1st Quarter Results

RNS Number : 2382U

Commercial Intnl Bank (Egypt) SAE

12 May 2008

 

Commercial International Bank (Egypt) S.A.E.
Financial Statements
March 31, 2008
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Mar. 31, 2008
Amounts in L.E.	Note	31-Mar-2008		31-Dec-2007
Assets
Cash & Due From Central Bank	4	6,434,125,884		4,953,205,430
Due From Banks	5	19,893,355,779		13,782,062,043
Treasury Bills & Other Notes Discountable at CBE	6	2,979,216,629		2,948,674,319
Trading Financial Investments	7	561,440,978		588,473,270
Available for Sale Financial Investments	8	2,279,762,437		2,382,992,007
Loans & Overdrafts (Net of Provision for Doubtful Debts)	9&10	23,377,274,868		20,375,525,133
Held to Maturity Financial Investments	11	298,645,419		443,894,166
Financial Investments in Subsidiary and associated companies	12	334,681,007		365,723,936
Debit Balances and Other Assets	14	1,166,729,633		1,020,565,573
Deferred Tax	27	17,999,937		52,819,475
Fixed Assets (Net)	15	599,260,017		607,104,820
Total Assets		57,942,492,588		47,521,040,172
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	16	3,948,600,927		2,377,082,435
Customer Deposits	17	48,006,846,116		39,514,539,992
Dividends & Profit Sharing		0		336,727,470
Credit Balances & Other Liabilities	18	999,223,738		773,862,137
Long Term Loans	19	169,099,542		161,356,219
Other Provisions	20	420,995,274		395,332,813
Total Liabilities		53,544,765,597		43,558,901,066
Shareholders' Equity
Issued & Paid- in Capital		1,950,000,000		1,950,000,000
Reserves		1,981,848,733		1,982,979,522
Reserve for employee stock ownership plan (ESOP)	30	42,952,065		29,159,584
Total Shareholders' Equity	21	3,974,800,798		3,962,139,106
Net Profit of the Period		422,926,193		-
Total Shareholders' Equity & Net Profit		4,397,726,991		3,962,139,106
Total Liabilities & Shareholders' Equity		57,942,492,588		47,521,040,172
Contingent & commitments Liabilities	22	13,515,386,479		11,529,010,709
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of Mar. 31 2008
Amounts in LE.	Note	Mar. 31, 2008		Mar. 31, 2007
Interest Received from clients & Banks		782,451,928		544,401,368
Interest Received from Treasury Bills & Bonds		83,566,270		144,035,811
Interest Paid to Clients & Banks		(450,229,478)		(433,369,129)
Net Interest Income		415,788,720		255,068,050
Banking Fees & Commissions		192,857,683		138,369,473
Share Dividends		57,035,788		19,643,970
Foreign Exchange Profit	23	69,889,396		21,424,699
Profit from Selling Financial Investment		7,926,142		28,856,813
Profit from dispose part of subsidiaries	24	50,258,991		-
Trading financial Investment Revaluation Differences		6,314,685		(1,855,885)
Provisions no longer used	25	94,395,171		-
Other Income		6,736,898		7,182,906
Total Fee Income		485,414,754		213,621,976
Net Operating Income		901,203,474		468,690,026
Provisions		(163,354,750)		(81,750,000)
Other financial Investment Revaluation Differences	26	(39,596,737)		31,939,236
General & Administrative Expenses & Depreciation		(187,424,811)		(124,710,399)
Other Expenses		(27,734,229)		(18,295,197)
		(418,110,527)		(192,816,360)
Net Operating Profits		483,092,947		275,873,666
Non-Operating income		29,523		-
Net Profit before Tax		483,122,470		275,873,666
Income Tax	28	(25,376,739)		(23,184,893)
Deferred Tax	28&27	(34,819,538)		817,667
Net Profit After Tax		422,926,193		253,506,440
Earnings per share	29	1.92		1.15
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Mar. 31 2008
Amounts in LE.		Mar. 31, 2008		Mar. 31, 2007
Cash Flow From Operating Activities
Net Income Before Tax		483,122,470		275,873,666
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		32,180,440		28,136,532
Provisions (Additions during the period)		163,354,750		81,750,000
Trading Financial Investment Evaluation		(6,314,685)		1,855,885
Other Financial Investment Evaluation		39,596,737		(31,939,236)
Utilization of Provision (Other than Provision for Doubtful Debts)		(12,298)		-
Provisions no longer used		(94,395,171)		-
FCY Revaluation Differences of Provision Balances except Doubtful Debt		(619,241)		(112,232)
Gains From Selling of Fixed Assets		(29,523)		-
Profit From Selling of financial Investments		(7,926,142)		(28,856,813)
Profits from dispose part of a subsidiary		(50,258,991)
FCY Revaluation Difference of Long Term Loans		1,320,333		199,581
Reserve for employee stock ownership plan (ESOP)		13,792,481		-
Operating Profit Before Changes in Operating Assets and Liabilities		573,811,160		326,907,383
Net Decrease (Increase) in Assets
Due from banks		(6,430,858,152)		(613,996,981)
Treasury Bills & Other Notes Discountable at CBE		(185,393,667)		1,671,725,483
Trading Financial Investments		33,346,977		39,899,091
Available for Sale Financial Investments		121,817,966		914,817,980
Loans & Overdrafts		(3,193,523,897)		(1,382,120,527)
Debit Balances & Other Assets		(63,563,260)		(159,930,563)
Net Increase (Decrease) In Liabilities
Due to Banks		1,571,518,492		(855,456,302)
Customer Deposits		8,492,306,124		482,241,349
Credit Balances & Other Liabilities		294,380,033		121,622,720
Net Cash Provided from Operating Activities		1,213,841,776		545,709,633
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Mar. 31 2008		Mar. 31, 2008		Mar. 31, 2007
Cash Flow From Investment Activities
Sales (Purchases) of subsidiaries & associated companies		29,912,140		(137,844)
Prepaid for Fixed Assets, premises and Fitting-out of Branches		(52,193,502)		(94,812,917)
Redemption of Held-to-Maturity Financial Investments		145,248,747		267,114,852
Net Cash (Used in) Investment Activities		122,967,385		172,164,091
Cash Flow From Financing Activities
Increase in Long Term Loans		6,422,990		(2,729,747)
Dividends Paid		(336,727,470)		(287,235,147)
Net Cash (Used in) provided from Financing Activities		(330,304,480)		(289,964,894)
Net cash & cash equivalent changes		1,006,504,681		427,908,830
Beginning Balance of cash and cash equivalent		6,779,152,548		4,023,396,001
Cash & Cash equivalent Balance At the End of the period		7,785,657,229		4,451,304,831
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		6,434,125,884		4,168,574,347
Due From Banks		19,893,355,779		6,050,326,978
Treasury Bills & other notes discountable at the CBE		2,979,216,629		2,385,578,737
Due from Banks (time deposits)		(19,695,076,686)		(5,917,511,814)
Treasury Bills with Maturity More than Three Months		(1,825,964,377)		(2,235,663,417)
Total Cash & Cash Equivalent		7,785,657,229		4,451,304,831

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Mar. 31 2008

2007	Capital	Legal Reserves	General Reserves	Special Reserves	Reserves for Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	162,709,903	7,458,634	0		3,039,882,343
Transfer to reserves	0	61,620,639	834,064,668	0	0	(895,685,307)	0	0
Distributed profits	0	0	0	0	0	(336,727,470)	0	(336,727,470)
Net Profit for period	0	0	0	0	0	1,232,412,777	0	1,232,412,777
Usage part of reserve	0	0	0	0	(2,588,128)	0	0	(2,588,128)
Reserve for employee stock ownership plan ESOP	0	0	0	0	0	0	29,159,584	29,159,584
Ending Balance	1,950,000,000	432,851,511	1,382,547,602	162,709,903	4,870,506	0	29,159,584	3,962,139,106

2008	Capital	Legal Reserves	General Reserves	Special Reserves	Reserves for Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total
Beginning Balance	1,950,000,000	432,851,511	1,382,547,602	162,709,903	4,870,506	0	29,159,584	3,962,139,106
Net Profit for period	0	0	0	0	0	422,926,193	0	422,926,193
Usage part of reserve	0	0	0	0	(1,130,789)	0	0	(1,130,789)
Reserve for employee stock ownership plan ESOP	0	0	0	0	0	0	13,792,481	13,792,481
Ending Balance	1,950,000,000	432,851,511	1,382,547,602	162,709,903	3,739,717	422,926,193	42,952,065	4,397,726,991

 

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