1st half consolidated results

RNS Number : 6121L

Commercial Intnl Bank (Egypt) SAE

14 August 2013

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

Consolidated Financial Statements

June 30, 2013

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION

As of June 30, 2013

Amounts in EGP

Note

June 30, 2013

Dec. 31, 2011

Assets

Cash & Balances with Central Bank

6,417,883,889

5,393,974,124

Due From Banks

9,942,222,622

8,047,820,388

Treasury Bills & Other Governmental Notes

17,799,004,050

8,017,754,432

Trading Financial Assets

1,807,799,496

1,515,325,502

Loans & Advances to Banks

118,736,640

1,178,867,739

Loans & Advances to Customers

42,195,725,873

40,698,313,773

Derivative Financial Instruments

80,138,385

137,459,761

Financial Investments

Available for Sale

19,018,435,790

21,177,427,597

Held to Maturity

4,203,912,350

4,215,787,960

Investments in Associates

186,930,315

165,198,634

Brokers-Debit Balances

178,934,655

134,944,510

Investment Property

9,695,686

10,395,686

Other Assets

2,622,150,320

2,474,945,065

Intangible Assets

29,244,613

33,422,415

Deferred Tax

133,517,870

129,356,874

Property, Plant and Equipment

837,880,061

683,455,846

Total Assets

105,582,212,615

94,014,450,306

Liabilities and Equity

Liabilities

Due to Banks

953,508,142

1,714,862,716

Due to Customers

91,187,302,033

78,729,121,488

Brokers-Credit Balance

167,916,044

124,759,011

Reconciliation accounts- credit balances

34,249,300

1,664,718

Derivative Financial Instruments

86,538,113

119,099,260

Other Liabilities

1,844,015,404

2,059,005,013

Long Term Loans

117,795,397

80,495,238

Other Provisions

395,925,190

315,488,382

Total Liabilities

94,787,249,623

83,144,495,826

Equity

Issued and Paid In Capital

6,001,623,790

5,972,275,410

Reserves

3,756,300,963

2,970,163,921

Reserve for Employee Stock Ownership Plan (ESOP)

149,002,251

164,761,121

Retained Earnings

(488,609,753)

(510,946,406)

Total Equity

9,418,317,251

8,596,254,046

Net Profit of the Period/Year After Tax

1,328,840,907

2,226,180,503

Total Equity And Net Profit For Period/Year

10,747,158,158

10,822,434,549

Minority Interest

47,804,834

47,519,931

Total Minority Interest and Equity

10,794,962,992

10,869,954,480

Total Liabilities, Equity and Minority Interest

105,582,212,615

94,014,450,306

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

15,834,415,580

14,897,739,005

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME STATEMENT

As of June 30, 2013

Amounts in EGP.

Note

June 30, 2013

June 30, 2012

Interest and Similar Income

4,508,235,033

3,602,430,763

Interest and Similar Expenses

(2,098,423,604)

(1,801,233,932)

Net Interest Income

2,409,811,429

1,801,196,831

Fees & Commissions Income

721,374,919

477,424,825

Fees and Commissions Expense

(63,183,179)

(47,766,855)

Net Income from Fees and Commissions

658,191,740

429,657,970

Dividend Income

14,064,372

21,744,400

Net Trading Income

381,716,804

204,616,711

Profit from Financial Investments

2,148,593

(23,267,142)

Goodwill Amortization

(1,737,752)

Administrative Expenses

(941,406,590)

(756,065,029)

Other operating (Expenses) Income

(40,617,852)

(56,004,253)

Impairment Charge for Credit Losses

(490,785,133)

(159,244,620)

Intangible Assets Amortization

(4,177,802)

(12,699,546)

Bank's Share in the Profits of Associates

10,165,541

(471,111)

Net Profit Before Tax

1,999,111,102

1,447,726,459

Income Tax Expense

(674,177,022)

(430,386,683)

Deferred Tax

33 & 13

4,189,077

11,456,066

Net Profit of The Year

1,329,123,157

1,028,795,842

Minority Interest

282,250

655,973

Bank Shareholders

1,328,840,907

1,028,139,869

Earning per share

Basic

1.97

1.77

Diluted

1.94

1.74

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a

As of June 30, 2013

Amounts in EGP.

June 30, 2013

June 30, 2012

Cash Flow from Operating Activities

Net Profit Before Tax

1,999,111,102

1,447,726,459

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

92,706,053

84,143,375

Assets Impairment Charges

490,785,133

159,262,715

Other Provisions Charges

69,071,603

86,724,165

Trading Financial Investment Revaluation Differences

(5,284,126)

(27,220,349)

Intangible Assets Amortization

4,177,802

12,699,546

Goodwill Amortization

1,737,752

Available for sale and held to maturity investments exchange revaluation differences

(136,563,408)

(6,075,233)

Financial Investments Impairment Charge (Release)

(31,201,193)

16,728,215

Utilization of Other Provisions

(4,019,910)

(72,300,072)

Other Provisions No Longer Used

(141,520)

(531,054)

Exchange Differences of Other Provisions

15,526,634

(711,571)

Profits From Selling Property, Plant and Equipment

(495,294)

(1,633,796)

Profits From Selling Financial Investments

(2,228,946)

(8,415,397)

Exchange differences of long term loans

(20,812)

Shares Based Payments

47,923,358

44,135,782

Investments in Associates Revaluation

(14,204,380)

Real Estate Investments Impairment Charges

Operating Profits Before Changes in Operating Assets and Liabilities

2,525,162,908

1,736,249,725

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(1,804,750,632)

(962,784,101)

Treasury Bills & Other Governmental Notes

(6,760,815,159)

(1,601,411,260)

Trading Financial Assets

(287,189,868)

(638,630,558)

Derivative Financial Instruments

24,760,229

28,057,118

Loans and Advances to Banks and Customers

(928,066,134)

135,430,874

Other Assets

(63,536,059)

(799,386,923)

Due to Banks

(761,354,574)

(1,555,779,809)

Due to Customers

12,458,180,545

5,299,136,367

Other Liabilities

(813,553,325)

(258,575,320)

Net Cash Provided from Operating Activities

3,588,837,931

1,382,306,113

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b

As of June 30, 2013

June 30, 2013

June 30, 2012

Cash Flow From Investing Activities

Purchases of Property, Plant and Equipment

(374,266,234)

(109,963,446)

Redemption of Held-to-Maturity Financial Investments

11,875,610

Purchases of Held to Maturity Financial Investment

(3,634,130,249)

Purchases of Available for Sale Financial Investments

(778,731,294)

(4,845,384,951)

Proceeds from Selling Available For Sale Financial Investments

2,682,301,736

4,989,103,162

Proceeds from Selling Real Estate Investments

700,000

2,750,000

Net Cash Generated from (Used in) Investing Activities

1,534,352,518

(3,613,779,994)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

37,300,159

(8,237,604)

Dividend Paid

(1,055,843,161)

(806,206,518)

Capital Increase

29,348,380

37,712,420

Net Cash Generated from (Used in) Financing Activities

(989,194,622)

(776,731,702)

Net Increase (Decrease) in Cash and Cash Equivalent

4,133,995,827

(3,008,205,584)

Beginning Balance of Cash and Cash Equivalent

5,665,914,467

8,207,517,133

Cash & Cash Equivalent Balance At the End of the Period

9,799,910,294

5,199,311,549

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

6,417,883,889

5,542,320,904

Due From Banks

9,942,222,622

9,880,244,903

Treasury Bills and Other Governmental Notes

17,799,004,050

9,414,560,183

Obligatory Reserve Balance With CBE

(3,284,941,291)

(3,028,051,899)

Due from Banks (Time Deposits) More than Three Months

(6,250,365,556)

(6,186,983,796)

Treasury Bills With Maturity More than Three months

(14,823,893,420)

(10,442,778,746)

Total Cash & Cash Equivalent

9,799,910,294

5,199,311,549

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of June 30, 2012

June 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (losses)	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	2,036,955,188	-	(482,976,388)	117,805,566	(593,366,385)	128,113,811	1,181,715,677	129,828,073	8,870,699,706	47,355,521	8,918,055,227

June 30, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (losses)	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	5,972,275,410	380,348,755	2,036,955,188	(510,946,406)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,822,434,549	47,519,931	10,869,954,480
Capital Increase	29,348,380	-	-	-	-	-	-	-	-	29,348,380	-	29,348,380
Transferred to Reserves	-	110,016,166	1,277,120,890	-	2,387,583	-	-	(1,325,842,412)	(63,682,227)	-	-	-
Transferred to Retained Earnings	-	-	-	23,469,594	-	-	-	(23,469,594)	-	-	-	-
Dividend paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,182)	-	(1,055,843,161)	-	(1,055,843,161)
Net Profit of the Year	-	-	-	-	-	-	-	1,328,840,907	-	1,328,840,907	282,251	1,329,123,158
Transfer from Special Reserve	-	-	-	-	-	-	-	-	-	-	-	-
Change during the period	-	-	-	(130,962)	-	-	-	-	-	(130,962)	2,652	(128,310)
Addition from Financial	-	-	-	-	-	(425,414,911)	-	-	-	(425,414,911)	-	(425,414,911)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(15,016,039)	15,016,039	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	47,923,358	47,923,358	-	47,923,358
Balance at the end of the period	6,001,623,790	490,364,921	3,314,076,078	(488,609,753)	120,193,149	(272,050,117)	88,700,893	1,343,856,947	149,002,251	10,747,158,159	47,804,834	10,794,962,992