1st Quarter Separate Results

RNS Number : 7803E

Commercial Intnl Bank (Egypt) SAE

11 May 2017

 

Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/7803E_-2017-5-10.pdf
Commercial International Bank (Egypt) S.A.E. Separate Financial Statements March 31st,  2017
FINANCIAL POSITION
As of March 31st, 2017
Amounts in EGP Thousands			Note			March 31, 2017			December 31, 2016
Assets
Cash and balances with central bank			15			15,101,163			10,522,040
Due from  banks			16			65,449,817			58,011,034
Treasury bills and other governmental notes			17			39,956,034			39,177,184
Trading financial assets			18			2,209,221			2,445,134
Loans and advances to banks, net			19			69,384			159,651
Loans and advances to customers, net			20			86,670,859			85,991,914
Derivative financial instruments			21			95,242			269,269
Financial investments
- Available for sale			22			5,139,805			5,447,291
- Held to maturity			22			49,389,060			53,924,936
Investments in associates			23			10,500			10,500
Non current assets held for sale			42			239,875			428,011
Other assets			24			6,241,609			5,446,025
Intangible assets			41			466,579			499,131
Deferred tax assets (Liabilities)			32			195,918			181,308
Property, plant and equipment			25			1,402,583			1,338,629
Total assets						272,637,649			263,852,057
Liabilities and equity
Liabilities
Due to banks			26			2,598,068			3,008,996
Due to customers			27			239,730,858			231,965,312
Derivative financial instruments			21			163,896			331,091
Dividends Payable						576,933			-
Current tax liabilities						598,735			2,017,034
Other liabilities			29			5,204,188			3,579,330
Long term loans			28			155,218			160,243
Other provisions			30			1,603,192			1,514,057
Total liabilities						250,631,088			242,576,063
Equity
Issued and paid up capital			31			11,538,660			11,538,660
Reserves			34			8,261,895			3,443,319
Reserve for employee stock ownership plan (ESOP)						420,564			343,460
Total equity						20,221,119			15,325,439
Net profit for the period/year						1,785,442			5,950,555
Total equity and net profit for the period/ year						22,006,561			21,275,994
Total liabilities and equity						272,637,649			263,852,057
INCOME  STATEMENT
As of March 31, 2017
Amounts in EGP Thousands			Note			March 31, 2017			March 31, 2016
Interest and similar income						6,376,570			4,178,859
Interest and similar expense						(3,593,103)			(1,910,574)
Net interest income			6			2,783,467			2,268,285
Fee and commission income						647,861			463,058
Fee and commission expense						(130,060)			(83,981)
Net fee and commission income			7			517,801			379,077
Dividend income			8			1,799			492
Net trading income			9			386,603			107,642
Profits on financial investments			22			323,473			91,474
Administrative expenses			10			(746,457)			(601,548)
Other operating (expenses) income			11			(357,997)			(161,400)
Goodwill impairment			41			-			(10,854)
Intangible assets amortization			41			(32,552)			(32,552)
Impairment charge for credit losses			12			(506,570)			(287,613)
Profit before income tax						2,369,567			1,753,003
Income tax expense			13			(598,735)			(482,726)
Deferred tax assets (Liabilities)			32 & 13			14,610			58,435
Net profit for the year						1,785,442			1,328,712
Earnings per share			14
Basic						1.37			1.02
Diluted						1.35			1.00
CASH FLOW STATEMENT As of March 31, 2016
Amounts in EGP Thousands
						March 31, 2017			March 31, 2016
Cash flow from operating activities
Profit before income tax						2,369,567			1,753,003
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						84,592			64,951
Impairment charge for credit losses						506,570			287,613
Other provisions charges						88,440			23,622
Trading financial investments revaluation differences						(49,057)			195,000
Available for sale and held to maturity investments exchange revaluation differences						16,596			(263,567)
Goodwill impairment						-			10,854
Intangible assets amortization						32,552			32,552
Financial investments impairment charge						(59,574)			19,481
Utilization of other provisions						(358)			(470)
Other provisions no longer used						(2,470)			(33,132)
Exchange differences of  other provisions						3,523			62,934
Profits from selling property, plant and equipment						-			(164)
Profits from selling financial investments						53,608			(16,259)
Profits (losses) from selling associates						-			(84,934)
Shares based payments						77,104			48,661
Impairment (Released) charges of non current assets held for sale						(312,731)			-
Operating profits before changes in operating assets and liabilities						2,808,362			2,100,145
Net decrease (increase) in assets and  liabilities
Due from banks						(6,369,580)			(5,624,857)
Treasury bills and other governmental notes						(1,278,538)			3,942,273
Trading financial assets						284,970			686,027
Derivative financial instruments						6,832			(87,486)
Loans and advances to banks and customers						(1,095,248)			(3,899,476)
Other assets						(739,325)			425,985
Non Current Assets Held for Sale						188,136			-
Due to banks						(410,928)			(971,815)
Due to customers						7,765,546			14,118,360
Income tax obligations paid						(2,017,034)			(1,949,694)
Other liabilities						1,624,858			1,592,521
Net cash provided from operating activities						768,051			10,331,983
Cash flow from investing activities
Proceeds from selling subsidiary and associates						-			159,989
Payment for purchases of property, plant, equipment and branches constructions						(204,805)			(174,558)
Proceeds from redemption of held to maturity financial investments						7,111,107			1,311
Payment for purchases of held to maturity financial investments						(2,575,231)			-
Payment for purchases of  available for sale financial investments						(153,395)			(129,845)
Proceeds from selling available for sale financial investments						480,343			2,332,077
Proceeds from selling non current assets held for sale						500,867			-
Net cash used in investing activities						5,158,886			2,188,974
Cash flow from financing activities
Increase (decrease) in long term loans						(5,025)			(7,094)
Dividend paid						(773,274)			(1,463,450)
Net cash used in financing activities						(778,299)			(1,470,544)
Net increase (decrease) in cash and cash equivalent during the period						5,148,638			11,050,413
Beginning balance of cash and cash equivalent						61,518,700			22,433,117
Cash and cash equivalent at the end of the period						66,667,338			33,483,530
Cash and cash equivalent comprise:
Cash and balances with central bank						15,101,163			16,409,342
Due from banks						65,449,817			31,110,134
Treasury bills and other governmental  notes						39,956,034			18,194,950
Obligatory reserve balance with CBE						(10,066,100)			(13,893,058)
Due from banks with maturities more than three months						(4,307,610)			(149,940)
Treasury bills with maturity more than three months						(39,465,966)			(18,187,898)
Total cash and cash equivalent						66,667,338			33,483,530

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		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
Separate statement of changes in shareholders' equity  for the period ended March 31, 2017
Mar. 31, 2017	Issued and paid up capital		Legal reserve		General reserve		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	11,538,660		1,035,363		4,554,403		30,778		(2,180,244)		3,019		5,950,555		343,460						21,275,994
Transferred to reserves	-		297,444		4,300,607		1,682		-		-		(4,599,733)		-						-
Dividend paid	-		-		-		-		-		-		(1,350,207)		-						(1,350,207)
Net profit for the period	-		-		-		-		-		-		1,785,442		-						1,785,442
Net unrealised gain/(loss) on AFS	-		-		-		-		218,228		-		-		-						218,228
Transferred (from) to  bank risk reserve	-		-		-		-		-		615		(615)		-						-
Cost of employees stock ownership plan (ESOP)	-		-		-		-		-		-		-		77,104						77,104
Balance at the end of the period	11,538,660		1,332,807		8,855,010		32,460		(1,962,016)		3,634		1,785,442		420,564						22,006,561

 

END

 

 

QRFFMGMKKGLGNZM