Year-end 2014 Consolidated Financial Statements

RNS Number : 5594E

Commercial Intnl Bank (Egypt) SAE

11 February 2015

 

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2014
Amounts in EGP Thousand	Note	Dec.31, 2014		Dec. 31, 2013
Assets
Cash & Balances with Central Bank	15	7,502,256		4,796,240
Due From Banks	16	9,521,999		9,003,951
Treasury Bills & Other Governmental Notes	17	30,548,890		23,665,429
Trading Financial Assets	18	3,762,718		2,295,220
Loans & Advances to Banks	19	118,091		132,422
Loans & Advances to Customers	20	48,685,630		41,733,252
Derivative Financial Instruments	21	52,188		103,085
Financial Investments
Available for Sale	22	27,702,122		23,378,104
Held to Maturity	22	9,160,746		4,197,177
Investments in Associates	23	181,661		192,753
Brokerage clients-Debit Balances		771,611		270,811
Reconciliation Accounts- Debit Balances		-		28,779
Investment Property	24	884,094		-
Other Assets	25	3,814,075		2,902,039
Deferred Tax	33	121,737		83,557
Property, Plant and Equipment	26	985,504		969,176
Total Assets		143,813,322		113,751,995
Liabilities and Equity
Liabilities
Due to Banks	27	1,131,385		1,373,410
Due to Customers	28	121,974,959		96,845,683
Brokerage clients-Credit Balance		360,145		167,379
Reconciliation accounts-credit balances		8,975		-
Derivative Financial Instruments	21	137,175		114,879
Current Income Tax Obligations		1,814,609		1,179,709
Other Liabilities	30	2,609,452		1,476,957
Long Term Loans	29	242,878		132,153
Other Provisions	31	730,312		454,699
		129,009,890		101,744,869
Total Liabilities
Equity
Issued and Paid In Capital	32	9,081,734		9,002,435
Reserves	32	1,908,443		307,060
Reserve for Employee Stock Ownership Plan (ESOP)		177,765		190,260
Retained Earnings (Losses)		(155,160)		(546,531)
Total Equity		11,012,782		8,953,224
Net Profit of the Year After Tax		3,741,456		3,006,488
Total Equity And Net Profit For Year		14,754,238		11,959,712
Minority Interest		49,194		47,414
Total Minority Interest and Equity		14,803,432		12,007,126
Total Liabilities, Equity and Minority Interest		143,813,322		113,751,995
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	25,309,960		16,182,440
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of December 31, 2014
Amounts in EGP Thousands	Note	Dec. 31, 2014		Dec. 31, 2013
Interest and Similar Income		11,544,829		9,520,697
Interest and Similar Expenses		(5,289,793)		(4,466,949)
Net Interest Income	6	6,255,036		5,053,748
Fees & Commissions Income		1,892,119		1,436,107
Fees and Commissions Expense		(182,135)		(128,827)
Net Income from Fees and Commissions	7	1,709,984		1,307,280
Dividend Income	8	32,270		16,915
Net Trading Income	9	718,261		767,392
Profit (Losses) from Financial Investments	22	(29,122)		(28,672)
Goodwill Amortization				-
Administrative Expenses	10	(1,875,672)		(1,574,369)
Other operating (Expenses) Income	11	(710,135)		(438,906)
Impairment (Charge) release for Credit Losses	12	(588,794)		(915,582)
Intangible Assets Amortization		-		(33,422)
Bank's Share in the Profits of Associates		24,510		22,097
Net Profit Before Tax		5,536,338		4,176,481
Income Tax Expense	13	(1,831,273)		(1,182,253)
Deferred Tax	33 & 13	38,180		12,149
Net Profit of The Year		3,743,245		3,006,377
Minority Interest		1,789		(111)
Bank Shareholders		3,741,456		3,006,488
Earning per share	14
Basic		3.55		2.65
Diluted		3.49		2.62
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of December 31, 2014
Amounts in EGP. Thousands		Dec. 31, 2014		Dec. 31, 2013
Cash Flow from Operating Activities
Profit Before Income Tax		5,536,338		4,176,481
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		218,322		206,979
Impairment  Charges for credit losses		588,794		915,582
Other Provisions Charges		286,724		132,957
Trading Financial Investment Revaluation Differences		(4,957)		11,861
Intangible Assets Amortization		-		33,422
Available for sale and held to maturity investments exchange revaluation differences		(38,176)		(124,230)
Financial Investments Impairment Charge (Release)		65,748		(6,136)
Utilization of Other Provisions		(6,798)		(10,383)
Other Provisions No Longer Used		(456)		(142)
Exchange Differences of Other Provisions		(3,857)		16,778
Profits From Selling Property, Plant and Equipment		(2,106)		(741)
Profits From Selling Financial Investments		(83,131)		(4,363)
Shares Based Payments		99,857		89,182
Investments in Associates Revaluation		27,969		(20,027)
Real Estate Investments Impairment Charges
Operating Profits Before Changes in Operating Assets and Liabilities		6,684,271		5,417,220
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(131,636)		(642,434)
Treasury Bills & Other Governmental Notes		(4,897,448)		(9,149,658)
Trading Financial Assets		(1,462,541)		(783,020)
Derivative Financial Instruments		73,193		40,154
Loans and Advances to Banks and Customers		(7,526,841)		(904,075)
Other Assets		(1,373,214)		(543,895)
Due to Banks		(242,025)		(341,453)
Due to Customers		25,129,276		18,116,562
Income Tax Obligations Paid		(1,179,709)		(819,362)
Other Liabilities		1,317,572		275,584
Net Cash Provided from Operating Activities		16,390,898		10,655,623
CASH FLOW STATEMENT 1b
As of December 31, 2014
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(16,877)		(7,527)
Purchases of Property, Plant and Equipment		(243,387)		(529,367)
Redemption of Held-to-Maturity Financial Investments		-		18,611
Purchases of Held to Maturity Financial Investment		(4,963,569)		-
Purchases of Available for Sale Financial Investments		(9,079,241)		(7,463,492)
Proceeds from Selling Available For Sale Financial Investments		4,938,025		4,523,701
Purchases of  Real Estate Investments		(884,094)		-
Net Cash Generated from (Used in) Investing  Activities		(10,249,143)		(3,458,074)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		110,725		51,658
Dividend Paid		(1,253,338)		(1,055,843)
Capital Increase		79,299		29,348
Net Cash Generated from (Used in) Financing Activities		(1,063,314)		(974,837)
Net Increase (Decrease) in Cash and Cash Equivalent during the Year		5,078,441		6,222,712
Beginning Balance of Cash and Cash Equivalent		11,879,893		5,665,914
Cash & Cash Equivalent Balance At the End of the Year		16,958,334		11,888,626
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		7,502,256		4,804,974
Due From Banks		9,521,999		9,003,951
Treasury Bills and Other Governmental Notes		30,548,890		23,665,429
Obligatory Reserve Balance With CBE		(3,497,164)		(3,224,659)
Due from Banks (Time Deposits) More than Three Months		(5,007,462)		(5,148,331)
Treasury Bills With Maturity More than Three months		(22,110,185)		(17,212,738)
Total Cash & Cash Equivalent		16,958,334		11,888,626

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2013

December 31, 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 Year	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	3,030,160	-	(3,000,812)	-	-	-	-	-	-	29,348	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,387	-	-	(1,325,842)	(63,682)	-	-	-
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 Year	-	-	-	-	-	-	-	3,006,488	-	3,006,488	(111)	3,006,377
Transfer from Special Reserve	-	-	92,826	-	(92,826)	-	-	-	-	-	-	-
Change in ownership percentage	-	-	-	(146)	-	-	-	-	-	(146)	5	(141)
Net Change at Fair Value of AFS Financial investment	-	-	-	-	-	(873,844)	-	-	-	(873,844)	-	(873,844)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(101,726)	101,726	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	89,181	89,181	-	89,181
Balance at the end of the Year	9,002,435	490,365	406,090	(546,531)	27,367	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414	12,007,126

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2014

December 31, 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 Year	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	(720,479)	1,991	3,108,214	190,260	11,959,712	47,414	12,007,126
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 Year	-	-	-	-	-	-	-	3,741,456	-	3,741,456	1,789	3,743,245
Change in Ownership Percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net Change at fair value of AFS Financial Investment	-	-	-	-	-	127,243	-	-	-	127,243	-	127,243
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	99,857	99,857	-	99,857
Balance at the end of the year	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	2,513	3,740,934	177,765	14.754,238	49,194	14,803,432

 

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