CIB's 1st Half Consolidated Financial Statements

RNS Number : 1205M

Commercial Intnl Bank (Egypt) SAE

11 August 2011

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2011
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Jun. 30, 2011
Amounts in L.E.	Note	30-Jun-2011		31-Dec-2010
Assets
Cash & Due From Central Bank	15	6,075,170,048		5,675,241,791
Due From Banks	16	9,812,636,221		7,054,682,826
Treasury Bills & Other Governmental Notes	17	7,047,441,434		8,821,003,566
Trading Financial Assets	18	537,173,722		1,585,747,835
Loans & Overdrafts for Banks ( Net after Provision)	19	146,921,747		125,833,038
Loans & Overdrafts for Customers ( Net after Provision)	20	37,100,983,028		35,048,707,894
Financial Derivatives	21	161,806,648		139,263,948
Financial Investments
Available for Sale	22	14,127,065,717		13,613,839,805
Held to Maturity	22	133,973,919		299,250,313
Financial Investments in associated companies	23	119,235,956		96,827,733
Brokers-Debit Balances		123,400,733		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	1,337,353,645		1,384,657,474
Goodwill		140,327,059		160,373,782
Intangible Assets	41	343,086,724		376,820,344
Deferred Tax	33	134,024,871		117,602,829
Fixed Assets (Net)	26	640,396,748		708,330,987
Total Assets		78,009,332,684		75,425,433,624
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	630,396,269		1,322,279,909
Customer Deposits	28	67,287,568,883		63,364,177,278
Brokers-Credit Balance		101,724,793		393,321,036
Reconciliation Accounts-Credit Balances		65,130,902		-
Financial Derivatives	21	94,617,313		113,551,039
Credit Balances & Other Liabilities	30	986,624,553		1,165,163,338
Long Term Loans	29	261,157,679		129,113,426
Other Provisions	31	316,801,255		318,889,536
Total Liabilities		69,744,021,646		66,806,495,563
Shareholders' Equity
Issued and Paid In Capital	32	5,901,443,600		5,901,443,600
Reserves	32	1,721,711,150		719,067,070
Reserve for employee stock ownership plan (ESOP)		190,930,486		149,520,858
Retained Earning		(346,601,295)		(203,604,610)
Total Shareholders' Equity		7,467,483,941		6,566,426,917
Net Profit of the Period/year after tax		750,795,396		2,005,545,505
Total Shareholders' Equity & Net Profit for the Period/year		8,218,279,337		8,571,972,423
Minority Interest		47,031,701		46,965,639
Total Minority interest and shareholders' equity		8,265,311,038		8,618,938,062
Total Liabilities &  Shareholders' Equity and minority interest		78,009,332,684		75,425,433,625
Contingent liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,844,206,326		11,879,698,713
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Jun. 30 2011
Amounts in LE.	Note	Jun. 30, 2011		Jun. 30, 2010
Interest and Similar Income	6	2,587,280,676		2,173,625,359
Interest Expenses and Similar Charges	6	(1,324,813,156)		(1,081,606,785)
Net Interest Income		1,262,467,520		1,092,018,574
Fees & Commissions Income	7	447,969,895		471,853,605
Fees and Commissions Expense	7	(41,227,766)		(37,936,902)
Net Fees and Commissions Income		406,742,129		433,916,703
Dividends Income	8	57,164,372		94,796,974
Net Trading Income	9	178,883,837		173,657,204
Profit from Financial Investments	22	81,273,153		161,389,039
Goodwill Amortization		(20,046,723)		(20,046,723)
Administrative Expenses	10	(712,863,574)		(646,266,259)
Other operating (Expenses) Income	11	(78,927,185)		(32,929,863)
Losses of impairment from loans	12	(201,264,786)		2,072,511
Intangible Assets Amortization	41	(33,733,620)		(33,733,620)
Bank's share in the profits of Associates		10,896,229		11,392,763
Net Profit before Tax		950,591,353		1,236,267,034
Income Tax	13	(216,050,496)		(210,211,143)
Deferred Tax	13&33	16,422,042		(1,622,092)
Net Profit After Tax		750,962,898		1,024,433,799
Minority Interest		167,503		987,410
Bank Shareholders		750,795,396		1,023,446,389
Earning per share
Basic	14	1.22		1.40
Diluted	14	1.19		1.36
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Jun. 30 2011
Amounts in LE.		Jun. 30, 2011		Jun. 30, 2010
Cash Flow from Operating Activities
Net Income Before Tax		950,591,353		1,236,267,034
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		102,694,841		91,786,471
Provisions (Formed during the period)		204,097,392		42,704,627
Trading Financial Investment Evaluation Differences		32,976,379		(15,180,477)
Intangible Assets Amortization		33,733,620		33,733,620
Goodwill Amortization		20,046,723		20,046,723
Financial Investments Impairment		(49,775,434)		(29,504,655)
Utilization of Provisions (Except Provision for Doubtful Debts)		(5,218,667)		(1,539,864)
Provisions no longer used (Except Provision for Doubtful Debts)		(2,085,267)		(55,673,466)
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)		4,010,666		4,669,062
Profits From Selling Fixed Assets		(2,661,678)		(2,048,472)
Profits From Selling Financial Investments		(90,782,148)		(142,299,409)
Profits From Selling an Investment in Associated		(1,873,813)		96
FCY Revaluation Difference of  Long Term Loans		5,036,272		(1,064,016)
Share Based Payments		41,409,628		37,844,433
Investment in Subsidiary and Associated Company Evaluation Differences		(11,408,222)		(28,419,007)
Impairment of Real Estate Investments		361,200		2,750,500
Operating Profits Before Changes in Operating Assets and Liabilities		1,231,152,844		1,194,073,199
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(3,090,538,362)		467,843,381
Treasury Bills & Other Governmental Notes		3,218,771,820		4,014,793,870
Trading Financial Assets		1,015,597,733		(264,474,901)
Financial Derivatives (Net)		(41,476,427)		82,750,772
Loans & Overdrafts		(2,276,256,247)		(4,698,730,728)
Debit Balances and Other Assets		142,114,045		(257,619,944)
Due to Banks		(691,883,640)		307,419,205
Customer Deposits		3,923,391,605		4,931,471,005
Credit Balances & Other Liabilities		(622,420,045)		(616,199,591)
Net Cash Provided from Operating Activities		2,808,453,327		5,161,326,268
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Jun. 30 2011		Jun. 30, 2011		Jun. 30, 2010
Cash Flow From Investing Activities
Payments to purchase associated companies		(11,000,000)		-
Purchase of Fixed Assets, premises and Fitting-out of Branches		(61,756,079)		(26,839,508)
Redemption of Held-to-Maturity Financial Investments		170,571,760		59,240,052
Held to Maturity financial Investments Purchases		-		(20,893,124)
Purchase of Available for Sale Financial Investments		(677,660,821)		(4,527,576,564)
Net Cash (Used in) Provided from Investment  Activities		(579,845,140)		(4,516,069,145)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		127,007,982		14,429,961
Dividends Paid		(843,063,191)		(661,806,331)
Capital Increase		-		25,721,800
Net Cash (Used in) Financing Activities		(716,055,209)		(621,654,570)
Net cash & cash equivalent changes		1,512,552,977		23,602,553
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		9,570,679,474		10,254,382,122
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		6,075,170,048		4,444,111,709
Due From Banks		9,812,636,221		7,450,054,044
Treasury Bills & other governmental notes		7,047,441,434		8,971,318,763
Obligatory Reserve balance with CBE		(2,811,219,930)		(2,501,850,088)
Due from Banks (Time Deposits) more than three months		(6,680,007,036)		(4,539,766,866)
Treasury Bills With maturity More than 3 months		(3,873,341,263)		(3,569,485,439)
Total Cash & Cash Equivalent		9,570,679,474		10,254,382,122

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

Jun 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 Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits for 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	25,721,800	-	-	-	-	-	-	-	-	-	25,721,800	-	25,721,800
Transferred to reserves	-	87,847,835	1,010,739,284	-	-	-	-	-	(1,098,587,119)	-	-	-	-
Transferred to Retained earning	-	-	-	-	(37,980,544)	(22,173,982)	-	-	52,154,526	-	(8,000,000)	-	(8,000,000)
Dividends paid	-	-	-	-	-	-	-	-	(661.806.331)	-	(661.806.331)	-	(661.806.331)
Net profits of the period	-	-	-	-	-	-	-	-	1,023,446,389	-	1,023,446,389	987,410	1,024,433,799
Changes during the period	-	-	-	-	1,594,467	-	-	-	-	-	1,594,467	-	1,594,467
Addition from financial Investment revaluation	-	-	-	-	-	-	59,847,721	-	-	-	59,847,721	-	59,847,721
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	99,419,052	(99,419,052)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	78,564,646	-	-	-	-	-	-	(40,720,212)	37,844,434	-	37,844,434
Balance at the end of the period	2,950,721,800	601,454,369	2,552,808,230	302,794,421	(212,673,915)	184,356,569	(47,277,045)	126,071,842	933,103,972	121,008,772	7,512,369,014	46,594,733	7,558,963,747

Jun. 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. 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	5,901,443,600	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	8,618,938,061
Transferred to Reserves	-	106,216,559	1,066,083,988	-	-	1,574,746	-	-	(1,173,875,293)	-	-	-	-
Transferred to Retained Earnings	-	-	-	-	(121,501,406)	-	-	-	121.501.406	-	-	-	-
Dividends paid	-	-	-	-	(20,231,298)	-	-	-	(822,831,893)	-	(843,063,191)	-	(843,063,191)
Net Profits of the Period	-	-	-	-	-	-	-	-	750,795,396	-	750,795,396	167,503	750,962,898
Change during the period	-	-	-	-	(1,263,981)	-	-	-	-	-	(1,263,981)	(101,441)	(1,365,422)
Addition from Financial Investments Revaluation	-	-	-	-	-	-	(301,570,937)	-	-	-	(301,570,937)	-	(301,570,937)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(62,694,093)	62,694,093	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	41,409,628	41,409,628	-	41,409,628
Balance at the end of the period	5,901,443,600	231,344,896	1,144,496,449	302,794,421	(346,601,295)	185,931,315	(299,848,446)	94,298,422	813,489,488	190,430,486	8,218,279,337	47,031,701	8,265,311,038

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