Investments in Subsidiary and Associates	23	599,276,660	938,033,700
Investment Property	24	9,695,686	10,395,686
Other Assets	25	2,879,794,496	2,459,025,844
Deferred Tax	33	83,755,441	129,133,209
Property, Plant and Equipment	26	964,538,516	684,527,896
Total Assets		113,752,267,766	94,405,391,302

Liabilities and Equity
Liabilities

Due to Banks	27	1,373,410,040	1,714,862,716
Due to Customers	28	96,940,270,000	78,834,726,890
Derivative Financial Instruments	21	114,878,583	119,099,260
Other Liabilities	30	2,625,755,491	2,034,351,571
Long Term Loans	29	132,153,227	80,495,238
Other Provisions	31	450,755,558	310,648,113
Total Liabilities		101,637,222,899	83,094,183,788

Equity
Issued & Paid- in Capital	32	9,002,435,690	5,972,275,410
Reserves	32	307,223,285	2,970,458,093
Reserve for Employee Stock Ownership Plan (ESOP)		190,260,457	164,761,121
Retained Earnings(Losses)		-	1,001,979
Total Equity		9,499,919,432	9,108,496,603
Net Profit of the Period/Year After Tax		2,615,125,435	2,202,710,911
Total Equity and Net Profit for the Period/Year		12,115,044,867	11,311,207,514
Total Liabilities and Equity		113,752,265,766	94,405,391,302
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37	16,182,489,160	14,897,789,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of December 30, 2013


Amounts in EGP.	Note	Dec. 31, 2013	Dec. 31, 2012
Interest and Similar Income		9,509,874,663	7,845,913,494
Interest and Similar Expense		(4,460,113,281)	(3,945,237,550)

Net Interest Income	6	5,049,761,382	3,900,675,944

Fee and Commissions Income		1,316,916,389	942,867,320
Fee and Commissions Expense		(127,965,091)	(107,365,742)
Net Income from Fees and Commissions	7	1,188,951,298	835,501,578
Dividend Income	8	19,803,451	32,234,196
Net Trading Income	9	759,972,323	565,727,965
Profit (Losses) from Financial Investments	22	(381,156,748)	(116,514,246)
Administrative Expenses	10	(1,726,520,973)	(1,444,645,467)
Other Operating (Expenses) Income	11	(155,016,845)	(109,790,791)
Impairment Charge for Credit Losses	12	(915,581,874)	(609,971,077)
Net Profit before Tax		3,840,212,014	3,053,218,102
Income Tax Expense	13	(1,179,708,811)	(884,498,673)
Deferred Tax	33 & 13	(45,377,768)	33,991,482
Net Profit of the Year		2,615,125,435	2,202,710,911
Earnings per share	14
Basic		2.67	2.34
Diluted		2.63	2.31

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of December 31, 2013
Amounts in EGP.		Dec. 31, 2013	Dec. 31, 2012
Cash Flow From Operating Activities
Profit Before Income Tax		3,840,212,014	3,053,218,102
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Depreciation		202,345,252	167,225,901
Impairment Charges for credit losses		915,581,874	609,971,077
Other Provisions Charges		129,104,495	51,616,932
Trading Financial Investment Revaluation Differences		17,695,722	(78,642,848)
Available for sale and held to maturity investments exchange revaluation differences		(124,230,792)	(60,242,239)
Financial Investments Impairment Charge (Release)		(6,267,555)	7,902,478
Utilization of Other Provisions		(5,633,785)	(12,294,615)
Other Provisions No Longer Used		(141,521)	(531,054)
Exchange Differences of Other Provisions		16,778,256	7,230,941
Profits From Selling Property, Plant and Equipment		(740,692)	(2,387,583)
Profits From Selling Financial Investments		(1,656,257)	(519,013)
Share Based Payments		89,181,563	79,068,829
Investments in Subsidiary and Associates Revaluation		346,284,340	89,736,000
Real Estate Investments Impairment Charges(Release)		-	(371,000)

Operating Profits Before Changes in Operating Assets and Liabilities		5,418,512,914	3,910,981,908

Net Decrease (Increase) in Assets and Liabilities
Due from banks		(642,434,022)	521,695,379
Treasury Bills & Other Governmental Notes		(9,149,658,764)	758,289,224
Trading Financial Assets		(791,761,765)	(832,554,642)
Derivative Financial Instruments		30,153,546	13,896,165
Loans and Advances to Banks and Customers		(1,008,774,806)	(1,421,772,116)
Other Assets		(382,561,576)	(948,385,056)
Due to Banks		(341,452,676)	(1,625,931,801)
Due to Customers		18,105,543,110	7,260,679,360
Other Liabilities		(588,304,891)	(163,932,538)
Net Cash Provided from Operating Activities		10,649,261,070	7,472,965,883


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of December 31, 2013		Dec. 31, 2013	Dec. 31, 2012
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(7,527,300)	(32,173,922)
Purchases of Property, Plant and Equipment		(519,822,256)	(204,721,832)
Redemption of Held-to-Maturity Financial Investments		18,579,337	-
Purchases of Held to Maturity Financial Investments		-	(4,176,660,408)
Purchases of Available for Sale Financial Investments		(7,463,491,687)	(10,163,193,809)
Proceeds from Selling Available for Sale Financial Investments		4,520,053,768	5,343,312,219
Proceeds from Selling Real Estate Investments		700,000	2,750,000
Net Cash Generated from (Used in) Investing Activities		(3,451,508,138)	(9,230,687,752)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		51,657,989	(18,838,138)
Dividend Paid		(1,055,843,165)	(806,206,521)
Capital Increase		29,348,380	37,712,420
Net Cash Generated from (Used in) Financing Activities		(974,836,796)	(787,332,239)

Net Increase (Decrease) in Cash and Cash Equivalent during the year		6,222,916,136	(2,545,054,108)
Beginning Balance of Cash and Cash Equivalent		5,536,080,094	8,801,134,203
Cash and Cash Equivalent Balance At the End of the Year		11,758,996,230	5,536,080,095

Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		4,796,240,354	5,393,974,124
Due From Banks		8,893,670,965	7,957,710,034
Treasury Bills and Other Governmental Notes		23,654,812,174	7,978,030,413
Obligatory Reserve Balance With CBE		(3,224,658,841)	(3,093,283,199)
Due from Banks (Time Deposits) More than Three Months		(5,148,331,397)	(4,637,273,016)
Treasury Bills with Maturity More than Three Months		(17,212,737,025)	(8,063,078,261)
Total Cash & Cash Equivalent		11,758,996,230	5,536,080,095

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31, 2012

Dec. 31, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit of the Year (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(723,070,818)	281,689,619	1,624,150,975	137,354,419	8,921,344,275
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-
Dividend Paid	-	-	-	(15,105,920)	-	-	-	(791,100,601)	-	(806,206,521)
Net Profit of the Year	-	-	-	-	-	-	-	2,202,710,911	-	2,202,710,911
Transfer from Special Reserve	-	61,697,292	8,143,225	1,001,979	(70,842,496)	-	-	-	-	-
Net Change at fair Value of AFS Financial Investment	-	-	-	-	-	876,577,599	-	-	-	876,577,599
Transferred (from) to Bank Risk Reserve	-	-	-	-	-	-	(177,972,687)	177,972,687	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	79,068,829	79,068,829
Balance at the End of Period	5,972,275,410	380,348,755	2,037,107,372	1,001,979	117,805,566	153,506,781	103,716,932	2,380,683,598	164,761,121	11,311,207,514

SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2013

Dec. 31, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit for the Year (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,037,107,372	1,001,979	117,805,566	153,506,781	103,716,932	2,380,683,598	164,761,121	11,311,207,515
Capital Increase	3,030,160,280	-	(3,000,811,900)	-	-	-	-	-	-	29,348,380
Transferred to Reserves	-	110,016,166	1,277,120,890	-	2,387,583	-	-	(1,325,842,412)	(63,682,227)	-
Dividend Paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,186)	-	(1,055,843,165)
Net Profit of the Year	-	-	-	-	-	-	-	2,615,125,435	-	2,615,125,435
Transfer from Special Reserve	-	-	92,826,390	-	(92,826,390)	-	-	-	-	-
Net Change at Fair Value of AFS Financial Investment	-	-	-	-	-	(873,974,860)	-	-	-	(873,974,860)
Transferred (From )to Bank Risk Reserve	-	-	-	-	-	-	(101,726,176)	101,726,176	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	89,181,563	89,181,563
Balance at the End of Period	9,002,435,690	490,364,921	406,242,752	-	27,366,759	(720,468,079)	1,990,756	2,716,851,611	190,260,457	12,115,044,867