1st Quarter Results

RNS Number : 8185E

Commercial Intnl Bank (Egypt) SAE

16 May 2013

 

Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
March 31,  2013
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March. 31, 2013
Amounts in EGP.	Note		March 31, 2013				Dec. 31 ,2012
Assets
Cash and Balances with Central Bank	15		5,616,291,150				5,393,974,124
Due From Banks	16		9,299,527,722				7,957,710,034
Treasury Bills and Other Governmental Notes	17		13,719,596,497				7,978,030,413
Trading Financial Assets	18		1,102,511,154				1,472,281,763
Loans and Advances to Banks	19		464,317,683				1,178,867,739
Loans and Advances to Customers	20		42,418,378,012				40,698,313,773
Derivative Financial Investments	21		116,336,336				137,459,761
Financial Investments
Available for Sale	22		20,259,701,752				21,161,884,032
Held to Maturity	22		4,197,685,729				4,205,753,328
Investments in Subsidiary and Associates	23		940,807,185				938,033,700
Investment Property	24		10,395,686				10,395,686
Other Assets	25		2,546,794,822				2,459,025,844
Deferred Tax	33		137,440,670				129,133,209
Property, Plant and Equipment	26		674,228,020				684,527,896
Total Assets			101,504,012,418				94,405,391,302
Liabilities and Equity
Liabilities
Due to Banks	27		999,246,979				1,714,862,716
Due to Customers	28		86,148,780,349				78,834,726,890
Derivative Financial Instruments	21		120,656,880				119,099,260
Dividends Payable			746,534,426				-
Other Liabilities	30		2,278,469,074				2,034,351,571
Long Term Loans	29		129,130,238				80,495,238
Other Provisions	31		354,991,025				310,648,113
Total Liabilities			90,777,808,971				83,094,183,788
Equity
Issued & Paid- in Capital	32		5,972,275,410				5,972,275,410
Reserves	32		3,910,067,259				2,970,458,093
Reserve for Employee Stock Ownership Plan (ESOP)			188,722,800				164,761,121
Retained Earnings			-				1,001,979
Total Equity			10,071,065,469				9,108,496,603
Net Profit of the Period/Year After Tax			655,137,978				2,202,710,911
Total Equity and Net Profit for the Period/Year			10,726,203,447				11,311,207,514
Total Liabilities and Equity			101,504,012,418				94,405,391,302
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37		14,732,607,169				14,897,789,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March. 31, 2013
Amounts in EGP.	Note		March 31, 2013				March 31, 2012
Interest and Similar Income			2,142,541,043				1,664,834,562
Interest and Similar Expense			(1,007,452,996)				(779,319,889)
Net Interest Income	6		1,135,088,047				865,514,673
Fee and Commissions Income			289,209,214				214,089,807
Fee and Commissions Expense			(29,298,795)				(23,670,700)
Net Income from Fees and Commissions	7		259,910,419				190,419,107
Dividend Income	8		737,384				3,948,837
Net Trading Income	9		132,136,317				98,886,825
Profit (Losses) from Financial Investments	22		1,952,434				(512,588)
Administrative Expenses	10		(439,410,616)				(353,896,198)
Other Operating (Expenses) Income	11		41,489,100				(36,675,496)
Impairment Charge for Credit Losses	12		(226,326,368)				(16,542,204)
Net Profit before Tax			905,576,717				751,142,956
Income Tax Expense	13		(258,746,199)				(246,828,870)
Deferred Tax	33 & 13		8,307,460				8,262,962
Net Profit of the Period			655,137,978				512,577,048
Earning per share	14
Basic			1.00				0.79
Diluted			0.98				0.78
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31, 2013
Amounts in EGP.			March 31, 2013				March 31, 2012
Cash Flow From Operating Activities
Net Profit Before Tax			905,576,717				751,142,956
Adjustments To Reconcile Net Profit to Net Cash
Provided by Operating Activities
Depreciation			40,398,449				41,461,048
Impairment charge for credit losses			226,326,368				16,542,204
Other Provisions Charges			34,710,014				67,087,237
Trading Financial Investment Revaluation Differences			27,708,950				(17,092,843)
Available for sale and held to maturity investments exchange revaluation differences			(96,308,651)				(3,344,835)
Financial Investments Impairment Charge (Release)			(3,095,044)				6,007,159
Utilization of Other Provisions			(223,505)				(7,702,610)
Other Provisions No Longer Used			(141,520)				(531,054)
Exchange Differences of Other Provisions			9,997,924				1,304,271
Profits From Selling Property, Plant and Equipment			(491,491)				(43,012)
Profits From Selling Financial Investments			(1,951,651)				(751,298)
Profits from Selling Associates			-				-
Exchange Differences of  Long Term Loans			-				90,904
Share Based Payments			23,961,679				22,235,018
Investments in Subsidiary and Associates Revaluation		(2,773,485)				(26,520)
Real Estate Investments Impairment Charges			-				-
Operating Profits Before Changes in Operating Assets and Liabilities			1,163,694,754				876,378,625
Net Decrease (Increase) in Assets and Liabilities
Due from banks			(1,187,119,103)				(1,025,354,198)
Treasury Bills & Other Governmental Notes			(2,179,687,466)				(2,799,053,252)
Trading Financial Assets			342,061,660				(116,241,661)
Derivative Financial Instruments			22,681,045				31,992,937
Loans and Advances to Banks and Customers			(1,231,840,550)				950,701,413
Other Assets			(4,940,151)				(295,627,075)
Due to Banks			(715,615,737)				(2,295,931,897)
Due to Customers			7,314,053,459				2,679,080,359
Other Liabilities			(14,628,696)				75,492,802
Net Cash Provided from Operating Activities			3,508,659,215				(1,918,561,947)
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2013			March 31, 2013				March 31, 2012
Cash Flow From Investing Activities
Purchases of Subsidiary and Associates			-				-
Purchases of Property, Plant and Equipment			(112,435,909)				(74,401,088)
Redemption of Held-to-Maturity Financial Investments			8,067,598				-
Purchases of Held to Maturity Financial Investments			-				(2,928,851,641)
Purchases of Available for  Sale Financial Investments			(737,071,950)				(3,235,631,200)
Proceeds from Selling Available for Sale Financial Investments			1,532,349,018				3,130,594,820
Proceeds from Selling Real Estate Investments			-				750,000
Net Cash Generated from (Used in) Investing  Activities			690,908,757				(3,107,539,110)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans			48,635,000				2,507,383
Dividends Paid			(309,308,739)				(212,750,221)
Net Cash Generated from (Used in) Financing Activities			(260,673,739)				(210,242,838)
Net Increase (Decrease) in Cash and Cash Equivalent			3,938,894,233				(5,236,343,894)
Beginning Balance of Cash and Cash Equivalent			5,536,080,094				8,081,134,203
Cash and Cash Equivalent Balance At the End of the Period			9,474,974,327				2,844,790,309
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank			5,616,291,150				5,395,158,277
Due From Banks			9,299,527,722				9,445,148,797
Treasury Bills and Other  Governmental Notes			13,719,596,497				8,902,509,763
Obligatory Reserve Balance With CBE			(3,306,582,184)				(2,979,789,724)
Due from Banks (Time Deposits) More than Three Months			(5,611,093,131)				(6,297,816,067)
Treasury Bills with Maturity  More than Three Months			(10,242,765,727)				(11,620,420,737)
Total Cash & Cash Equivalent			9,474,974,327				2,844,790,309

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

March 31, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S investments revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Net Profits of the Period (EGP)	Reserve for Employee Stock Ownership Plan ESOP	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(723,070,818)	281,689,619	1,624,150,975	137,354,419	8,921,344,276
Transferred to Reserves	-	87,306,567	743,027,060	-	2,716,747	-	-	(833,050,374)	-	-
Dividends Paid	-	-	-	(15,105,920)	-	-	-	(791,100,601)	-	(806,206,521)
Net Profit of the Period	-	-	-	-	-	-	-	512,577,048	-	512,577,048
Transfer from Special Reserve	-	61,697,292	8,143,225	1,001,979	(70,842,496)	-	-	-	-	-
Addition from Financial Investment Revaluation	-	-	-	-	-	87,045,756	-	-	-	87,045,756
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(22,811,813)	22,811,813	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	22,235,018	22,235,018
Balance at the end of the Period	5,934,562,990	380,348,755	1,985,445,245	1,001,979	117,805,566	(636,025,062)	258,877,806	535,388,861	159,589,437	8,736,995,577

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)	Risk Reserve (EGP)	Profits of 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
Addition from Financial Investment Revaluation	-	-	-	-	-	(208,260,559)	-	-	-	(208,260,559)
Transferred 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

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