1st Quarter Consolidated Results

RNS Number : 7800E

Commercial Intnl Bank (Egypt) SAE

11 May 2017

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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