3rd Quarter Results

RNS Number : 0615I

Commercial Intnl Bank (Egypt) SAE

12 November 2008

 



Commercial International Bank (Egypt) S.A.E.
Financial Statements
September 30, 2008
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2008
Amounts in L.E.	Note	Sep. 30, 2008		Dec. 31, 2007
Assets
Cash & Due From Central Bank	4	7,286,466,976		4,953,205,430
Due From Banks	5	10,442,378,497		13,782,062,043
Treasury Bills & Other Notes Discountable at CBE	6	4,901,473,704		2,948,674,319
Trading Financial Investments	7	618,657,756		588,473,270
Available for Sale Financial Investments	8	4,001,690,618		2,279,926,299
Loans & Overdrafts (Net of Provision for Doubtful Debts)	9&10	26,724,842,392		20,478,590,841
Held to maturity Financial Investments	11	311,365,431		443,894,166
Financial Investments in Subsidiary and associated companies	12	1,115,305,192		365,723,936
Debit Balances and Other Assets	14	1,617,822,020		1,020,565,573
Deferred Tax	27	25,837,690		52,819,475
Fixed Assets (Net)	15	620,411,241		607,104,820
Total Assets		57,666,251,517		47,521,040,172
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	16	3,164,646,060		2,377,082,435
Customer Deposits	17	47,893,263,457		39,514,539,992
Dividends & Profit Sharing		-		336,727,470
Credit Balances & Other Liabilities	18	796,344,678		773,862,137
Long Term Loans	19	108,551,687		161,356,219
Other Provisions	20	417,832,158		395,332,813
Total Liabilities		52,380,638,040		43,558,901,066
Shareholders' Equity
Issued & Paid- in Capital		2,925,000,000		1,950,000,000
Reserves		1,005,272,248		1,982,979,522
Reserve for employee stock ownership plan (ESOP)	30	73,067,595		29,159,584
Total Shareholders' Equity	21	4,003,339,843		3,962,139,106
Net Profit of the Period		1,282,273,634		-
Total Shareholders' Equity & Net Profit		5,285,613,477		3,962,139,106
Total Liabilities & Shareholders' Equity		57,666,251,517		47,521,040,172
Contingent & commitments Liabilities	22	14,448,858,339		13,630,909,953
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
For the Period from Jan. 1 2008 to Sep. 30 2008
Amounts in LE.	Note	From Jan. 1, 2008  To Sep. 30, 2008		From Jan. 1, 2007 To Sep. 30, 2007
Interest Received from clients & Banks		2,373,851,381		1,878,451,694
Interest Received from Treasury Bills & Bonds		330,920,648		308,605,257
Interest Paid to Clients & Banks		(1,424,549,731)		(1,338,606,099)
Net Interest Income		1,280,222,298		848,450,852
Banking Fees & Commissions		521,909,787		420,373,860
Share Dividends		129,249,394		62,860,246
Foreign Exchange Income	23	226,783,483		114,055,188
Profit from Selling Financial Investment		160,187,302		77,045,256
Profits from Dispose part of Subsidiaries	24	50,258,991		148,393,558
Trading Investment Revaluation Differences		(28,630,787)		1,708,699
Provisions no Longer Used	25	94,706,704		-
Other Income		42,154,360		24,209,777
Total Fee Income		1,196,419,234		848,646,584
Net Operating Income		2,476,641,532		1,697,097,436
Provisions		(199,780,767)		(209,250,000)
Other Investment Revaluation Differences	26	(71,371,444)		7,108,252
General & Administration Expenses & Depreciation		(642,413,380)		(422,323,931)
Other Expenses		(83,119,038)		(57,393,317)
Net Operating Profits		1,479,956,903		1,015,238,440
Non-Operating income		5,008,077		305,200
Net Profit Before Tax		1,484,964,980		1,015,543,640
Income Tax	28	(175,709,561)		(122,331,979)
Deferred Tax	28&27	(26,981,785)		12,262,789
Net Profit After Tax		1,282,273,634		905,474,450
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
For the Period from Jan. 1 2008 to Sep. 30 2008
Amounts in LE.		Sep. 30, 2008		Sep. 30, 2007
Cash Flow From Operating Activities
Net Income Before Tax		1,484,964,980		1,015,543,640
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		100,024,494		89,444,937
Provisions (Additions during the period)		199,780,767		209,250,000
Trading Financial Investment Evaluation Diff.		28,630,787		(1,708,699)
Other Financial Investment Evaluation Diff.		71,371,444		(7,108,252)
Utilization of Provision (Other than Provision for Doubtful Debts)		(10,539,941)		-
Provisions No Longer Used		(94,706,704)		-
Difference in revaluation of FCY Provision Balances		(478,731)		(1,217,811)
Gains From Selling of Fixed Assets		(5,008,077)		(305,200)
Profit From Selling of Investments		(160,187,302)		(77,045,256)
Profits from Dispose part of a Subsidiary		(50,258,991)		(148,393,558)
FCY Revaluation Difference of Long Term Loans		(623,325)		1,364,449
Reserve for Employee Stock Ownership Plan (ESOP)		43,908,011		21,869,688
Operating Profit Before Changes in Operating Assets and Liabilities		1,606,877,412		1,101,693,938
Net Decrease (Increase) in Assets
Due from banks		3,295,057,442		(5,281,256,609)
Treasury Bills & Other Notes Discountable at CBE		(1,683,978,012)		2,640,133,947
Trading Financial Investments		(58,815,273)		351,885,571
Available for Sale Financial Investments		(1,582,689,470)		1,065,987,121
Loans & Overdrafts		(6,446,213,476)		(2,952,088,393)
Debit Balances & Other Assets		(551,458,400)		(358,746,053)
Net Increase (Decrease) In Liabilities
Due to Banks		787,563,625		693,377,971
Customer Deposits		8,378,723,465		5,130,741,052
Credit Balances & Other Liabilities		(58,520,316)		(154,516,574)
Net Cash Provided from Operating Activities		3,686,546,997		2,237,211,971
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
For the Period from Jan. 1 2008 to Sep. 30 2008		Sep. 30, 2008		Sep. 30, 2007
Cash Flow From Investment Activities
Purchase of Subsidiaries		(749,581,256)		82,502,885
Prepaid for Fixed Assets, premises and Fitting-out of Branches		(120,421,710)		(225,024,852)
Purchase of Held-to-Maturity Investments		132,528,735		294,989,624
Net Cash (Used in) Investment Activities		(737,474,231)		152,467,657
Cash Flow From Financing Activities
Decrease in Long Term Loans		(52,181,207)		48,711,306
Dividends Paid		(336,727,470)		(287,235,147)
Reverse for financial investment revaluation Diff		(2,707,274)		(1,643,782)
Net Cash (Used in) provided from Financing Activities		(391,615,951)		(240,167,623)
Net cash & cash equivalent		2,557,456,815		2,149,512,005
Beginning Balance of cash and cash equivalent		6,779,152,548		4,023,396,002
Cash & Cash equivalent Balance At the End of the period		9,336,609,363		6,172,908,007
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		7,286,466,976		5,111,767,158
Due From Banks		10,442,378,497		10,835,411,071
Treasury Bills		4,901,473,704		2,077,756,172
Due From Banks (Time Deposits)		(9,969,161,092)		(10,584,771,442)
Treasury Bills with Maturity More than Three Months		(3,324,548,722)		(1,267,254,952)
Total Cash & Cash Equivalent		9,336,609,363		6,172,908,007

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of September 30, 2008

2007	Capital	Legal Reserves	General Reserves	Special Reserves	Reserves for Inv. Rev.	Profits of the year	Reserve for ESOP	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	162,709,903	7,458,634	0	0	3,039,882,343
Transfer to Reserves	0	61,620,639	834,064,668	0	0	(895,685,307)	0	0
Distributed Profits	0	0	0	0	0	(336,727,470)	0	(336,727,470)
Net Profit	0	0	0	0	0	1,232,412,777	0	1,232,412,777
Usage part of reserve	0	0	0	0	(2,588,128)	0	0	(2,588,128)
Reserve for ESOP		0	0	0	0	0	29,159,584	29,159,584
Ending Balance	1,950,000,000	432,851,511	1,382,547,602	162,709,903	4,870,506	(0)	29,159,584	3,962,139,106

2008	Capital	Legal Reserves	General Reserves	Special Reserves	Reserves for Inv. Rev.	Profits of the year	Reserve for ESOP	Total
Beginning Balance	1,950,000,000	432,851,511	1,382,547,602	162,709,903	4,870,506	0	29,159,584	3,962,139,106
Net Profits of the Period	0	0	0	0	(0)	1,282,273,634	0	1,282,273,634
Capital Increase	975,000,000	0	(975,000,000)	0	0	0	0	0
Usage Part of Reserve	0	0	0	0	(2,707,274)	0	0	(2,707,274)
Reserve for ESOP	0	0	0	0	0	0	43,908,011	43,908,011
Ending Balance	2,925,000,000	432,851,511	407,547,602	162,709,903	2,163,232	1,282,273,634	73,067,595	5,285,613,477

 

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