CIB 1H 2018 Separate Financial Results

RNS Number : 5523W

Commercial Intnl Bank (Egypt) SAE

02 August 2018

 

Commercial International Bank (Egypt) S.A.E. Separate 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 and subsidiaries				23						68,569						54,068
Other assets				24						7,748,424						6,886,807
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										312,143,464						294,771,321
Liabilities and equity
Liabilities
Due to banks				26						5,657,628						1,877,918
Due to customers				27						266,870,541						250,767,370
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										283,680,706						266,387,671
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*										4,416,955						6,138,790
Total equity										28,462,758						28,383,650
Total liabilities and equity										312,143,464						294,771,321
*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
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						323,564
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)
Profit before income tax										5,917,088						4,859,637
Income tax expense				13						(1,685,554)						(1,249,710)
Deferred tax assets (Liabilities)				32 & 13						185,421						(3,055)
Net profit for the period										4,416,955						3,606,872
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												5,917,088						4,859,637
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)
Exchange differences in financial investments in subsidiary												(401)						-
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
Released charges of non-current assets held for sale												-						(312,584)
Operating profits before changes in operating assets and liabilities												7,425,131						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												16,103,171						13,197,334
Income tax obligations paid												(2,778,973)						(2,017,034)
Other liabilities												(1,498,689)						75,098
Net cash (used in) 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 subsidiary and 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

Separate 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 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                          -                         -                            -                          -                          -                          -                          -                          -              3,606,872                      -               3,606,872 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                          -                354,495                        -                          -                          -                        -                  354,495 Transferred (from) to  bank risk reserve                          -                         -                            -                          -                          -                          -                       615                        -                      (615)                      -                            -   Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -                          -                          -               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                        -              3,606,872             351,790           24,119,845 Separate 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 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 Transferred to reserves                          -               377,486              3,616,832                        -                        606                        -                          -                          -            (3,994,924)                      -                            -   Dividend paid                          -                         -                            -                          -                          -                          -                          -                          -            (2,143,177)                      -              (2,143,177) Net profit for the period                          -                         -                            -                          -                          -                          -                          -                          -              4,416,955                      -               4,416,955 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                          -            (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 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            4,416,955             705,195           28,462,758

 

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