3rd Quarter Results

RNS Number : 0276R

Commercial Intnl Bank (Egypt) SAE

14 November 2012

Commercial International Bank (Egypt) S.A.E.

Consolidated 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 & Balances with Central Bank

3,414,510,382

7,492,064,510

Due From Banks

8,851,001,009

8,528,229,519

Treasury Bills & Other Governmental Notes

9,139,014,588

9,260,842,183

Trading Financial Assets

1,838,742,061

675,325,450

Loans & Advances to Banks

987,397,719

1,395,594,609

Loans & Advances to Customers

40,142,585,729

39,669,785,864

Derivative Financial Instruments

145,153,442

146,544,656

Financial Investments

Available for Sale

21,058,077,980

15,421,546,277

Held to Maturity

4,222,446,777

39,159,520

Investments in Associates

138,641,109

106,676,167

Brokers-Debit Balances

150,477,111

24,185,525

Reconciliation Accounts- Debit Balances

35,207,289

42,507,905

Investment Property

10,024,686

12,774,686

Other Assets

2,467,526,528

1,534,819,491

Goodwill

7,819,883

120,280,337

Intangible Assets

97,363,181

309,353,104

Deferred Tax

141,320,435

123,977,698

Property, Plant and Equipment

658,164,116

630,508,089

Total Assets

93,505,474,025

85,534,175,590

Liabilities and Equity

Liabilities

Due to Banks

2,085,096,618

3,340,794,517

Due to Customers

78,427,912,179

71,467,935,259

Brokers-Credit Balance

204,967,326

111,851,855

Derivative Financial Instruments

129,801,534

114,287,990

Other Liabilities

1,903,524,337

1,342,736,040

Long Term Loans

62,424,153

99,333,376

Other Provisions

289,381,202

270,801,909

Total Liabilities

83,103,107,349

76,747,740,946

Equity

Issued and Paid In Capital

5,972,275,410

5,934,562,990

Reserves

3,074,866,835

1,387,842,060

Reserve for Employee Stock Ownership Plan (ESOP)

151,728,837

137,354,418

Retained Earnings

(482,986,800)

(334,419,692)

Total Equity

8,715,884,282

7,125,339,776

Net Profit of the Period/Year After Tax

1,638,574,471

1,614,738,322

Total Equity And Net Profit For Period/Year

10,354,458,753

8,740,078,098

Minority Interest

47,907,293

46,356,546

Total Minority Interest and Equity

10,402,366,676

8,786,434,644

Total Liabilities, Equity and Minority Interest

93,505,474,025

85,534,175,590

Contingent Liabilities and Commitments

Letters of Credit, Guarantees and Other Commitments

13,726,458,703

12,559,553,516

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

5,709,924,331

3,981,585,481

Interest and Similar Expenses

(2,878,602,209)

(2,029,138,866)

Net Interest Income

2,831,322,122

1,952,446,615

Fees & Commissions Income

737,746,221

665,242,495

Fees and Commissions Expense

(76,765,133)

(64,114,837)

Net Income from Fees and Commissions

660,981,088

601,127,658

Dividend Income

22,704,086

58,982,479

Net Trading Income

418,171,996

252,241,996

Profit from Financial Investments

(29,687,230)

38,160,205

Goodwill Amortization

(2,606,628)

(30,070,084)

Administrative Expenses

(1,124,726,722)

(1,052,722,830)

Other operating (Expenses) Income

(74,848,809)

(54,147,544)

Impairment Charge for Credit Losses

(406,580,325)

(312,228,115)

Intangible Assets Amortization

(19,049,318)

(50,600,430)

Bank's Share in the Profits of Associates

1,107,855

(6,856,381)

Net Profit Before Tax

2,276,788,115

1,396,333,569

Income Tax Expense

(654,358,417)

(324,757,923)

Deferred Tax

33 & 13

17,342,735

(6,370,762)

Net Profit of The Year

1,639,772,433

1,065,204,884

Minority Interest

1,197,962

108,271

Bank Shareholders

1,638,574,471

1,065,096,613

Earning per share

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

2,276,788,115

1,396,333,569

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities

Depreciation

127,504,186

144,057,127

Impairment Charges for credit losses

406,836,170

313,855,735

Other Provisions Charges

90,779,892

1,589,044

Trading Financial Investment Revaluation Differences

(114,094,428)

34,406,764

Intangible Assets Amortization

19,049,318

50,600,430

Goodwill Amortization

2,606,628

30,070,084

Available for sale and held to maturity investments exchange revaluation differences

(13,580,979)

(45,509,879)

Financial Investments Impairment Charge (Release)

7,844,587

(373,389)

Utilization of Other Provisions

(73,032,184)

(5,397,639)

Other Provisions No Longer Used

(531,054)

(40,635,496)

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 Differences of Long Term Loans

42,050

459,526

Shares Based Payments

66,036,546

62,114,443

Investments in Associates Revaluation

6,354,684

Real Estate Investments Impairment Charges

361,200

Operating Profits Before Changes in Operating Assets and Liabilities

2,795,843,288

1,854,600,842

Net Decrease (Increase) in Assets and Liabilities

Due from banks

(233,540,939)

(4,989,972,029)

Treasury Bills & Other Governmental Notes

(43,416,593)

121,265,205

Trading Financial Assets

(1,049,322,183)

840,449,628

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

(1,035,637,518)

134,350,001

Due to Banks

(1,255,697,899)

192,787,727

Due to Customers

6,959,976,920

6,406,909,484

Other Liabilities

(454,640)

(686,370,502)

Net Cash Provided from Operating Activities

5,683,471,896

748,689,591

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

(31,964,942)

(11,000,000)

Purchases of Property, Plant and Equipment

(167,419,342)

(90,709,389)

Redemption of Held-to-Maturity Financial Investments

230,225,164

Purchases of Held to Maturity Financial Investment

(4,183,287,258)

(5,000,000)

Purchases of Available for Sale Financial Investments

(9,826,460,193)

(3,287,981,324)

Proceeds from Selling Available For Sale Financial Investments

5,174,787,444

1,794,737,265

Proceeds from Selling Real Estate Investments

2,750,000

Net Cash Generated from (Used in) Investing Activities

(9,031,594,291)

(1,369,728,284)

Cash Flow From Financing Activities

Increase (Decrease) in Long Term Loans

(36,951,273)

(33,657,304)

Dividend Paid

(806,206,518)

(844,414,580)

Capital Increase

37,712,420

33,119,390

Net Cash Generated from (Used in) Financing Activities

(805,445,371)

(844,952,494)

Net Increase (Decrease) in Cash and Cash Equivalent

(4,153,567,765)

(1,465,991,187)

Beginning Balance of Cash and Cash Equivalent

8,207,517,133

8,058,126,497

Cash & Cash Equivalent Balance At the End of the Period

4,053,949,368

6,592,135,310

Cash & Cash Equivalent Comprise

Cash and Balances with Central Bank

3,414,510,382

4,585,395,495

Due From Banks

8,851,001,009

11,677,631,859

Treasury Bills and Other Governmental Notes

9,139,014,588

8,690,616,464

Obligatory Reserve Balance With CBE

(3,067,529,100)

(2,782,468,103)

Due from Banks (Time Deposits) More than Three Months

(5,418,263,433)

(8,608,192,530)

Treasury Bills With Maturity More than Three months

(8,864,784,078)

(6,970,847,875)

Total Cash & Cash Equivalent

4,053,949,368

6,592,135,310

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of September 30, 2011

September 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,660	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	1,722,491	156,992,515	1,875,205,780	149,520,858	8,571,972,423	46,965,639	8,613,938,062
Capital Increase	33,119,390	-	-	-	-	-	-	-	-	-	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)	-	-	-
Transferred to Retained Earnings (losses)	-	-	-	-	(122,852,795)	-	-	-	122,852,795	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(824,183,282)	-	(844,414,580)	-	(844,414,580)
Net Profit of the year	-	-	-	-	-	-	-	-	1,065,096,613	-	1,065,096,613	108,271	1,065,204,884
Change During the period	-	-	-	-	(2,835,759)	-	-	-	-	-	(2,835,759)	(100,039)	(2,935,798)
Addition from Financial Investment revaluation	-	-	-	-	-	-	(350,155,749)	-	-	-	(350,155,749)	-	(350,155,749)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	76,166,450	(76,166,450)	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	62,114,443	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	1,234,122,777	302,794,421	(334,418,542)	185,931,315	(348,433,258)	233,158,965	973,824,243	122,008,974	8,534,896,781	46,973,871	8,581,870,652

September 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,098	46,356,546	8,786,434,644
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	1,028,139,869	-	1,028,139,869	655,973	1,028,795,842
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(353,414)	-	-	-	-	-	(353,414)	353,414	-
Addition from Financial investment revaluation	-	-	-	-	-	-	981,411,571	-	-	-	981,411,571	-	981,411,571
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(181,708,448)	181,708,448	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	66,036,546	66,036,546	-	66,036,546
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the period	5,972,275,410	380,348,755	2,036,955,188	-	(482,986,800)	117,805,566	258,067,708	99,981,171	1,820,282,919	151,728,837	10,354,458,753	47,907,923	10,402,366,676