CIB's Yer-end Seperate Financial Statements

RNS Number : 5610D
Commercial Intnl Bank (Egypt) SAE
01 February 2018
 

















Commercial International Bank (Egypt) S.A.E.

Separate Financial Statements

Year End ,  2017








































 





















 




FINANCIAL POSITION




As of December 31st , 2017




Amounts in EGP Thousands

Note

December 31, 2017

 

December 31, 2016

 

Assets




Cash and balances with central bank

15

14,663,289

10,522,040

Due from  banks

16

45,319,766

58,011,034

Treasury bills and other governmental notes

17

54,478,202

39,177,184

Trading financial assets

18

7,295,197

2,445,134

Loans and advances to banks, net

19

1,313

159,651

Loans and advances to customers, net

20

88,427,103

85,991,914

Derivative financial instruments

21

40,001

269,269

Financial investments




- Available for sale

22

30,474,781

5,447,291

- Held to maturity

22

45,167,722

53,924,936

Investments in associates and subsidiaries

23

54,068

10,500

Non current assets held for sale

42

-

428,011

Other assets

24

6,886,807

5,446,025

Intangible assets

41

368,923

499,131

Deferred tax assets (Liabilities)

32

179,630

181,308

Property, plant and equipment

25

1,414,519

1,338,629

Total assets


294,771,321

263,852,057

Liabilities and equity




Liabilities




Due to banks

26

1,877,918

3,008,996

Due to customers

27

250,767,370

231,965,312

Derivative financial instruments

21

196,984

331,091

Current tax liabilities


2,778,973

2,017,034

Other liabilities

29

5,476,531

3,579,330

Long term loans

28

3,674,736

160,243

Other provisions

30

1,615,159

1,514,057

Total liabilities


266,387,671

242,576,063

Equity




Issued and paid up capital

31

11,618,011

11,538,660

Reserves

34

8,725,966

3,443,319

Reserve for employee stock ownership plan (ESOP)


489,334

343,460

Total equity


20,833,311

15,325,439

Net profit for the period/year


7,550,339

5,950,555

Total equity and net profit for the period/ year


28,383,650

21,275,994

Total liabilities and equity


294,771,321

263,852,057













INCOME  STATEMENT




As of December 31st , 2017












Amounts in EGP Thousands

Note

December 31, 2017

 

December 31, 2016

 





Interest and similar income


28,671,170

19,144,218

Interest and similar expense


(16,167,155)

(9,126,512)

Net interest income

6

12,504,015

10,017,706

Fee and commission income


2,676,944

1,965,529

Fee and commission expense


(624,278)

(417,573)

Net fee and commission income

7

2,052,666

1,547,956

Dividend income

8

34,514

34,236

Net trading income

9

1,292,215

1,315,182

Profits on financial investments 

22

496,045

32,121

Administrative expenses

10

(3,112,508)

(2,432,652)

Other operating (expenses) income

11

(1,063,468)

(1,237,187)

Goodwill impairment


-

(209,842)

Intangible assets amortization

41

(130,208)

(130,208)

Impairment charge for credit losses

12

(1,742,281)

(892,874)

Profit before income tax


10,330,990

8,044,438





Income tax expense

13

(2,778,973)

(2,017,034)

Deferred tax assets (Liabilities)

32 & 13

(1,678)

(76,849)

Net profit for the Period      


7,550,339

5,950,555





Earnings per share

14



Basic


5.76

4.54

Diluted


5.67

4.47









CASH FLOW STATEMENT

As of December 31st , 2017

 

 




 

Amounts in EGP Thousands



 



December 31, 2017

December 31, 2016

Cash flow from operating activities




Profit before income tax


10,330,990

8,044,438

Adjustments to reconcile net profit to net cash provided by operating  activities




Fixed assets depreciation


351,005

285,381

Impairment charge for credit losses


1,742,281

892,874

Other provisions charges


212,622

150,847

Trading financial investments revaluation differences


(248,072)

(269,283)

Available for sale and held to maturity investments exchange revaluation differences


100,078

(2,219,961)

Goodwill impairment


-

209,842

Intangible assets amortization


130,208

130,208

Financial investments impairment charge


(83,079)

82,428

Utilization of other provisions


(25,463)

(3,696)

Other provisions no longer used


(97,897)

(78,405)

Exchange differences of  other provisions


11,840

583,550

Profits from selling property, plant and equipment


(607)

(1,682)

Profits from selling financial investments


99,047

(35,193)

Profits (losses) from selling associates


-

32,793

Shares based payments


290,884

187,000

Impairment (Released) charges of non-current assets held for sale


(340,504)

(131,799)

 

Operating profits before changes in operating assets and liabilities

 


12,473,333

7,859,342

Net decrease (increase) in assets and  liabilities




Due from banks


(2,594,442)

264,072

Treasury bills and other governmental notes


(16,466,420)

(16,057,258)

Trading financial assets


(4,601,991)

3,672,526

Derivative financial instruments


95,161

(2,918)

Loans and advances to banks and customers


(4,019,132)

(29,833,291)

Other assets


(1,121,981)

(599,879)

Non-Current Assets Held for Sale


428,011

-

Due to banks


(1,131,078)

1,408,227

Due to customers


18,802,058

76,595,390

Income tax obligations paid


(2,017,034)

(1,949,694)

Other liabilities


1,897,201

957,061

Net cash provided from operating activities


1,743,686

42,313,578





Cash flow from investing activities




Proceeds from redemption of subsidiary and associates


750

-

Payment ( proceeds)  for purchases and sell of subsidiary and associates


(44,318)

176,161

Payment for purchases of property, plant, equipment and branches constructions


(745,089)

(560,631)

Proceeds from redemption of held to maturity financial investments 


13,354,468

4,094

Payment for purchases of held to maturity financial investments


(4,597,254)

(1,243,669)

Payment for purchases of available for sale financial investments


(25,868,230)

(3,334,122)

Proceeds from selling available for sale financial investments


973,963

2,946,710

Proceeds from selling non current assets held for sale


628,521

-

Net cash used in investing activities


(16,297,189)

(2,011,457)





Cash flow from financing activities



Increase (decrease) in long term loans

3,514,493

28,915

Dividend paid

(1,350,204)

(1,463,450)

Capital Increase


79,351

68,057

Net cash used in financing activities


2,243,640

1,366,478

 

Net increase (decrease) in cash and cash equivalent during the period


(12,309,863)

38,935,643

Beginning balance of cash and cash equivalent


61,518,700

22,583,057

Cash and cash equivalent at the end of the period


49,208,837

61,518,700





Cash and cash equivalent comprise:




Cash and balances with central bank


14,663,289

10,522,040

Due from banks


45,319,766

58,011,034

Treasury bills and other governmental  notes


54,478,202

39,177,184

Obligatory reserve balance with CBE


(8,878,986)

(5,438,235)

Due from banks with maturities more than three months


(1,719,586)

(2,565,895)

Treasury bills with maturity more than three months


(54,653,848)

(38,187,428)

Total cash and cash equivalent


49,208,837

61,518,700

 


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

 

Separate statement of changes in shareholders' equity  for the period ended December 31, 2016

Dec. 31, 2016

Issued and paid up capital

Legal reserve

General reserve

Special reserve

Reserve For  A.F.S  investments revaluation diff.

Banking risks reserve

IFRS 9 risk reserve

Net profit for the year

Reserve for employee stock ownership plan











EGP Thousands

Beginning balance

          11,470,603

            803,355

             1,518,525

                30,214

         (2,202,463)

                 2,513

                       -  

           4,640,718

            248,148

          16,511,613

Capital increase

                 68,057

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

                       -  

                     -  

                 68,057

Transferred to reserves

                         -  

            232,008

             3,035,878

                     564

                       -  

                       -  

                       -  

         (3,176,762)

            (91,688)

                         -  

Dividend paid

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

         (1,463,450)

                     -  

           (1,463,450)

Net profit for the year

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

           5,950,555

                     -  

            5,950,555

Net unrealised gain/(loss) on AFS

                         -  

                      -  

                         -  

                       -  

               22,219

                       -  

                       -  

                       -  

                     -  

                 22,219

Transferred (from) to  bank risk reserve

                         -  

                      -  

                         -  

                       -  

                       -  

                    506

                       -  

                   (506)

                     -  

                         -  

Cost of employees stock ownership plan (ESOP)

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

                       -  

            187,000

               187,000

Balance at the end of the year

          11,538,660

         1,035,363

             4,554,403

                30,778

         (2,180,244)

                 3,019

                       -  

           5,950,555

            343,460

          21,275,994



















 











 











 

Separate statement of changes in shareholders' equity  for the period ended December 31, 2017

 











 











 

 

Dec. 31, 2017

Issued and paid up capital

Legal reserve

General reserve

Special reserve

Reserve For  A.F.S  investments revaluation diff.

Banking risks reserve

IFRS 9 risk reserve

Net profit for the year

Reserve for employee stock ownership plan

Total

 

 











EGP Thousands

 

 

Beginning balance

          11,538,660

         1,035,363

             4,554,403

                30,778

         (2,180,244)

                 3,019

                       -  

           5,950,555

            343,460

          21,275,994

 

 

Capital increase

                 79,351

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

                       -  

                     -  

                 79,351

 

 

Transferred to reserves

                         -  

            297,444

             4,445,620

                  1,682

                       -  

                       -  

                       -  

         (4,599,736)

          (145,010)

                         -  

 

 

Dividend paid

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

         (1,350,204)

                     -  

           (1,350,204)

 

 

Net profit for the year

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

           7,550,339

                     -  

            7,550,339

 

 

Net unrealised gain/(loss) on AFS

                         -  

                      -  

                         -  

                       -  

             537,286

                       -  

                       -  

                       -  

                     -  

               537,286

 

 

Transferred (from) to  bank risk reserve

                         -  

                      -  

                         -  

                       -  

                       -  

                    615

                       -  

                   (615)

                     -  

                         -  

 

 

IFRS 9 risk reserve

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

          1,411,549

         (1,411,549)

                     -  

                         -  

 

 

Cost of employees stock ownership plan (ESOP)

                         -  

                      -  

                         -  

                       -  

                       -  

                       -  

                       -  

                       -  

            290,884

               290,884

 

 

Balance at the end of the year

          11,618,011

         1,332,807

             9,000,023

                32,460

         (1,642,958)

                 3,634

          1,411,549

           6,138,790

            489,334

          28,383,650

 











 











 











 


Proposed  appropriation account for the year ended December 31, 2017











Dec. 31, 2017


Dec. 31, 2016




EGP Thousands


EGP Thousands









Net profit after tax

7,550,339


5,950,555



Profits selling property, plant and equipment transferred to capital reserve according to the law

(607)


(1,682)



Bank risk reserve

(689)


(615)



Available net profit for distributing

7,549,043


5,948,258



IFRS 9 risk reserve*

(1,411,549)


-



Total

6,137,494


5,948,258









To be distributed as follows:






Legal reserve

377,487


297,444



General reserve

3,616,830


4,300,607



Dividends to shareholders

1,161,801


576,933



Staff profit sharing

754,904


594,826



Board members bonus

113,236


89,224



CIB's foundation

113,236


89,224



Total

6,137,494


5,948,258








*

The IFRS 9 risk reserve is created to comply with the Central Bank of Egypt instructions received on January 28, 2017.










 











 


Click on, or paste the following link into your web browser, to view the associated PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/5610D_-2018-1-31.pdf

 










 











 











 











 


 











 











 











 











 











 











 











 











 










 

















































































































































 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR FKDDBBBKBPDN
UK 100

Latest directors dealings