Q3'2014 Consolidated Financial Statements

RNS Number : 7276W

Commercial Intnl Bank (Egypt) SAE

12 November 2014

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2014
Amounts in EGP Thousands.	Note	Sep. 30, 2014		Dec. 31, 2013
Assets
Cash & Balances with Central Bank	15	6,611,568		4,796,240
Due From Banks	16	13,341,202		9,003,951
Treasury Bills & Other Governmental Notes	17	26,584,368		23,665,429
Trading Financial Assets	18	3,534,602		2,295,219
Loans & Advances to Banks	19	142,304		132,422
Loans & Advances to Customers	20	45,959,546		41,733,252
Derivative Financial Instruments	21	67,779		103,085
Financial Investments
Available for Sale	22	25,560,583		23,378,104
Held to Maturity	22	8,989,652		4,197,177
Investments in Associates	23	222,499		192,753
Brokerage Clients-Debit Balances		656,295		270,811
Reconciliation Accounts- Debit Balances		48,323		28,779
Investment Property	24	4,056		9,696
Other Assets	25	3,490,984		2,892,343
Deferred Tax	33	83,678		83,557
Property, Plant and Equipment	26	967,827		969,176
Total Assets		136,265,266		113,751,994
Liabilities and Equity
Liabilities
Due to Banks	27	1,577,767		1,373,410
Due to Customers	28	115,866,842		96,845,683
Brokerage clients-Credit Balance		377,941		167,379
Derivative Financial Instruments		107,954		114,879
Current Income Tax obligations	21	1,337,505		1,179,709
Other Liabilities	30	2,380,924		1,476,957
Long Term Loans	29	230,878		132,153
Other Provisions	31	568,530		454,699
Total Liabilities		122,448,341		101,744,869
Equity
Issued and Paid In Capital		9,081,734		9,002,435
Reserves	32	1,972,963		307,059
Reserve for Employee Stock Ownership Plan (ESOP)	32	159,853		190,260
Retained Earnings (losses)		(155,160)		(546,531)
Total Equity		11,059,390		8,953,223
Net Profit of the Period/Year After Tax		2,708,967		3,006,488
Total Equity And Net Profit For Period/Year		13,768,357		11,959,711
Minority Interest		48,568		47,414
Total Minority Interest and Equity		13,816,925		12,007,125
Total Liabilities, Equity and Minority Interest		136,265,266		113,751,994
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments		21,168,261		16,182,440
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of September 30, 2014
Amounts in EGP Thousands.	Note	Sep. 30, 2014		Sep. 30, 2013
Interest and Similar Income		8,201,901		6,972,030
Interest and Similar Expenses		(3,838,998)		(3,281,023)
Net Interest Income	6	4,362,903		3,691,007
Fees & Commissions Income		1,377,102		1,067,166
Fees and Commissions Expense		(127,327)		(93,749)
Net Income from Fees and Commissions	7	1,249,775		973,417
Dividend Income	8	28,495		21,416
Net Trading Income	9	576,675		577,456
Profit (losses) from Financial Investments	22	73,876		3,601
Administrative Expenses	10	(1,302,269)		(1,128,907)
Other operating (Expenses) Income	11	(487,391)		(290,458)
Impairment (Charge) Release for Credit Losses	12	(466,534)		(565,928)
Intangible Assets Amortization		-		(33,421)
Bank's Share in the Profits of Associates		23,578		13,017
Profit Before Income Tax		4,059,108		3,261,200
Income Tax Expense	13	(1,349,099)		(1,025,137)
Deferred Tax	33 & 13	121		13,462
Net Profit for The Period		2,710,130		2,249,525
Minority Interest		1,163		323
Bank Shareholders		2,708,967		2,249,202
Earnings per share	14
Basic		2.55		1.87
Diluted		2.50		1.85
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2014
Amounts in EGP Thousands.		Sep. 30, 2014		Sep. 30, 2013
Cash Flow from Operating Activities
Profit Before Income Tax		4,059,108		3,261,200
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		161,169		156,821
Impairment  Charges for credit losses		466,534		565,928
Other Provisions Charges		120,713		55,005
Trading Financial Investment Revaluation Differences		(35,997)		11,534
Intangible Assets Amortization		-		33,422
Available for sale and held to maturity investments exchange revaluation differences		(38,176)		(114,126)
Financial Investments Impairment Charge (Release)		1,505		(30,430)
Utilization of Other Provisions		(5,931)		(4,158)
Other Provisions No Longer Used		-		(142)
Exchange Differences of Other Provisions		(951)		14,405
Profits From Selling Property, Plant and Equipment		(689)		(748)
Profits From Selling Financial Investments		(74,968)		(3,720)
Shares Based Payments		81,945		71,885
Investments in Associates Revaluation		(23,579)		(16,309)
Operating Profits Before Changes in Operating Assets and Liabilities		4,710,683		4,000,567
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(4,138,347)		(966,229)
Treasury Bills & Other Governmental Notes		(3,085,888)		(8,063,793)
Trading Financial Assets		(1,203,386)		(681,550)
Derivative Financial Instruments		28,381		30,969
Loans and Advances to Banks and Customers		(4,702,710)		(544,007)
Other Assets		(966,946)		(178,411)
Due to Banks		204,357		(1,082,770)
Due to Customers		19,021,159		15,350,330
Income Tax Obligations Paid		(1,179,709)		(819,362)
Other Liabilities		1,102,935		66,124
Net Cash Provided from Operating Activities		9,790,529		7,111,868
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2014		Sep. 30, 2014		Sep. 30, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(6,167)		(7,527)
Purchases of Property, Plant and Equipment		(195,854)		(440,381)
Redemption of Held-to-Maturity Financial Investments		2,473		14,163
Purchases of Held to Maturity Financial Investment		(4,794,948)		-
Purchases of Available for Sale Financial Investments		(6,849,950)		(4,969,114)
Proceeds from Selling Available For Sale Financial Investments		4,970,874		3,590,395
Proceeds from Selling Real Estate Investments		5,640		700
Net Cash Generated from (Used in) Investing  Activities		(6,867,932)		(1,811,764)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		98,725		29,610
Dividend Paid		(1,253,338)		(1,055,843)
Capital Increase		79,299		29,348
Net Cash Generated from (Used in) Financing Activities		(1,075,314)		(996,885)
Net Increase (Decrease) in Cash and Cash Equivalent During the Period		1,847,283		4,303,219
Beginning Balance of Cash and Cash Equivalent		11,879,893		5,665,914
Cash & Cash Equivalent At the End of the Period		13,727,176		9,969,133
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		6,611,568		3,956,054
Due From Banks		13,341,202		9,101,879
Treasury Bills and Other Governmental Notes		26,584,368		21,734,857
Obligatory Reserve Balance With CBE		(3,432,882)		(3,201,658)
Due from Banks (Time Deposits) More than Three Months		(9,078,455)		(5,495,127)
Treasury Bills With Maturity More than Three months		(20,298,625)		(16,126,872)
Total Cash & Cash Equivalent		13,727,176		9,969,133

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2013

September 30, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,972,275	380,349	2,036,955	(568,853)	117,806	153,365	103,717	2,404,153	164,761	10,764,528	47,520	10,812,048
Capital Increase	29,348	-	-	-	-	-	-	-	-	29,348	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,388	-	-	(1,325,842)	(63,683)	-	-	-
Transferred to Retained Earnings (losses)	-	-	-	23,470	-	-	-	(23,470)	-	-	-	-
Dividend paid	-	-	-	(1,002)	-	-	-	(1,054,841)	-	(1,055,843)	-	(1,055,843)
Net Profit of the Period	-	-	-	-	-	-	-	2,249,202	-	2,249,202	323	2,249,525
Transfer from Special Reserve	-	-	92,826	-	(92,826)	-	-	-	-	-	-	-
Change in Ownership Percentage	-	-	-	(132)	-	-	-	-	-	(132)	4	(128)
Net Change at Fair Value of AFS Financial Investments	-	-	-	-	-	(655,714)	-	-	-	(655,714)	-	(655,714)
Transferred (from) to Bank Risk Reserve	-	-	-	-	-	-	(65,664)	65,664	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	71,885	71,885	-	71,885
Balance at the end of the period	6,001,623	490,365	3,406,902	(546,517)	27,368	(502,349)	38,053	2,314,866	172,963	11,403,274	47,847	11,451,121

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2014

September 30, 2014	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	9,002,435	490,365	406,090	(546,531)	27,367	(720,480)	1,991	3,108,214	190,260	11,959,711	47,414	12,007,125
Capital Increase	79,299	-	-	-	-	-	-	-	-	79,299	-	79,299
Transferred to Reserves	-	130,719	1,444,406	-	741	-	-	(1,463,514)	(112,352)	-	-	-
Transferred to Retained Earnings (losses)	-	-	-	391,362	-	-	-	(391,362)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,253,338)	-	(1,253,338)	-	(1,253,338)
Net Profit of the Period	-	-	-	-	-	-	-	2,708,967	-	2,708,967	1,163	2,710,130
Change in Ownership Percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net Change at Fair Value of AFS Financial	-	-	-	-	-	191,764	-	-	-	191,764	-	191,764
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	81,945	81,945	-	81,945
Balance at the end of the period	9,081,734	621,084	1,850,496	(155,160)	28,108	(528,716)	1,991	2,708,967	159,853	13,768,357	48,568	13,816,925

 

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