Consolidated Financials

RNS Number : 3624X

Commercial Intnl Bank (Egypt) SAE

12 August 2009

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30, 2009
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30 2009
Amounts in L.E.	Note	30-June 2009		31-Dec-2008
Assets
Cash & Due From Central Bank	5	4,115,405,443		4,473,013,600
Due From Banks	6	7,943,572,892		6,572,191,780
Treasury Bills & Other Governmental Notes	7	11,172,934,588		12,456,955,210
Trading Financial Assets	8	1,045,775,899		641,627,430
Loans & Overdrafts	12&11	27,161,846,172		26,330,327,878
Financial Derivatives	13	430,722,763		704,890,792
Financial Investments:
Available for Sale	9	7,586,765,723		2,774,965,250
Held to Maturity	9	638,693,110		681,263,274
Financial Investments in Subsidiary and    associated companies	14	93,084,480		92,923,215
Brokers-Debit Balances		335,162,309		151,604,732
Reconciliation Accounts-Debit Balances		4,766,261		-
Debit Balances and Other Assets	16	786,286,044		972,855,164
Goodwill	39	200,467,227		200,523,251
Intangible Assets	39	607,205,166		640,938,786
Deferred Tax	28	28,465,904		19,372,767
Fixed Assets (Net)	17	805,149,662		748,340,702
Total Assets		62,956,303,642		57,461,793,831
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	18	3,573,891,247		228,994,222
Customer Deposits	19	50,798,329,417		48,790,029,809
Brokers-Credit Balances		530,209,824		200,921,933
Reconciliation Accounts-Credit Balances		-		27,897,554
Financial Derivatives	13	308,473,371		636,914,744
Credit Balances & Other Liabilities	20	894,278,928		1,270,466,914,
Long Term Loans	21	108,168,665		109,273,933
Other Provisions	22	381,216,873		372,645,236
Total Liabilities		56,594,568,324		51,637,144,345
Shareholders' Equity
Issued & Paid- in Capital	23	2,925,000,000		2,925,000,000
Reserves	23	2,509,919,622		1,308,202,274
Reserve for employee stock ownership plan (ESOP)		126,996,263		86,727,903
Retained Earnings		(161,409,420)		(85,498,087)
Total Shareholders' Equity		5,400,506,465		4,405,428,264
Net Profit of the Period/ Year		907,650,995		1,370,592,741
Total Shareholders' Equity & Net Profit		6,308,157,461		5,776,021,006
Minority Interest		53,577,858		48,628,480
Total Shareholders' Equity & Minority Interest		6,361,735,318		5,824,649,486
Total Liabilities & Shareholders' Equity		62,956,303,642		57,461,793,831
Contingent Liabilities & Commitments
Letters of Credit, Guarantees and Other Commitments	24	12,991,858,320		13,290,994,705
INCOME STATEMENT
As of June. 30 2009		June 30, 2009		June 30, 2008 (Restated)
Amounts in LE.	Note
Interest and similar income	25	2,016,226,741		1,686,154,496
Interest and similar expense	25	(1,060,327,871)		(932,802,382)
Net Interest Income		955,898,870		753,352,114
Fees & Commissions Income		373,741,198		437,792,014
Fees & Commissions Expense		(29,671,889)		23,332,096
Net Income from Fees & Commissions		344,069,309		414,459,918
Dividends Income		125,577,732		125,171,095
Net Trading Income	26	326,783,996		231,639,887
Provisions	12&22	(62,132,940)		(164,354,750)
Profits from Financial Investments	9	31,347,447		95,242,542
Administrative Expenses		(591,445,312)		(449,659,318)
Other Operating (Expenses) Income	10	(11,460,526)		132,547,812
Intangible Assets Amortization		(33,733,620)		-
Net Profit before Tax		1,084,904,956		1,138,399,270
Income Tax	29	(181,946,337)		(113,664,462)
Deferred Tax	28	7,493,138		(32,293,709)
Net Profit After Tax		910,451,757		992,441,099
Minority Interest		2,800,761		1,853,919
Bank Shareholders		907,650,995		990,587,180
Earnings Per Share
Basic		2.75		3.00
Diluted		2.69		2.97
CASH FLOW STATEMENT 1a
As of June. 30 2009		June 30, 2009		June 30, 2008 (Restated)
Amounts in LE.
Cash Flow from Operating Activities
Net Income Before Tax		1,084,904,956		1,138,399,270
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		96,498,846		66,306,354
Provisions (Formed during the period)		62,132,940		164,755,386
Trading Financial Investment Evaluation Differences		(20,074,180)		13,738,256
Intangible Assets Amortization		(33,733,620)		-
Impairment of Assets		(1,163,011)		6,596,846
Utilization of Provision (Except Provision for Doubtful Debts)		(5,718,752)		(10,853,463)
Provisions no longer used		(3,499,887)		(95,081,179)
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)		1,916,734		(1,783,606)
Losses From Selling of Fixed Assets		(15,393,221)		(5,034,478)
Losses From Selling of financial Investments		(45,535,354)		(61,306,526)
Losses from Selling an investment subsidiary		-		(50,258,991)
FCY Revaluation Difference of Long Term Loans		308,628		729,177
Share Based Payments		40,268,360		28,850,246
Operating Profit Before Changes in Operating Assets and Liabilities		1,191,698,880		1,195,057,292
Net Decrease (Increase) in Assets
Due from banks		(1,910,739,235)		(1,026,514,914)
Treasury Bills & Other Governmental Notes		2,216,468,549		58,728,206
Trading Financial Assets		384,074,288		(188,063,799)
Financial Derivatives (Net)		(54,273,344)		(28,138,148)
Loans & Overdrafts		(873,938,640)		(3,902,357,346)
Net Increase (Decrease) In Liabilities
Debit Balances & Other Assets		(60,705,804)		(701,928,013)
Due to Banks		3,344,897,025		1,774,275,304
Customer Deposits		2,008,299,608		6,141,703,428
Credit Balances & Other Liabilities		(191,072,801)		56,127,696
Net Cash Provided from Operating Activities		5,286,559,950		3,378,889,706
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June. 30 2009		June 30, 2009		June 30, 2008 (Restated)
Cash Flow From Investment Activities
Sales of subsidiaries & associated companies		64,692,178		18,126,009
Purchase of Fixed Assets, premises and Fitting-out of Branches		(113,588,087)		(92,465,985)
Redemption of Held-to-Maturity Financial Investments		48,739,592		157,040,360
Held to Maturity Financial Investment Purchases		(6,169,428)		-
Available for Sale Financial Investments		(4,765,102,108)		(1,133,613,027)
Financial Investments in Subsidiary (Goodwill)		-		10,398721
Net Cash (Used in) Provided from Investing  Activities		(4,771,427,853)		(1,040,513,922)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(1,413,896)		(36,184,758)
Dividends Paid		(478,236,553)		(391,656,089)
				-
Net Cash (Used in) Financing Activities		(479,650,449)		(427,840,847)
Net cash & cash equivalent changes		35,481,648		1,910,534,937
Beginning Balance of cash and cash equivalent		8,778,740,569		6,879,374,080
Cash & Cash equivalent Balance At the End of the period		8,814,222,217		8,789,909,017
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,115,405,443		7,220,447,781
Due From Banks		7,943,572,892		14,669,061,278
Treasury Bills & other Governmental Notes		11,172,934,588		2,776,871,582
Due from Banks (time deposits)		(7,639,636,507)		(14,291,862,376)
Treasury Bills with Maturity More than Three Months		(6,777,954,199)		(1,584,789,248)
Total Cash & Cash Equivalent		8,814,222,217		8,789,909,107

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of June 30 2009

2008	Capital	Legal Reserves	General Reserves	Intangible Assets Value for Bank's Share before Acquisition	Retained Earnings*	Special Reserves	Reserves for A.F.S* Inv. Revaluation Diff.	Profits of the year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders  Equity	Minority Interest	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	0	41,349,498	185,993,785	60,903,531	1,285,775,354	29,159,584	4,472,895,558	5,263,160	4,478,158,718
Derivatives revaluations settlement*	0	0	0	0	(13,571,026)	0	0	0	0	(13,571,026)	0	(13,571,026)
Capital Increase*	975,000,000	0	(975,000,000)	0		0	0	0	0	0	0	0
Transfer to Reserves	0	61,620,639	834,064,668	0	0	0	0	(895,685,307)	0	0	0	0
Dividends Paid	0	0	0	0	(5,997,898)	0	0	(336,709,547)	0	(342,707,445)	(3,338,247)	(346,045,692)
Net Profit of the year	0	0	0	0	0	0	0	1,370,592,742	0	1,370,592,742	(5,177,543)	1,365,415,199
Usage part of reserve	0	0	0	0	0	0	(81,888,576)	0	0	(81,888,576)	0	(81,888,576)
Change During the Period	0	0	0	0	0	0	0	0	0	0	0	0
Transferred to Retained Earnings	0	0	0	0	53,380,500	0	0	(53,380,500)	0	0	0	0
Reserve for employee stock ownership plan ESOP**	0	0	0	0	0	0	0	0	57,568,319	57,568,319	0	57,568,319
Adjustments on Income Tax	0	0	0	0	(461,324)	0	0	0	0	(461,324)	0	(461,324)
Minority Share from Retained Earnings	0	0	0	0	(4,927,294)	0	0	0	0	(4,927,294)	4,927,294	0
Majority Share in Intangible Assets	0	0	0	302,794,421	15,725,631	0	0	0	0	318,520,052	46,953,816	365,473,868
Ending Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	85,498,087	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,776,021,006	48,628,480	5,824,649,486

2009	Capital	Legal Reserves	General Reserves	Intangible Assets Value for Bank's Share before Acquisition	Retained Earnings*	Special Reserves	Reserves for A.F.S* Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest	Total
Beginning Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	85,498,087	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,776,021,006	48,628,480	5,824,649,486
Transfer to Reserves	0	80,755,023	1,056,108,882	0	0	0	0	(1,136,863,905)	0	0	0	0
Transfer to Retained Earnings	0	0	0	0	(244,507,717)	0	0	244,507,717	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	(478,236,553)	0	(478,236,553)	0	(478,236,553)
Net Profits of the Period	0	0	0	0	0	0	0	907,650,995	0	907,650,995	2,800,761	910,451,757
Change During the Period	0	0	0	0	(2,399,790)	0	0	0	0	(2,399,790)	2,148,616	(251,174)
Addition from financial Investment Revaluation	0	0	0	0	0	0	64,853,443	0	0	64,853,443	0	64,853,443
Reserve for employee stock ownership plan ESOP	0	0	0	0	0	0	0	0	40,268,360	40,268,360	0	40,268,360
Ending Balance	2,925,000,000	513,606,534	1,463,656,484	302,794,421	(161,409,420)	185,993,785	43,868,398	907,650,996	126,996,263	6,308,157,461	53,577,858	6,361,735,318

* Note No (23)

** Note No (31)

 

END

 

 

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