Annual Financial Report

RNS Number : 5681D

Commercial Intnl Bank (Egypt) SAE

01 February 2018

 

Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements December 31st ,  2017
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FINANCIAL POSITION
As of December 31st, 2017
Amounts in EGP Thousands			Note					December 31st, 2017					December 31st , 2016
Assets
Cash and balances with central bank			15					14,663,289					10,522,040
Due from  banks			16					45,319,766					58,011,034
Treasury bills and other governmental notes			17					54,478,202					39,177,184
Trading financial assets			18					7,295,197					2,445,134
Loans and advances to banks, net			19					1,313					159,651
Loans and advances to customers, net			20					88,427,103					85,224,148
Non current assets held for sale			42					-					4,890,438
Derivative financial instruments			21					40,001					269,269
Financial investments
- Available for sale			22					30,474,781					5,447,291
- Held to maturity			22					45,167,722					53,924,936
Investments in associates			23					65,039					36,723
Other assets			24					6,886,607					5,434,563
Intangible assets			41					368,923					499,131
Deferred tax assets (Liabilities)			32					179,630					181,308
Property, plant and equipment			25					1,414,519					1,320,905
Total assets								294,782,092					267,543,755
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			42					-					3,684,676
Derivative financial instruments			21					196,984					331,091
Current tax liabilities								2,778,973					2,017,034
Other liabilities			29					5,476,531					3,579,330
Long term loans			28					3,674,736					160,243
Other provisions			30					1,615,159					1,514,057
Total liabilities								266,343,353					246,036,222
Equity
Issued and paid up capital			31					11,618,011					11,538,660
Reserves			34					8,725,966					3,451,756
Reserve for employee stock ownership plan (ESOP)								489,334					343,460
Retained earnings (losses)								89,873					31,462
Total equity								20,923,184					15,365,338
Net profit for the period/year								7,515,555					6,009,118
Total equity and net profit for the period/year								28,438,739					21,374,456
Minority interest								-					133,077
Total minority interest , equity and net profit for the period								28,438,739					21,507,533
Total liabilities, equity, minority interest and net profit for the period								294,782,092					267,543,755
INCOME  STATEMENT
As of December 31st , 2017
Amounts in EGP Thousands			Note					December 31st , 2017					December 31st 0, 2016
Continued Operations
Interest and similar income								28,671,170					19,144,218
Interest and similar expense								(16,167,155)					(9,126,512)
Net interest income			6					12,504,015					10,017,706
Fee and commission income								2,676,944					1,965,529
Fee and commission expense								(624,278)					(417,573)
Net fee and commission income			7					2,052,666					1,547,956
Dividend income			8					34,514					34,236
Net trading income			9					1,292,215					1,315,182
Profits on financial investments			22					165,111					(25,533)
Administrative expenses			10					(3,112,508)					(2,432,652)
Other operating (expenses) income			11					(1,063,468)					(1,237,187)
Goodwill impairment								-					(209,842)
Intangible assets amortization			41					(130,208)					(130,208)
Impairment charge for credit losses			12					(1,742,281)					(892,874)
Bank's share in the profits of associates								29,066					2,989
Profit before income tax								10,029,122					7,989,773
Income tax expense			13					(2,778,973)					(2,017,034)
Deferred tax assets (Liabilities)			32 & 13					(1,678)					(76,849)
Net profit from continued operations								7,248,471					5,895,890
Net profit from discontinued operations								122,234					127,376
Profit (loss) of disposal from discontinued operations			43					168,900					-
Net profit for the period								7,539,605					6,023,266
Minority interest								24,050					14,148
Bank shareholders								7,515,555					6,009,118
Earnings per share			14
Basic								5.76					4.54
Diluted								5.67					4.47
CASH FLOW STATEMENT As of December 31st , 2017
Amounts in EGP Thousands
										December 31st , 2017					December 31st , 2016
Cash flow from operating activities
Profit before income tax from continued operations										10,029,122					7,989,773
Profit before income tax from discontinued operations										-					158,041
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation										351,005					285,381
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										-					209,842
Intangible assets amortization										130,208					130,208
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
Impairment (Released) charges of Associates										(9,570)					(131,799)
Shares based payments										290,884					187,000
Bank's share in the profits of associates										(38,636)					-
Associates Financial Investments Revaluation Differences										-					2,989
Operating profits before changes in operating assets and liabilities										12,463,763					8,023,361
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)
Non current assets held for sale										428,011					-
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										1,734,116					42,328,603
Cash flow from investing activities
Proceeds from redemption of subsidiaries 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)					(1,243,669)
Payment for purchases of  available for sale financial investments										(25,868,230)					(3,334,122)
Proceeds from selling available for sale financial investments										973,963					2,946,710
Proceeds from selling non-current assets held for sale										628,521					(2,989)
Net cash used in investing activities										(16,297,189)					(2,026,482)
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
Net cash used in financing activities										2,253,210					(1,366,478)
Net increase (decrease) in cash and cash equivalent during the year										(12,309,863)					38,935,643
Beginning balance of cash and cash equivalent										61,518,700					22,583,057
Cash and cash equivalent at the end of the year										49,208,837					61,518,700
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										(1,719,586)					(2,565,895)
Treasury bills with maturity more than three months										(54,653,848)					(38,187,428)
Total cash and cash equivalent										49,208,837					61,518,700

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity  for the period ended on December 31st, 2016 Dec. 31, 2016 Issued and paid up capital Legal reserve General reserve Retained earnings (losses) Special reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Net profit for the year Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance           11,470,603           803,355             1,518,373                (64,566)                30,214         (2,202,462)                2,513                      -            4,728,976                 248,148                          -           16,535,154              47,431         16,582,585 Capital increase                  68,057                    -                           -                            -                          -                         -                        -                        -                         -                            -                            -                  68,057                     -                  68,057 Transferred to reserves                         -             232,008             3,035,878                          -                       564                       -                        -                        -          (3,176,762)                 (91,688)                          -                          -                       -                          -   Transferred to retained earnings (losses)                         -                      -                           -                    88,258                        -                         -                        -                        -               (88,258)                          -                            -                          -                       -                          -   Dividend paid                         -                      -                           -                    (3,896)                        -                         -                        -                        -          (1,463,450)                          -                            -            (1,467,346)              (1,394)         (1,468,740) Net profit of the year                         -                      -                           -                            -                          -                         -                        -                        -            6,009,118                          -                            -             6,009,118              14,148           6,023,266 Change in ownership percentage                         -                      -                           -                    11,666                        -                         -                        -                        -                         -                            -                            -                  11,666              72,892                84,558 Net unrealised gain/(loss) on AFS                         -                      -                           -                            -                          -                  22,219                      -                        -                          -                            -                            -                  22,219                     -                  22,219 Transferred (from) to  bank risk reserve                         -                      -                           -                            -                          -                         -                     506                      -                    (506)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                            -                          -                         -                        -                        -                         -                   187,000                          -                187,000                     -                187,000 Cumulative foreign currencies translation differences                         -                      -                           -                            -                          -                         -                        -                        -                         -                            -   8588                  8,588                     -                    8,588 Balance at the end of the year           11,538,660        1,035,363             4,554,251                  31,462                30,778         (2,180,243)                3,019                      -            6,009,118                 343,460                     8,588         21,374,456            133,077         21,507,533 Consolidated statement of changes in shareholders' equity  for the period ended on December 31st, 2017 Dec. 31, 2017 Issued and paid up capital Legal reserve General reserve Retained earnings (losses) Special reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Net profit for the year Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance           11,538,660        1,035,363             4,554,251                  31,462                30,778         (2,180,244)                3,019                      -            6,009,118                 343,460                     8,588         21,374,455            133,077         21,507,532 Capital increase                  79,351                    -                           -                            -                          -                         -                        -                        -                         -                            -                            -                  79,351                     -                  79,351 Transferred to reserves                         -             297,444             4,445,620                  58,563                  1,682                       -                        -                        -          (4,658,299)               (145,010)                          -                          -                       -                          -   Dividend paid                         -                      -                           -                            -                          -                         -                        -                        -          (1,350,204)                          -                            -            (1,350,204)                     -           (1,350,204) Net profit for the year                         -                      -                           -                            -                          -                         -                        -                        -            7,515,555                          -                            -             7,515,555              24,050           7,539,605 Disposal of subsidiary                         -                      -                         152                     (152)                        -                         -                        -                        -                         -                            -                     (8,588)                 (8,588)                     -                  (8,588) Change in ownership percentage                         -                      -                           -                            -                          -                         -                        -                        -                         -                            -                            -                          -            (157,127)            (157,127) Net unrealised gain/(loss) on AFS                         -                      -                           -                            -                          -                537,286                      -                        -                         -                            -                            -                537,286                     -                537,286 Transferred (from) to  bank risk reserve                         -                      -                           -                            -                          -                         -                     615                      -                    (615)                          -                            -                          -                       -                          -   IFRS 9 risk reserve                         -                      -                           -                            -                          -                         -                        -           1,411,549        (1,411,549)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                            -                          -                         -                        -                        -                         -                   290,884                          -                290,884                     -                290,884 Balance at the end of the year           11,618,011        1,332,807             9,000,023                  89,873                32,460         (1,642,958)                3,634         1,411,549          6,104,006                 489,334                          -           28,438,739                     -           28,438,739

 

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