3rd Quarter Separate Results

RNS Number : 9534V

Commercial Intnl Bank (Egypt) SAE

09 November 2017

 

Commercial International Bank (Egypt) S.A.E. Separate Financial Statements September 30th ,  2017
FINANCIAL POSITION
As of September 30th , 2017
Amounts in EGP Thousands			Note			September 30, 2017			December 31, 2016
Assets
Cash and balances with central bank			15			23,174,630			10,522,040
Due from  banks			16			38,891,261			58,011,034
Treasury bills and other governmental notes			17			54,950,084			39,177,184
Trading financial assets			18			4,599,462			2,445,134
Loans and advances to banks, net			19			1,207			159,651
Loans and advances to customers, net			20			87,996,206			85,991,914
Derivative financial instruments			21			68,570			269,269
Financial investments
- Available for sale			22			17,781,240			5,447,291
- Held to maturity			22			47,494,845			53,924,936
Investments in associates			23			9,750			10,500
Non current assets held for sale			42			-			428,011
Other assets			24			5,953,798			5,446,025
Intangible assets			41			401,475			499,131
Deferred tax assets (Liabilities)			32			171,593			181,308
Property, plant and equipment			25			1,342,886			1,338,629
Total assets						282,837,007			263,852,057
Liabilities and equity
Liabilities
Due to banks			26			664,401			3,008,996
Due to customers			27			247,733,684			231,965,312
Derivative financial instruments			21			154,420			331,091
Current tax liabilities						1,945,105			2,017,034
Other liabilities			29			4,119,256			3,579,330
Long term loans			28			141,406			160,243
Other provisions			30			1,518,570			1,514,057
Total liabilities						256,276,842			242,576,063
Equity
Issued and paid up capital			31			11,618,011			11,538,660
Reserves			34			8,824,048			3,443,319
Reserve for employee stock ownership plan (ESOP)						428,807			343,460
Total equity						20,870,866			15,325,439
Net profit for the period/year						5,689,299			5,950,555
Total equity and net profit for the period/ year						26,560,165			21,275,994
Total liabilities and equity						282,837,007			263,852,057
INCOME  STATEMENT
As of September 30, 2017
Amounts in EGP Thousands			Note			September 30, 2017			September 30, 2016
Interest and similar income						21,008,359			13,486,623
Interest and similar expense						(11,698,658)			(6,420,760)
Net interest income			6			9,309,701			7,065,863
Fee and commission income						2,019,148			1,385,726
Fee and commission expense						(435,430)			(279,399)
Net fee and commission income			7			1,583,718			1,106,327
Dividend income			8			27,844			32,019
Net trading income			9			908,024			696,412
Profits on financial investments			22			337,726			44,236
Administrative expenses			10			(2,262,632)			(1,793,713)
Other operating (expenses) income			11			(730,741)			(557,683)
Goodwill impairment			41			-			(32,561)
Intangible assets amortization			41			(97,656)			(97,656)
Impairment charge for credit losses			12			(1,431,865)			(577,684)
Profit before income tax						7,644,119			5,885,560
Income tax expense			13			(1,945,105)			(1,452,955)
Deferred tax assets (Liabilities)			32 & 13			(9,715)			(91)
Net profit for the Period						5,689,299			4,432,514
Earnings per share			14
Basic						4.34			3.38
Diluted						4.27			3.33
CASH FLOW STATEMENT As of September 30, 2017
Amounts in EGP Thousands
						September 30, 2017			September 30, 2016
Cash flow from operating activities
Profit before income tax						7,644,119			5,885,560
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						263,524			205,146
Impairment charge for credit losses						1,431,865			577,684
Other provisions charges						119,983			165,575
Trading financial investments revaluation differences						(269,480)			50,748
Available for sale and held to maturity investments exchange revaluation differences						115,734			(263,567)
Goodwill impairment						-			32,561
Intangible assets amortization						97,656			97,656
Financial investments impairment charge						(96,182)			46,492
Utilization of other provisions						(19,951)			(2,822)
Other provisions no longer used						(97,884)			(47,405)
Exchange differences of  other provisions						2,365			60,254
Profits from selling property, plant and equipment						(607)			(575)
Profits from selling financial investments						101,546			(10,935)
Profits (losses) from selling associates						-			(84,948)
Shares based payments						230,357			145,981
Impairment (Released) charges of non-current assets held for sale						(330,934)			-
Operating profits before changes in operating assets and liabilities						9,192,111			6,857,405
Net decrease (increase) in assets and  liabilities
Due from banks						(7,919,523)			(2,042,595)
Treasury bills and other governmental notes						(16,875,364)			538,374
Trading financial assets						(1,884,848)			2,135,885
Derivative financial instruments						24,028			(65,136)
Loans and advances to banks and customers						(3,277,713)			(4,601,222)
Other assets						(307,248)			541,151
Non-Current Assets Held for Sale						428,011			-
Due to banks						(2,344,595)			(1,123,107)
Due to customers						15,768,372			22,800,375
Income tax obligations paid						(2,017,034)			(1,949,694)
Other liabilities						539,926			265,769
Net cash provided from operating activities						(8,673,877)			23,357,205
Cash flow from investing activities
Proceeds from selling subsidiary and associates						750			161,503
Payment for purchases of property, plant, equipment and branches constructions						(467,699)			(439,372)
Proceeds from redemption of held to maturity financial investments						11,026,150			4,094
Payment for purchases of held to maturity financial investments						(4,596,059)			(2,367,123)
Payment for purchases of  available for sale financial investments						(13,263,959)			(3,024,361)
Proceeds from selling available for sale financial investments						1,146,696			4,427,351
Proceeds from selling non-current assets held for sale						628,521			-
Net cash used in investing activities						(5,525,600)			(1,237,908)
Cash flow from financing activities
Increase (decrease) in long term loans						(18,837)			16,300
Dividend paid						(1,350,207)			(1,463,450)
Capital Increase						79,351			68,057
Net cash used in financing activities						(1,289,693)			(1,381,869)
Net increase (decrease) in cash and cash equivalent during the period						(15,489,170)			20,740,204
Beginning balance of cash and cash equivalent						61,518,700			22,583,060
Cash and cash equivalent at the end of the period						46,029,530			43,323,264
Cash and cash equivalent comprise:
Cash and balances with central bank						23,174,630			12,434,973
Due from banks						38,891,261			41,177,611
Treasury bills and other governmental  notes						54,950,084			21,613,272
Obligatory reserve balance with CBE						(12,666,252)			(9,846,334)
Due from banks with maturities more than three months						(3,257,401)			(464,462)
Treasury bills with maturity more than three months						(55,062,792)			(21,591,796)
Total cash and cash equivalent						46,029,530			43,323,264

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Separate statement of changes in shareholders' equity  for the period ended September 30, 2016 Sep. 30, 2016 Issued and paid up capital Legal reserve General reserve Special reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve Net profit for the period Reserve for employee stock ownership plan Total EGP Thousands Beginning balance           11,470,603             803,355              1,518,525                 30,214          (2,202,463)                  2,513            4,640,718             248,148           16,511,613 Capital increase                  68,057                       -                            -                          -                          -                          -                          -                        -                    68,057 Transferred to reserves                          -               232,008              3,035,878                      564                        -                          -            (3,176,762)             (91,688)                          -   Dividend paid                          -                         -                            -                          -                          -                          -            (1,463,450)                      -              (1,463,450) Net profit for the period                          -                         -                            -                          -                          -                          -              4,432,514                      -               4,432,514 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -               (546,224)                        -                          -                        -                 (546,224) Transferred (from) to  bank risk reserve                          -                         -                            -                          -                          -                       506                    (506)                      -                            -   Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -               145,981                145,981 Balance at the end of the period           11,538,660          1,035,363              4,554,403                 30,778          (2,748,687)                  3,019            4,432,514             302,441           19,148,491
Separate statement of changes in shareholders' equity  for the period ended September 30, 2017
Sep. 30, 2017	Issued and paid up capital				Legal reserve				General reserve				Special reserve					Reserve For  A.F.S  investments revaluation diff.				Banking risks reserve				Net profit for the period				Reserve for employee stock ownership plan							Total
																																					EGP Thousands
Beginning balance	11,538,660				1,035,363				4,554,403				30,778					(2,180,244)				3,019				5,950,555				343,460							21,275,994
Capital increase	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)
Net profit for the period	-				-				-				-					-				-				5,689,299				-							5,689,299
Net unrealised gain/(loss) on AFS	-				-				-				-					635,371				-				-				-							635,371
Transferred (from) to  bank risk reserve	-				-				-				-					-				615				(615)				-							-
Cost of employees stock ownership plan (ESOP)	-				-				-				-					-				-				-				230,357							230,357
Balance at the end of the period	11,618,011				1,332,807				9,000,020				32,460					(1,544,873)				3,634				5,689,299				428,807							26,560,165
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