3rd Quarter Results

RNS Number : 3831C

Commercial Intnl Bank (Egypt) SAE

11 November 2009

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30, 2009
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September  30 2009
Amounts in EGP.	Note	30-Sep-2009		31-Dec-2008
Assets
Cash & Due From Central Bank	5	4,174,723,405		4,473,013,600
Due From Banks	6	6,670,737,666		6,572,191,780
Treasury Bills & Other Governmental Notes	7	9,806,172,890		12,456,955,210
Trading Financial Assets	8	899,182,992		641,627,430
Loans & Overdrafts	11&12	27,182,965,732		26,330,327,878
Financial Derivatives	13	392,541,362		704,890,792
Financial Investments:
Available for Sale	9	7,813,811,741		2,774,965,250
Held to Maturity	9	599,198,914		681,263,274
Financial Investments in Associated    companies	14	92,901,765		92,923,215
Brokers-Debit Balances		205,219,606		151,604,732
Debit Balances and Other Assets	16	1,059,295,020		972,855,164
Goodwill	39	200,523,251		200,523,251
Intangible Assets	39	590,338,356		640,938,786
Deferred Tax	28	34,164,634		19,372,767
Fixed Assets (Net)	17	776,232,552		748,340,702
Total Assets		60,498,009,886		57,461,793,831
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	18	746,253,433		228,994,222
Customer Deposits	19	50,836,117,565		48,790,029,809
Brokers-Credit Balances		174,574,934		200,921,933
Reconciliation Accounts-Credit Balances		84,106,592		27,897,554
Financial Derivatives	13	283,889,414		636,914,744
Credit Balances & Other Liabilities	20	1,122,291,264		1,270,466,914
Long Term Loans	21	96,845,301		109,273,933
Other Provisions	22	368,585,624		372,645,236
Total Liabilities		53,712,664,127		51,637,144,345
Shareholders' Equity
Paid- in Capital	23	2,925,000,000		2,925,000,000
Reserves	23	2,500,347,705		1,308,202,274
Reserve for employee stock ownership plan (ESOP)		146,845,365		86,727,903
Retained Earnings		(160,932,388)		87,845,690
Total Shareholders' Equity		5,411,260,682		4,407,775,867
Net Profit of the Period/ Year		1,319,295,568		1,370,592,741
Total Shareholders' Equity & Net Profit		6,730,556,250		5,778,368,609
Minority Interest		54,789,509		46,280,877
Total Shareholders' Equity & Minority Interest		6,785,345,759		5,824,649,486
Total Liabilities & Shareholders' Equity		60,498,009,886		57,461,793,831
Contingent Liabilities & Commitments
Letters of Credit, Guarantees and Other Commitments	24	12,129,814,544		13,290,994,705
INCOME STATEMENT
As of September. 30, 2009		Sep. 30, 2009		Sep. 30, 2008 (Restated)
Amounts in EGP.	Note
Interest and similar income	25	3,050,532,517		2,629,158,318
Interest and similar Expenses	25	(1,541,234,046)		(1,465,116,850)
Net Interest Income		1,509,298,471		1,164,041,468
Fees & Commissions Income		578,000,313		634,893,259
Fees & Commissions Expense		(46,930,027)		(38,935,409)
Net Income from Fees & Commissions		531,070,286		595,957,850
Dividends Income		129,389,084		87,134,463
Net Trading Income	26	359,818,056		359,508,469
Provisions	12&22	(88,908,820)		(199,380,131)
Profits from Financial Investments	9	63,279,476		118,177,543
Administrative Expenses		(882,826,292)		(705,225,918)
Other Operating Income	10	6,573,219		108,397,672
Intangible Assets Amortization		(50,600,430)		-
Net Profit before Tax		1,577,093,050		1,528,611,416
Income Tax	29	(266,416,069)		(186,398,817)
Deferred Tax	28	13,191,867		(29,184,873)
Net Profit After Tax		1,323,868,848		1,313,027,726
Minority Interest		4,573,280		8,007,333
Bank Shareholders		1,319,295,568		1,305,020,393
Earnings Per Share
Basic	30	4.01		3.97
Diluted	30	3.92		3.93
CASH FLOW STATEMENT 1a
As of Sept. 30 2009		Sep. 30, 2009		Sep. 30, 2008 (Restated)
Amounts in EGP
Cash Flow from Operating Activities
Net Income Before Tax		1,577,093,050		1,528,611,416
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		146,004,606		102,024,442
Provisions (Formed during the period)		88,908,819		199,780,767
Trading Financial Investment Evaluation Differences		4,743,400		24,743,144
Intangible Assets Amortization		(50,600,430)		-
Impairment of Assets		4,690,062		39,349,990
Utilization of Provision (Except Provision for Doubtful Debts)		(6,542,060)		(11,522,717)
Provisions no longer used		(3,499,887)		(95,081,179)
FCY Revaluation Differences of Provision Balances (Except Doubtful Debts)		(259,087)		(478,731)
Losses From Selling Fixed Assets		15,344,069		(5,008,077)
Losses From Selling financial Investments		(3,416,690)		(155,853,030)
Losses from Selling an investment in subsidiary		-		(50,258,991)
FCY Revaluation Difference of Long Term Loans		434,463		(623,325)
Share Based Payments		60,117,462		43,908,011
Operating Profit Before Changes in Operating Assets and Liabilities		1,833,017,777		1,621,333,461
Net Decrease (Increase) in Assets
Due from banks		(585,876,600)		3,335,188,421
Treasury Bills & Other Governmental Notes		2,216,935,318		(1,690,083,030)
Trading Financial Assets		(262,298,962)		(90,566,326)
Financial Derivatives (Net)		(40,675,900)		(29,022,253)
Loans & Overdrafts		(930,946,199)		(6,343,785,314)
Net Increase (Decrease) In Liabilities
Debit Balances & Other Assets		(178,439,710)		(855,932,850)
Due to Banks		517,259,211		800,182,573
Customer Deposits		2,046,087,756		8,347,133,453
Credit Balances & Other Liabilities		(321,279,901)		97,424,449
Net Cash Provided from Operating Activities		4,293,782,790		5,191,872,584
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Sep. 30 2009		Sep. 30, 2009		Sep. 30, 2008 (Restated)
Cash Flow From Investing Activities
Sales of subsidiaries & associated companies		55,302,976		20,804,793
Purchase of Fixed Assets, premises and Fitting-out of Branches		(151,786,904)		(156,992,870)
Redemption of Held-to-Maturity Financial Investments		82,086,393		132,528,735
Held to Maturity Financial Investment Purchases		(22,033)		-
Available for Sale Financial Investments		(5,040,119,863)		(1,597,448,038)
Financial Investments in Subsidiary (Goodwill)		-		(621,580,409)
Net Cash (Used in) Provided from Investing  Activities		(5,054,539,431)		(2,222,687,789)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(12,863,095)		(52,181,207)
Dividends Paid		(478,236,553)		(346,270,332)
Net Cash (Used in) Financing Activities		(491,099,648)		(398,451,539)
Net cash & cash equivalent changes		(1,251,856,288)		2,570,733,256
Beginning Balance of cash and cash equivalent		8,778,740,569		6,879,374,080
Cash & Cash equivalent Balance At the End of the period		7,526,884,281		9,450,107,336
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,174,723,405		7,287,161,428
Due From Banks		6,670,737,666		10,560,392,018
Treasury Bills & other Governmental Notes		9,806,172,890		4,910,525,466
Due from Banks (time deposits)		(6,314,873,872)		(9,974,371,092)
Treasury Bills with Maturity More than Three Months		(6,809,875,808)		(3,333,600,484)
Total Cash & Cash Equivalent		7,526,884,281		9,450,107,336

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Sep.30,2009 All Amounts are in EGP

2008	Capital	Legal Reserves	General Reserves	Intangible Assets Value for Bank's Share before Acquisition	Retained Earnings*	Special Reserves	Reserves for A.F.S* Inv. Revaluation Diff.	Profits of the year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest	Total
Balance at Beginning of the Year	1,950,000,000	371,230,872	548,482,934	0	41,349,498	185,993,785	60,903,531	1,285,775,354	29,159,584	4,472,895,558	5,263,160	4,478,158,718
Derivatives revaluations settlement*	0	0	0	0	(13,571,026)	0	0	0	0	(13,571,026)	0	(13,571,026)
Capital Increase*	975,000,000	0	(975,000,000)	0		0	0	0	0	0	0	0
Transfer to Reserves	0	61,620,639	834,064,668	0	0	0	0	(895,685,307)	0	0	0	0
Dividends Paid	0	0	0	0	(5,997,898)	0	0	(336,709,547)	0	(342,707,445)	(3,338,247)	(346,045,692)
Net Profit of the year	0	0	0	0	0	0	0	1,370,592,742	0	1,370,592,742	(5,177,543)	1,365,415,199
Usage part of reserve	0	0	0	0	0	0	(81,888,576)	0	0	(81,888,576)	0	(81,888,576)
Change During the Period	0	0	0	0	0	0	0	0	0	0	0	0
Transferred to Retained Earnings	0	0	0	0	53,380,500	0	0	(53,380,500)	0	0	0	0
Reserve for employee stock ownership plan ESOP**	0	0	0	0	0	0	0	0	57,568,319	57,568,319	0	57,568,319
Adjustments on Income Tax	0	0	0	0	(461,324)	0	0	0	0	(461,324)	0	(461,324)
Minority Share from Retained Earnings	0	0	0	0	(4,927,294)	0	0	0	0	(4,927,294)	4,927,294	0
Majority Share in Intangible Assets	0	0	0	302,794,421	18,073,234	0	0	0	0	320,867,655	44,606,213	365,473,868
Balance at the End of the year	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,778,368,609	46,280,877	5,824,649,486

2009	Capital	Legal Reserves	General Reserves	Intangible Assets Value for Bank's Share before Acquisition	Retained Earnings*	Special Reserves	Reserves for A.F.S* Inv. Revaluation Diff.	Profits for the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest	Total
Balance at the Beginning of the period	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,778,368,609	46,280,877	5,824,649,486
Transfer to Reserves	0	80,755,023	1,056,108,882	0	0	0	0	(1,136,863,905)	0	0	0	0
Transfer to Retained Earnings	0	0	0	0	(244,507,717)	0	0	244,507,717	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	(478,236,553)	0	(478,236,553)	0	(478,236,553)
Net Profits of the Period	0	0	0	0	0	0	0	1,319,295,568	0	1,319,295,568	4,573,280	1,323,868,848
Change During the Period	0	0	0	0	(4,270,361)	0	0	0	0	(4,270,361)	3,935,351	(335,010)
Addition from financial Investment Revaluation	0	0	0	0	0	0	55,281,526	0	0	55,281,526	0	55,281,526
Reserve for employee stock ownership plan ESOP**	0	0	0	0	0	0	0	0	60,117,462	60,117,462	0	60,117,462
Balance at the End of the period	2,925,000,000	513,606,534	1,463,656,484	302,794,421	(160,932,388)	185,993,785	34,296,481	1,319,295,568	146,845,365	6,730,556,250	54,789,509	6,785,345,759

* Note No (23)

** Note No (31)

 

END

 

 

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