CIB 3rd Quarter Consolidated Results

RNS Number : 7862O

Commercial Intnl Bank (Egypt) SAE

10 November 2016

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2016
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Consolidated balance sheet as at September 30, 2016
Amounts in EGP Thousands								Note											September 30, 2016																						Dec. 31, 2015
Assets
Cash and balances with central bank										15											12,434,973																							9,848,954
Due from  banks										16											41,177,611																							21,002,305
Treasury bills and other governmental notes										17											21,613,272																							22,130,170
Trading financial assets										18											3,661,744																							5,848,377
Loans and advances to banks, net										19											77,334																							38,443
Loans and advances to customers, net										20											60,707,839																							56,797,576
Non-current assets held for sale										42											4,632,682																							1,066,270
Derivative financial instruments										21											66,018																							80,995
Financial investments
- Available for sale*										22											29,879,804																							46,289,075
- Held to maturity*										22											26,312,316																							9,261,220
Investments in associates										23											35,477																							159,983
Other assets										24											4,355,550																							4,789,291
Goodwill										41											177,280																							209,842
Intangible assets										41											531,683																							629,340
Deferred tax assets (Liabilities)										32											258,066																							258,157
Property, plant and equipment										25											1,217,397																							1,090,181
Total assets																				207,139,046																			179,500,179
Liabilities and Equity
Liabilities
Due to banks												26								477,662																						1,600,769
Due to customers												27								178,068,513																						155,234,416
Non-current liabilities held for sale												42								3,656,096																						371,622
Derivative financial instruments												21								65,622																						145,735
Current tax liabilities																				1,452,955																						1,949,694
Other liabilities												29								2,888,038																						2,622,269
Long term loans												28								147,628																						131,328
Other provisions												30								1,037,363																						861,761
Total liabilities																				187,793,877																						162,917,594
Equity
									Issued and paid up capital													31								11,538,660																						11,470,603
									Reserves													34								2,883,313																						151,993
									Reserve for employee stock ownership plan (ESOP)																					302,441																						248,148
									Retained earnings (losses)																					29,753																						(64,566)
									Total equity																					14,754,167																						11,806,178
									Net profit for the period/year																					4,458,186																						4,728,976
									Total equity and net profit for the period/year																					19,212,353																						16,535,154
									Minority interest																					132,816																						47,431
									Total minority interest , equity and net profit for period/year																					19,345,169																						16,582,585
									Total liabilities, equity, minority interest and net profit for period																					207,139,046																						179,500,179
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of September 30, 2016
Amounts in EGP Thousands												Note								September 30, 2016																						September 30, 2015
Continued Operations
Interest and similar income																				13,486,623																						10,697,287
Interest and similar expense																				(6,420,760)																						(4,789,881)
Net interest income												6								7,065,863																						5,907,406
Fee and commission income																				1,385,726																						1,382,314
Fee and commission expense																				(279,399)																						(198,851)
Net fee and commission income												7								1,106,327																						1,183,463
Dividend income												8								32,019																						33,769
Net trading income												9								696,412																						439,725
Profits on financial investments												22								(13,418)																						158,337
Administrative expenses												10								(1,793,714)																						(1,408,680)
Other operating (expenses) income												11								(557,683)																						(338,433)
Goodwill amortization												41								(32,561)																						-
Intangible assets amortization												41								(97,656)																						-
Impairment charge for credit losses												12								(577,684)																						(1,120,280)
Bank's share in the profits of associates																				1,143																						49,917
Profit before income tax																				5,829,048																						4,905,224
Income tax expense												13								(1,452,955)																						(1,430,088)
Deferred tax assets (Liabilities)												32 & 13								(91)																						85,688
Net profit from continued operations																				4,376,002																						3,560,824
Discontinued Operations
Net profit from discontinued operations												42								95,897																						22,904
Net profit for the period																				4,471,899																						3,583,728
Minority interest																				13,713																						373
Bank shareholders																				4,458,186																						3,583,355
Earnings per share												14
Basic																				3.40																						2.69
Diluted																				3.35																						2.65
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of September 30, 2016
						Amounts in EGP Thousands																					September 30, 2016																						September 30, 2015
Cash flow from operating activities
Profit before income tax from continued operations																			5,829,048																				4,905,224
Profit before income tax from Discontinued Operations																			122,401																				27,697
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation																			205,146																				168,497
Impairment charge for credit losses																			577,684																				1,120,280
Other provisions charges																			165,575																				118,158
Trading financial investments revaluation differences																			50,748																				361,086
Available for sale and held to maturity investments exchange revaluation differences																			(263,567)																				(96,639)
Goodwill amortization																			32,561																				-
Intangible assets amortization																			97,656																				-
Financial investments impairment charge																			57,328																				(28,083)
Utilization of other provisions																			(2,822)																				(4,682)
Other provisions no longer used																			(47,405)																				-
Exchange differences of  other provisions																			60,254																				19,004
Profits from selling property, plant and equipment																			(575)																				(1,127)
Profits from selling financial investments																			(10,935)																				(161,897)
Profits from selling associates																			(84,948)																				-
Shares based payments																			145,981																				127,827
Investments in associates revaluation																			(1,143)																				(49,917)
Operating profits before changes in operating assets and liabilities																			6,932,987																				6,505,428
Net decrease (increase) in assets and  liabilities
								Due from banks																					(19,125,704)																					(7,329,262)
								Treasury bills and other governmental notes																					(531,505)																					2,335,423
								Trading financial assets																					2,135,885																					(3,000,201)
								Derivative financial instruments																					(65,136)																					(106,398)
								Loans and advances to banks and customers																					(4,526,838)																					(9,571,984)
								Other assets																					(3,049,285)																					(345,895)
								Due to banks																					(1,123,107)																					(201,313)
								Due to customers																					22,834,097																					32,345,469
								Income tax obligations paid																					(1,949,694)																					(1,814,609)
								Other liabilities																					3,634,746																					(181,761)
								Net cash provided from operating activities																					5,166,446																					18,634,897
		Cash Flow From Investing Activities
				Payment for purchase of subsidiary and associates																						48,607																						-
				Proceeds from selling subsidiary and associates																						161,503																						-
				Payment for purchases of property, plant, equipment and branches constructions																						(439,372)																						(237,923)
				Proceeds from redemption of held to maturity financial investments																						4,094																						3,917,715
				Payment for purchases of held to maturity financial investments																						(2,367,123)																						(4,019,548)
				Payment for purchases of  available for sale financial investments																						(3,024,361)																						(21,237,674)
				Proceeds from selling available for sale financial investments																						4,416,515																						4,692,659
				Net cash used in investing activities																						(1,200,137)																						(16,000,677)
				Cash flow from financing activities
				Increase (decrease) in long term loans																						16,300																						(74,422)
				Dividend paid																						(1,463,450)																						(1,563,646)
				Capital increase																						68,057																						94,748
				Net cash used in financing activities																						(1,379,093)																						(1,543,320)
				Net increase (decrease) in cash and cash equivalent during the period																						2,587,216																						1,090,900
				Beginning balance of cash and cash equivalent																						12,622,530																						15,062,901
				Cash and cash equivalent at the end of the period																						15,209,746																						16,153,801
			Cash and Cash Equivalent Comprise
			Cash and Balances with Central Bank																						12,434,973																						9,230,657
			Due From Banks																						41,177,611																						15,882,704
			Treasury Bills and Other Governmental Notes																						21,613,272																						28,544,522
			Obligatory Reserve Balance With CBE																						(9,846,334)																						(7,032,352)
			Due from Banks (Time Deposits) More than Three Months																						(33,025,910)																						(10,696,968)
			Treasury Bills With Maturity More than Three months																						(17,143,866)																						(19,774,762)
			Total Cash & Cash Equivalent																						15,209,746																						16,153,801

	COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
	Consolidated statement of changes in shareholders' equity  for the period ended on September 30, 2015
Sep. 30, 2015		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	Net profit for the year / period	Reserve for employee stock ownership plan	Total Shareholders' Equity	Minority Interest	Total
													EGP Thousands
Beginning balance		9,081,734	621,084	1,850,496	(155,160)	28,108	(593,237)	1,991	3,741,456	177,765	14,754,237	49,194	14,803,431
Capital increase		94,748	-	-	-	-	-	-	-	-	94,748	-	94,748
Transferred to reserves		-	182,271	1,961,998	-	2,106	-	-	(2,083,362)	(63,013)	-	-	-
Transferred to retained earnings (losses)		-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid		-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net profit of the period		-	-	-	-	-	-	-	3,583,355	-	3,583,355	373	3,583,728
Change in owner ship percentage		-	-	-	1,368	-	-	-	-	-	1,368	(1,368)	-
Net unrealized gain/(loss) on AFS		-	-	-	-	-	(1,200,599)	-	-	-	(1,200,599)	-	(1,200,599)
Transferred (from) to  bank risk reserve		-	-	-	-	-	-	522	(522)	-	-	-	-
Cost of employees stock ownership plan (ESOP)		-	-	-	-	-	-	-	-	127,827	127,827	-	127,827
Balance at the end of the period		9,176,482	803,355	3,812,494	(59,866)	30,214	(1,793,836)	2,513	3,583,355	242,579	15,797,290	48,199	15,845,489

Consolidated statement of changes in shareholders' equity  for the period ended  September 30, 2016

Sep. 30, 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 Net profit for the year / period 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                         -                      -                           -                    (5,550)                        -                         -                        -          (1,463,450)                          -                            -            (1,469,000)              (1,220)         (1,470,220) Net profit of the period                         -                      -                           -                            -                          -                         -                        -            4,458,186                          -                            -             4,458,186              13,713           4,471,899 Change in owner ship percentage                         -                      -                           -                    11,611                        -                         -                        -                         -                            -                            -                  11,611              72,892                84,503 Net unrealized gain/(loss) on AFS                         -                      -                           -                            -                          -              (546,224)                      -                         -                            -                            -               (546,224)                     -              (546,224) Transferred (from) to  bank risk reserve                         -                      -                           -                            -                          -                         -                     506                  (506)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                            -                          -                         -                        -                         -                   145,981                          -                145,981                     -                145,981 Cumulative foreign currencies translation differences                         -                      -                           -                            -                          -                         -                        -                         -                            -                       8,588                  8,588                     -                    8,588 Balance at the end of the period           11,538,660        1,035,363             4,554,251                  29,753                30,778         (2,748,686)                3,019          4,458,186                 302,441                     8,588         19,212,353            132,816         19,345,169

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