1st Half 2012 unconsolidated financial statements

RNS Number : 0168K

Commercial Intnl Bank (Egypt) SAE

15 August 2012

 

Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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 and Due with Central Bank	15	5,542,320,904		7,492,064,510
Due From Banks	16	9,711,796,359		8,449,298,705
Treasury Bills and Other Governmental Notes	17	9,365,804,058		9,213,390,067
Trading Financial Assets	18	1,289,766,113		561,084,273
Loans and Advances to Banks	19	1,076,710,388		1,395,594,609
Loans and Advances to Customers	20	39,693,994,592		39,669,785,864
Derivative Financial Investments	21	134,310,943		146,544,656
Financial Investments
Available for Sale	22	15,393,118,811		15,412,566,069
Held to Maturity	22	3,663,239,152		29,092,920
Investments in Subsidiary and Associates	23	1,012,221,400		995,595,778
Investment Property	24	10,024,686		12,774,686
Other Assets	25	2,212,511,968		1,518,509,876
Deferred Tax	33	106,794,693		95,141,726
Property, Plant and Equipment	26	676,644,615		636,775,294
Total Assets		89,889,258,682		85,628,219,033
Liabilities and Equity
Liabilities
Due to Banks	27	1,785,014,708		3,340,794,517
Due to Customers	28	76,801,652,804		71,574,047,530
Derivative Financial Instruments	21	130,111,395		114,287,990
Other Liabilities	30	1,428,502,182		1,313,785,436
Long Term Loans	29	91,074,960		99,333,376
Other Provisions	31	278,358,377		264,625,909
Total Liabilities		80,514,714,426		76,706,874,758
Equity
Issued & Paid- in Capital	32	5,972,275,410		5,934,562,990
Reserves	32	2,223,792,443		1,085,472,868
Reserve for Employee Stock Ownership Plan (ESOP)		129,828,074		137,354,419
Retained Earnings		1,001,979		15,105,920
Total Equity		8,326,897,906		7,172,496,197
Net Profit of the Period/Year After Tax		1,047,646,350		1,748,848,078
Total Equity and Net Profit for the Period/Year		9,374,544,256		8,921,344,275
Total Liabilities and Equity		89,889,258,682		85,628,219,033
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37	13,384,366,950		12,559,603,516
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		3,595,247,156		2,582,638,079)
Interest and Similar Expense		(1,801,001,713)		(1,324,330,260
Net Interest Income	6	1,794,245,443		1,258,307,819
Fee and Commissions Income		435,644,889		410,961,489
Fee and Commissions Expense		(47,766,855)		(40,772,114)
Net Income from Fees and Commissions	7	387,878,034		370,189,375
Dividend Income	8	21,744,400		57,031,906
Net Trading Income	9	201,385,483		219,028,451
Profit from Financial Investments	22	(23,195,737)		37,232,004
Administrative Expenses	10	(701,569,640)		(655,264,752)
Other Operating (Expenses) Income	11	(57,626,545)		(78,629,036)
Impairment Charge for Credit Losses	12	(159,244,620)		(201,264,786)
Net Profit before Tax		1,463,616,818		1,006,630,981
Income Tax Expense	13	(427,623,435)		(213,058,530)
Deferred Tax	33 & 13	11,652,967		15,821,378
Net Profit of the Period		1,047,646,350		809,393,829
Earning per share	14
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		1,463,616,818		1,006,630,981
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Depreciation		83,198,082		100,272,978
Assets Impairment Charges		159,244,620		202,892,406
Other Provisions Charges		86,724,165		1,025,691
Trading Financial Investment Revaluation Differences		(24,186,619)		39,576,450
Financial Investments Impairment Charge (Release)		10,587,453		(49,775,434)
Utilization of Other Provisions		(71,749,072)		(2,940,642)
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		(8,421,272)		(90,782,148)
Profits from Selling Associates		-		(1,873,813)
Exchange Difference of  Long Term Loans		(20,812)		5,036,272
Share Based Payments		44,135,782		41,409,628
Investments in Subsidiary and Associates Revaluation		-		(511,992)
Real Estate Investments Impairment Charges		-		361,200
Operating Profits Before Changes in Operating Assets and Liabilities		1,740,252,724		1,250,585,298
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(962,139,101)		(3,092,558,727)
Treasury Bills & Other Governmental Notes		(1,601,411,260)		3,241,726,931
Trading Financial Assets		(704,495,221)		986,032,312
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		(708,987,508)		75,270,885
Due to Banks		(1,555,779,809)		(691,883,640)
Due to Customers		5,227,605,274		3,912,292,433
Other Liabilities		(312,906,688)		(378,062,278)
Net Cash Provided from Operating Activities		1,285,626,402		2,985,670,540
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		(16,625,622)		(11,000,000)
Purchases of Property, Plant and Equipment		(106,448,191)		(60,240,176)
Redemption of Held-to-Maturity Financial Investments		-		170,555,777
Purchases of Held to Maturity Financial Investments		(3,634,146,232)		-
Purchases of Available for  Sale Financial Investments		(4,841,916,012)		(1,920,459,094)
Proceeds from Selling Available for Sale Financial Investments		4,989,109,038		1,245,896,856
Proceeds from Selling Real Estate Investments		2,750,000		-
Net Cash Generated from (Used in) Investing  Activities		(3,607,277,019)		(575,246,637)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(8,237,604)		127,007,982
Dividend Paid		(806,206,521)		(841,922,204)
Capital Increase		37,712,420		-
Net Cash Generated from (Used in) Financing Activities		(776,731,705)		(714,914,222)
Net Increase (Decrease) in Cash and Cash Equivalent		(3,098,382,322)		1,695,509,681
Beginning Balance of Cash and Cash Equivalent		8,081,134,203		7,778,944,041
Cash and Cash Equivalent Balance At the End of the Period		4,982,751,881		9,474,453,722
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		5,542,320,904		6,075,140,629
Due From Banks		9,711,796,359		9,717,298,929
Treasury Bills and Other  Governmental Notes		9,365,804,058		7,019,754,673
Obligatory Reserve Balance With CBE		(3,028,051,899)		(2,811,219,930)
Due from Banks (Time Deposits) More than Three Months		(6,186,338,796)		(6,676,134,428
Treasury Bills with Maturity  More than Three Months		(10,422,778,745)		(3,850,386,151)
Total Cash & Cash Equivalent		4,982,751,881		9,474,453,722

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of June  30, 2012

June 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserve for A.F.S Investments Revaluation Difference (EGP)	Banking Risks Reserve (EGP)	Net Profits of the Period (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	(18,014,631)	156,992,515	2,010,672,119	149,520,859	8,608,895,311
Transferred to Reserves	-	106,216,559	1,155,710,314	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	-
Dividend Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the Period	-	-	-	-	-	-	-	809,393,829	-	809,393,829
Addition from Financial Investment Revaluation	-	-	-	-	-	(301,636,467)	-	-	-	(301,636,467)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(62,694,093)	62,694,093	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	41,409,628	41,409,628
Balance at the end of the Period	5,901,443,600	231,344,896	1,234,274,960	-	185,931,315	(319,651,098)	94,298,422	887,193,843	101,304,160	8,316,140,097

June 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserve for A.F.S Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit of the Period (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(723,070,818)	281,689,619	1,624,150,975	137,354,419	8,921,344,275
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-
Dividend Paid	-	-	-	(15,105,920)	-	-	-	(791,100,601)	-	(806,206,521)
Net Profit of the Period	-	-	-	-	-	-	-	1,047,646,350	-	1,047,646,350
Transfer from Special Reserve	-	61,697,292	8,143,225	1,001,979	(70,842,496)	-	-	-	-	-
Addition from Financial Investment Revaluation	-	-	-	-	-	129,911,949	-	-	-	129,911,949
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(153,575,808)	153,575,808	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	44,135,782	44,135,782
Balance at the End of Period	5,972,275,410	380,348,755	2,037,107,372	1,001,979	117,805,566	(593,158,869)	128,113,810	1,201,222,158	129,828,074	9,374,544,256

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