Further re Final Results

RNS Number : 1197N

Commercial Intnl Bank (Egypt) SAE

10 February 2009

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2008
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED FINANCIAL POSITION
As of December 31, 2008
Amounts in L.E.	Note	Dec. 31, 2008		Dec. 31, 2007 restated
Assets
Cash & Due From Central Bank	5	6,493,360,095		4,953,205,430
Due From Banks	6	4,551,845,285		13,883,232,504
Treasury Bills & Other Governmental Notes	7	12,456,955,210		2,951,621,063
Trading Financial Assets	8	641,627,430		683,832,861
Loans & Overdrafts	11&12	26,330,327,878		20,478,590,841
Financial Investments
Available for Sale	9	2,774,965,250		2,353,862,934
Held to Maturity Financial Investments	9	681,263,274		443,894,166
Financial Investments in Subsidiary and associated companies	14	92,923,215		90,714,548
Brokers-Debit Balances		151,604,732		122,917,170
Reconciliation Accounts-Debit Balances		-		21,108,871
Debit Balances & Other Assets	16	972,855,164		1,035,176,214
Goodwill	39	2,00,523,251		140,613,801
Intangible Assets	39	640,938,786		-
Deferred Tax	28	19,372,767		51,900,192
Fixed Assets (Net)	17	748,340,702		620,238,882
Total Assets		57,461,793,831		47,906,217,310
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	18	228,994,222		2,378,613,378
Customer Deposits	19	48,790,029,809		39,476,052,841
Brokers - Credit Balance		200,921,933		162,358,363
Reconciliation Accounts-Credit Balances		27,897,554		1,292,008
Financial Derivatives	13	636,914,744		63,166,763
Credit Balances & Other Liabilities	20	1,229,280,358		759,678,951
Long Term Loans	21	109,273,933		161,356,219
Other Provisions	22	372,645,236		397,924,539
Total Liabilities		51,595,957,789		43,400,443,062
Shareholders' Equity
Issued & Paid- in Capital		2,925,000,000		1,950,000,000
Reserves		1,335,817,804		1,194,226,652
Reserve for employee stock ownership plan (ESOP)	31	86,727,903		29,159,584
Retained Earning		99,069,113		41,349,498
Net Profit of the Year		1,370,592,742		1,285,775,354
Total Shareholders' Equity & Net Profit		5,817,207,562		4,500,511,088
Minority interest		48,628,480		5,263,160
Total Shareholders Equity & Minority Interest	23	5,865,836,042		4,505,774,248
Total Liabilities & Shareholders' Equity		57,461,793,831		47,906,217,310
Contingent & commitments Liabilities	24	13,290,944,705		11,559,841,635
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED INCOME STATEMENT
For Year Ended December 31, 2008
Amounts in LE.	Note	Dec. 31, 2008		Dec. 31, 2007 Restated
Interest and similar income	25	3,765,207,513		2,998,066,645
Interest and similar expenses	25	(1,966,547,421)		(1,797,842,883)
Net Interest Income		1,798,660,092		1,200,223,762
Fees and Commissions income		821,333,569		665,185,633
Fees and Commissions Expense		(73,587,145)		(25,286,540)
Net Income from Fees and Commissions		747,746,424		639,899,093
Dividends Income		102,559,579		71,536,293
Net Trading Income	26	345,367,741		276,721,777
Provisions		(410,519,381)		(250,988,033)
Profit (losses) from Financial Investments	9	109,312,249		226,736,631
Goodwill Impairment		(183,698,000)		-
Administrative Expenses		(1,038,662,088)		(697,705,206)
Other Operating Income	10	179,386,060		5,267,755
Intangible Assets Amortization		(33,733,620)		-
Net Profit before Tax		1,616,419,056		1,471,692,072
Income Tax	29	(218,777,585)		(194,218,288)
Deferred Tax	29&28	(32,226,272)		11,459,368
Net Profit After Tax		1,365,415,199		1,288,933,152
Minority interest		(5,177,543)		2,746,306
Bank Shareholders		1,370,592,742		1,286,186,846
Earning per share
Basic	30	4.15		3.89
Diluted	30	4.11		3.87
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED CASH FLOW STATEMENT 1a
For Year Ended Dec. 31, 2008
Amounts in LE.		Dec. 31, 2008		Dec. 31, 2007 Restated
Cash Flow From Operating Activities
Net Income Before Tax		1,616,419,056		1,471,692,072
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		157,078,362		122,518,015
Provisions (Additions during the period)		410,519,381		250,988,033
Trading Financial Investment Evaluation Diff.		88,799,961		(8,210,793)
Impairment of Assets		33,733,620		-
Utilization of Provision (Other than Provision for Doubtful Debts)		(11,957,034)		-
Provisions No Longer Used		(165,739,690)		(7,036,600)
Difference in revaluation of FCY Provision Balances (Except Doubtful Debts)		518,328		(1,904,981)
Gains From Selling of Fixed Assets		(5,052,568)		(1,269,870)
Profit From Selling of Investments		(227,427,627)		(174,663,447)
Profits from Selling an investment in subsidiary		(50,258,991)		(148,393,558)
Goodwill Impairment		183,698,000		-
FCY Revaluation Difference of Long Term Loans		(922,993)		1,733,674
Share based payments		57,568,319		29,159,584
Operating Profit Before Changes in Operating Assets and Liabilities		2,086,976,124		1,534,612,129
Net Decrease (Increase) in Assets
Due from banks		9,556,516,685		(7,961,652,630)
Treasury Bills & Other Governmental Notes		(7,358,853,097)		2,268,535,711
Trading Financial Assets		(46,594,530)		225,460,301
Financial Derivatives (Net)		(55,834,978)		(12,141,070)
Loans & Overdrafts		(6,220,116,065)		(3,054,288,046)
Debit Balances & Other Assets		(9,204,729)		(213,637,494)
Net Increase (Decrease) In Liabilities
Due to Banks		(2,149,619,156)		1,166,089,258
Customer Deposits		9,313,976,968		7,875,825,643
Credit Balances & Other Liabilities		618,321,121		(85,419,369)
Income Tax paid		(155,475,345)		(80,317,367)
Net Cash Provided from Operating Activities		5,580,092,998		1,663,067,065
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED CASH FLOW STATEMENT 1b
For Year Ended Dec.31,2008		Dec. 31, 2008		Dec. 31, 2007 Restated
Cash Flow From Investing Activities
Sale (Purchase) of Subsidiaries & Associated Companies		(2,208,667)		15,148,088
Prepaid for Fixed Assets, premises and Fitting-out of Branches		(198,887,584)		(284,632,707)
Redemption of Held-to-Maturity  Financial Investments		(237,369,108)		378,390,172
Available for Sale Financial Investments		(211,077,065)		1,119,236,499
Financial Investments in subsidiary (Goodwill)		(621,580,409)		(117,495,626)
Net Cash (Used in)  Provided from Investing Activities		(1,271,122,833)		1,110,646,426
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(51,159,293)		60,455,684
Dividends Paid		(346,045,692)		(310,359,381)
Net Cash (Used in) Financing Activities		(397,204,985)		(249,903,697)
Net cash & cash equivalent Changes		3,911,765,180		2,523,809,795
Beginning Balance of cash and cash equivalent		6,879,374,081		4,355,564,286
Cash & Cash equivalent Balance At the End of the Year		10,791,139,261		6,879,374,081
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		6,493,360,095		4,953,205,430
Due From Banks		4,551,845,285		13,883,232,505
Treasury Bills & Other Governmental Notes		12,456,955,210		2,951,621,063
Due From Banks (Time Deposits)		(3,708,650,777)		(13,265,167,463)
Treasury Bills with Maturity More than Three Months		(9,002,370,552)		(1,643,517,454)
Total Cash & Cash Equivalent		10,791,139,261		6,879,374,081

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of December 31, 2008

2007	Capital	Legal Reserves	General Reserves	Intangible Assets Reserve	Retained Earning	Special Reserves	Reserves for Inv. Rev.*	Profits of the year	Reserve for ESOP	Total Shareholders Equity & Retained Earnings	Minority Interest	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	-	29,721,156	162,709,903	7,458,634	-	-	3,069,603,499	2,516,854	3,072,120,353
Effect of Adjusting Accounting Standards After Tax	-	-	-	-	61,784,246	332,016	80,445,723	-	-	142,561,985	-	142,561,985
Beginning Balance After Adjustments	1,950,000,000	371,230,872	548,482,934	-	91,505,402	163,041,919	87,904,357	-	-	3,212,165,484	2,516,854	3,214,682,338
Effect of Adjusting Accounting Standard After Tax	-	-	-	-	(50,155,904)	50,567,396	-	(411,492)	-	-	-	-
Usage Part of Reserve	-	-	-	-	-	-	(27,000,826)	-	-	(27,000,826	-	(27,000,826)
Adjusted Net Profits of the Year	-	-	-	-	-	-	-	1,286,186,846	-	1,286,186,846	2,746,306	1,288,933,152
Reserve for Employee Stock Ownership plan (ESOP)**	-	-	-	-	-	-	-	-	29,159,584	29,159,584	-	29,159,584
Ending Balance	1,950,000,000	371,230,872	548,482,934	-	41,349,498	213,609,315	60,903,531	1,285,775,354	29,159,584	4,500,511,088	5,263,160	4,505,774,248

2008	Capital	Legal Reserves	General Reserves	Intangible Assets Reserve	Retained Earning*	Special Reserves	Reserves for Inv. Rev.	Profits of the year	Reserve for ESOP	Total Shareholders Equity & Retained Earnings	Minority Interest	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	-	41,349,498	213,609,315	60,903,531	1,285,775,354	29,159,584	4,500,511,088	5,263,160	4,505,774,248
Transfer to reserves	-	61,620,639	834,064,668	-	-	-	-	(895,685,307)	-	-	-	-
Net Profits of the Year	-	-	-	-	-	-	-	1,370,592,742	-	1,370,592,742	(5,177,543)	1,365,415,199
Capital Increase*	975,000,000	-	(975,000,000)	-	-	-	-	-	-	-	-	-
Distributed Profits	-	-	-	-	(5,997,898)	-	-	(336,709,547)	-	(342,707,445)	(3,338,247)	(346,045,692)
Reverse Part of Reserve	-	-	-	-	-	-	(81,888,576)	-	-	(81,888,576)	-	(81,888,576)
Undivided Profit	-	-	-	-	53,380,500	-	-	(53,380,500)	-	-	-	-
Reserve for ESOP	-	-	-	-	-	-	-	-	57,568,319	57,568,319	-	57,568,319
Adjustment on Income Tax	-	-	-	-	(461,324)	-	-	-	-	(461,324)	-	(461,324)
Minority Share in Retained Earnings	-	-	-	-	(4,927,294)	-	-	-	-	(4,927,294)	4,927,294	-
A Mojority Stake In Intangible Assets	-	-	-	302,794,421	15,725,631	-	-	-	-	318,520,052	46,953,816	365,473,868
Ending Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	99,069,113	213,609,315	(20,985,045)	1,370,592,642	86,727,903	5,817,207,562	48,628,480	5,865,836,042

 

END

 

 

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