CIB's 2010 Consolidated year end financial result
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Commercial International Bank (Egypt) S.A.E. |
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Consolidated Financial Statements |
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December 31, 2010 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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FINANCIAL POSITION |
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As of Dec. 31, 2010 |
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Amounts in EGP |
Note |
Dec. 31, 2010 |
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Dec. 31,2009 (Restated) |
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Assets |
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Cash & Due From Central Bank |
15 |
5,675,241,791 |
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4,179,256,489 |
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Due From Banks |
16 |
7,054,682,826 |
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7,946,147,786 |
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Treasury Bills & Other Notes Discountable at CBE |
17 |
8,821,003,566 |
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13,198,960,913 |
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Trading Financial Assets |
18 |
1,585,747,835 |
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491,138,956 |
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Loans & Overdrafts for Banks ( Net after Provision) |
19 |
128,527,576 |
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200,765,433 |
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Loans & Overdrafts for Customers ( Net after Provision) |
20 |
35,046,013,357 |
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27,242,306,896 |
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Financial Derivatives |
21 |
139,263,948 |
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225,347,220 |
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Financial Investments |
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Available for Sale |
22 |
13,613,839,805 |
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7,429,977,151 |
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Held to Maturity |
22 |
299,250,313 |
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590,057,209 |
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Financial Investments in associated companies |
23 |
87,751,097 |
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83,827,281 |
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Brokers-Debit Balances |
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180,368,320 |
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80,154,770 |
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Reconciliation Accounts- Debit Balances |
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8,185,474 |
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20,302,650 |
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Real Estate Investments |
24 |
28,695,664 |
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42,485,364 |
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Debt Balances and other Assets |
25 |
1,384,657,474 |
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963,058,418 |
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Goodwill |
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160,373,782 |
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200,467,228 |
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Intangible Assets |
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376,820,344 |
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573,471,546 |
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Deferred Tax |
33 |
117,602,829 |
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37,232,586 |
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Fixed Assets (Net) |
26 |
708,330,987 |
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749,602,993 |
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Total Assets |
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75,416,356,988 |
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64,254,560,889 |
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Liabilities & Shareholders' Equity |
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Liabilities |
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Due to Banks |
27 |
1,322,279,909 |
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458,145,229 |
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Customer Deposits |
28 |
63,364,177,278 |
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54,648,654,522 |
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Brokers-Credit Balance |
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393,321,036 |
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212,593,347 |
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Financial Derivatives |
21 |
113,551,040 |
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150,526,830 |
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Credit Balances & Other Liabilities |
30 |
1,165,163,338 |
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1,162,019,568 |
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Long Term Loans |
29 |
129,113,426 |
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93,237,042 |
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Other Provisions |
31 |
318,889,536 |
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450,056,493 |
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Total Liabilities |
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66,806,495,564 |
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57,175,233,031 |
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Shareholders' Equity |
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Issued and Paid In Capital |
32 |
5,901,443,600 |
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2,925,000,000 |
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Reserves |
32 |
719,067,070 |
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2,379,311,040 |
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Reserve for employee stock ownership plan (ESOP) |
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149,520,858 |
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161,728,984 |
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Retained Earning |
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(212,681,247) |
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(176,287,838) |
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Total Shareholders' Equity |
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6,557,350,280 |
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5,289,752,186 |
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Net Profit of the Period/year |
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2,005,545,505 |
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1,743,968,350 |
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Total Shareholders' Equity & Net Profit |
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8,562,895,785 |
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7,033,720,535 |
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Minority Interest |
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46,965,639 |
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45,607,323 |
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Total Minority Interest and Shareholders' Equity |
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8,609,861,425 |
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7,079,327,858 |
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Total Liabilities & Shareholders' Equity & Minority Interest |
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75,416,356,988 |
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64,254,560,889 |
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Contingent liabilities & commitments |
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Letters of Credit, Guarantees and other commitments |
37 |
11,879,698,713 |
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12,637,872,568 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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INCOME STATEMENT |
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As of Dec. 31, 2010 |
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Amounts in EGP. |
Note |
Dec. 31, 2010 |
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Dec. 31, 2009 (Restated) |
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Interest and Similar Income |
6 |
4,525,477,709 |
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4,032,638,862 |
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Interest Expenses and Similar Charges |
6 |
(2,267,786,715) |
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(2,002,606,660) |
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Net Interest Income |
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2,257,690,995 |
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2,030,032,202 |
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Fees & Commissions Income |
7 |
939,363,185 |
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830,270,817 |
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Fees and Commissions Expense |
7 |
(85,056,559) |
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(64,831,578) |
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Net Income from Fees and Commissions |
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854,306,626 |
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765,439,239 |
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Dividends Income |
8 |
165,539,154 |
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133,473,178 |
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Net Trading Income |
9 |
427,402,497 |
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419,294,504 |
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Profit from Financial Investments |
22 |
261,754,102 |
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65,796,382 |
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Goodwill Amortization |
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(40,093,445) |
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- |
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Administrative Expenses |
10 |
(1,324,853,724) |
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(1,170,802,794) |
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Other operating (Expenses) Income |
11 |
(30,594,217) |
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(80,311,607) |
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Return (Losses) of impairment from loans |
12 |
(6,163,496) |
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(9,184,858) |
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Intangible Assets Amortization |
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(196,651,202) |
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(67,467,240) |
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Bank's share in the profits of Associates |
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(4,365,556) |
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9,076,636.00 |
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Net Profit before Tax |
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2,363,971,731 |
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2,095,345,642 |
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Income Tax |
13 |
(435,838,152) |
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(366,109,247) |
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Deferred Tax |
13&33 |
78,770,242 |
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16,259,820 |
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Net Profit After Tax |
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2,006,903,821 |
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1,745,496,216 |
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Minority Interest |
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1,358,316 |
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1,527,866 |
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Bank Shareholders |
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2,005,545,505 |
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1,743,968,350 |
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Earning per share |
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Basic |
14 |
2.83 |
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2.62 |
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Diluted |
14 |
2.78 |
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2.57 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT 1a |
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As of Dec. 31 2010 |
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Amounts in EGP. |
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Dec.31, 2010 |
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Dec. 31, 2009 (Restated) |
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Cash Flow from Operating Activities |
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Net Income Before Tax |
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2,363,971,731 |
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2,095,345,642 |
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Adjustments To Reconcile Net Income |
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To Net Cash Provided by operating Activities |
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Depreciation |
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184,081,368 |
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193,535,184 |
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Provisions (Formed during the period) |
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87,221,739 |
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60,259,903 |
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Trading Financial Investment Evaluation Differences |
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(76,970,503) |
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(11,988,038) |
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Intangible Assets Amortization |
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(196,651,202) |
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(67,467,240) |
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Goodwill Amortization |
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(40,093,445) |
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- |
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Impairment of Assets |
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100,496,321 |
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22,423,516 |
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Utilization of Provisions (Except Provision for Doubtful Debts) |
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(1,990,637) |
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(6,767,109) |
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Provisions no longer used |
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(178,520,239) |
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(4,016,965) |
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FCY Revaluation Differences of Provision Balances (except Doubtful Debts) |
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7,340,620 |
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(724,579) |
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Profits From Selling Fixed Assets |
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(1,574,746) |
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15,797,710 |
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Profits From Selling financial Investments |
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(209,478,369) |
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(113,051,948) |
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Losses from selling an Investment in Subsidiary |
96 |
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- |
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FCY Revaluation Difference of Long Term Loans |
141,768 |
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310,424 |
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Share Based Payments |
66,356,519 |
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75,001,081 |
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Operating Profits Before Changes in Operating Assets and Liabilities |
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2,104,331,021 |
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2,258,657,581 |
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Net Decrease (Increase) in Assets |
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Due from banks |
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1,108,771,731 |
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(1,780,463,063) |
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Treasury Bills & Other Notes Discountable at CBE |
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492,012,203 |
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1,410,950,308 |
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Trading Financial Assets |
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(1,017,638,376) |
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162,476,513 |
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Financial Derivatives (Net) |
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49,107,482 |
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(6,844,342) |
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Loans & Overdrafts |
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(7,776,687,045) |
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(1,047,276,956) |
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Net Increase (Decrease) In Liabilities |
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Debit Balances and Other Assets |
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(171,969,013) |
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(20,764,886) |
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Due to Banks |
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864,134,680 |
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229,151,007 |
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Customer Deposits |
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8,715,522,756 |
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5,858,624,713 |
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Credit Balances & Other Liabilities |
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(168,410,846) |
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(377,288,176) |
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Net Cash Provided from Operating Activities |
4,199,174,593 |
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6,687,222,699 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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CASH FLOW STATEMENT 1b |
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As of Dec. 31, 2010 |
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Dec. 31, 2010 |
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Dec. 31, 2009 (Restated) |
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Cash Flow From Investing Activities |
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(Payments) Incomings from (Purchase) selling associated co. |
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(3,923,816) |
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(95,645,157) |
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Purchase of Fixed Assets, premises and Fitting-out of Branches |
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(106,117,083) |
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(176,827,213) |
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Redemption of Held-to-Maturity Financial Investments |
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311,478,559 |
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100,347,555 |
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Held to Maturity financial Investment Purchases |
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(20,671,663) |
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(9,141,490) |
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Purchase of Available for Sale Financial Investments |
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(5,966,033,445) |
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(4,564,383,469) |
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Real Estate Investments |
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13,789,700 |
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5,049,941 |
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Net Cash (Used in) Provided from Investment Activities |
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(5,771,477,749) |
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(4,740,599,833) |
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Cash Flow From Financing Activities |
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Increase (Decrease) in Long Term Loans |
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35,734,616 |
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(16,347,315) |
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Dividends Paid |
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(661,806,331) |
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(478,236,553) |
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Capital Increase |
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25,721,800 |
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- |
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Net Cash (Used in) Financing Activities |
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(600,349,915) |
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(494,583,868) |
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Net cash & cash equivalent changes |
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(2,172,653,071) |
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1,452,038,998 |
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Beginning Balance of cash and cash equivalent |
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10,230,779,568 |
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8,778,740,569 |
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Cash & Cash equivalent Balance At the End of the period |
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8,058,126,497 |
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10,230,779,567 |
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Cash & Cash Equivalent are Represented as Follows |
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Cash and Due from Central Bank |
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5,675,241,791 |
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4,179,256,489 |
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Due From Banks |
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7,054,682,826 |
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7,946,147,786 |
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Treasury Bills & other governmental notes |
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8,821,003,566 |
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13,198,960,913 |
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Due from Banks (Time Deposits) More than Three Months |
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(6,400,688,604) |
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(7,509,460,335) |
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Treasury Bills With maturity More than Three months |
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(7,092,113,082) |
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(7,584,125,286) |
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Total Cash & Cash Equivalent |
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8,058,126,497 |
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10,230,779,567 |
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COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E |
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STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY |
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As of Dec. 31, 2010 |
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Dec. 31, 2009 |
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 of the year (EGP)
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Reserve for Employee Stock ownership plan ESOP(EGP) |
Total Shareholders Equity(EGP) |
Minority Interest (EGP) |
Total (EGP) |
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Beginning Balance |
2,925,000,000
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432,851,511 |
407,547,602 |
302,794,421 |
87,845,690 |
185,993,785 |
(20,985,045) |
- |
1,370,592,742 |
86,727,903 |
5,778,368,609 |
46,280,877 |
5,824,649,486 |
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Effect of adjusting Accounting Standards |
- |
- |
- |
- |
- |
20,536,766 |
- |
- |
- |
- |
20,536,766 |
- |
20,536,766 |
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Beginning Balance after adjustments |
2,925,000,000 |
432,851,511 |
407,547,602 |
302,794,421 |
87,845,690 |
206,530,551 |
(20,985,045) |
- |
1,370,592,742 |
86,727,903 |
5,798,905,375 |
46,280,877 |
5,845,186,252 |
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Transferred to reserves |
- |
80,755,023 |
1,056,108,883 |
- |
- |
- |
- |
- |
(1,136,863,906) |
- |
- |
- |
- |
|
Transferred to Retained earning |
- |
- |
- |
- |
(244,507,717) |
- |
- |
- |
244,507,717 |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
- |
- |
- |
- |
- |
(478,236,553) |
- |
(478,236,553) |
- |
(478,236,553) |
|
Net profits of the year |
- |
- |
- |
- |
- |
- |
- |
- |
1, 743,968,350 |
- |
1, 743,968,350 |
1,527,866 |
1,745,496,215 |
|
Change during the year |
- |
- |
(152,185) |
- |
(1,023,965)) |
- |
- |
- |
- |
- |
(1,176,150) |
(2,201,420) |
(3,377,570) |
|
Addition from financial Investment revaluation |
- |
- |
- |
- |
- |
- |
(86,139,721) |
- |
- |
- |
(86,139,721) |
- |
(86,139,721) |
|
Reserve for employee stock ownership plan ESOP |
- |
- |
- |
- |
- |
- |
- |
- |
- |
75,001,081 |
75,001,081 |
- |
75,001,081 |
|
Balance at the end of the year |
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 |
7,033,720,535 |
45,607,323 |
7,079,327,858 |
|
Dec. 31,2010 |
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 year |
Reserve for Employee Stock ownership plan ESOP |
Total Shareholders Equity |
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 |
7,033,720,535 |
45,607,323 |
7,079,327,858 |
|
Capital Increase |
2,976,443,600 |
(476,326,032) |
(2,474,395,768) |
- |
- |
- |
- |
- |
- |
- |
25,721,800 |
- |
25,721,800 |
|
Transfer to Reserves |
- |
87,847,835 |
1,010,739,284 |
- |
- |
- |
- |
- |
(1,098,587,119) |
- |
- |
- |
- |
|
Transfer to Retained Earnings
|
- |
- |
- |
- |
(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 year |
- |
- |
- |
- |
- |
- |
- |
- |
2,005,545,505 |
- |
2,005,545,505 |
1,358,316 |
2,006,903,821 |
|
Change during the year |
- |
- |
- |
- |
1,587,135 |
- |
- |
- |
- |
- |
1,587,135 |
- |
1,587,135 |
|
Addition from Financial Investments Revaluation |
- |
- |
- |
- |
- |
- |
108,847,257 |
- |
- |
- |
108,847,257 |
- |
108,847,257 |
|
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 |
- |
66,356,519 |
|
Balance at the end of the year |
5,901,443,600
|
125,128,337 |
78,412,462 |
302,794,421 |
(212,681,247) |
184,356,569 |
1,722,491 |
156,992,515 |
1,884,282,416 |
149,520,858 |
8,571,972,421 |
46,965,639 |
8,618,938,060 |
http://www.rns-pdf.londonstockexchange.com/rns/7564B_-2011-2-23.pdf
This information is provided by RNS