CIB's 1st Half Unconsolidated Financial Statements

RNS Number : 1207M

Commercial Intnl Bank (Egypt) SAE

11 August 2011

 



Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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	6,075,140,629		5,675,241,791
Due From Banks	16	9,717,298,929		6,769,607,397
Treasury Bills & Other Governmental Notes	17	7,019,754,673		8,821,003,566
Trading Financial Assets	18	396,430,078		1,422,038,841
Loans & Overdrafts for Banks (Net after provisions)	19	146,921,747		125,833,038
Loans & Overdrafts for Customers (Net after provisions)	20	37,100,983,028		35,048,707,894
Financial Derivatives	21	161,806,648		139,263,948
Financial Investments
Available for Sale	22	14,115,408,829		13,605,347,030
Held to Maturity Financial Investments	22	123,891,335		289,151,745
Financial Investments in Subsidiary and associated companies	23	1,007,829,530		996,317,538
Real Estate investments	24	28,334,464		28,695,664
Debit Balances and Other Assets	25	1,330,331,410		1,375,945,140
Deferred Tax	33	95,478,072		79,656,694
Fixed Assets (Net)	26	649,042,879		716,071,158
Total Assets		77,968,652,251		75,092,881,445
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	630,396,269		1,322,279,909
Customer Deposits	28	67,392,176,057		63,479,883,624
Financial Derivatives	21	94,617,313		113,551,040
Credit Balances & Other Liabilities	30	958,880,150		1,123,883,898
Long Term Loans	29	261,157,679		129,113,425
Other Provisions	31	310,249,379		310,238,930
Total Liabilities		69,647,476,847		66,478,950,827
Shareholders' Equity
Issued & Paid- in Capital	32	5,901,443,600		5,901,443,600
Reserves	32	1,419,407,488		416,828,938
Reserve for employee stock ownership plan (ESOP)		190,930,487		149,520,859
Retained Earning		-		20,231,298
Total Shareholders' Equity		7,511,781,575		6,488,024,964
Net Profit of the Period/Year after tax		809,393,829		2,125,905,924
Total Shareholders' Equity & Net Profit of the period/year		8,321,175,404		8,613,930,618
Total Liabilities &  Shareholders' Equity		77,968,652,251		75,092,881,445
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,844,256,326		11,879,748,713
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	2,582,638,079		2,171,823,754
Interest Expense and Similar Charges	6	(1,324,330,260)		(1,080,940,095)
Net Interest Income		1,258,307,819		1,090,883,659
Fees & Commissions Income	7	410,961,489		413,742,057
Fees and Commissions Expense	7	(40,772,114)		(37,936,902)
Net Income from Fees and Commissions		370,189,375		375,805,155
Dividends Income	8	57,031,906		114,614,465
Net Trading Income	9	171,803,224		167,524,037
Profit from Financial Investments	22	81,338,683		161,353,260
Administrative Expenses	10	(655,264,752)		(580,477,568)
Other operating (Expenses) Income	11	(75,510,487)		(25,019,975)
Losses of impairment of loans	12	(201,264,786)		2,072,511
Net Profit before Tax		1,006,630,982		1,306,755,545
Income Tax	13	(213,058,530)		(203,771,886)
Deferred Tax	13&33	15,821,378		(1,838,962)
Net Profit After Tax		809,393,829		1,101,144,697
Earning per share
Basic	14	1.31		1.50
Diluted	14	1.27		1.46
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		1,006,630,981		1,306,755,545
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		100,272,978		89,779,487
Provisions (Formed during the period)		203,918,097		4,421,035
Trading Financial Investment Evaluation Differences		39,576,450		(15,180,477)
Financial Investments Impairment		(49,775,434)		(29,504,655)
Utilization of Provisions (except Provisions for Doubtful Debts)		(2,940,642)		(1,539,864)
Provisions no longer used (except provisions for doubtful debts)		(2,085,267)		(55,312,726)
FCY Revaluation Differences of Provision Balances (except Doubtful Debt)		4,010,666		4,669,062
Profits From Selling of Fixed Assets		(2,661,678)		(2,048,472)
Profits From Selling of 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		(1,064,017)
Share Based Payments		41,409,628		37,844,433
Investment in subsidiary and associated co evaluation differences		(511,992)		(570,645)
Impairment from Real estate investments		361,200		2,750,500
Operating Profits Before Changes in Operating Assets and Liabilities		1,250,585,298		1,198,699,893
Net Decrease (Increase) in Assets and liabilities
Due from banks		(3,092,558,727)		467,843,381
Treasury Bills & Other Governmental Notes		3,241,726,931		4,014,639,846
Trading Financial Assets		986,032,312		(129,477,489)
Financial Derivatives (Net)		(41,476,427)		82,750,772
Loans & Overdrafts		(2,276,256,247)		(4,698,730,728)
Debit Balances and Other Assets		75,270,885		(254,897,996)
Due to Banks		(691,883,640)		307,419,205
Customer Deposits		3,912,292,433		4,790,519,202
Credit Balances & Other Liabilities		(378,062,278)		(505,870,768)
Net Cash Provided from Operating Activities		2,985,670,540		5,272,895,318
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 Subsidiary and Associated Co.		(11,000,000)		(16,455,599)
Purchase of fixed assets, premises and fitting out of branches		(60,240,176)		(101,580,048)
Redemption of Held-to-Maturity Financial Investments		170,555,777		49,226,583
Held to Maturity Financial investment purchases		-		(10,895,619)
Purchase of Available for sale financial Investment		(674,562,238)		(4,465,290,295)
Net Cash (Used in) Provided from Investing  Activities		(575,246,637)		(4,544,994,978)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		127,007,982		14,429,961
Dividends Paid		(841,922,204)		(658,369,589)
Capital Increase		-		25,721,800
Net Cash (Used in) provided from Financing Activities		(714,914,222)		(618,217,828)
Net cash & cash equivalent changes		1,695,509,681		109,682,511
Beginning Balance of cash and cash equivalent		7,778,944,041		10,062,335,630
Cash & Cash equivalent Balance At the End of the period		9,474,453,722		10,172,018,141
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		6,075,140,629		4,443,419,294
Due From Banks		9,717,298,929		7,373,216,564
Treasury Bills & other  governmental notes		7,019,754,673		8,966,484,676
Obligatory reserve balance with CBE		(2,811,219,930)		(2,440,347,638)
Due from Banks (time deposits) More than three months		(6,676,134,428)		(4,601,269,316)
Treasury Bills with Maturity  More than Three Months		(3,850,386,151)		(3,569,485,439)
Total Cash & Cash Equivalent		9,474,453,722		10,172,018,141

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

30 June 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 Period (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	1,756,956,708	161,728,985	6,945,599,768
Capital Increase	25,721,800	-	-	-	-	-	-	-	-	25,721,800
Transferred 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 period	-	-	-	-	-	-	-	1,101,144,697	-	1,101,144,697
Transferred to retained earning	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment revaluation	-	-	-	-	-	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
Balance at the end of Period	2,950,721,800	601,454,369	2,552,960,414	20,231,298	184,356,569	(46,741,879)	126,071,842	1,001,725,645	121,008,773	7,511,788,830

30 June 2011	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 period (EGP)	Reserve for Employee Stock ownership plan ESOP	Total (EGP)
Beginning Balance	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
Transferred to Reserves	-	106,216,559	1,066,083,988	-	1,574,746	-	-	(1,173,875,293)	-	-
Dividends Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the period	-	-	-	-	-	-	-	809,393,829	-	809,393,829
Addition from financial investment revaluation	-	-	-	-	-	(301,636,467)	-	-	-	(301,636,467)
Transferred from bank risk Reserves	-	-	-	-	-	-	(62,694,093)	62,694,093	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	41,409,628	41,409,628
Balance at the end of period	5,901,443,600	231,344,896	1,144,648,633	-	185,931,315	(299,509,871)	94,298,422	872,087,922	190,930,487	8,321,175,404

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