Annual Financial Report

RNS Number : 5215J

Commercial Intnl Bank (Egypt) SAE

01 April 2018

 

Commercial International Bank (Egypt) S.A.E.
Consolidated IFRS Financial Statements
December 31,  2017
Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/5215J_-2018-4-1.pdf

Consolidated statement of profit or loss for the year ended  December 31, 2017

Notes Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Interest and similar income 28,671,170 19,144,218 Interest and similar expense (16,167,383) (9,127,195) Net interest income 3 12,503,787 10,017,023 Fee and commission income 2,676,944 1,965,529 Fee and commission expense (624,278) (417,573) Net fee and commission income 4 2,052,666 1,547,956 Dividend income 5 34,514 34,236 Net trading income 6 1,292,215 1,315,182 Profits (Losses) on financial investments 22 165,111 (25,533) Goodwill impairment 40 - (217,078) Administrative expenses 7 (3,983,324) (3,119,378) Other operating expenses 8 (1,059,651) (1,233,620) Impairment charge for credit losses 9 (1,742,281) (892,874) Intangible Assets amortization 40 - - Bank's share in the profits of associates 12 29,066 2,989 Profit before income tax from continuing operations 9,292,103 7,428,903 Current income tax expense (2,778,973) (2,017,034) Deferred income tax 10.2 (1,678) (76,849) Net profit from continuing operations 6,511,452 5,335,020 Discontinuing Operations Profit from discontinuing operations (Net of tax) 39 122,234 127,376 Profit from disposal of discontinuing operations 168,900 - Net profit for the year 6,802,586 5,462,396 Attributable to: Equity holders of the parent 6,778,536 5,448,248 Non-controlling interest 24,050 14,148 Net Profit for the year 6,802,586 5,462,396 Earning per share 11 Basic attributable to equity holders of the parent 5.85 4.72 Diluted attributable to equity holders of the parent 5.76 4.65 Earning per share from continuing operations Basic attributable to equity holders of the parent 5.60 4.61 Diluted attributable to equity holders of the parent 5.51 4.55 The accompying notes from 1 to 41 form an integral part of these consolidated financial statements. Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of other comprehensive income for the year ended December 31, 2017 Notes Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Profit for the year 6,802,586 5,462,396 Other comprehensive income Other comprehensive income to be reclassified to profit or loss in subsequent periods: Net (Loss)/gain on available-for-sale financial assets 537,286 22,219 Cumulative foreign currencies translation differences 32 (8,588) 8,588 Other comprehensive income for the year 528,698 30,807 Total comprehensive income for the year 7,331,284 5,493,203 Attributable to: Equity holders of the parent 7,307,234 5,479,055 Non-controlling interest 24,050 14,148 The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements.

Consolidated statement of financial position as at December 31, 2017

Notes Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Assets Cash and balances with central bank 13 14,663,289 10,522,040 Due from  banks 14 45,319,766 58,011,034 Treasury bills and other governmental notes 15 54,478,202 39,177,184 Financial assets held for trading 16 7,295,197 2,445,134 Loans and advances to banks, net 17 1,313 159,651 Loans and advances to customers, net 18 88,427,103 85,224,148 Non current assets held for sale 39 - 4,890,438 Derivative financial instruments 19 40,001 269,269 Financial investments - Available for sale 21 30,474,781 5,447,291 - Held to maturity 21 45,167,722 53,924,936 Investments in associates and subsidiaries 23 65,039 36,723 Other assets 24 6,886,607 5,434,563 Goodwill 40 - - Intangible assets 40 651,041 651,041 Deferred tax assets 10.2 179,630 181,308 Property and equipment 25 1,415,746 1,324,808 Total assets 295,065,437 267,699,568 Liabilities and equity Liabilities Due to banks 26 1,877,918 3,008,996 Due to customers 27 250,723,052 231,740,795 Non current liabilities held for sale 39 - 3,684,676 Derivative financial instruments 19 196,984 331,091 Other liabilities 29 6,346,476 4,268,775 Current Tax Liability 2,778,973 2,017,034 Long term loans 28 3,674,736 160,243 Provisions 30 1,615,159 1,514,057 Total liabilities 267,213,298 246,725,667 Equity Issued and paid in capital 31 11,618,011 11,538,660 Reserves 32 8,867,806 3,448,737 Reserve for employee stock ownership plan (ESOP) 489,334 343,460 Retained earnings 6,876,988 5,509,967 Total equity attributable to equity holders of the parent 27,852,139 20,840,824 Non-controlling interest - 133,077 Total equity 27,852,139 20,973,901 Total liabilities , equity and non-controlling interest 295,065,437 267,699,568 The accompanying notes from 1 to 41 form an integral part of these consolidated financial statements. Hisham Ezz Al-Arab Chairman and Managing Director

Consolidated statement of changes in shareholders' equity

Attributable to equity holders of the parents Dec. 31, 2017 Issued and paid in capital Reserve for employee stock ownership plan (ESOP) Retained earnings Reserves Total Non-controlling interest Total equity EGP Thousands Beginning balance            11,470,603               248,148            4,160,601               149,480            16,028,832                47,432          16,076,264 Profit for the year                          -                           -              5,448,248                         -                5,448,248                14,148            5,462,396 Other comprehensive income : Net (Loss)/gain on available-for-sale financial assets                          -                           -                           -                   22,219                   22,219                       -                   22,219 Cumulative foreign currencies translation differences                          -                           -                           -                     8,588                     8,588                       -                     8,588 Total comprehensive income                          -                           -              5,448,248                 30,807              5,479,055                14,148            5,493,203 Capital increase                   68,057                         -                           -                           -                     68,057                       -                   68,057 Reserve for employee stock ownership plan (ESOP)                          -                 187,000                         -                           -                   187,000                       -                 187,000 Dividend                          -                           -            (1,467,346)                         -              (1,467,346)                (1,395)          (1,468,741) Transferred to reserves                          -                 (91,688)          (3,176,762)            3,268,450                          -                         -                           -   Change during the year                          -                           -                 545,226                         -                   545,226                72,892               618,118 Balance at 31 December 2016            11,538,660               343,460            5,509,967            3,448,737            20,840,824              133,077          20,973,901 Profit for the year                          -                           -           6,778,536.0                         -                6,778,536                24,050            6,802,586 Other comprehensive income : Net (Loss)/gain on available-for-sale financial assets                          -                           -                           -                 537,286                 537,286                       -                 537,286 Cumulative foreign currencies translation differences                          -                           -                           -                           -                            -                         -                           -   Total comprehensive income                          -                           -              6,778,536               537,286              7,315,822                24,050            7,339,872 Capital increase                   79,351                         -                           -                     79,351                       -                   79,351 Reserve for employee stock ownership plan (ESOP)                          -                 290,884                         -                           -                   290,884                       -                 290,884 Dividend                          -                           -            (1,350,204)                         -              (1,350,204)                       -            (1,350,204) Transferred to reserves                          -               (145,010)          (4,745,361)            4,890,371                          -                         -                           -   Change during the year                          -                           -                 684,050                         -                   684,050            (157,127)               526,923 Cumulative foreign currencies translation differences                          -                           -                           -                   (8,588)                   (8,588)                       -                   (8,588) Balance at 31 December 2017            11,618,011               489,334            6,876,988            8,867,806            27,852,139                       -            27,852,139 Consolidated cash flow statement for the year ended  December 31, 2017 Notes Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Cash flow from operating activities Profit before income tax from continued operations                9,292,103              7,428,903 Profit before income tax from discontinued operations 40                             -                   158,040 Adjustments to reconcile net profit to net cash provided by operating  activities Fixed assets depreciation                   353,681                 288,057 Impairment charge for credit losses                1,742,281                 892,874 Other provisions charges                   212,622                 150,847 Trading financial investments revaluation differences                  (248,072)                (269,283) Available for sale and held to maturity investments exchange revaluation differences                   100,078             (2,219,961) Goodwill impairment                             -                   217,078 Financial investments impairment charge                    (83,079)                   82,428 Utilization of other provisions                    (25,463)                    (3,696) Other provisions no longer used                    (97,897)                  (78,405) Exchange differences of  other provisions                     11,840                 583,550 Profits from selling property, plant and equipment                         (607)                    (1,682) Profits from selling financial investments                     99,047                  (35,193) Profits from selling investments in associates                             -                     90,447 Shares based payments                   290,884                 187,000 Bank's share in the profits of associates                    (38,636)                (131,799) Associates financial investments revaluation differences                          228                        683 Operating profits before changes in operating assets and liabilities              11,609,010              7,339,888 Net decrease (increase) in assets and  liabilities Due from banks               (2,594,442)                 264,072 Treasury bills and other governmental notes             (16,466,420)           (16,057,258) Trading financial assets               (4,601,991)              3,672,526 Derivative financial instruments                     95,161                    (2,918) Loans and advances to banks and customers               (4,019,132)           (29,440,654) Other assets               (1,121,981)             (4,450,111) Due to banks               (1,131,078)              1,408,227 Due to customers              18,802,058            76,506,379 Income tax obligations paid               (2,017,034)             (1,949,694) Other liabilities                1,897,201              4,354,673 Net cash provided from operating activities                   451,352            41,645,130 Cash flow from investing activities Proceeds from redemption of subsidiary and associates                          750                  (12,036) Payment (proceeds) for purchases and sell of subsidiary and associates                    (44,318)                 176,161 Payment for purchases of property, plant, equipment and branches constructions                  (745,089)                (560,631) Proceeds from redemption of held to maturity financial investments              13,354,468                     4,094 Payment for purchases of held to maturity financial investments                (4,597,254)           (44,667,810) Payment for purchases of  available for sale financial investments             (25,868,230)             (3,334,122) Proceeds from selling available for sale financial investments                1,261,980            46,370,851 Proceeds from selling non current assets held for sale                   628,521                    (2,989) Goodwill impairment                             -                             -   Non current assets held for sale                   428,011                           -   Net cash used in investing activities             (15,581,161)             (2,026,482) Consolidated cash flow statement for the year ended  December 31, 2017 (Cont.) Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Cash flow from financing activities Increase (decrease) in long term loans                3,524,063                   28,915 Dividend paid               (1,350,204)             (1,463,450) Capital increase                     79,351                   68,057 Payment related to finanace lease                      (3,588)                  (12,380) Net cash used in financing activities                2,249,622             (1,378,858) Net increase (decrease) in cash and cash equivalent during the year             (12,880,187)            38,239,790 Beginning balance of cash and cash equivalent              52,675,691            14,435,901 Cash and cash equivalent at the end of the year              39,795,504            52,675,691 Cash and cash equivalent comprise: Cash and balances with central bank              14,663,289            10,522,040 Due from banks              45,319,766            58,011,034 Treasury bills and other governmental  notes              54,478,202            39,177,184 Obligatory reserve balance with CBE               (8,878,986)             (5,438,235) Due from banks with maturities more than three months             (11,132,919)           (11,408,904) Treasury bills with maturity more than three months             (54,653,848)           (38,187,428) Total cash and cash equivalent              39,795,504            52,675,691

 

END

 

 

FR FKDDKCBKKFQK