Year-end 2015 IFRS Financial Statements

RNS Number : 3855Q

Commercial Intnl Bank (Egypt) SAE

28 February 2016

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31,  2015

Consolidated income statement for the year ended  December 31, 2015
	Notes			Dec. 31, 2015				Dec. 31, 2014
				EGP Thousands				EGP Thousands
Interest and similar income				14,765,337				11,529,667
Interest and similar expense				(6,651,056)				(5,256,449)
Net interest income	3			8,114,281				6,273,218
Fee and commission income				1,932,054				1,631,008
Fee and commission expense				(299,696)				(180,109)
Net fee and commission income	4			1,632,358				1,450,899
Dividend income	5			35,062				27,501
Net trading income	6			710,398				716,789
Profits (Losses) on financial investments	22			270,998				(29,122)
Administrative expenses	7			(2,561,964)				(2,113,468)
Other operating (expenses)	8			(566,304)				(731,466)
Impairment (charge) for credit losses	9			(1,682,439)				(588,794)
Bank's share in the profits of associates	12			27,829				24,510
Profit before income tax from continued operations				5,980,219				5,030,067
Current income tax expense				(1,949,694)				(1,814,609)
Deferred income tax	10.2			136,047				38,355
Net profit from continued operations				4,166,572				3,253,813
Profit from discontinued operations (Net of tax)				61,115				72,218
Net profit for the year				4,227,687				3,326,031
Attributable to:
Equity holders of the parent				4,227,001				3,324,242
Non-controlling interest				686				1,789
Net Profit for the year				4,227,687				3,326,031
Earning per share	11
Basic attributable to equity holders of the parent				3.69				2.90
Diluted attributable to equity holders of the parent				3.64				2.86
Earnings per share from continuing operations
Basic attributable to equity holders of the parent				3.63				2.84
Diluted attributable to equity holders of the parent				3.58				2.80
				Hisham Ezz El-Arab
				Chairman and Managing Director

Statement of other comprehensive income for the year ended December 31, 2015
			Dec. 31, 2015			Dec. 31, 2014
			EGP Thousands			EGP Thousands
Profit for the year			4,227,687			3,326,031
Other comprehensive income
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Net (Loss)/gain on available-for-sale financial assets			(1,609,226)			127,243
Other comprehensive income for the year			(1,609,226)			127,243
Total comprehensive income for the year			2,618,461			3,453,274
Attributable to:
Equity holders of the bank			2,617,775			3,451,485
Non-controlling interests			686			1,789

Consolidated statement of financial position as at December 31, 2015
			Notes	Dec. 31, 2015			Dec. 31, 2014
				EGP Thousands			EGP Thousands
Assets
Cash and balances with Central Bank			13	9,848,954			7,502,256
Due from  banks			14	21,002,305			9,521,999
Treasury bills and other governmental notes			15	22,130,170			30,548,890
Financial assets held for trading			16	5,848,377			3,762,718
Loans and advances to banks, net			17	38,443			118,091
Loans and advances to customers, net			18	56,797,576			48,685,630
Non-current assets held for sale			40	1,066,270			-
Derivative financial instruments			19	80,995			52,188
Financial investments
- Available for sale			21	46,289,075			27,702,122
- Held to maturity			21	9,261,220			9,160,746
Investments in associates			23	159,983			181,661
Investment property			24	-			884,094
Other assets			25	4,789,291			4,585,686
Goodwill			41	217,078			-
Intangible assets			41	651,041			-
Deferred tax assets			10.2	258,157			121,737
Property and equipment			26	1,096,760			1,001,815
Total assets				179,535,695			143,829,633
Liabilities and equity
Liabilities
Due to banks			27	1,600,769			1,131,385
Due to customers			28	155,234,416			121,974,959
Non-current liabilities held for sale			40	371,622			-
Derivative financial instruments			19	145,735			137,175
Other liabilities			30	3,164,106			3,401,728
Current Tax Liability				1,949,694			1,831,273
Long term loans			29	131,328			242,878
Other provisions			31	861,761			730,312
Total liabilities				163,459,431			129,449,710
Equity
Issued and paid in capital			32	11,470,603			9,081,734
Reserves			33	149,480			1,905,930
Reserve for employee stock ownership plan (ESOP)				248,148			177,766
Retained earning				4,160,601			3,165,298
Total equity attributable to equity holders of the parent				16,028,832			14,330,728
Non-controlling interest				47,432			49,195
Total equity				16,076,264			14,379,923
Total liabilities , equity and non-controlling interest				179,535,695			143,829,633
				Hisham Ezz El-Arab
				Chairman and Managing Director
Consolidated statement of changes in shareholders' equity
	Attributable to equity holders of the parents
Dec. 31, 2015	Issued and paid in capital	Reserve for employee stock ownership plan (ESOP)			Retained earning	Reserves		Total		Non-controlling interest	Total equity
											EGP Thousands
Beginning balance	9,002,435	190,261			2,245,025	203,343		11,641,064		47,415	11,688,479
Profit for the year	-	-			3,326,031	-		3,326,031		1,789	3,327,820
Other comprehensive income	-	-			-	127,243		127,243		-	127,243
Total comprehensive income	-	-			3,326,031	127,243		3,453,274		1,789	3,455,063
Capital increase	79,299	-			-	-		79,299		-	79,299
Reserve for employees stock ownership plan (ESOP)	-	99,857			-	-		99,857		-	99,857
Dividend	-	-			(942,775)	-		(942,775)		-	(942,775)
Transferred to reserves	-	(112,352)			(1,462,992)	1,575,344		-		-	-
Change during the year	-	-			9	-		9		(9)	-
Balance at 31 December 2014	9,081,734	177,766			3,165,298	1,905,930		14,330,728		49,195	14,379,923
Profit for the year	-	-			4,227,687	-		4,227,687		686	4,228,373
Other comprehensive income	-	-			-	(1,609,226)		(1,609,226)		-	(1,609,226)
Total comprehensive income	-	-			4,227,687	(1,609,226)		2,618,461		686	2,619,147
Capital increase	2,388,869	-				(2,388,869)		-		-	-
Reserve for employees stock ownership plan (ESOP)	-	133,395			-	-		133,395		-	133,395
Dividend	-	-			(1,053,752)	-		(1,053,752)		(1,081)	(1,054,833)
Transferred to reserves	-	(63,013)			(2,178,632)	2,241,645		-		-	-
Change during the year	-	-			-	-		-		(1,368)	(1,368)
Balance at 31 December 2015	11,470,603	248,148			4,160,601	149,480		16,028,832		47,432	16,076,264

Consolidated cash flow statement for the year ended  December 31, 2015
			Dec. 31, 2015		Dec. 31, 2014
		Notes	EGP Thousands		EGP Thousands
Cash flow from operating activities
Profit before income tax from continued operations			5,980,219		5,030,067
Profit before income tax from Discontinued Operations		40	71,161
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed Assets Depreciation			197,988		231,582
Impairment charge for credit losses			1,682,439		588,794
Other provisions charges			135,866		286,724
Trading financial investments revaluation differences			353,590		(4,957)
Available for sale and held to maturity investments exchange revaluation differences			(96,638)		(38,176)
Financial investments impairment charge			140,751		65,748
Utilization of other provisions			(17,242)		(6,798)
Other provisions no longer used			(505)		(456)
Exchange differences of  other provisions			13,330		(3,857)
Profits from selling property, plant and equipment			(564)		(2,106)
Profits from selling financial investments			(163,270)		(83,131)
Profits from selling associates			(285,431)		-
Shares based payments			133,395		99,857
Exchange differences of long term loans			-		-
Investments in associates revaluation			(27,829)		(24,510)
Finance expense related to financial lease contract			1,048		2,483
Operating profits before changes in operating assets and liabilities			8,118,308		6,230,321
Due from banks			(13,346,479)		(131,636)
Treasury bills and other governmental notes			5,497,825		(4,897,448)
Trading financial assets			(2,439,249)		(1,462,541)
Derivative financial instruments			(20,247)		73,193
Loans and advances to banks and customers			(9,714,737)		(7,526,841)
Other assets			(1,273,556)		(1,373,214)
Goodwill			(217,078)		-
Intangible Assets			(651,041)		-
Due to banks			469,384		(242,025)
Due to customers			33,259,457		25,129,276
Income tax obligations paid			(1,814,609)		1,411,719
Other liabilities			15,319		(1,182,253)
Net cash provided from operating activities			19,619,535		16,028,551
Cash flow from investing activities
Payment to acquire Citibank - Egypt's retail banking portfolio			(868,119)		-
Payment for purchase of associates			-		(16,877)
Proceeds from selling associates			334,451		-
Payment for purchases of property and equipment			(304,401)		(245,493)
Proceeds from redemption of held to maturity financial investments			3,919,074		-
Payment for purchases of held to maturity financial investments			(4,019,548)		(4,963,569)
Payment for purchases of  available for sale financial investments			(25,392,460)		(9,079,241)
Proceeds from selling available for sale financial investments			5,315,438		4,938,025
Proceeds from selling property and equipment			-		2,106
Proceeds (payments) from real estate investments			884,094		(884,094)
Net cash (used in)  investing activities			(20,131,471)		(10,249,143)
Consolidated cash flow statement for the year ended  December 31, 2015 (Cont.)
			Dec. 31, 2015		Dec. 31, 2014
			EGP Thousands		EGP Thousands
Cash flow from financing activities
Increase (decrease) in long term loans			(111,550)		110,725
Dividend paid			(1,563,646)		(942,775)
Capital increase			94,748		79,299
Payments related to finance lease			(12,380)		(15,210)
Net cash used in financing activities			(1,592,828)		(767,961)
Net increase (decrease) in cash and cash equivalent during the year			(2,104,764)		5,011,447
Beginning balance of cash and cash equivalent			16,540,665		11,529,218
Cash and cash equivalent at the end of the year			14,435,901		16,540,665
Cash and cash equivalent comprise:
Cash and balances with Central Bank			9,848,954		7,502,256
Due from banks			21,002,305		9,521,999
Treasury bills and other governmental  notes			22,130,170		30,548,890
Obligatory reserve balance with CBE			(8,268,202)		(3,497,164)
Due from banks with maturities more than three months			(13,664,965)		(5,425,131)
Treasury bills with maturity more than three months			(16,612,361)		(22,110,185)
Total cash and cash equivalent			14,435,901		16,540,665

 

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