1st Quarter Results -Consolidated Financials

RNS Number : 2633H

Commercial Intnl Bank (Egypt) SAE

16 May 2014

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2014
Amounts in EGP	Note	March 31, 2014		Dec. 31, 2013
Assets
Cash & Balances with Central Bank	15	4,729,829,856		4,804,974,237
Due From Banks	16	10,333,594,869		9,003,950,890
Treasury Bills & Other Governmental Notes	17	22,775,550,088		23,665,428,816
Trading Financial Assets	18	3,380,560,206		2,286,484,581
Loans & Advances to Banks	19	43,542,211		132,422,732
Loans & Advances to Customers	20	42,469,388,366		41,733,251,712
Derivative Financial Instruments	21	93,698,197		103,085,538
Financial Investments
Available for Sale	22	27,066,659,242		23,378,104,482
Held to Maturity	22	4,185,480,015		4,197,176,655
Investments in Associates	23	205,235,928		192,752,878
Brokerage Clients-Debit Balances		833,046,316		270,811,253
Reconciliation Accounts- Debit Balances		32,986,735		28,778,971
Investment Property	24	4,056,000		9,695,686
Other Assets	25	2,981,289,298		2,892,343,882
Deferred Tax	33	65,222,546		83,557,219
Property, Plant and Equipment	26	989,093,201		969,176,894
Total Assets		120,189,233,074		113,751,995,426
Liabilities and Equity
Liabilities
Due to Banks	27	876,140,847		1,373,410,040
Due to Customers	28	102,720,863,146		96,845,683,408
Brokerage Clients-Credit Balances		1,106,997,332		167,378,879
Derivative Financial Instruments	21	118,091,960		114,878,583
Current Income Tax Obligations		1,152,996,108		1,179,708,811
Other Liabilities	30	1,644,476,590		1,476,956,657
Long Term Loans	29	141,302,084		132,153,227
Other Provisions	31	499,602,189		454,699,000
Total Liabilities		108,260,470,256		101,744,868,605
Equity
Issued and Paid In Capital	32	9,081,734,430		9,002,435,690
Reserves	32	2,043,396,019		307,060,175
Reserve for Employee Stock Ownership Plan (ESOP)		105,223,752		190,260,457
Retained Earnings (Losses)		(155,160,013)		(546,531,497)
Total Equity		11,075,694,188		8,953,224,825
Net Profit of the Period/Year After Tax		805,224,903		3,006,487,540
Total Equity And Net Profit For Period/Year		11,880,919,091		11,959,712,365
Minority Interest		47,843,727		47,414,456
Total Minority Interest and Equity		11,928,762,818		12,007,126,821
Total Liabilities, Equity and Minority Interest		120,189,233,074		113,751,995,426
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	18,051,490,509		16,182,439,160
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2014
Amounts in EGP.	Note	March 31, 2014		March 31, 2013
Interest and Similar Income		2,561,862,105		2,145,204,975
Interest and Similar Expenses		(1,192,668,306)		(1,007,611,145)
Net Interest Income	6	1,369,193,799		1,137,593,830
Fees & Commissions Income		410,603,989		317,107,277
Fees and Commissions Expense		(36,851,976)		(29,298,795)
Net Income from Fees and Commissions	7	373,752,013		287,808,482
Dividend Income	8	222,578		1,701,888
Net Trading Income	9	152,918,694		135,889,585
Profit (losses) from Financial Investments	22	3,958,025		1,919,767
Administrative Expenses	10	(421,616,248)		(376,467,481)
Other operating (Expenses) Income	11	(151,260,041)		(54,361,347)
Impairment (Charge) Release for Credit Losses	12	(184,587,065)		(226,326,368)
Intangible Assets Amortization		-		(2,088,901)
Bank's Share in the Profits of Associates		7,384,700		3,758,246
Net Profit Before Tax		1,149,966,455		909,427,701
Income Tax Expense	13	(325,968,231)		(260,196,315)
Deferred Tax	33 & 13	(80,334,673)		8,519,220
Net Profit of The period		805,663,551		657,750,606
Minority Interest		438,648		158,393
Bank Shareholders		805,224,903		657,592,213
Earning per share	14
Basic		0.76		0.66
Diluted		0.75		0.65
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31, 2014
Amounts in EGP.		March 31, 2014		March 31, 2013
Cash Flow from Operating Activities
Profit Before Income Tax		1,149,966,455		909,427,701
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		51,490,748		41,568,698
Impairment  Charges for credit losses		184,587,065		226,326,368
Other Provisions Charges		46,175,135		34,710,014
Trading Financial Investment Revaluation Differences		2,623,545		25,349,735
Intangible Assets Amortization		-		2,088,901
Available for sale and held to maturity investments exchange revaluation differences		(3,336,225)		(96,308,651)
Financial Investments Impairment Charge (Release)		422,796		(3,062,279)
Utilization of Other Provisions		(1,716,407)		(3,265,332)
Other Provisions No Longer Used		-		(141,520)
Exchange Differences of Other Provisions		444,461		9,997,924
Profits From Selling Property, Plant and Equipment		(72,757)		(491,491)
Profits From Selling Financial Investments		(3,973,106)		(1,951,749)
Share Based Payments		27,314,941		23,961,679
Investments in Associates Revaluation		(7,495,265)		(6,531,730)
Operating Profits Before Changes in Operating Assets and Liabilities		1,446,431,386		1,161,678,268
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(814,219,816)		(1,187,126,786)
Treasury Bills & Other Governmental Notes		1,349,983,072		(2,179,687,466)
Trading Financial Assets		(1,096,699,170)		336,688,055
Derivative Financial Instruments		12,600,718		22,681,045
Loans and Advances to Banks and Customers		(831,843,197)		(916,840,550)
Other Assets		(659,050,939)		(364,050,710)
Due to Banks		(497,269,193)		(715,615,737)
Due to Customers		5,875,179,738		7,348,254,732
Income Tax obligations Paid		(352,315,748)		(242,162,433)
Other Liabilities		1,106,773,200		530,850,794
Net Cash Provided from Operating Activities		5,539,570,051		3,794,669,212
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2014		March 31, 2014		March 31, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(4,987,784)		-
Purchase of Property, Plant and Equipment		(67,672,602)		(116,687,001)
Redemption of Held-to-Maturity Financial Investments		11,696,640		8,075,590
Purchases of Available for Sale Financial Investments		(4,913,751,526)		(737,071,950)
Proceeds from Selling Available For Sale Financial Investments		1,494,780,053		1,534,760,298
Proceeds from Selling Real Estate Investments		5,639,686		-
Net Cash Generated from (Used in) Investing  Activities		(3,474,295,533)		689,076,937
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		9,148,857		48,635,000
Dividend Paid		(1,253,337,987)		(309,308,736)
Capital Increase		79,298,740		-
Net Cash Generated from (Used in) Financing Activities		(1,164,890,390)		(260,673,736)
Net Increase (Decrease) in Cash and Cash Equivalent during the period		900,384,128		4,223,072,413
Beginning Balance of Cash and Cash Equivalent		11,888,626,680		5,665,914,467
Cash & Cash Equivalent Balance At the End of the Period		12,789,010,808		9,888,986,880
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		4,729,829,856		5,616,291,150
Due From Banks		10,333,594,869		9,682,102,706
Treasury Bills and Other Governmental Notes		22,775,550,088		13,751,041,752
Obligatory Reserve Balance With CBE		(3,225,921,408)		(3,306,582,184)
Due from Banks (Time Deposits) More than Three Months		(5,961,288,645)		(5,611,100,817)
Treasury Bills With Maturity More than Three months		(15,862,753,952)		(10,242,765,727)
Total Cash & Cash Equivalent		12,789,010,808		9,888,986,880

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of March. 31, 2013

March. 31, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Net Profit of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders' Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,036,955,188	(568,853,097)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,764,527,858	47,519,931	10,812,047,789
Transferred to Reserves	-	110,016,166	1,213,438,663	-	2,387,583	-	-	(1,325,842,412)	-	-	-	-
Transferred to Retained Earnings (Losses)	-	-	-	23,469,594	-	-	-	(23,469,594)	-	-	-	-
Dividend paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,183)	-	(1,055,843,162)	-	(1,055,843,162)
Net Profit of the period	-	-	-	-	-	-	-	657,592,213	-	657,592,213	158,394	657,750,607
Change During the Year	-	-	-	(129,687)	-	-	-	-	-	(129,687)	1,248	(128,439)
Net Change at fair value of A.F.S Financial Investment	-	-	-	-	-	(208,227,794)	-	-	-	(208,227,794)	-	(208,227,794)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(19,199,133)	19,199,133	-	-	-	-
Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	23,961,679	23,961,679	-	23,961,679
Balance at the End of the period	5,972,275,410	490,364,921	3,250,393,851	(546,515,169)	120,193,149	(54,863,000)	84,517,799	676,791,347	188,722,799	10,181,881,106	47,679,573	10,229,560,679

March. 31, 2014	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Net Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders' Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	9,002,435,690	490,364,921	406,090,568	(546,531,497)	27,366,758	(720,479,005)	1,990,756	3,108,213,716	190,260,457	11,959,712,365	47,414,456	12,007,126,821
Capital Increase	79,298,740	-	-	-	-	-	-	-	-	79,298,740	-	79,298,740
Transferred to Reserves	-	130,719,237	1,444,405,339	-	740,692	-	-	(1,463,513,622)	(112,351,646)	-	-	-
Transferred to Retained Earnings (Losses)	-	-	-	391,362,107	-	-	-	(391,362,107)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,253,337,987)	-	(1,253,337,987)	-	(1,253,337,987)
Net Profit of the period	-	-	-	-	-	-	-	805,224,903	-	805,224,903	438,648	805,663,551
Change in Ownership percentage	-	-	-	9,377	-	-	-	-	-	9,377	(9,377)	-
Net Change at fair value of A.F.S Financial Investment	-	-	-	-	-	262,696,752	-	-	-	262,696,752	-	262,696,752
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	27,314,941	27,314,941	-	27,314,941
Balance at the End of the period	9,081,734,430	621,084,158	1,850,495,907	(155,160,013)	28,107,451	(457,782,253)	1,990,756	805,224,903	105,223,752	11,880,919,091	47,843,727	11,928,762,818

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