3rd Quarter Separate Results

RNS Number : 6886G

Commercial Intnl Bank (Egypt) SAE

08 November 2018

 

Commercial International Bank (Egypt) S.A.E. Separate Financial Statements September 30th  ,  2018
FINANCIAL POSITION
As of Sep 30th, 2018
Amounts in EGP Thousands				Note						Sep 30th, 2018						December 31st , 2017
Assets
Cash and balances with central bank				15						33,253,111						14,663,289
Due from  banks				16						45,038,599						45,319,766
Treasury bills and other governmental notes				17						48,324,427						54,478,202
Trading financial assets				18						4,113,070						7,295,197
Loans and advances to banks, net				19						77,309						1,313
Loans and advances to customers, net				20						104,354,329						88,427,103
Derivative financial instruments				21						14,993						40,001
Financial investments
- Available for sale				22						36,735,035						30,474,781
- Held to maturity				22						42,549,178						45,167,722
Investments in associates and subsidiaries				23						68,638						54,068
Other assets				24						10,698,705						6,886,807
Intangible assets				41						271,267						368,923
Deferred tax assets (Liabilities)				32						350,123						179,630
Property, plant and equipment				25						1,407,161						1,414,519
Total assets										327,255,945						294,771,321
Liabilities and equity
Liabilities
Due to banks				26						1,364,767						1,877,918
Due to customers				27						280,626,002						250,767,370
Derivative financial instruments				21						119,299						196,984
Current tax liabilities										2,563,006						2,778,973
Other liabilities				29						6,936,325						5,476,531
Other loans				28						3,679,094						3,674,736
Provisions				30						1,662,618						1,615,159
Total liabilities										296,951,111						266,387,671
Equity
Issued and paid up capital				31						11,668,326						11,618,011
Reserves				34						10,979,229						10,137,515
Reserve for employee stock ownership plan (ESOP)										654,484						489,334
Retained earnings*				34						7,002,795						6,138,790
Total equity										30,304,834						28,383,650
Total liabilities and equity										327,255,945						294,771,321
*Including net profit for the current period
INCOME  STATEMENT
As of Sep 30th , 2018
Amounts in EGP Thousands				Note						Sep 30th, 2018						Sep 30th, 2017
Interest and similar income										27,150,333						21,008,359
Interest and similar expense										(13,842,130)						(11,698,658)
Net interest income				6						13,308,203						9,309,701
Fee and commission income										2,464,173						2,019,148
Fee and commission expense										(703,749)						(435,430)
Net fee and commission income				7						1,760,424						1,583,718
Dividend income				8						25,063						27,844
Net trading income				9						745,248						908,024
Profits (Losses) on financial investments				22						402,153						337,726
Administrative expenses				10						(2,947,507)						(2,262,632)
Other operating (expenses) income				11						(997,218)						(730,741)
Intangible assets amortization				41						(97,656)						(97,656)
Impairment charge for credit losses				12						(2,803,402)						(1,431,865)
Profit before income tax										9,395,308						7,644,119
Income tax expense				13						(2,563,006)						(1,945,105)
Deferred tax assets (Liabilities)				32 & 13						170,493						(9,715)
Net profit for the period										7,002,795						5,689,299
Earnings per share				14
Basic										5.32						4.33
Diluted										5.23						4.26
CASH FLOW STATEMENT As of Sep 30th , 2018
Amounts in EGP Thousands
													Sep 30th , 2018						Sep 30th , 2017
Cash flow from operating activities
Profit Before Income Tax												9,395,308						7,644,119
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation												279,798						263,524
Impairment charge for credit losses												2,803,402						1,431,865
Other provisions charges												90,731						119,983
Trading financial investments revaluation differences												242,481						-
Available for sale investments exchange revaluation differences												(103,827)						115,734
Intangible assets amortization												97,656						97,656
Financial investments impairment charge												19,721						(96,182)
Exchange differences in financial investments in subsidiary												(470)						-
Utilization of other provisions												(969)						(19,951)
Other provisions no longer used												(45,079)						(97,884)
Exchange differences of  other provisions												2,776						2,365
Profits from selling property, plant and equipment												(1,045)						(607)
(Losses) Profits from selling financial investments												(421,874)						101,546
Shares based payments												324,510						230,357
Released charges of non-current assets held for sale												-						(330,934)
Operating profits before changes in operating assets and liabilities												12,683,119						9,461,591
Net decrease (increase) in assets and  liabilities
Due from banks												(42,520,192)						(7,919,523)
Treasury bills and other governmental notes												6,405,425						(16,875,364)
Trading financial assets												3,182,127						(2,154,328)
Derivative financial instruments												(42,783)						24,028
Loans and advances to banks and customers												(18,806,624)						(3,277,713)
Other assets												(3,368,677)						(307,248)
Non-current assets held for sale												-						428,011
Due to banks												(513,151)						(2,344,595)
Due to customers												29,858,632						15,768,372
Income tax obligations paid												(2,778,973)						(2,017,034)
Other liabilities												1,459,794						539,926
Net cash (used in) provided from operating activities												(14,441,303)						(8,673,877)
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates												-						750
Payment for purchases of subsidiary and associates												(10,575)						-
Payment for purchases of property, plant, equipment and branches constructions												(652,768)						(468,306)
Proceeds from selling property, plant and equipment												1,045						607
Proceeds from redemption of held to maturity financial investments												7,321,780						11,026,150
Payment for purchases of held to maturity financial investments												(4,703,236)						(4,596,059)
Payment for purchases of  available for sale financial investments												(11,372,289)						(13,263,959)
Proceeds from selling available for sale financial investments												1,985,962						1,146,696
Proceeds from selling non current assets held for sale												-						628,521
Net cash (used in) provided from investing activities												(7,430,081)						(5,525,600)
Cash flow from financing activities
Increase (decrease) in long term loans												4,358						(18,837)
Dividend paid												(2,143,177)						(1,350,207)
Capital Increase												50,315						79,351
Net cash used in financing activities												(2,088,504)						(1,289,693)
Net increase (decrease) in cash and cash equivalent during the period												(23,959,888)						(15,489,170)
Beginning balance of cash and cash equivalent												49,208,837						61,518,700
Cash and cash equivalent at the end of the period												25,248,949						46,029,530
Cash and cash equivalent comprise:
Cash and balances with central bank												33,253,111						23,174,630
Due from banks												45,038,599						38,891,261
Treasury bills and other governmental  notes												48,324,427						54,950,084
Obligatory reserve balance with CBE												(23,004,955)						(12,666,252)
Due from banks with maturities more than three months												(30,113,810)						(3,257,401)
Treasury bills with maturity more than three months												(48,248,423)						(55,062,792)
Total cash and cash equivalent												25,248,949						46,029,530

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Separate statement of changes in shareholders' equity  for the period ended on Sep 30th , 2017 Sep. 30, 2017 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total EGP Thousands Beginning balance           11,538,660          1,035,363              4,554,403                 20,645                 10,133          (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                 20,645                 11,815          (1,544,873)                  3,634                        -              5,689,299             428,807           26,560,165 Separate statement of changes in shareholders' equity  for the period ended on Sep 30th , 2018 Sep. 30, 2018 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Total EGP Thousands Beginning balance           11,618,011          1,332,807              9,000,023                 20,645                 11,815          (1,642,958)                  3,634           1,411,549            6,138,790             489,334           28,383,650 Capital increase                  50,315                       -                            -                          -                          -                          -                          -                          -                          -                        -                    50,315 Transferred to reserves                          -               377,486              3,776,192                        -                        606                        -                          -                          -            (3,994,924)           (159,360)                          -   Dividend paid                          -                         -                            -                          -                          -                          -                          -                          -            (2,143,177)                      -              (2,143,177) Net profit for the period                          -                         -                            -                          -                          -                          -                          -                          -              7,002,795                      -               7,002,795 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                          -            (3,313,259)                        -                          -                          -                        -              (3,313,259) Transferred (from) to  bank risk reserve                          -                         -                            -                          -                          -                          -                       689                        -                      (689)                      -                            -   Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -                          -                          -               324,510                324,510 Balance at the end of the period           11,668,326          1,710,293            12,776,215                 20,645                 12,421          (4,956,217)                  4,323           1,411,549            7,002,795             654,484           30,304,834

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