1st Quarter Separate Results

RNS Number : 1106Y

Commercial Intnl Bank (Egypt) SAE

13 May 2016

 

Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
March 31,  2016
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2016
	Note	Mar.31,2016		Dec.31, 2015
		EGP Thousands		EGP Thousands
Assets
Cash and Balances with Central Bank	15	16,409,342		9,848,954
Due From Banks	16	31,110,134		21,002,305
Treasury Bills and Other Governmental Notes	17	18,194,950		22,130,170
Trading Financial Assets	18	4,967,350		5,848,377
Loans and Advances to Banks, net	19	43,172		38,443
Loans and Advances to Customers, net	20	60,779,839		57,172,705
Derivative Financial Instruments	21	150,374		80,995
Financial Investments
Available for Sale	22	42,474,133		46,289,075
Held to Maturity	22	9,259,909		9,261,220
Investments in Subsidiary and Associates	23	12,600		12,600
Non-current assets held for sale	42	428,011		503,066
Other Assets	24	4,493,287		4,799,937
Goodwill	41	198,988		209,842
Intangible Assets	41	596,788		629,340
Deferred Tax Assets (Liabilities)	32	316,592		258,157
Property, Plant and Equipment	25	1,098,341		1,107,905
Total Assets		190,533,810		179,193,091
Liabilities and Equity
Liabilities
Due to Banks	26	628,954		1,600,769
Due to Customers	27	169,488,282		155,369,922
Derivative Financial Instruments	21	127,628		145,735
Current Tax Liabilities		482,726		1,949,694
Other Liabilities	29	4,214,790		2,622,269
Long Term Loans	28	124,234		131,328
Other Provisions	30	914,715		861,761
Total Liabilities		175,981,329		162,681,478
Equity
Issued and Paid- in Capital	31	11,470,603		11,470,603
Reserves	34	1,456,357		152,144
Reserve for Employee Stock Ownership Plan (ESOP)		296,809		248,148
Total Equity		13,223,769		11,870,895
Net Profit f the Year		1,328,712		4,640,718
Total Equity and Net Profit for the Year		14,552,481		16,511,613
Total Liabilities and Equity		190,533,810		179,193,091
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2016
	Note	Mar. 31, 2016		Mar. 31, 2015
		EGP  Thousands		EGP  Thousands
Interest and Similar Income		4,178,859		3,377,796
Interest and similar expense		(1,910,574)		(1,508,295)
Net Interest Income	6	2,268,285		1,869,501
Fee and Commissions Income		463,058		455,338
Fee and Commissions Expense		(83,981)		(53,418)
Net fee and commission income	7	379,077		401,920
Dividend Income	8	492		491
Net Trading Income	9	107,642		63,528
Profit (Losses) on Financial Investments	22	91,474		163,823
Administrative Expenses	10	(601,548)		(488,665)
Other Operating (Expenses) Income	11	(161,400)		12,623
Goodwill Amortization	42	(10,854)		-
Intangible Assets Amortization	42	(32,552)		-
Impairment Charge for Credit Losses	12	(287,613)		(420,898)
Net Profit before Income Tax		1,753,003		1,602,323
Income Tax Expense		(482,726)		(542,567)
Deferred Tax Assets (Liabilities)	13	58,435		20,050
Net Profit for the Year	32 & 13	1,328,712		1,079,806
Earnings per share	14
Basic		1.03		0.83
Diluted		1.01		0.82
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March 31, 2016
		Mar. 31, 2016		Mar. 31, 2015
		EGP  Thousands		EGP  Thousands
Cash Flow From Operating Activities
Profit Before Income Tax		1,753,003		1,602,323
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Fixed Assets Depreciation		64,951		53,088
Impairment Charges for credit losses		287,613		420,898
Other Provisions Charges		23,622		25,945
Trading Financial Investment Revaluation Differences		195,000		94,997
Available for sale and held to maturity investments exchange revaluation differences		(263,567)		(69,351)
Goodwill Amortization		10,854		-
Intangible Assets Amortization		32,552		-
Financial Investments Impairment Charge		19,481		22,868
Utilization of Other Provisions		(470)		(155)
Other Provisions No Longer Used		(33,132)		-
Exchange Differences of Other Provisions		62,934		7,920
Profits From Selling Property, Plant and Equipment		(164)		(647)
Profits From Selling Financial Investments		(16,259)		(177,242)
Profits From Selling Associates		(84,934)		-
Share Based Payments		48,661		42,609
Real estate investments revaluation		-		(24,299)
Operating Profits Before Changes in Operating Assets and Liabilities		2,100,145		1,998,954
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(13,650,312)		(1,637,714)
Treasury Bills and Other Governmental Notes		5,128,034		(3,500,850)
Trading Financial Assets		686,027		(1,951,607)
Derivative Financial Instruments		(87,486)		56,209
Loans and Advances to Banks and Customers		(3,899,476)		(4,795,185)
Other Assets		425,985		(44,202)
Goodwill		-		-
Intangible Assets		-		-
Due to Banks		(971,815)		(721,611)
Due to Customers		14,118,360		13,930,297
Income Tax Obligation Paid		(1,949,694)		(1,814,609)
Other Liabilities		1,592,521		1,201,044
Income Tax paid		-		-
Net Cash Provided from Operating Activities		3,492,289		2,720,726
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March 31, 2016		Mar. 31, 2016		Mar. 31, 2015
Cash Flow From Investing Activities
Payment for purchase of subsidiary and associates		-		-
Proceeds from selling subsidiary and associates		159,989		-
Payment for purchases of property, plant, equipment and branches constructions		(174,558)		(114,796)
Proceeds from redemption of held to maturity financial investments		1,311		2,765,025
Payment for purchases of held to maturity financial investments		-		(3,813,120)
Payment for purchases of  available for sale financial investments		(129,845)		(5,852,952)
Proceeds from selling available for sale financial investments		2,332,077		1,666,620
Proceeds (payments) from real estate investments		-		-
Net Cash Used in Investing Activities		2,188,974		(5,349,223)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(7,094)		(28,216)
Dividend Paid		(1,463,450)		(473,838)
Net Cash Used in Financing Activities		(1,470,544)		(502,054)
Net Increase (Decrease) in Cash and Cash Equivalent during the year		4,210,719		(3,130,551)
Beginning Balance of Cash and Cash Equivalent		12,622,530		14,811,360
Cash and Cash Equivalent At the End of the Year		16,833,249		11,680,809
Cash & Cash Equivalent Comprise:
Cash and Balances with Central Bank		16,409,342		8,842,134
Due From Banks		31,110,134		9,808,665
Treasury Bills and Other  Governmental Notes		18,194,950		30,678,768
Obligatory Reserve Balance With CBE		(13,893,058)		(6,820,947)
Due from Banks with Maturities More than Three Months		(23,503,792)		(5,216,775)
Treasury Bills with Maturity More than Three Months		(11,484,327)		(25,611,036)
Total Cash and Cash Equivalent		16,833,249		11,680,809

SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED MARCH 31,  2015

Mar. 31, 2015	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	9,081,734	621,084	1,850,648	-	28,108	(593,237)	1,991	3,647,530	177,766	14,815,624
Transferred to reserves	-	182,271	1,898,985	-	2,106	-	-	(2,083,362)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)
Net profit for the period	-	-	-	-	-	-	-	1,079,806	-	1,079,806
Transfer from special reserve	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	117,431	-	-	-	117,431
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	522	(522)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	42,609	42,609
Balance at the end of the period	9,081,734	803,355	3,749,633	-	30,214	(475,806)	2,513	1,079,806	220,375	14,491,824

SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED MARCH 31,  2016

Mar. 31, 2016	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total
										EGP Thousands
Beginning balance	11,470,603	803,355	1,518,525	-	30,214	(2,202,463)	2,513	4,640,718	248,148	16,511,613
Transferred to reserves	-	232,008	2,944,190	-	564	-	-	(3,176,762)	-	-
Dividend paid	-	-	-	-	-	-	-	(1,463,450)	-	(1,463,450)
Net profit for the period	-	-	-	-	-	-	-	1,328,712	-	1,328,712
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(1,873,055)	-	-	-	(1,873,055)
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	506	(506)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	48,661	48,661
Balance at the end of the period	11,470,603	1,035,363	4,462,715	-	30,778	(4,075,518)	3,019	1,328,712	296,809	14,552,481

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