1st Quarter Results

RNS Number : 4356G

Commercial Intnl Bank (Egypt) SAE

12 May 2011

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2011
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Mar. 31, 2011
Amounts in L.E.	Note	31-Mar-2011		31-Dec-2010
Assets
Cash & Due From Central Bank	15	5,168,990,444		5,675,241,791
Due From Banks	16	10,037,292,508		7,054,682,826
Treasury Bills & Other Notes Discountable at CBE	17	9,309,050,446		8,821,003,566
Trading Financial Assets	18	630,345,157		1,585,747,835
Loans & Overdrafts for Banks ( Net after Provision)	19	138,686,508		128,527,576
Loans & Overdrafts for Customers ( Net after Provision)	20	36,246,869,496		35,046,013,357
Financial Derivatives	21	148,427,287		139,263,948
Financial Investments
Available for Sale	22	14,243,960,275		13,613,839,805
Held to Maturity	22	270,497,653		299,250,313
Financial Investments in associated companies	23	108,617,093		96,827,733
Brokers-Debit Balances		175,953,364		180,368,320
Reconciliation Accounts- Debit Balances		-		8,185,474
Real Estate Investments	24	28,334,464		28,695,664
Debt Balances and other Assets	25	1,266,833,674		1,384,657,474
Goodwill		150,350,421		160,373,782
Intangible Assets	41	359,953,534		376,820,344
Deferred Tax	33	127,007,564		117,602,829
Fixed Assets (Net)	26	667,882,987		708,330,987
Total Assets		79,079,052,875		75,425,433,625
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	3,163,307,305		1,322,279,909
Customer Deposits	28	65,263,741,771		63,364,177,278
Brokers-Credit Balance		256,778,006		393,321,036
Reconciliation Accounts-Credit Balances		33,472,116		-
Financial Derivatives	21	86,751,315		113,551,039
Dividends Payable		590,144,360		-
Credit Balances & Other Liabilities	30	1,276,576,449		1,165,163,338
Long Term Loans	29	264,950,901		129,113,426
Other Provisions	31	325,579,032		318,889,536
Total Liabilities		71,261,301,255		66,806,495,563
Shareholders' Equity
Issued and Paid In Capital	32	5,901,443,600		5,901,443,600
Reserves	32	1,737,951,762		719,067,070
Reserve for employee stock ownership plan (ESOP)		170,224,597		149,520,858
Retained Earning		(346,599,897)		(203,604,610)
Total Shareholders' Equity		7,463,020,062		6,566,426,917
Net Profit of the Period/year after tax		307,944,024		2,005,545,505
Total Shareholders' Equity & Net Profit for the Period/year		7,770,964,086		8,571,972,423
Minority Interest		46,787,534		46,965,639
Total Minority interest and shareholders' equity		7,817,751,620		8,618,938,062
Total Liabilities &  Shareholders' Equity and minority interest		79,079,052,875		75,425,433,625
Contingent liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	12,084,540,939		11,879,698,713
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Mar. 31 2011
Amounts in LE.	Note	Mar. 31, 2011		Mar. 31, 2010
Interest and Similar Income	6	1,286,398,794		1,035,830,917
Interest Expenses and Similar Charges	6	(653,625,132)		(516,009,902)
Net Interest Income		632,773,662		519,821,015
Fees & Commissions Income	7	209,255,454		231,363,496
Fees and Commissions Expense	7	(18,812,529)		(17,151,477)
Net Income from Fees and Commissions		190,442,925		214,212,019
Dividends Income	8	574,700		64,123,657
Net Trading Income	9	114,044,932		83,597,485
Profit from Financial Investments	22	44,252,888		58,397,638
Goodwill Amortization		(10,023,361)		(10,023,361)
Administrative Expenses	10	(383,154,802)		(320,782,046)
Other operating (Expenses) Income	11	(72,839,804)		23,157,996
Losses of impairment from loans	12	(122,800,880)		(1,911,080)
Intangible Assets Amortization	41	(16,866,810)		(16,866,810)
Bank's share in the profits of Associates		12,280,486		12,073,718
Net Profit before Tax		388,683,936		625,800,230
Income Tax	13	(90,219,908)		(103,405,138)
Deferred Tax	13&33	9,404,735		6,448,333
Net Profit After Tax		307,868,763		528,843,425
Minority Interest		(75,261)		462,579
Bank Shareholders		307,944,024		528,380,846
Earning per share
Basic	14	0.59		0.91
Diluted	14	0.57		0.89
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Mar. 31 2011
Amounts in LE.		Mar. 31, 2011		Mar. 31, 2010
Cash Flow from Operating Activities
Net Income Before Tax		388,683,936		625,800,230
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		57,879,734		46,300,528
Provisions (Formed during the period)		129,239,762		33,833,418
Trading Financial Investment Evaluation Differences		41,629,180		(14,065,167)
Intangible Assets Amortization		(16,866,810)		(16,866,810)
Goodwill Amortization		(10,023,361)		(10,023,361)
Impairment of Assets		(48,065,735)		(2,242,959)
Utilization of Provisions (Except Provision for Doubtful Debts)		(2,939,853)		(1,361,150)
Provisions no longer used (Except Provision for Doubtful Debts)		(656,595)		(37,914,910)
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)		3,969,911		409,559
Profits From Selling Fixed Assets		(942,513)		(1,833,430)
Profits From Selling Financial Investments		(48,401,288)		(62,495,543)
Profits From Selling an Investment in Associated		(1,873,813)		-
FCY Revaluation Difference of  Long Term Loans		5,076,685		(886,352)
Share Based Payments		20,703,739		18,922,217
Investment in Subsidiary and Associated Company Evaluation Differences		10,259,779		(12,112,913)
Impairment of Real Estate Investments		361,200		-
Operating Profits Before Changes in Operating Assets and Liabilities		528,033,958		565,463,355
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(3,279,200,104)		24,633,442
Treasury Bills & Other Governmental Notes		2,022,306,742		1,454,263,087
Trading Financial Assets		913,773,498		(60,599,634)
Financial Derivatives (Net)		(35,963,064)		23,862,901
Loans & Overdrafts		(1,333,938,801)		(2,087,309,696)
Debit Balances and Other Assets		132,257,746		(247,822,932)
Due to Banks		1,841,027,396		603,415,124
Customer Deposits		1,899,564,493		3,514,294,047
Credit Balances & Other Liabilities		(44,880,016)		244,539,821
Net Cash Provided from Operating Activities		2,642,981,848		4,034,739,515
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Mar. 31 2011		Mar. 31, 2011		Mar. 31, 2010
Cash Flow From Investing Activities
Incoming from selling subsidiary and associated companies		1,529,580		-
Purchase of Fixed Assets, premises and Fitting-out of Branches		(26,508,211)		(5,707,103)
Redemption of Held-to-Maturity Financial Investments		34,617,947		33,318,731
Held to Maturity financial Investments Purchases		-		(9,997,507)
Purchase of Available for Sale Financial Investments		(822,951,271)		(1,477,911,433)
Net Cash (Used in) Provided from Investment  Activities		(813,311,955)		(1,460,297,312)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		130,760,790		(3,120,639)
Dividends Paid		(252,918,831)		(661,806,331)
Net Cash (Used in) Financing Activities		(122,158,041)		(664,926,970)
Net cash & cash equivalent changes		1,707,511,853		1,909,515,233
Beginning Balance of cash and cash equivalent		8,058,126,497		10,230,779,568
Cash & Cash equivalent Balance At the End of the period		9,765,638,350		12,140,294,802
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		5,168,990,444		4,098,896,337
Due From Banks		10,037,292,508		8,080,344,588
Treasury Bills & other governmental notes		9,309,050,446		13,575,742,969
Due from Banks (Time Deposits) more than three months		(9,679,888,708)		(7,484,826,893)
Treasury Bills With maturity More than 3 months		(5,069,806,341)		(6,129,862,198)
Total Cash & Cash Equivalent		9,765,638,350		12,140,294,802

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Mar. 31 2010

March 31.2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earning (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock ownership plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(176,287,838)	206,530,551	(107,124,766)	26,652,790	1,708,238,924	161,728,984	7,024,643,899	45,607,323	7,070,251,222
Transferred to reserves	-	87,847,835	1,010,739,284	-	-	-	-	-	(1,098,587,119)	-	-	-	-
Transferred to Retained earning	-	-	-	-	(37,980,544)	(22,173,982)	-	-	52,154,526	-	(8,000,000)	-	(8,000,000)
Dividends paid	-	-	-	-	-	-	-	-	(661.806.331)	-	(661.806.331)	-	(661.806.331)
Net profits of the year	-	-	-	-	-	-	-	-	528,380,846	-	528,380,846	462,579	528,843,425
Changes during the period	-	-	-	-	1,594,467	-	-	-	-	-	1,594,467	-	1,594,467
Addition from financial Investment revaluation	-	-	-	-	-	-	84,127,558	-	-	-	84,127,558	-	84,127,558
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	44,378,643	(44,378,643)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	18,922,217	18,922,217	-	18,922,217
Balance at the end of the year	2,925,000,000	601,454,369	2,474,243,584	302,794,421	(212,673,915)	184,356,569	(22,997,208)	71,031,433	484,002,203	180,651,201	6,987,862,656	46,069,902	7,033,932,558

March 31. 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	1,722,491	156,992,515	1,875,205,780	149,520,858	8,571,972,422	46,965,639	8,618,938,061
Transferred to Reserves	-	106,216,559	1,066,083,988	-	-	1,574,746	-	-	(1,173,875,293)	-	-	-	-
Transferred to Retained Earnings	-	-	-	-	(121,501,406)	-	-	-	121.501.406	-	-	-	-
Dividends paid	-	-	-	-	(20,231,298)	-	-	-	(822,831,893)	-	(843,063,191)	-	(843,063,191)
Net Profits of the Period	-	-	-	-	-	-	-	-	307,944,024	-	307,944,024	(75,261)	307,868,763
Change during the period	-	-	-	-	(1,262,583)	-	-	-	-	-	(1,262,583)	(102,844)	(1,365,427)
Addition from Financial Investments Revaluation	-	-	-	-	-	-	(285,330,326)	-	-	-	(285,330,326)	-	(285,330,326)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(2,648,019)	2,648,019	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	20,703,739	20,703,739	-	20,703,739
Balance at the end of the period	5,901,443,600	231,344,896	1,114,496,449	302,794,421	(346,599,897)	185,931,315	(283,607,835)	154,344,496	310,592,042	170,224,597	7,770,964,084	46,787,534	7,817,751,619

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