3rd Quarter Results

RNS Number : 0271R

Commercial Intnl Bank (Egypt) SAE

14 November 2012




Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
September 30, 2012



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2012
Amounts in EGP.	Note	Sep. 30, 2012	Dec. 31 ,2011
Assets

Cash and Due with Central Bank	15	3,414,510,382	7,492,064,510
Due From Banks	16	8,753,946,065	8,449,298,705
Treasury Bills and Other Governmental Notes	17	9,097,411,619	9,213,390,067
Trading Financial Assets	18	1,773,091,384	561,084,273
Loans and Advances to Banks	19	987,397,719	1,395,594,609
Loans and Advances to Customers	20	40,142,585,729	39,669,785,864
Derivative Financial Investments	21	145,153,442	146,544,656
Financial Investments
Available for Sale	22	21,041,898,650	15,412,566,069
Held to Maturity	22	4,212,404,153	29,092,920
Investments in Subsidiary and Associates	23	1,026,452,865	995,595,778
Investment Property	24	10,024,686	12,774,686
Other Assets	25	2,455,519,536	1,518,509,876
Deferred Tax	33	112,650,246	95,141,726
Property, Plant and Equipment	26	660,851,593	636,775,294
Total Assets		93,833,898,069	85,628,219,033

Liabilities and Equity
Liabilities

Due to Banks	27	2,085,096,618	3,340,794,517
Due to Customers	28	78,533,236,410	71,574,047,530
Derivative Financial Instruments	21	129,801,534	114,287,990
Other Liabilities	30	1,881,047,539	1,313,785,436
Long Term Loans	29	62,424,153	99,333,376
Other Provisions	31	283,540,934	264,625,909
Total Liabilities		82,975,147,188	76,706,874,758

Equity
Issued & Paid- in Capital	32	5,972,275,410	5,934,562,990
Reserves	32	3,075,193,771	1,085,472,868
Reserve for Employee Stock Ownership Plan (ESOP)		151,728,838	137,354,419
Retained Earnings		1,001,979	15,105,920
Total Equity		9,200,199,998	7,172,496,197
Net Profit of the Period/Year After Tax		1,658,550,883	1,748,848,078
Total Equity and Net Profit for the Period/Year		10,858,750,881	8,921,344,275
Total Liabilities and Equity		93,833,898,069	85,628,219,033
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37	13,726,508,703	12,559,603,516
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of September 30, 2012


Amounts in EGP.	Note	Sep. 30, 2012	Sep. 30, 2011
Interest and Similar Income		5,699,585,573	3,973,996,549
Interest and Similar Expense		(2,878,216,663)	(2,028,815,453)

Net Interest Income	6	2,821,368,910	1,945,181,096

Fee and Commissions Income		669,254,710	614,274,291
Fee and Commissions Expense		(76,264,667)	(64,114,837)
Net Income from Fees and Commissions	7	592,990,043	550,159,454
Dividend Income	8	22,050,296	58,015,749
Net Trading Income	9	412,179,479	242,418,862
Profit from Financial Investments	22	(29,588,934)	38,015,749
Administrative Expenses	10	(1,042,206,519)	(968,821,954)
Other Operating (Expenses) Income	11	(79,177,786)	(50,538,348)
Impairment Charge for Credit Losses	12	(406,580,325)	(312,228,115)
Net Profit before Tax		2,291,035,164	1,502,202,156
Income Tax Expense	13	(649,992,799)	(320,326,989)
Deferred Tax	33 & 13	17,508,518	4,835,448
Net Profit of the Period		1,658,550,883	1,186,710,615
Earning per share	14
Basic		2.73	1.65
Diluted		2.68	1.62

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2012
Amounts in EGP.		Sep. 30, 2012	Sep. 30, 2011
Cash Flow From Operating Activities
Net Profit Before Tax		2,291,035,164	1,502,202,156
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Depreciation		125,184,264	143,036,462
Impairment Charges for credit losses		406,580,325	313,855,735
Other Provisions Charges		90,779,892	1,436,634
Trading Financial Investment Revaluation Differences		(108,405,059)	43,856,029
Available for sale and held to maturity investments exchange revaluation differences		(13,580,979)	(45,509,879)
Financial Investments Impairment Charge (Release)		7,746,294	(373,389)
Utilization of Other Provisions		(72,440,607)	(3,119,614)
Other Provisions No Longer Used		(531,054)	(40,284,922)
Exchange Differences of Other Provisions		1,106,792	3,926,263
Profits From Selling Property, Plant and Equipment		(3,801,360)	(2,664,190)
Profits From Selling Financial Investments		2,289,009	(93,073,621)
Profits from Selling Associates		-	(1,873,813)
Exchange Difference of Long Term Loans		42,050	459,526
Share Based Payments		66,036,546	62,114,443
Investments in Subsidiary and Associates Revaluation		-	(501,696)
Real Estate Investments Impairment Charges		-	361,200

Operating Profits Before Changes in Operating Assets and Liabilities		2,792,041,277	1,883,847,324

Net Decrease (Increase) in Assets and Liabilities
Due from banks		(233,475,365)	(4,998,033,002)
Treasury Bills & Other Governmental Notes		(43,416,593)	121,265,205
Trading Financial Assets		(1,103,602,052)	778,449,743
Derivative Financial Instruments		16,904,759	(25,035,261)
Loans and Advances to Banks and Customers		(471,183,299)	(3,100,295,504)
Other Assets		(920,965,971)	34,117,966
Due to Banks		(1,255,697,899)	192,787,727
Due to Customers		6,959,188,880	6,390,040,278
Other Liabilities		(82,730,698)	(382,784,752)
Net Cash Provided from Operating Activities		5,657,063,039	894,359,724


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2012		Sep. 30, 2012	Sep. 30, 2011
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(30,857,087)	(11,000,000)
Purchases of Property, Plant and Equipment		(161,502,892)	(90,345,592)
Redemption of Held-to-Maturity Financial Investments		-	230,201,187
Purchases of Held to Maturity Financial Investments		(4,183,311,233)	(5,000,000)
Purchases of Available for Sale Financial Investments		(9,819,261,071)	(3,284,767,960)
Proceeds from Selling Available for Sale Financial Investments		5,174,787,445	1,794,737,265
Proceeds from Selling Real Estate Investments		2,750,000	-
Net Cash Generated from (Used in) Investing Activities		(9,017,394,838)	(1,366,175,100)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(36,951,273)	(33,657,304)
Dividend Paid		(806,206,521)	(841,922,204)
Capital Increase		37,712,420	33,119,390
Net Cash Generated from (Used in) Financing Activities		(805,445,374)	(842,460,118)

Net Increase (Decrease) in Cash and Cash Equivalent		(4,165,777,174)	(1,314,275,494)
Beginning Balance of Cash and Cash Equivalent		8,081,134,203	7,778,944,042
Cash and Cash Equivalent Balance At the End of the Period		3,915,357,029	6,464,668,548

Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		3,414,510,382	4,585,370,018
Due From Banks		8,753,946,065	11,595,011,255
Treasury Bills and Other Governmental Notes		9,097,411,619	8,647,963,786
Obligatory Reserve Balance With CBE		(3,067,529,100)	(2,782,468,103)
Due from Banks (Time Deposits) More than Three Months		(5,418,197,859)	(8,610,360,531)
Treasury Bills with Maturity More than Three Months		(8,864,784,078)	(6,970,847,877)
Total Cash & Cash Equivalent		3,915,357,029	6,464,668,548

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of September 30, 2012

Sep. 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S Investments Revaluation Difference (EGP)	Banking Risks Reserve (EGP)	Net Profits of the Period (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	(18,014,631)	156,992,515	2,010,672,119	149,520,859	8,608,895,311
Capital increase	33,119,390	-	-	-	-	-	-	-	-	33,119,390
Transferred to Reserves	-	106,216,559	1,155,710,315	-	1,574,746	-	-	(1,173,875,293)	(89,626,327)	0
Dividend Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the Period	-	-	-	-	-	-	-	1,186,710,615	-	1,186,710,615
Addition from Financial Investment Revaluation	-	-	-	-	-	(350,254,044)	-	-	-	(350,254,044)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	76,166,450	(76,166,450)	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	62,114,443	62,114,443
The effect of changing Accounting policies	-	-	-	15,105,920	-	-	-	(15,105,920)	-	-
Balance at the end of the Period	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(368,268,675)	233,158,965	1,110,544,165	122,008,975	8,698,663,511

Sep. 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserve for A.F.S Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit of the Period (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,274,960	15,105,920	185,931,315	(723,070,818)	281,689,619	1,624,150,975	137,354,419	8,921,344,275
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-
Dividend Paid	-	-	-	(15,105,920)	-	-	-	(791,100,601)	-	(806,206,521)
Net Profit of the Period	-	-	-	-	-	-	-	1,658,550,883	-	1,658,550,883
Transfer from Special Reserve	-	61,697,292	8,143,225	1,001,979	(70,842,496)	-	-	-	-	-
Addition from Financial Investment Revaluation	-	-	-	-	-	981,313,278	-	-	-	981,313,278
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(181,708,448)	181,708,448	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	66,036,546	66,036,546
Balance at the End of Period	5,972,275,410	380,348,755	2,037,107,372	1,001,979	117,805,566	258,242,460	99,981,171	1,840,259,331	151,728,838	10,858,750,881