1st Quarter Consolidated Results

RNS Number : 7800E

Commercial Intnl Bank (Egypt) SAE

11 May 2017

 

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/7800E_-2017-5-10.pdf
Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements March 31st,  2017
FINANCIAL POSITION
As of March 31st, 2017
Amounts in EGP Thousands			Note				March 31, 2016				December 31, 2016
Assets
Cash and balances with central bank			15				15,101,163				10,522,040
Due from  banks			16				65,449,817				58,011,034
Treasury bills and other governmental notes			17				39,956,034				39,177,184
Trading financial assets			18				2,209,221				2,445,134
Loans and advances to banks, net			19				69,384				159,651
Loans and advances to customers, net			20				86,670,859				85,224,148
Non current assets held for sale			42				239,875				4,890,438
Derivative financial instruments			21				95,242				269,269
Financial investments
- Available for sale			22				5,139,805				5,447,291
- Held to maturity			22				49,389,060				53,924,936
Investments in associates			23				48,663				36,723
Other assets			24				6,241,263				5,434,563
Intangible assets			41				466,579				499,131
Deferred tax assets (Liabilities)			32				195,918				181,308
Property, plant and equipment			25				1,402,583				1,320,905
Total assets							272,675,466				267,543,755
Liabilities and equity
Liabilities
Due to banks			26				2,598,068				3,008,996
Due to customers			27				239,730,858				231,740,795
Non current liabilities held for sale			42				-				3,684,676
Derivative financial instruments			21				163,896				331,091
Dividends payable							576,933				-
Current tax liabilities							598,735				2,017,034
Other liabilities			29				5,204,188				3,579,330
Long term loans			28				155,218				160,243
Other provisions			30				1,603,192				1,514,057
Total liabilities							250,631,088				246,036,222
Equity
Issued and paid up capital			31				11,538,660				11,538,660
Reserves			34				8,261,896				3,451,756
Reserve for employee stock ownership plan (ESOP)							420,564				343,460
Retained earnings (losses)							89,873				31,462
Total equity							20,310,993				15,365,338
Net profit for the period/year							1,733,385				6,009,118
Total equity and net profit for the period/year							22,044,378				21,374,456
Minority interest							-				133,077
Total minority interest , equity and net profit for the period							22,044,378				21,507,533
Total liabilities, equity, minority interest and net profit for the period							272,675,466				267,543,755
INCOME  STATEMENT
As of March 31, 2016
Amounts in EGP Thousands			Note				March 31, 2017				March 31, 2016
Continued Operations
Interest and similar income
Interest and similar expense							6,376,570				4,178,859
							(3,593,103)				(1,910,574)
Net interest income			6				2,783,467				2,268,285
Fee and commission income							647,861				463,058
Fee and commission expense							(130,060)				(83,981)
Net fee and commission income			7				517,801				379,077
Dividend income			8				1,799				492
Net trading income			9				386,603				107,642
Profits on financial investments			22				10,742				33,820
Administrative expenses			10				(746,457)				(601,548)
Other operating (expenses) income			11				(357,997)				(161,400)
Goodwill impairment			41				-				(10,854)
Intangible assets amortization			41				(32,552)				(32,552)
Impairment charge for credit losses			12				(506,570)				(287,613)
Bank's share in the profits of associates							11,940				(740)
Profit before income tax							2,068,776				1,694,609
Income tax expense			13				(598,735)				(482,726)
Deferred tax assets (Liabilities)			32 & 13				14,610				58,435
Net profit from continued operations							1,484,651				1,270,318
Net profit from discontinued operations			42				122,234				25,961
Profit (loss) of disposal from discontinued operations				43				150,550				-
Net profit for the period								1,757,435				1,296,279
Minority interest
Bank shareholders								24,050				4,725
								1,733,385				1,291,554
Earnings per share				14
Basic								1.37				1.02
Diluted								1.35				1.00
CASH FLOW STATEMENT As of March 31, 2016
Amounts in EGP Thousands
								March 31, 2017				March 31, 2016
Cash flow from operating activities
Profit before income tax from continued operations								2,044,726				1,694,609
Profit before income tax from discontinued operations								-				32,148
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation								84,592				64,951
Impairment charge for credit losses								506,570				287,613
Other provisions charges								88,440				23,622
Trading financial investments revaluation differences								(49,057)				195,000
Available for sale and held to maturity investments exchange revaluation differences								16,596				(263,567)
Goodwill impairment								-				10,854
Intangible assets amortization								32,552				32,552
Financial investments impairment charge								(59,574)				19,481
Utilization of other provisions								(358)				(470)
Other provisions no longer used								(2,470)				(33,132)
Exchange differences of  other provisions								3,523				62,934
Profits from selling property, plant and equipment								-				(164)
Profits from selling financial investments								53,608				(16,259)
Profits from selling investments in associates								-				(84,934)
Shares based payments								77,104				48,661
Associates financial investments revaluation differences								11,940				740
Operating profits before changes in operating assets and liabilities								2,808,192				2,074,639
Net decrease (increase) in assets and  liabilities
Due from banks								(6,369,580)				(5,624,857)
Treasury bills and other governmental notes								(1,278,538)				3,942,273
Trading financial assets								284,970				686,027
Derivative financial instruments								6,832				(87,486)
Loans and advances to banks and customers								(1,095,248)				(3,506,838)
Other assets								(739,155)				(2,079,531)
Non current assets held for sale								188,136				-
Due to banks								(410,928)				(971,815)
Due to customers								7,765,546				14,117,734
Income tax obligations paid								(2,017,034)				(1,949,694)
Other liabilities								1,624,858				3,682,924
Income tax paid								768,051				10,283,376
Cash flow from investing activities
Payment for purchase of subsidiary and associates								-				48,607
Proceeds from selling subsidiary and associates								-				159,989
Payment for purchases of property, plant, equipment and branches constructions								(204,805)				(174,558)
Proceeds from redemption of held to maturity financial investments								7,111,107				1,311
Payment for purchases of held to maturity financial investments								(2,575,231)				-
Payment for purchases of  available for sale financial investments								(153,395)				(143,557)
Proceeds from selling available for sale financial investments								480,343				2,345,789
Proceeds from selling non current assets held for sale								500,867				-
Net cash used in investing activities								5,158,886				2,237,581
Cash flow from financing activities
Increase (decrease) in long term loans								(5,025)				(7,094)
Dividend paid								(773,274)				(1,463,450)
Net cash used in financing activities								(778,299)				(1,470,544)
Net increase (decrease) in cash and cash equivalent during the period								5,148,638				11,050,413
Beginning balance of cash and cash equivalent								61,518,700				22,433,117
Cash and cash equivalent at the end of the period								66,667,338				33,483,530
Cash and cash equivalent comprise:
Cash and balances with central bank								15,101,163				16,409,342
Due from banks								65,449,817				31,110,134
Treasury bills and other governmental  notes								39,956,034				18,194,950
Obligatory reserve balance with CBE								(10,066,100)				(13,893,058)
Due from banks with maturities more than three months								(4,307,610)				(149,940)
Treasury bills with maturity more than three months								(39,465,966)				(18,187,898)
Total cash and cash equivalent								66,667,338				33,483,530

		COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Consolidated statement of changes in shareholders' equity  for the period ended on March 31, 2016
Mar. 31, 2016	Issued and paid up capital		Legal reserve		General reserve		Retained earnings (losses)			Special reserve		Reserve For  A.F.S  investments revaluation diff.			Banking risks reserve		Net profit for the period		Reserve for employee stock ownership plan			Cumulative foreign currencies translation differences		Total Shareholders Equity	Minority Interest	Total
																										EGP Thousands
Beginning balance	11,470,603		803,355		1,518,373		(64,566)			30,214		(2,202,462)			2,513		4,728,976		248,148			-		16,535,154	47,431	16,582,585
Capital increase	-		-		-		-			-		-			-		-		-			-		-	-	-
Transferred to reserves	-		232,008		2,944,190		-			564		-			-		(3,176,762)		-			-		-	-	-
Transferred to retained earnings (losses)	-		-		-		88,258			-		-			-		(88,258)		-			-		-	-	-
Dividend paid	-		-		-		-			-		-			-		(1,463,450)		-			-		(1,463,450)	-	(1,463,450)
Net profit of the period	-		-		-		-			-		-			-		1,291,554		-			-		1,291,554	4,725	1,296,279
Change in ownership percentage	-		-		-		8,585			-		-			-		-		-			-		8,585	127,533	136,118
Net unrealised gain/(loss) on AFS	-		-		-		-			-		(1,873,055)			-		-		-			-		(1,873,055)	-	(1,873,055)
Transferred (from) to  bank risk reserve	-		-		-		-			-		-			506		(506)		-			-		-	-	-
Cost of employees stock ownership plan (ESOP)	-		-		-		-			-		-			-		-		48,661			-		48,661	-	48,661
Cumulative foreign currencies translation differences	-		-		-		-			-		-			-		-		-			8551		8,551	-	8,551
Balance at the end of the period	11,470,603		1,035,363		4,462,563		32,277			30,778		(4,075,517)			3,019		1,291,554		296,809			8,551		14,556,000	179,689	14,735,689
Consolidated statement of changes in shareholders' equity  for the period ended March 31, 2017
Mar. 31, 2017	Issued and paid up capital		Legal reserve	General reserve		Retained earnings (losses)		Special reserve	Reserve For  A.F.S  investments revaluation diff.		Banking risks reserve		Net profit for the period	Reserve for employee stock ownership plan		Cumulative foreign currencies translation differences		Total Shareholders Equity		Minority Interest	Total
																					EGP Thousands
Beginning balance	11,538,660		1,035,363	4,554,251		31,462		30,778	(2,180,243)		3,019		6,009,118	343,460		8,588		21,374,456		133,077	21,507,533
Capital increase	-		-	-		-		-	-		-		-	-		-		-		-	-
Transferred to reserves	-		297,444	4,300,607		58,563		1,682	-		-		(4,658,296)	-		-		-		-	-
Transferred to retained earnings (losses)	-		-	-		-		-	-		-		-	-		-		-		-	-
Dividend paid	-		-	-		-		-	-		-		(1,350,207)	-		-		(1,350,207)		-	(1,350,207)
Net profit for the period	-		-	-		-		-	-		-		1,733,385	-		-		1,733,385		24,050	1,757,435
Disposal of subsidiary	-		-	152		(152)		-	-		-		-	-		(8,588)		(8,588)		-	(8,588)
Change in ownership percentage	-		-	-		-		-	-		-		-	-		-		-		(157,127)	(157,127)
Net unrealised gain/(loss) on AFS	-		-	-		-		-	218,228		-		-	-		-		218,228		-	218,228
Transferred (from) to  bank risk reserve	-		-	-		-		-	-		615		(615)	-		-		-		-	-
Cost of employees stock ownership plan (ESOP)	-		-	-		-		-	-		-		-	77,104		-		77,104		-	77,104
Cumulative foreign currencies translation differences	-		-	-		-		-	-		-		-	-		-		-		-	-
Balance at the end of the period	11,538,660		1,332,807	8,855,010		89,873		32,460	(1,962,015)		3,634		1,733,385	420,564		-		22,044,378		-	22,044,378

 

END

 

 

QRFUROVRBBAVAAR