1st Quarter Results- Unconsolidated Financials

RNS Number : 2641H

Commercial Intnl Bank (Egypt) SAE

16 May 2014

 

Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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 and Balances with Central Bank	15		4,694,156,406				4,796,240,354
Due From Banks	16		9,700,572,320				8,893,670,965
Treasury Bills and Other Governmental Notes	17		22,768,621,764				23,654,812,174
Trading Financial Assets	18		3,416,233,656				2,246,347,806
Loans and Advances to Banks	19		43,542,211				132,422,732
Loans and Advances to Customers	20		42,683,088,366				41,837,951,712
Derivative Financial Investments	21		93,698,197				103,085,538
Financial Investments
Available for Sale	22		27,053,060,381				23,363,501,695
Held to Maturity	22		4,185,480,015				4,187,173,991
Investments in Subsidiary and Associates	23		605,387,225				599,276,660
Investment Property	24		4,056,000				9,695,686
Other Assets	25		2,966,228,564				2,879,794,496
Deferred Tax	33		65,757,407				83,755,441
Property, Plant and Equipment	26		986,108,579				964,538,516
Total Assets			119,265,991,091				113,752,267,766
Liabilities and Equity
Liabilities
Due to Banks	27		876,140,847				1,373,410,040
Due to Customers	28		102,851,393,543				96,940,270,000
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		1,621,544,763				1,446,046,680
Long Term Loans	29		141,302,084				132,153,227
Other Provisions	31		494,788,351				450,755,558
Total Liabilities			107,256,257,656				101,637,222,899
Equity
Issued & Paid- in Capital	32		9,081,734,430				9,002,435,690
Reserves	32		2,044,048,206				307,223,285
Reserve for Employee Stock Ownership Plan (ESOP)			105,223,752				190,260,457
Total Equity			11,231,006,388				9,499,919,432
Net Profit of the Period/Year After Tax			778,727,047				2,615,125,435
Total Equity and Net Profit for the Period/Year			12,009,733,435				12,115,044,867
Total Liabilities and Equity			119,265,991,091				113,752,267,766
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37		18,051,540,509				16,182,489,160
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			2,564,459,415				2,142,541,043
Interest and Similar Expense			(1,192,662,060)				(1,007,452,996)
Net Interest Income	6		1,371,797,355				1,135,088,047
Fee and Commissions Income			356,427,131				289,209,214
Fee and Commissions Expense			(36,851,976)				(29,298,795)
Net Income from Fees and Commissions	7		319,575,155				259,910,419
Dividend Income	8		1,234,794				737,384
Net Trading Income	9		151,931,713				132,136,317
Profit (Losses) from Financial Investments	22		3,968,948				1,952,434
Administrative Expenses	10		(392,434,440)				(344,644,091)
Other Operating (Expenses) Income	11		(149,158,334)				(53,277,425)
Impairment Charge ( Release)  for Credit Losses	12		(184,587,065)				(226,326,368)
Net Profit before Tax			1,122,328,126				905,576,717
Income Tax Expense	13		(325,603,045)				(258,746,199)
Deferred Tax	33 & 13		(17,998,034)				8,307,460
Net Profit of the Period			778,727,047				655,137,978
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
Net Profit Before Tax			1,122,328,126				905,576,717
Adjustments To Reconcile Net Profit to Net Cash
Provided by Operating Activities
Depreciation			51,160,489				40,398,449
Impairment charge for credit losses			184,587,065				226,326,368
Other Provisions Charges			45,221,385				34,710,014
Trading Financial Investment Revaluation Differences			3,520,438				27,708,950
Available for sale and held to maturity investments exchange revaluation differences			(3,336,225)				(96,308,651)
Financial Investments Impairment Charge (Release)			411,873				(3,095,044)
Utilization of Other Provisions			(1,633,053)				(223,505)
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)				(1,951,651)
Share Based Payments			27,314,941				23,961,679
Investments in Subsidiary and Associates Revaluation		(110,565)				(2,773,485)
Operating Profits Before Changes in Operating Assets and Liabilities			1,425,863,072				1,163,694,754
Net Decrease (Increase) in Assets and Liabilities
Due from banks			(814,219,816)				(1,187,119,103)
Treasury Bills & Other Governmental Notes			1,349,983,072				(2,179,687,466)
Trading Financial Assets			(1,173,406,288)				342,061,660
Derivative Financial Instruments			12,600,718				22,681,045
Loans and Advances to Banks and Customers			(940,843,197)				(1,231,840,550)
Other Assets			(90,095,764)				(4,940,151)
Due to Banks			(497,269,193)				(715,615,737)
Due to Customers			5,911,123,543				7,314,053,459
Income Tax obligations Paid			(352,315,748)				(242,162,433)
Other Liabilities			175,498,083				227,533,737
Net Cash Provided from Operating Activities			5,006,918,482				3,508,659,215
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
Purchases of Subsidiary and Associates			(6,000,000)				-
Purchases of Property, Plant and Equipment			(68,996,099)				(112,435,909)
Redemption of Held-to-Maturity Financial Investments			1,693,976				8,067,598
Purchases of Available for  Sale Financial Investments			(4,913,751,526)				(737,071,950)
Proceeds from Selling Available for Sale Financial Investments			1,493,776,127				1,532,349,018
Proceeds from Selling Real Estate Investments			5,639,686				-
Net Cash Generated from (Used in) Investing  Activities			(3,487,637,836)				690,908,757
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans			9,148,857				48,635,000
Dividends Paid			(1,253,337,989)				(309,308,739)
Capital Increase			79,298,740				-
Net Cash Generated from (Used in) Financing Activities			(1,164,890,392)				(260,673,739)
Net Increase (Decrease) in Cash and Cash Equivalent during the period			354,390,254				3,938,894,233
Beginning Balance of Cash and Cash Equivalent			11,758,996,230				5,536,080,094
Cash and Cash Equivalent Balance At the End of the Period			12,113,386,484				9,474,974,327
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank			4,694,156,406				5,616,291,150
Due From Banks			9,700,572,320				9,299,527,722
Treasury Bills and Other  Governmental Notes			22,768,621,764				13,719,596,497
Obligatory Reserve Balance With CBE			(3,225,921,408)				(3,306,582,184)
Due from Banks (Time Deposits) More than Three Months			(5,961,288,644)				(5,611,093,131)
Treasury Bills with Maturity  More than Three Months			(15,862,753,954)				(10,242,765,727)
Total Cash & Cash Equivalent			12,113,386,484				9,474,974,327

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of March  31, 2014

March 31, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S investments revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profits for the Period (EGP)	Reserve for Employee Stock Ownership Plan ESOP	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,037,107,372	1,001,979	117,805,566	153,506,781	103,716,932	2,380,683,598	164,761,121	11,311,207,514
Transferred to Reserves	-	110,016,166	1,213,438,663	-	2,387,583	-	-	(1,325,842,412)	-	-
Dividends Paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,186)	-	(1,055,843,165)
Net Profit of the Period	-	-	-	-	-	-	-	655,137,978	-	655,137,978
Net Change at fair value of AFS Financial Investments	-	-	-	-	-	(208,260,559)	-	-	-	(208,260,559)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(19,199,133)	19,199,133	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	23,961,679	23,961,679
Balance at the End of Period	5,972,275,410	490,364,921	3,250,546,035	-	120,193,149	(54,753,778)	84,517,799	674,337,111	188,722,800	10,726,203,447

March 31, 2014	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S investments revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profits for the Period (EGP)	Reserve for Employee Stock Ownership Plan ESOP	Total (EGP)
Beginning Balance	9,002,435,690	490,364,921	406,242,752	-	27,366,759	(720,468,079)	1,990,756	2,716,851,611	190,260,457	12,115,044,867
Capital Increase	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)	-
Dividends Paid	-	-	-	-	-	-	-	(1,253,337,989)	-	(1,253,337,989)
Net Profit of the Period	-	-	-	-	-	-	-	778,727,047	-	778,727,047
Transfer from Special Reserve	-	-	-	-	-	-	-	-	-	-
Net Change at fair value of AFS Financial Investment	-	-	-	-	-	262,685,829	-	-	-	262,685,829
Transferred to (From) Bank Risk Reserve	-	-	-	-	-	-	-	-	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	27,314,941	27,314,941
Balance at the End of Period	9,081,734,430	621,084,159	1,850,648,091	-	28,107,451	(457,782,250)	1,990,756	778,727,047	105,223,752	12,009,733,435

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