1st Half 2012 financial statements

RNS Number : 0165K

Commercial Intnl Bank (Egypt) SAE

15 August 2012

Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements

June 30, 2012

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of June 30, 2012

Amounts in EGP

Note

June 30, 2012

Dec. 31, 2011

Assets

Cash & Balances with Central Bank

5,542,320,904

7,492,064,510

Due From Banks

9,880,244,903

8,528,229,519

Treasury Bills & Other Governmental Notes

9,414,560,183

9,260,842,183

Trading Financial Assets

1,341,176,357

675,325,450

Loans & Advances to Banks

1,076,710,388

1,395,594,609

Loans & Advances to Customers

39,693,994,592

39,669,785,864

Derivative Financial Instruments

134,310,943

146,544,656

Financial Investments

Available for Sale

15,405,567,958

15,421,546,277

Held to Maturity

3,673,289,768

39,159,520

Investments in Associates

122,830,678

106,676,167

Brokers-Debit Balances

93,951,742

24,185,525

Reconciliation Accounts- Debit Balances

66,953,670

42,507,905

Investment Property

10,024,686

12,774,686

Other Assets

2,225,009,016

1,534,819,491

Goodwill

8,688,759

120,280,337

Intangible Assets

103,712,954

309,353,104

Deferred Tax

135,433,764

123,977,698

Property, Plant and Equipment

672,947,372

630,508,089

Total Assets

89,601,728,637

85,534,175,590

Liabilities and Equity

Liabilities

Due to Banks

1,785,014,708

3,340,794,517

Due to Customers

76,767,071,626

71,467,935,259

Brokers-Credit Balance

174,895,070

111,851,855

Derivative Financial Instruments

130,111,395

114,287,990

Other Liabilities

1,451,504,179

1,342,736,040

Long Term Loans

91,074,960

99,333,376

Other Provisions

284,001,472

270,801,909

Total Liabilities

80,683,673,410

76,747,740,946

Equity

Issued and Paid In Capital

5,972,275,410

5,934,562,990

Reserves

2,223,432,742

1,387,842,060

Reserve for Employee Stock Ownership Plan (ESOP)

129,828,073

137,354,418

Retained Earnings

(482,976,388)

(334,419,692)

Total Equity

7,842,559,837

7,125,339,776

Net Profit of the Period/Year After Tax

1,028,139,869

1,614,738,322

Total Equity And Net Profit For Period/Year

8,870,699,706

8,740,078,098

Minority Interest

47,355,521

46,356,546

Total Minority Interest and Equity

8,918,055,227

8,786,434,644

Total Liabilities, Equity and Minority Interest

89,601,728,637

85,534,175,590

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

13,384,316,950

12,559,553,516

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of June 30, 2012

Amounts in EGP.

Note

June 30, 2012

June 30, 2011

Interest and Similar Income

3,602,430,763

2,587,280,676

Interest and Similar Expenses

(1,801,233,932)

(1,324,813,156)

Net Interest Income

1,801,196,831

1,262,467,520

Fees & Commissions Income

477,424,825

447,969,895

Fees and Commissions Expense

(47,766,855)

(41,227,766)

Net Income from Fees and Commissions

429,657,970

406,742,129

Dividend Income

21,744,400

57,164,372

Net Trading Income

204,616,711

226,109,065

Profit from Financial Investments

(23,267,142)

37,166,474

Goodwill Amortization

(1,737,752)

(20,046,723)

Administrative Expenses

(756,065,029)

(712,863,574)

Other operating (Expenses) Income

(56,004,253)

(82,045,734)

Impairment Charge for Credit Losses

(159,244,620)

(201,264,786)

Intangible Assets Amortization

(12,699,546)

(33,733,620)

Bank's Share in the Profits of Associates

(471,111)

10,896,229

Net Profit Before Tax

1,447,726,459

950,591,353

Income Tax Expense

(430,386,683)

(216,050,496)

Deferred Tax

33 & 13

11,456,066

16,422,042

Net Profit of The Year

1,028,795,842

750,962,898

Minority Interest

655,973

167,503

Bank Shareholders

1,028,139,869

750,795,396

Earning per share

Basic

1.78

1.31

Diluted

1.75

1.29

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of June 30, 2012

Amounts in EGP.

June 30, 2012

June 30, 2011

Cash Flow from Operating Activities

Net Profit Before Tax

1,447,726,459

950,591,353

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

84,143,375

102,694,841

Assets Impairment Charges

159,262,715

202,892,406

Other Provisions Charges

86,724,165

1,204,986

Trading Financial Investment Revaluation Differences

(27,220,349)

32,976,379

Intangible Assets Amortization

12,699,546

33,733,620

Goodwill Amortization

1,737,752

20,046,723

Financial Investments Impairment Charge (Release)

10,652,982

(49,775,434)

Utilization of Other Provisions

(72,300,072)

(5,218,667)

Other Provisions No Longer Used

(531,054)

(2,085,267)

Exchange Differences of Other Provisions

(711,571)

4,010,666

Profits From Selling Property, Plant and Equipment

(1,633,796)

(2,661,678)

Profits From Selling Financial Investments

(8,415,397)

(90,782,148)

Profits from Selling Associates

(1,873,813)

Exchange Differences of Long Term Loans

(20,812)

Shares Based Payments

44,135,782

Investments in Associates Revaluation

(11,408,222)

Real Estate Investments Impairment Charges

361,200

Operating Profits Before Changes in Operating Assets and Liabilities

1,736,249,725

1,231,152,845

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(962,784,101)

(3,090,538,362)

Treasury Bills & Other Governmental Notes

(1,601,411,260)

3,218,771,820

Trading Financial Assets

(638,630,558)

1,015,597,733

Derivative Financial Instruments

28,057,118

(41,476,427)

Loans and Advances to Banks and Customers

135,430,874

(2,276,256,247)

Other Assets

(799,386,923)

142,114,045

Due to Banks

(1,555,779,809)

(691,883,640)

Due to Customers

5,299,136,367

3,923,391,605

Other Liabilities

(258,575,320)

(622,420,045)

Net Cash Provided from Operating Activities

1,382,306,113

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of June 30, 2012

June 30, 2012

June 30, 2011

Cash Flow From Investing Activities

Purchase of Subsidiary and Associates

(16,154,511)

(11,000,000)

Purchases of Property, Plant and Equipment

(109,963,446)

(61,756,079)

Redemption of Held-to-Maturity Financial Investments

170,571,760

Purchases of Held to Maturity Financial Investment

(3,634,130,249)

Purchases of Available for Sale Financial Investments

(4,845,384,951)

(677,660,821)

Proceeds from Selling Available For Sale Financial Investments

4,989,103,162

Proceeds from Selling Real Estate Investments

2,750,000

Net Cash Generated from (Used in) Investing Activities

(3,613,779,994)

(579,845,140)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(8,237,604)

127,007,982

Dividend Paid

(806,206,518)

(843,063,191)

Capital Increase

37,712,420

Net Cash Generated from (Used in) Financing Activities

(776,731,702)

(716,055,209)

Net Increase (Decrease) in Cash and Cash Equivalent

(3,008,205,583)

1,512,552,977

Beginning Balance of Cash and Cash Equivalent

8,207,517,133

8,058,126,497

Cash & Cash Equivalent Balance At the End of the Period

5,199,311,549

9,570,679,474

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

5,542,320,904

6,075,170,048

Due From Banks

9,880,244,903

9,812,636,221

Treasury Bills and Other Governmental Notes

9,414,560,183

7,047,441,434

Obligatory Reserve Balance With CBE

(3,028,051,899)

(2,811,219,930)

Due from Banks (Time Deposits) More than Three Months

(6,186,983,796)

(6,680,007036)

Treasury Bills With Maturity More than Three months

(10,442,778,746)

(3,873,341,263)

Total Cash & Cash Equivalent

5,199,311,549

9,570,679,474

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of June 30, 2011

June 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,660	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754
Transferred to Reserves	-	106,216,559	1,066,083,988	-	-	1,574,746	-	-	(1,173,875,293)	-	-	-	-
Transferred to Retained Earnings	-	-	-	-	(121,501,406)	-	-	-	121,501,406	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(822,831,893)	-	(843,063,191)	-	(843,063,191)
Net Profit of the year	-	-	-	-	-	-	-	-	307,944,024	-	307,944,024	(75,261)	307,868,763
Change During the period	-	-	-	-	(1,262,583)	-	-	-	-	-	(1,262,583)	(102,844)	(1,365,427)
Financial Investment	-	-	-	-	-	-	(285,330,326)	-	-	-	(285,330,326)	-	(285,330,326)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(2,648,019)	2,648,019	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	20,703,739	20,703,739	-	20,703,739
Balance at the end of the period	5,901,443,600	231,344,896	1,144,496,450	302,794,421	(346,599,897)	185,931,315	(303,749,062)	154,344,496	325,697,963	170,224,597	7,765,928,778	46,787,534	7,812,716,312

June 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,098	46,356,546	8,786,434,644
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	1,028,139,869	-	1,028,139,869	655,973	1,028,795,842
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(343,002)	-	-	-	-	-	(343,002)	343,002	-
Addition from Financial	-	-	-	-	-	-	129,977,478	-	-	-	129,977,478	-	129,977,478
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(153,575,808)	153,575,808	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	44,135,782	44,135,782	-	44,135,782
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the period	5,972,275,410	380,348,755	2,036,955,187	-	(482,976,388)	117,805,566	(593,366,385)	128,113,811	1,181,715,678	129,828,073	8,870,699,707	47,355,521	8,918,055,227