CIB 1st Quarter Unconsolidated Results

RNS Number : 1102N

Commercial Intnl Bank (Egypt) SAE

14 May 2015

 



Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
March 31,  2015
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March. 31, 2015
Amounts in EGP. Thousands	Note	March 31, 2015				Dec. 31 ,2014
Assets
Cash and balances with Central Bank	15	8,842,134				7,502,256
Due from  banks	16	9,808,665				9,279,896
Treasury bills and other governmental notes	17	30,678,768				30,539,402
Trading financial assets	18	5,584,181				3,727,571
Loans and advances to banks, net	19	32,267				118,091
Loans and advances to customers, net	20	53,739,928				49,279,817
Derivative financial instruments	21	115,099				52,188
Financial investments
- Available for sale	22	32,215,900				27,688,410
- Held to maturity	22	10,208,841				9,160,746
Investments in subsidiary and associates	23	564,686				564,686
Investment properties	24	908,393				884,094
Other assets	25	3,825,829				3,745,362
Deferred tax assets	33	142,160				122,110
Property, plant and equipment	26	1,008,384				982,296
Total assets		157,675,235				143,646,925
Liabilities and equity
Liabilities
Due to banks	27	409,774				1,131,385
Due to customers	28	136,175,230				122,244,933
Derivative financial instruments	21	256,295				137,175
Dividends Payable		1,089,808				-
Current tax liabilities		542,567				1,814,609
Other liabilities	30	3,743,009				2,541,965
Long term loans	29	214,662				242,878
Other provisions	31	752,066				718,356
Total liabilities		143,183,411				128,831,301
Equity
Issued and paid up capital	32	9,081,734				9,081,734
Reserves	32	4,109,909				1,908,594
Reserve for employee stock ownership plan (ESOP)		220,375				177,766
Total equity		13,412,018				11,168,094
Net profit for the  period / year after tax		1,079,806				3,647,530
Total equity and net profit for  period / year		14,491,824				14,815,624
Total liabilities and equity		157,675,235				143,646,925
Contingent liabilities and commitments
Letters of credit, guarantees and other commitments	37	27,676,096				25,309,960
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March. 31, 2015
Amounts in EGP Thousands.	Note	March 31, 2015				March 31, 2014
Interest and similar income		3,377,796				2,564,459
Interest and similar expense		(1,508,295)				(1,192,662)
Net interest income	6	1,869,501				1,371,797
Fee and commission income		455,338				356,427
Fee and commission expense		(53,418)				(36,852)
Net fee and commission income	7	401,920				319,575
Dividend income	8	491				1,235
Net trading income	9	63,528				151,931
Profit (Losses) on financial investments	22	163,823				3,969
Administrative expenses	10	(488,665)				(392,434)
Other operating (expenses) income	11	12,623				(149,158)
Impairment (charge) release for credit losses	12	(420,898)				(184,587)
Profit before income tax		1,602,323				1,122,328
Income tax expense	13	(542,567)				(325,603)
Deferred tax assets	33 & 13	20,050				(17,998)
Net profit for the period		1,079,806				778,727
Earning per share	14
Basic		1.05				0.76
Diluted		1.03				0.75
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31, 2015
Amounts in EGP Thousands.	Mar. 31, 2015			Mar. 31, 2014
Cash flow from operating activities
Profit before income tax	1,602,323			1,122,328
Adjustments to reconcile net profit to net cash provided by operating  activities
Depreciation	53,089			51,161
Impairment charge for credit losses	420,898			184,587
Other provisions charges	25,945			45,221
Trading financial investments revaluation differences	94,997			3,520
Available for sale and held to maturity investments exchange revaluation differences	(69,351)			(3,336)
Financial investments impairment charge (release)	22,868			412
Utilization of other provisions	(155)			(1,633)
Other provisions no longer used	-			-
Exchange differences of  other provisions	7,920			-
Profits from selling property, plant and equipment	(647)		(73)
Profits from selling financial investments	(177,242)			(3,973)
Shares based payments	42,609			27,315
Investments in subsidiary and associates revaluation	-			(110)
Real estate investments revaluation	(24,299)			-
Operating profits before changes in operating assets and liabilities	1,998,955			1,425,863
Net decrease (increase) in assets and  liabilities
Due from banks	(1,637,714)			(763,004)
Treasury bills and other governmental notes	(3,500,850)			1,349,983
Trading financial assets	(1,951,607)			(1,173,406)
Derivative financial instruments	56,209			12,601
Loans and advances to banks and customers	(4,795,185)			(940,843)
Other assets	(44,200)			(90,096)
Due to banks	(721,611)			(497,269)
Due to customers	13,930,297			5,911,124
Income tax obligations paid	(1,814,609)			175,498
Other liabilities	1,201,044			175,498
Net cash provided from operating activities	2,720,729			5,058,135
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2015	Mar. 31, 2015			Mar. 31, 2014
Cash Flow From Investing Activities
Purchase of subsidiary and associates	-			(6,000)
Purchases of property, plant and equipment	(114,796)			(68,996)
Redemption of held to maturity financial investments	2,765,025			1,694
Purchases of held to maturity financial investments	(3,813,120)			-
Purchases of  available for sale financial investments	(5,852,952)			(4,913,752)
Proceeds from selling available for sale financial investments	1,666,620			1,493,776
Purchases of real estate investments	-			5,640
Net Cash Generated from (Used in) Investing  Activities	(5,349,223)			(3,487,638)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans	(28,216)			9,149
Dividends Paid	(473,838)			(1,253,338)
Capital Increase	-			79,299
Net Cash Generated from (Used in) Financing Activities	(502,054)			(1,164,890)
Net Increase (Decrease) in Cash and Cash Equivalent during the period	(3,130,548)			405,607
Beginning Balance of Cash and Cash Equivalent	14,811,360			11,862,042
Cash and Cash Equivalent Balance At the End of the Period	11,680,812			12,267,649
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank	8,842,134			4,694,156
Due From Banks	9,808,665			9,700,572
Treasury Bills and Other  Governmental Notes	30,678,768			22,768,622
Obligatory Reserve Balance With CBE	(6,820,947)			(3,071,659)
Due from Banks (Time Deposits) More than Three Months	(5,216,772)			(5,961,288)
Treasury Bills with Maturity  More than Three Months	(25,611,036)			(15,862,754)
Total Cash & Cash Equivalent	11,680,812			12,267,649

Separate statement of changes in shareholders' equity  for the period ended March 31, 2014 Mar. 31, 2014 Issued and paid up capital Legal reserve General reserve Special reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve Net profit for the period Reserve for employee stock ownership plan Total EGP Thousands Beginning balance             9,002,435             490,365                 406,242                 27,367             (720,468)                  1,991            2,716,852             190,261           12,115,045 Capital increase                  79,299                       -                            -                          -                          -                          -                          -                        -                    79,299 Transferred to reserves                          -               130,719              1,444,406                      741                        -                          -            (1,463,514)           (112,352)                          -   Dividend paid                          -                         -                            -                          -                          -                          -            (1,253,338)                      -              (1,253,338) Net profit for the period                          -                         -                            -                          -                          -                          -                 778,727                      -                  778,727 Net unrealised gain/(loss) on AFS                          -                         -                            -                          -                262,686                        -                          -                        -                  262,686 Cost of employees stock ownership plan (ESOP)                          -                         -                            -                          -                          -                          -                          -                 27,315                  27,315 Balance at The End of The period             9,081,734             621,084              1,850,648                 28,108             (457,782)                  1,991               778,727             105,224           12,009,734

Separate statement of changes in shareholders' equity  for the period ended March 31, 2015
Mar. 31, 2015	Issued and paid up capital	Legal reserve	General reserve	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total
									EGP Thousands
Beginning balance	9,081,734	621,084	1,850,648	28,108	(593,237)	2,513	3,647,008	177,766	14,815,624
Transferred to reserves	-	182,271	1,898,985	2,106	-	-	(2,083,362)	-	-
Dividend paid	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)
Net profit for the period	-	-	-	-	-	-	1,079,806	-	1,079,806
Net unrealised gain/(loss) on AFS	-	-	-	-	117,431	-	-	-	117,431
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	42,609	42,609
Balance at The End of The period	9,081,734	803,355	3,749,633	30,214	(475,806)	2,513	1,079,806	220,375	14,491,824

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