Final Results

RNS Number : 2427Y

Commercial Intnl Bank (Egypt) SAE

20 February 2013

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31,  2012
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Dec. 31, 2012
Amounts in EGP	Note	Dec. 31, 2012		Dec. 31, 2011
Assets
Cash & Due From Central Bank	15	5,393,974,124		7,492,064,510
Due From Banks	16	8,047,820,388		8,528,229,519
Treasury Bills & Other Governmental Notes	17	8,017,754,432		9,260,842,183
Trading Financial Assets	18	1,515,325,502		675,325,450
Loans & Advances to Banks	19	1,178,867,739		1,395,594,609
Loans & Advances to Customers	20	40,698,313,773		39,669,785,864
Derivative Financial Instruments	21	137,459,761		146,544,656
Financial Investments
Available for Sale	22	21,177,427,597		15,421,546,277
Held to Maturity	22	4,215,787,960		39,159,520
Investments in Associates	23	165,198,634		106,676,167
Brokers-Debit Balances		134,944,510		24,185,525
Reconciliation Accounts- Debit Balances		0		42,507,905
Investment Property	24	10,395,686		12,774,686
Other Assets	25	2,474,945,065		1,534,819,491
Goodwill	40	0		120,280,337
Intangible Assets	40	33,422,415		309,353,104
Deferred Tax	33	129,356,874		96,018,092
Property, Plant and Equipment	26	683,455,846		630,508,089
Total Assets		94,014,450,306		85,506,215,984
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	1,714,862,716		3,340,794,517
Due to Customer	28	78,729,121,488		71,467,935,259
Brokers-Credit Balance		124,759,011		111,851,855
Reconciliation Accounts-Credit Balances		1,664,718		0
Derivative Financial Instruments	21	119,099,260		114,287,990
Other Liabilities	30	2,059,005,013		1,342,736,040
Long Term Loans	29	80,495,238		99,333,376
Other Provisions	31	315,488,382		270,801,909
Total Liabilities		83,144,495,826		76,747,740,946
Equity
Issued and Paid In Capital	32	5,972,275,410		5,934,562,990
Reserves	32	2,970,163,921		1,387,842,060
Reserve for Employee Stock Ownership Plan (ESOP)		164,761,121		137,354,418
Retained Earnings		(510,946,406)		(362,379,298)
Total Equity		8,596,254,046		7,097,380,170
Net Profit of the Year After Tax		2,226,180,503		1,614,738,322
Total Equity And Net Profit For Year		10,822,434,549		8,712,118,492
Minority Interest		47,519,931		46,356,546
Total Minority Interest and Equity and Net Profit For Period/year		10,869,954,480		8,758,475,038
Total Liabilities, Equity and Minority Interest		94,014,450,306		85,506,215,984
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	14,897,739,005		12,559,553,516
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Dec. 31, 2012
Amounts in EGP.	Note	Dec. 31, 2012		Dec. 31, 2011
Interest and Similar Income		7,859,311,839		5,470,990,831
Interest and Similar Expenses		(3,945,685,636)		(2,781,039,268)
Net Interest Income	6	3,913,626,203		2,689,951,563
Fees & Commissions Income		1,033,628,014		930,569,533
Fees and Commissions Expense		(107,365,742)		(87,622,734)
Net Income from Fees and Commissions	7	926,262,272		842,946,799
Dividend Income	8	33,110,823		61,506,980
Net Trading Income	9	574,575,176		381,692,480
Profit from Financial Investments	22	(26,909,306)		38,669,156
Goodwill Amortization		(10,426,511)		(40,093,445)
Administrative Expenses	10	(1,559,401,781)		(1,449,718,695)
Other operating (Expenses) Income	11	(103,307,092)		(72,539,394)
Impairment Charge for Credit Loans	12	(609,971,077)		(320,648,863)
Intangible Assets Amortization		(82,990,084)		(67,467,240)
Bank's Share in the Profits of Associates		26,348,545		(7,859,808)
Net Profit Before Tax		3,080,917,168		2,056,439,533
Income Tax Expense	13	(887,265,476)		(448,586,285)
Deferred Tax	13 & 33	33,338,781		6,374,868
Net Profit of The Year		2,226,990,473		1,614,228,116
Minority Interest		809,970		(510,206)
Bank Shareholders		2,226,180,503		1,614,738,322
Earning per share	14
Basic		3.53		2.43
Diluted		3.47		2.39
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Dec. 31 2012
Amounts in EGP.		Dec.31, 2012		Dec.31, 2011
Cash Flow from Operating Activities
Net Profit Before Tax		3,080,917,168		2,056,439,533
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		168,382,905		188,125,507
Impairment  Charge For Credit losses		610,226,923		322,276,483
Other Provisions Charges		51,616,933		4,217,707
Trading Financial Investment Revaluation Differences		(86,425,026)		49,692,862
Intangible Assets Amortization		82,990,084		67,467,240
Goodwill Amortization		10,426,511		40,093,445
Available for Sale and held to Maturity Investments exchange revaluation Difference		(60,242,239)		(60,380,784)
Financial Investments Impairment Charge (Release)		8,033,536		(373,389)
Utilization of Other Provisions		(13,886,192)		(4,068,833)
Other Provisions No Longer Used		(531,054)		(50,567,704)
Exchange Differences of Other Provisions		7,230,941		2,329,620
Profits From Selling Property, Plants and Equipment		(2,387,583)		(2,716,747)
Profits From Selling financial Investments		(519,013)		(100,273,310)
Losses from Selling Associates		0		(1,873,813)
Exchange Differences of Long Term Loans		0		164,819
Share Based Payments		79,068,829		77,459,887
Investments in Associates Revaluation		0		7,151,567
Real Estate Investments Impairment Charges		(371,000)		400,000
Operating Profits Before Changes in Operating Assets and Liabilities		3,934,431,723		2,595,564,090
Net Decrease (Increase) in Assets and Liabilities
Due from banks		521,695,379		(1,851,562,990)
Treasury Bills & Other Governmental Notes		758,289,224		(1,729,254,403)
Trading Financial Assets		(753,475,026)		860,729,523
Derivative Financial Instruments		13,896,165		(6,543,758)
Loans and Advances to Banks and Customers		(1,421,772,116)		(6,213,116,023)
Other Assets		(1,015,446,313)		21,744,773
Due to Banks		(1,625,931,801)		2,018,514,608
Due to Customers		7,261,186,229		8,103,757,981
Other Liabilities		(156,424,620)		(560,452,284)
Net Cash Provided from Operating Activities		7,516,448,844		3,239,381,517
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of  Dec. 31, 2012		Dec. 31, 2012		Dec. 31, 2011
Cash Flow From Investing Activities
Purchase of Associates		(58,522,467)		(18,000,000)
Proceeds from Selling Associates		0		1,000,000
Purchase of Property, Plant and Equipment		(211,873,420)		(157,632,289)
Redemption of Held-to-Maturity Financial Investments		0		270,207,161
Purchases of Held to Maturity Financial Investment		(4,176,628,441)		(5,000,000)
Purchases of Available for Sale Financial Investments		(10,169,757,165)		(4,536,303,691)
Proceeds from Selling Available For Sale Financial Investments		5,343,312,219		2,181,457,020
Proceeds from Real Estate Investments		2,750,000		15,520,978
Net Cash Generated from (Used in) Investing  Activities		(9,270,719,274)		(2,248,750,821)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(18,838,138)		(29,944,868)
Dividend Paid		(806,206,518)		(844,414,580)
Capital Increase		37,712,420		33,119,390
Net Cash Generated from (Used in) Financing Activities		(787,332,236)		(841,240,058)
Net Increase (Decrease) in Cash and Cash Equivalent		(2,541,602,666)		149,390,638
Beginning Balance of Cash and Cash Equivalent		8,207,517,133		8,058,126,497
Cash & Cash Equivalent Balance At the End of the Year		5,665,914,467		8,207,517,135
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		5,393,974,124		7,492,064,510
Due From Banks		8,047,820,388		8,528,229,519
Treasury Bills and Other Governmental Notes		8,017,754,432		9,260,842,183
Obligatory Reserve Balance With CBE		(3,093,283,199)		(3,014,779,811)
Due from Banks (Time Deposits) More than Three Months		(4,637,273,016)		(5,237,471,783)
Treasury Bills With Maturity More than Three months		(8,063,078,262)		(8,821,367,483)
Total Cash & Cash Equivalent		5,665,914,467		8,207,517,135

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Dec. 31, 2012

Dec. 31, 2011 Restated	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)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	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	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	-	33,119,390	-	33,119,390
Transferred to Reserves	-	106,216,559	1,155,710,314	-	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-	-	-
Transferred to Retained Earning	-	-	-	-	(122,852,795)	-	-	-	122,852,795	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(824,183,282)	-	(844,414,580)	-	(844,414,580)
Net Profit of the year	-	-	-	-	-	-	-	-	1,614,738,322	-	1,614,738,322	(510,206)	1,614,228,116
Change During the Year	-	-	-	-	(30,796,515)	-	-	-	-	-	(30,796,515)	(98,887)	(30,895,402
Addition from Financial Investment Revaluation	-	-	-	-	-	-	704,925,127	-	-	-	(704,925,127)	-	(704,925,127)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	124,697,104	(124,697,104)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	77,459,887	77,459,887	-	77,459,887
The Effect of Changing Accounting Policies	-	-	-	-	15,105,920	-	-	-	(15,105,920)	-	-	-	-
Balance at the End of the Year	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(362,379,298)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,712,118,492	46,356,546	8,758,475,038

Dec. 31,2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	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	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(362,379,298)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,712,118,492	46,356,546	8,758,475,038
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transfer to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	2,226,180,503	-	2,226,180,503	809,971	2,226,990,474
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the Year	-	-	-	-	(353,414)	-	-	-	-	-	(353,414)	353,414	-
Addition from Financial Investments Revaluation	-	-	-	-	-	-	876,708,657	-	-	-	876,708,657	-	876,708,657
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(177,972,687)	177,972,687	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	79,068,829	79,068,829	-	79,068,829
Settlements of Intangible Assets Value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the year	5,972,275,410	380,348,755	2,036,955,187	-	(510,946,406)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,822,434,549	47,519,931	10,869,954,480

 

END

 

 

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