3rd Quarter Consolidated Results

RNS Number : 9527V

Commercial Intnl Bank (Egypt) SAE

09 November 2017

 

	Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements September 30th ,  2017
	FINANCIAL POSITION
	As of September 30th, 2017
	Amounts in EGP Thousands			Note					September 30, 2017					December 31, 2016
	Assets
	Cash and balances with central bank			15					23,174,630					10,522,040
	Due from  banks			16					38,891,261					58,011,034
	Treasury bills and other governmental notes			17					54,950,084					39,177,184
	Trading financial assets			18					4,599,462					2,445,134
	Loans and advances to banks, net			19					1,207					159,651
	Loans and advances to customers, net			20					87,996,206					85,224,148
	Non current assets held for sale			42					-					4,890,438
	Derivative financial instruments			21					68,570					269,269
	Financial investments
	- Available for sale			22					17,781,240					5,447,291
	- Held to maturity			22					47,494,845					53,924,936
	Investments in associates			23					58,602					36,723
	Other assets			24					5,953,598					5,434,563
	Intangible assets			41					401,475					499,131
	Deferred tax assets (Liabilities)			32					171,593					181,308
	Property, plant and equipment			25					1,342,886					1,320,905
	Total assets								282,885,659					267,543,755
	Liabilities and equity
	Liabilities
	Due to banks			26					664,401					3,008,996
	Due to customers			27					247,733,684					231,740,795
	Non current liabilities held for sale			42					-					3,684,676
	Derivative financial instruments			21					154,420					331,091
	Current tax liabilities								1,945,105					2,017,034
	Other liabilities			29					4,119,256					3,579,330
	Long term loans			28					141,406					160,243
	Other provisions			30					1,518,570					1,514,057
	Total liabilities								256,276,842					246,036,222
	Equity
	Issued and paid up capital			31					11,618,011					11,538,660
	Reserves			34					8,824,048					3,451,756
	Reserve for employee stock ownership plan (ESOP)								428,807					343,460
	Retained earnings (losses)								89,873					31,462
	Total equity								20,960,739					15,365,338
	Net profit for the period/year								5,648,078					6,009,118
	Total equity and net profit for the period/year								26,608,817					21,374,456
	Minority interest								-					133,077
	Total minority interest , equity and net profit for the period								26,608,817					21,507,533
	Total liabilities, equity, minority interest and net profit for the period								282,885,659					267,543,755
	INCOME  STATEMENT
	As of September 30, 2017
	Amounts in EGP Thousands			Note					September 30, 2017					September 30, 2016
	Continued Operations
	Interest and similar income
	Interest and similar expense								21,008,359					13,486,623
									(11,698,658)					(6,420,760)
	Net interest income			6					9,309,701					7,065,863
	Fee and commission income								2,019,148					1,385,726
	Fee and commission expense								(435,430)					(279,399)
	Net fee and commission income			7					1,583,718					1,106,327
	Dividend income			8					27,844					32,019
	Net trading income			9					908,024					696,412
	Profits on financial investments			22					6,792					(13,418)
	Administrative expenses			10					(2,262,632)					(1,793,714)
	Other operating (expenses) income			11					(730,741)					(557,683)
	Goodwill impairment			41					-					(32,561)
	Intangible assets amortization			41					(97,656)					(97,656)
	Impairment charge for credit losses			12					(1,431,865)					(577,684)
	Bank's share in the profits of associates								22,629					1,143
	Profit before income tax								7,335,814					5,829,048
	Income tax expense			13					(1,945,105)					(1,452,955)
	Deferred tax assets (Liabilities)			32 & 13					(9,715)					(91)
	Net profit from continued operations								5,380,994					4,376,002
	Net profit from discontinued operations			42					122,234					95,897
	Profit (loss) of disposal from discontinued operations			43					168,900					-
	Net profit for the period								5,672,128					4,471,899
	Minority interest								24,050					13,713
	Bank shareholders								5,648,078					4,458,186
	Earnings per share			14
	Basic								4.34					3.38
	Diluted								4.27					3.33
	CASH FLOW STATEMENT As of September 30, 2017
	Amounts in EGP Thousands
											September 30, 2017					September 30, 2016
	Cash flow from operating activities
	Profit before income tax from continued operations										7,335,814					5,829,048
	Profit before income tax from discontinued operations										-					122,401
	Adjustments to reconcile net profit to net cash provided by operating  activities
	Fixed assets depreciation										263,524					205,146
	Impairment charge for credit losses										1,431,865					577,684
	Other provisions charges										119,983					165,575
	Trading financial investments revaluation differences										(269,480)					50,748
	Available for sale and held to maturity investments exchange revaluation differences										115,734					(263,567)
	Goodwill impairment										-					32,561
	Intangible assets amortization										97,656					97,656
	Financial investments impairment charge										(96,182)					46,492
	Utilization of other provisions										(19,951)					(2,822)
	Other provisions no longer used										(97,884)					(47,405)
	Exchange differences of  other provisions										2,365					60,254
	Profits from selling property, plant and equipment										(607)					(575)
	Profits from selling financial investments										101,546					(10,935)
	Profits from selling investments in associates										-					(84,948)
	Shares based payments										230,357					145,981
	Bank's share in the profits of associates										(22,629)					(1,143)
	Operating profits before changes in operating assets and liabilities										9,192,111					6,922,151
	Net decrease (increase) in assets and  liabilities
	Due from banks										(7,919,523)					(2,042,595)
	Treasury bills and other governmental notes										(16,875,364)					538,374
	Trading financial assets										(1,884,848)					2,135,885
	Derivative financial instruments										24,028					(65,136)
	Loans and advances to banks and customers										(3,277,713)					(4,526,838)
	Other assets										(307,248)					(3,049,285)
	Non current assets held for sale										428,011					-
	Due to banks										(2,344,595)					(1,123,107)
	Due to customers										15,768,372					22,834,097
	Income tax obligations paid										(2,017,034)					(1,949,694)
	Other liabilities										539,926					3,634,746
	Income tax paid										(8,673,877)					23,308,598
	Cash flow from investing activities
	Payment for purchase of subsidiary and associates										-					48,607
	Proceeds from selling subsidiary and associates										750					161,503
	Payment for purchases of property, plant, equipment and branches constructions										(467,699)					(439,372)
	Proceeds from redemption of held to maturity financial investments										11,026,150					4,094
	Payment for purchases of held to maturity financial investments										(4,596,059)					(2,367,123)
	Payment for purchases of  available for sale financial investments										(13,263,959)					(3,024,361)
	Proceeds from selling available for sale financial investments										1,146,696					4,427,351
	Proceeds from selling non-current assets held for sale										628,521					-
	Net cash used in investing activities										(5,525,600)					(1,189,301)
	Cash flow from financing activities
	Increase (decrease) in long term loans										(18,837)					16,300
	Dividend paid										(1,350,207)					(1,463,450)
	Capital Increase										79,351					68,057
	Net cash used in financing activities										(1,289,693)					(1,379,093)
	Net increase (decrease) in cash and cash equivalent during the period										(15,489,170)					20,740,204
	Beginning balance of cash and cash equivalent										61,518,700					22,583,060
	Cash and cash equivalent at the end of the period										46,029,530					43,323,264
	Cash and cash equivalent comprise:
	Cash and balances with central bank										23,174,630					12,434,973
	Due from banks										38,891,261					41,177,611
	Treasury bills and other governmental  notes										54,950,084					21,613,272
	Obligatory reserve balance with CBE										(12,666,252)					(9,846,334)
	Due from banks with maturities more than three months										(3,257,401)					(464,462)
	Treasury bills with maturity more than three months										(55,062,792)					(21,591,796)
	Total cash and cash equivalent										46,029,530					43,323,264

										COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
	Consolidated statement of changes in shareholders' equity  for the period ended on September 30, 2016 Sep. 30, 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance           11,470,603           803,355             1,518,373                (64,566)                30,214         (2,202,462)                2,513          4,728,976                 248,148                          -           16,535,154              47,431         16,582,585 Capital increase                  68,057                    -                           -                            -                          -                         -                        -                         -                            -                            -                  68,057                     -                  68,057 Transferred to reserves                         -             232,008             3,035,878                          -                       564                       -                        -          (3,176,762)                 (91,688)                          -                          -                       -                          -   Transferred to retained earnings (losses)                         -                      -                           -                    88,258                        -                         -                        -               (88,258)                          -                            -                          -                       -                          -   Dividend paid                         -                      -                           -                    (5,550)                        -                         -                        -          (1,463,450)                          -                            -            (1,469,000)              (1,220)         (1,470,220) Net profit of the period                         -                      -                           -                            -                          -                         -                        -            4,458,186                          -                            -             4,458,186              13,713           4,471,899 Change in ownership percentage                         -                      -                           -                    11,611                        -                          -                        -                         -                            -                            -                  11,611              72,892                84,503 Net unrealised gain/(loss) on AFS                         -                      -                           -                            -                          -              (546,224)                      -                         -                            -                            -               (546,224)                     -              (546,224) Transferred (from) to  bank risk reserve                         -                      -                           -                            -                          -                         -                     506                  (506)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                            -                          -                         -                        -                         -                   145,981                          -                145,981                     -                145,981 Cumulative foreign currencies translation differences                         -                      -                           -                            -                          -                         -                        -                         -                            -   8588                  8,588                     -                    8,588 Balance at the end of the period           11,538,660        1,035,363             4,554,251                  29,753                30,778         (2,748,686)                3,019          4,458,186                 302,441                     8,588         19,212,353            132,816         19,345,169
		Consolidated statement of changes in shareholders' equity  for the period ended September 30, 2017
		Sep. 30, 2017	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		Cumulative foreign currencies translation differences		Total Shareholders Equity		Minority Interest			Total
																						EGP Thousands
		Beginning balance	11,538,660	1,035,363	4,554,251	31,462	30,778	(2,180,244)	3,019		6,009,118		343,460		8,588		21,374,455		133,077			21,507,532
		Capital increase	79,351	-	-	-	-	-	-		-		-		-		79,351		-			79,351
		Transferred to reserves	-	297,444	4,445,617	58,563	1,682	-	-		(4,658,296)		(145,010)		-		-		-			-
		Dividend paid	-	-	-	-	-	-	-		(1,350,207)		-		-		(1,350,207)		-			(1,350,207)
		Net profit for the period	-	-	-	-	-	-	-		5,648,078		-		-		5,648,078		24,050			5,672,128
		Disposal of subsidiary	-	-	152	(152)	-	-	-		-		-		(8,588)		(8,588)		-			(8,588)
		Change in ownership percentage	-	-	-	-	-	-	-		-		-		-		-		(157,127)			(157,127)
		Net unrealised gain/(loss) on AFS	-	-	-	-	-	635,371	-		-		-		-		635,371		-			635,371
		Transferred (from) to  bank risk reserve	-	-	-	-	-	-	615		(615)		-		-		-		-			-
		Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-		-		230,357		-		230,357		-			230,357
		Balance at the end of the period	11,618,011	1,332,807	9,000,020	89,873	32,460	(1,544,873)	3,634		5,648,078		428,807		-		26,608,817		-			26,608,817

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