3rd Quarter Consolidated Results

RNS Number : 6877G

Commercial Intnl Bank (Egypt) SAE

08 November 2018

 

Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements Sep 30th  ,  2018
FINANCIAL POSITION
As of Sep 30th, 2018
Amounts in EGP Thousands			Notes					Sep 30th, 2018					December 31st , 2017
Assets
Cash and balances with central bank			15					33,253,111					14,663,289
Due from  banks			16					45,038,599					45,319,766
Treasury bills and other governmental notes			17					48,324,427					54,478,202
Trading financial assets			18					4,113,070					7,295,197
Loans and advances to banks, net			19					77,309					1,313
Loans and advances to customers, net			20					104,354,329					88,427,103
Derivative financial instruments			21					14,993					40,001
Financial investments
- Available for sale			22					36,735,035					30,474,781
- Held to maturity			22					42,549,178					45,167,722
Investments in associates			23					95,485					65,039
Other assets			24					10,698,505					6,886,607
Intangible assets			41					271,267					368,923
Deferred tax assets (Liabilities)			32					350,123					179,630
Property, plant and equipment			25					1,407,161					1,414,519
Total assets								327,282,592					294,782,092
Liabilities and equity
Liabilities
Due to banks			26					1,364,767					1,877,918
Due to customers			27					280,581,214					250,723,052
Derivative financial instruments			21					119,299					196,984
Current tax liabilities								2,563,006					2,778,973
Other liabilities			29					6,936,325					5,476,531
Other loans			28					3,679,094					3,674,736
Provisions			30					1,662,618					1,615,159
Total liabilities								296,906,323					266,343,353
Equity
Issued and paid up capital			31					11,668,326					11,618,011
Reserves			34					10,979,229					10,137,515
Reserve for employee stock ownership plan (ESOP)								654,484					489,334
Retained earnings*			34					7,074,230					6,193,879
Total equity								30,376,269					28,438,739
Total liabilities and equity								327,282,592					294,782,092
*Including net profit for the current period
s
INCOME  STATEMENT
As of Sep 30th , 2018
Amounts in EGP Thousands			Note					Sep 30th , 2018					Sep 30th, 2017
Continued Operations
Interest and similar income								27,150,333					21,008,359
Interest and similar expense								(13,842,130)					(11,698,658)
Net interest income			6					13,308,203					9,309,701
Fee and commission income								2,464,173					2,019,148
Fee and commission expense								(703,749)					(435,430)
Net fee and commission income			7					1,760,424					1,583,718
Dividend income			8					25,063					27,844
Net trading income			9					745,248					908,024
Profits (Losses) on financial investments			22					402,153					6,792
Administrative expenses			10					(2,947,507)					(2,262,632)
Other operating (expenses) income			11					(997,218)					(730,741)
Intangible assets amortization			41					(97,656)					(97,656)
Impairment charge for credit losses			12					(2,803,402)					(1,431,865)
Bank's share in the profits of associates								16,346					22,629
Profit before income tax								9,411,654					7,335,814
Income tax expense			13					(2,563,006)					(1,945,105)
Deferred tax assets (Liabilities)			32 & 13					170,493					(9,715)
Net profit from continued operations								7,019,141					5,380,994
Discontinued Operations
Net profit from discontinued operations								-					122,234
Profit (loss) of disposal from discontinued operations			42					-					168,900
Net profit for the period								7,019,414					5,672,128
Minority interest								-					24,050
Bank shareholders								7,019,414					5,648,078
Earnings per share			14
Basic								5.32					4.33
Diluted								5.23					4.26
CASH FLOW STATEMENT As of Sep 30th , 2018
Amounts in EGP Thousands
										Sep 30th , 2018					Sep 30th, 2017
Cash flow from operating activities
Profit before income tax from continued operations										9,411,654					7,335,814
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation										279,798					263,524
Impairment charge for credit losses										2,803,402					1,431,865
Other provisions charges										90,731					119,983
Trading financial investments revaluation differences										242,481					-
Available for sale investments exchange revaluation differences										(103,827)					115,734
Intangible assets amortization										97,656					97,656
Financial investments impairment charge										19,721					(96,182)
Utilization of other provisions										(969)					(19,951)
Other provisions no longer used										(45,079)					(97,884)
Exchange differences of  other provisions										2,776					2,365
Profits from selling property, plant and equipment										(1,045)					(607)
(Losses) Profits from selling financial investments										(421,874)					101,546
Shares based payments										324,510					230,357
Bank's share in the profits of associates										(16,346)					(22,629)
Operating profits before changes in operating assets and liabilities										12,683,589					9,461,591
Net decrease (increase) in assets and  liabilities
Due from banks										(42,520,192)					(7,919,523)
Treasury bills and other governmental notes										6,405,425					(16,875,364)
Trading financial assets										3,182,127					(2,154,328)
Derivative financial instruments										(42,783)					24,028
Loans and advances to banks and customers										(18,806,624)					(3,277,713)
Other assets										(3,368,677)					(307,248)
Non current assets held for sale										-					428,011
Due to banks										(513,151)					(2,344,595)
Due to customers										29,858,162					15,768,372
Income tax obligations paid										(2,778,973)					(2,017,034)
Other liabilities										1,459,794					539,926
Net Cash (used in) provided from operating activities										(14,441,303)					(8,673,877)
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates										-					750
Payment for purchases of associates										(10,575)					-
Payment for purchases of property, plant, equipment and branches constructions										(652,768)					(468,306)
Proceeds from selling property, plants and equipment										1,045					607
Proceeds from redemptions of held to maturity financial investments										7,321,780					11,026,150
Payment for purchases of  held to maturity financial investments										(4,703,236)					(4,596,059)
Payment for purchase of available for sale financial investments										(11,372,289)					(13,263,959)
Proceeds from selling available for sale financial investments										1,985,962					1,146,696
Proceeds from selling non-current assets held for sale										-					628,521
Net cash (used in) provided from investing activities										(7,430,081)					(5,525,600)
Cash flow from financing activities
Increase (decrease) in long term loans										4,358					(18,837)
Dividend paid										(2,143,177)					(1,350,207)
Capital increase										50,315					79,351
Net cash used in financing activities										(2,088,504)					(1,289,693)
Net increase (decrease) in cash and cash equivalent during the period										(23,959,888)					(15,489,170)
Beginning balance of cash and cash equivalent										49,208,837					61,518,700
Cash and cash equivalent at the end of the period										25,248,949					46,029,530
Cash and cash equivalent comprise:
Cash and balances with central bank										33,253,111					23,174,630
Due from banks										45,038,599					38,891,261
Treasury bills and other governmental  notes										48,324,427					54,950,084
Obligatory reserve balance with CBE										(23,004,955)					(12,666,252)
Due from banks with maturities more than three months										(30,113,810)					(3,257,401)
Treasury bills with maturity more than three months										(48,248,423)					(55,062,792)
Total cash and cash equivalent										25,248,949					46,029,530

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity  for the period ended on Sep 30th, 2017 Sep. 30, 2017 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings 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                20,645                10,133         (2,180,244)                3,019                      -            6,040,580                 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                        -                    1,682                       -                        -                        -          (4,599,733)               (145,010)                          -                          -                       -                          -   Dividend paid                         -                      -                           -                          -                          -                         -                        -                        -          (1,350,207)                          -                            -            (1,350,207)                     -           (1,350,207) Net profit of 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                20,645                11,815         (1,544,873)                3,634                      -            5,737,951                 428,807                          -           26,608,817                     -           26,608,817                                 Consolidated statement of changes in shareholders' equity  for the period ended on Sep 30th, 2018 Sep. 30, 2018 (EGP Thousands) Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total Beginning balance 11,618,011 1,332,807 9,000,023 20,645 11,815 (1,642,958) 3,634 1,411,549 6,193,879 489,334 - 28,438,739 - 28,438,739 Capital increase 50,315 - - - - - - - - - - 50,315 - 50,315 Transferred to reserves - 377,486 3,776,192 - 606 - - - (3,994,924) (159,360) - - - - Dividend paid - - - - - - - - (2,143,177) - - (2,143,177) - (2,143,177) Net profit of the period - - - - - - - - 7,019,141 - - 7,019,141 - 7,019,141 Net unrealised gain/(loss) on AFS - - - - - (3,313,259) - - - - - (3,313,259) - (3,313,259) Transferred (from) to  bank risk reserve - - - - - - 689 - (689) - - - - - Cost of employees stock ownership plan (ESOP) - - - - - - - - - 324,510 - 324,510 - 324,510 Balance at the end of the period 11,668,326 1,710,293 12,776,215 20,645 12,421 (4,956,217) 4,323 1,411,549 7,074,230 654,484 - 30,376,269 - 30,376,269

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