CIB 1H 2018 Consolidated Financial Results

RNS Number : 5527W

Commercial Intnl Bank (Egypt) SAE

02 August 2018

 

Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements June 30th ,  2018
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FINANCIAL POSITION
As of June 30th, 2018
Amounts in EGP Thousands			Note					June 30th, 2018					December 31st , 2017
Assets
Cash and balances with central bank			15					24,601,352					14,663,289
Due from  banks			16					51,245,308					45,319,766
Treasury bills and other governmental notes			17					33,938,896					54,478,202
Trading financial assets			18					6,906,100					7,295,197
Loans and advances to banks, net			19					82,146					1,313
Loans and advances to customers, net			20					107,000,546					88,427,103
Derivative financial instruments			21					31,113					40,001
Financial investments
- Available for sale			22					38,248,938					30,474,781
- Held to maturity			22					40,185,122					45,167,722
Investments in associates			23					86,596					65,039
Other assets			24					7,748,224					6,886,607
Intangible assets			41					303,819					368,923
Deferred tax assets (Liabilities)			32					365,051					179,630
Property, plant and equipment			25					1,418,080					1,414,519
Total assets								312,161,291					294,782,092
Liabilities and equity
Liabilities
Due to banks			26					5,657,628					1,877,918
Due to customers			27					266,825,822					250,723,052
Derivative financial instruments			21					138,292					196,984
Current tax liabilities								1,685,554					2,778,973
Other liabilities			29					3,977,842					5,476,531
Other loans			28					3,699,637					3,674,736
Provisions			30					1,651,212					1,615,159
Total liabilities								283,635,987					266,343,353
Equity
Issued and paid up capital			31					11,618,011					11,618,011
Reserves			34					11,722,597					10,137,515
Reserve for employee stock ownership plan (ESOP)								705,195					489,334
Retained earnings*								4,479,501					6,193,879
Total equity								28,525,304					28,438,739
Total liabilities and equity								312,161,291					294,782,092
*Including net profit for the current period
INCOME  STATEMENT
As of June 30th , 2018
Amounts in EGP Thousands			Note					June 30th , 2018					June 30th, 2017
Continued Operations
Interest and similar income								16,932,688					13,197,728
Interest and similar expense								(9,079,533)					(7,454,779)
Net interest income			6					7,853,155					5,742,949
Fee and commission income								1,632,017					1,317,034
Fee and commission expense								(437,896)					(267,157)
Net fee and commission income			7					1,194,121					1,049,877
Dividend income			8					20,533					26,136
Net trading income			9					385,925					620,594
Profits (Losses) on financial investments			22					401,995					10,980
Administrative expenses			10					(1,933,064)					(1,500,726)
Other operating (expenses) income			11					(649,306)					(528,307)
Intangible assets amortization			41					(65,104)					(65,104)
Impairment charge for credit losses			12					(1,291,167)					(809,346)
Bank's share in the profits of associates								7,457					18,279
Profit before income tax								5,924,545					4,565,332
Income tax expense			13					(1,685,554)					(1,249,710)
Deferred tax assets (Liabilities)			32 & 13					185,421					(3,055)
Net profit from continued operations								4,424,412					3,312,567
Net profit from discontinued operations								-					122,234
Profit (loss) of disposal from discontinued operations			42					-					150,550
Net profit for the period								4,424,412					3,585,351
Minority interest								-					24,050
Bank shareholders								4,424,412					3,561,301
Earnings per share			14
Basic								3.36					2.75
Diluted								3.30					2.70
CASH FLOW STATEMENT As of June 30th , 2018
Amounts in EGP Thousands
										June 30th , 2018					June 30th, 2017
Cash flow from operating activities
Profit before income tax from continued operations										5,924,545					4,565,332
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation										180,206					170,012
Impairment charge for credit losses										1,291,167					809,346
Other provisions charges										99,715					148,424
Impairment charge for other assets										214,000					-
Available for sale investments exchange revaluation differences										(91,952)					26,389
Intangible assets amortization										65,104					65,104
Financial investments impairment charge										19,842					(106,782)
Utilization of other provisions										(872)					(21,939)
Other provisions no longer used										(62,000)					(97,879)
Exchange differences of  other provisions										(790)					16,191
(Losses) Profits from selling financial investments										(421,837)					101,465
Shares based payments										215,861					153,340
Bank's share in the profits of associates										(7,457)					(18,279)
Operating profits before changes in operating assets and liabilities										7,425,532					5,810,724
Net decrease (increase) in assets and  liabilities
Due from banks										(27,757,024)					(6,167,220)
Treasury bills and other governmental notes										20,314,670					(4,707,972)
Trading financial assets										389,097					913,504
Derivative financial instruments										(42,938)					37,540
Loans and advances to banks and customers										(19,945,443)					(5,880,018)
Other assets										(549,525)					(563,155)
Non current assets held for sale										-					205,346
Due to banks										3,779,710					(1,423,407)
Due to customers										16,102,770					13,197,334
Income tax obligations paid										(2,778,973)					(2,017,034)
Other liabilities										(1,498,689)					75,098
Net Cash Provided from operating activities										(4,560,813)					(519,260)
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates										-					750
Payment for purchases of associates										(10,575)					-
Payment for purchases of property, plant, equipment and branches constructions										(404,485)					(328,120)
Proceeds from redemption of held to maturity financial investments										4,982,600					10,030,359
Payment for purchases of held to maturity financial investments										-					(4,594,910)
Payment for purchases of  available for sale financial investments										(10,731,239)					(1,916,162)
Proceeds from selling available for sale financial investments										724,732					668,553
Proceeds from selling non current assets held for sale										-					500,867
Net cash (used in) provided from investing activities										(5,438,967)					4,361,337
Cash flow from financing activities
Increase (decrease) in long term loans										24,901					(13,956)
Dividend paid										(2,143,177)					(1,350,207)
Capital increase										-					79,351
Net cash used in financing activities										(2,118,276)					(1,284,812)
Net increase (decrease) in cash and cash equivalent during the period										(12,118,056)					2,557,265
Beginning balance of cash and cash equivalent										49,208,837					61,518,700
Cash and cash equivalent at the end of the period										37,090,781					64,075,965
Cash and cash equivalent comprise:
Cash and balances with central bank										24,601,352					19,497,893
Due from banks										51,245,308					58,552,276
Treasury bills and other governmental  notes										33,938,896					43,092,546
Obligatory reserve balance with CBE										(14,042,817)					(10,832,277)
Due from banks with maturities more than three months										(24,312,780)					(3,339,073)
Treasury bills with maturity more than three months										(34,339,178)					(42,895,400)
Total cash and cash equivalent										37,090,781					64,075,965

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity  for the period ended on June 30th, 2017 Jun. 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total Beginning balance           11,538,660        1,035,363             4,554,251                20,645                10,133         (2,180,244)                3,019                      -            6,040,580                 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             4,445,617                        -                    1,682                       -                        -                        -          (4,599,733)               (145,010)                          -                          -                       -                          -   Dividend paid                         -                      -                           -                          -                          -                         -                        -                        -          (1,350,207)                          -                            -            (1,350,207)                     -           (1,350,207) Net profit of the period                         -                      -                           -                          -                          -                         -                        -                        -            3,561,301                          -                            -             3,561,301              24,050           3,585,351 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                         -                      -                           -                          -                          -                354,495                      -                        -                         -                            -                            -                354,495                     -                354,495 Transferred (from) to  bank risk reserve                         -                      -                           -                          -                          -                         -                     615                      -                    (615)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                          -                          -                         -                        -                        -                         -                   153,340                          -                153,340                     -                153,340 Balance at the end of the period           11,618,011        1,332,807             9,000,020                20,645                11,815         (1,825,749)                3,634                      -            3,651,174                 351,790                          -           24,164,147                     -           24,164,147 Consolidated statement of changes in shareholders' equity  for the period ended on June 30th, 2018 Jun. 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 Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total Beginning balance           11,618,011        1,332,807             9,000,023                20,645                11,815         (1,642,958)                3,634         1,411,549          6,193,879                 489,334                          -           28,438,739                     -           28,438,739 Transferred to reserves                         -             377,486             3,616,832                        -                       606                       -                        -                        -          (3,994,924)                          -                            -                          -                       -                          -   Dividend paid                         -                      -                           -                          -                          -                         -                        -                        -          (2,143,177)                          -                            -            (2,143,177)                     -           (2,143,177) Net profit of the period                         -                      -                           -                          -                          -                         -                        -                        -            4,424,412                          -                            -             4,424,412                     -             4,424,412 Net unrealised gain/(loss) on AFS                         -                      -                           -                          -                          -           (2,410,531)                      -                        -                         -                            -                            -            (2,410,531)                     -           (2,410,531) Transferred (from) to  bank risk reserve                         -                      -                           -                          -                          -                         -                     689                      -                    (689)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                          -                          -                         -                        -                        -                         -                   215,861                          -                215,861                     -                215,861 Balance at the end of the period           11,618,011        1,710,293           12,616,855                20,645                12,421         (4,053,489)                4,323         1,411,549          4,479,501                 705,195                          -           28,525,304                     -           28,525,304

 

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IR UASBRWRAWRAR