Q3'2015 Consolidated Financial Statements

RNS Number : 2553F

Commercial Intnl Bank (Egypt) SAE

11 November 2015

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2015
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2015
Amounts in EGP Thousands.	Note	Sep. 30, 2015		Dec. 31, 2014
Assets
Cash & Balances with Central Bank	15	9,230,657		7,502,256
Due From Banks	16	15,882,704		9,521,999
Treasury Bills & Other Governmental Notes	17	28,544,522		30,548,890
Trading Financial Assets	18	6,401,833		3,762,718
Loans & Advances to Banks, net	19	44,946		118,091
Loans & Advances to Customers, net	20	57,210,479		48,685,630
Derivative Financial Instruments	21	77,773		52,188
Financial Investments
Available for Sale	22	43,333,157		27,702,122
Held to Maturity	22	9,262,579		9,160,746
Investments in Associates	23	231,578		181,661
Brokerage Clients-Debit Balances		781,059		771,611
Reconciliation Accounts- Debit Balances		2,902		-
Investment Properties	24	-		884,094
Other Assets	25	4,200,648		3,814,075
Deferred Tax Assets	33	209,883		121,737
Property, Plant and Equipment	26	1,003,029		985,504
Total Assets		176,417,749		143,813,322
Liabilities and Equity
Liabilities
Due to Banks	27	930,072		1,131,385
Due to Customers	28	154,320,428		121,974,959
Brokerage clients-Credit Balances		255,145		360,145
Reconciliation accounts - credit balances		-		8,975
Derivative Financial Instruments	21	56,362		137,175
Current Tax Liabilities		1,437,339		1,814,609
Other Liabilities	30	2,541,666		2,609,452
Long Term Loans	29	168,456		242,878
Other Provisions	31	862,792		730,312
Total Liabilities		160,572,260		129,009,890
Equity
Issued and Paid up Capital	32	9,176,482		9,081,734
Reserves	32	2,854,740		1,908,443
Reserve for Employee Stock Ownership Plan (ESOP)		242,579		177,765
Retained losses		(59,866)		(155,160)
Total Equity		12,213,935		11,012,782
Net Profit of the Period/Year		3,583,355		3,741,456
Total Equity And Net Profit For Period/Year		15,797,290		14,754,238
Minority Interest		48,199		49,194
Total minority interest , equity and net profit for period /year		15,845,489		14,803,432
Total liabilities, equity, minority interest and net profit for period /year		176,417,749		143,813,322
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of September 30, 2015
Amounts in EGP Thousands.	Note	Sep. 30, 2015		Sep. 30, 2014
Interest and Similar Income		10,702,801		8,201,901
Interest and Similar Expenses		(4,837,436)		(3,838,998)
Net Interest Income	6	5,865,365		4,362,903
Fees and Commission Income		1,570,457		1,377,102
Fees and Commission Expense		(200,006)		(127,327)
Net Fees and Commissions Income	7	1,370,451		1,249,775
Dividend Income	8	36,283		28,495
Net Trading Income	9	437,225		576,675
Profit (losses) from Financial Investments	22	158,337		73,876
Administrative Expenses	10	(1,527,590)		(1,302,269)
Other operating (Expenses) Income	11	(336,787)		(487,391)
Impairment (Charge) Release for Credit Losses	12	(1,120,280)		(466,534)
Bank's Share in the Profits of Associates		49,917		23,578
Profit Before Income Tax		4,932,921		4,059,108
Income Tax Expense	13	(1,437,339)		(1,349,099)
Deferred Tax	33 & 13	88,146		121
Net Profit for The Period		3,583,728		2,710,130
Minority Interest		373		1,163
Bank Shareholders		3,583,355		2,708,967
Earnings per share	14
Basic		3.39		2.53
Diluted		3.33		2.48
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2015
Amounts in EGP Thousands.		Sep. 30, 2015		Sep. 30, 2014
Cash Flow from Operating Activities
Profit Before Income Tax		4,932,921		4,059,108
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		168,497		161,169
Impairment  Charges for credit losses		1,120,280		466,534
Other Provisions Charges		118,158		120,713
Trading Financial Investment Revaluation Differences		361,086		(35,997)
Available for sale and held to maturity investments exchange revaluation differences		(96,639)		(38,176)
Financial Investments Impairment Charge (Release)		(28,083)		1,505
Utilization of Other Provisions		(4,682)		(5,931)
Exchange Differences of Other Provisions		19,004		(951)
Profits From Selling Property, Plant and Equipment		(1,127)		(689)
Profits From Selling Financial Investments		(161,897)		(74,968)
Shares Based Payments		127,827		81,945
Investments in Associates Revaluation		(49,917)		(23,579)
Operating Profits Before Changes in Operating Assets and Liabilities		6,505,428		4,710,683
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(7,329,262)		(5,325,461)
Treasury Bills and Other Governmental Notes		2,335,423		(3,085,888)
Trading Financial Assets		(3,000,201)		(1,203,386)
Derivative Financial Instruments		(106,398)		28,381
Loans and Advances to Banks and Customers		(9,571,984)		(4,702,710)
Other Assets		(345,895)		(966,946)
Due to Banks		(201,313)		204,357
Due to Customers		32,345,469		19,021,159
Income Tax Obligations Paid		(1,814,609)		(1,179,709)
Other Liabilities		(181,761)		1,102,935
Net Cash Provided from Operating Activities		18,634,897		8,603,415
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2015		Sep. 30, 2015		Sep. 30, 2014
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		-		(6,167)
Purchases of Property, Plant and Equipment		(237,923)		(195,854)
Redemption of Held to Maturity Financial Investments		3,917,715		2,473
Purchases of Held to Maturity Financial Investments		(4,019,548)		(4,794,948)
Purchases of Available for Sale Financial Investments		(21,237,674)		(6,849,950)
Proceeds from Selling Available For Sale Financial Investments		4,692,659		4,970,874
Proceeds from Selling Real Estate Investments		884,094		5,640
Net Cash Generated from (Used in) Investing  Activities		(16,000,677)		(6,867,932)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(74,422)		98,725
Dividend Paid		(1,563,646)		(1,253,338)
Capital Increase		94,748		79,299
Net Cash Generated from (Used in) Financing Activities		(1,543,320)		(1,075,314)
Net Increase (Decrease) in Cash and Cash Equivalent During the Period		1,090,900		660,169
Beginning Balance of Cash and Cash Equivalent		15,062,901		11,991,673
Cash and Cash Equivalent At the End of the Period		16,153,801		12,651,842
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		9,230,657		6,611,568
Due From Banks		15,882,704		13,341,202
Treasury Bills and Other Governmental Notes		28,544,522		26,584,368
Obligatory Reserve Balance With CBE		(7,032,352)		(4,508,216)
Due from Banks (Time Deposits) More than Three Months		(10,696,968)		(9,078,455)
Treasury Bills With Maturity More than Three months		(19,774,762)		(20,298,625)
Total Cash & Cash Equivalent		16,153,801		12,651,842

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2014

September 30, 2014	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders' Equity	Minority Interest	Total
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 owner ship percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net unrealized gain/(loss) on AFS	-	-	-	-	-	191,764	-	-	-	191,764	-	191,764
Cost of employees 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

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2015

Sep. 30, 2015	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders' Equity	Minority Interest	Total
Beginning balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,237)	1,991	3,741,456	177,765	14,754,237	49,194	14,803,431
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Capital increase	94,748	-	-	-	-	-	-	-	-	94,748	-	94,748
Transferred to reserves	-	182,271	1,961,998	-	2,106	-	-	(2,083,362)	(63,013)	-	-	-
Transferred to retained losses	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net profit of the period	-	-	-	-	-	-	-	3,583,355	-	3,583,355	373	3,583,728
Change in owner ship percentage	-	-	-	1,368	-	-	-	-	-	1,368	(1,368)	-
Net unrealized gain/(loss) on AFS	-	-	-	-	-	(1,200,599)	-	-	-	(1,200,599)	-	(1,200,599)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	127,827	127,827	-	127,827
Balance at the end of the period	9,176,482	803,355	3,812,494	(59,866)	30,214	(1,793,836)	2,513	3,583,355	242,579	15,797,290	48,199	15,845,489

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