CIB 3rd Quarter Separate Results

RNS Number : 7866O

Commercial Intnl Bank (Egypt) SAE

10 November 2016

 

Commercial International Bank (Egypt) S.A.E. Separate Financial Statements September 30,  2016
FINANCIAL POSITION
As of September 30, 2016
Amounts in EGP Thousands			Note			September 30, 2016			September 30, 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			61,157,352			57,172,705
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			11,100			12,600
Non-current assets held for sale			42			428,011			503,066
Other assets			24			4,366,371			4,799,937
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			1,235,121			1,107,905
Total assets						203,388,056			179,193,091
Liabilities and equity
Liabilities
Due to banks			26			477,662			1,600,769
Due to customers			27			178,170,297			155,369,922
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						184,239,565			162,681,478
Equity
Issued and paid up capital			31			11,538,660			11,470,603
Reserves			34			2,874,876			152,144
Reserve for employee stock ownership plan (ESOP)						302,441			248,148
Total equity						14,715,977			11,870,895
Net profit for the period/year						4,432,514			4,640,718
Total equity and net profit for the period/year						19,148,491			16,511,613
Total liabilities and equity						203,388,056			179,193,091
INCOME  STATEMENT
As of September 30, 2016
Amounts in EGP Thousands			Note			September 30, 2016			September 30, 2015
Interest and similar income						13,486,623			10,739,385
Interest and similar expense						(6,420,760)			(4,831,979)
Net interest income			6			7,065,863			5,907,406
Fee and commission income						1,385,726			1,383,052
Fee and commission expense						(279,399)			(199,589)
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			44,236			158,337
Administrative expenses			10			(1,793,713)			(1,412,574)
Other operating (expenses) income			11			(557,683)			(334,540)
Goodwill amortization			41			(32,561)			-
Intangible assets amortization			41			(97,656)			-
Impairment charge for credit losses			12			(577,684)			(1,120,280)
Profit before income tax						5,885,560			4,855,306
Income tax expense			13			(1,452,955)			(1,430,088)
Deferred tax assets (Liabilities)			32 & 13			(91)			85,687
Net profit for the period						4,432,514			3,510,905
Earnings per share			14			3.40			2.69
Basic						3.35			2.65
Diluted
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						5,885,560			4,855,306
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						205,146			163,728
Impairment charge for credit losses						577,684			1,120,280
Other provisions charges						165,575			113,569
Trading financial investments revaluation differences						50,748			352,177
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)			(4,649)
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
Operating profits before changes in operating assets and liabilities						6,868,241			6,459,496
Net decrease (increase) in assets and  liabilities Due from banks Treasury bills and other governmental notes Trading financial assets Derivative financial instruments Loans and advances to banks and customers Other assets Due to banks Due to customers Income tax obligations paid Other liabilities Net cash provided from operating activities						(19,125,704) (531,505) 2,135,885 (65,136) (4,601,222) 541,151 (1,123,107) 22,800,375 (1,949,694) 265,769 5,215,053			(7,329,312)  2,335,423  (2,978,385)  (106,398)  (9,479,160)  (315,794)  (201,313)  32,133,953  (1,814,609)  (21,732)  18,682,169
Cash flow from investing activities
Proceeds from selling subsidiary and associates						161,503			-
Payment for purchases of property, plant, equipment and branches constructions						(439,372)			(233,948)
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			4,698,647
Proceeds (payments) from real estate investments						-			884,094
Net cash used in investing activities						(1,248,744)			(15,990,714)
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			1,148,135
Beginning balance of cash and cash equivalent						12,622,530			14,811,360
Cash and cash equivalent at the end of the period						15,209,746			15,959,495
Cash and cash equivalent comprise:
Cash and balances with central bank						12,434,973			9,230,657
Due from banks						41,177,611			15,690,424
Treasury bills and other governmental  notes						21,613,272			28,542,497
Obligatory reserve balance with CBE						(9,846,334)			(7,032,352)
Due from banks with maturities more than three months						(33,025,910)			(10,696,968)
Treasury bills with maturity more than three months						(17,143,866)			(19,774,763)

Total cash and cash equivalent

15,209,746

15,959,495

	COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Separate statement of changes in shareholders' equity  for the period ended September 30, 2015
Sep. 30, 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 year / period Reserve for employee stock ownership plan Total EGP Thousands Beginning balance             9,081,734             621,084              1,850,648                 28,108             (593,237)                  1,991            3,647,530             177,766           14,815,624 Capital increase                  94,748                       -                            -                          -                          -                          -                          -                        -                    94,748 Transferred to reserves                          -               182,271              1,961,998                   2,106                        -                          -            (2,083,362)             (63,013)                          -   Dividend paid                          -                         -                            -                          -                          -                          -            (1,563,646)                      -              (1,563,646) Net profit for the period                          -                         -                            -                          -                          -                          -              3,510,905                      -               3,510,905 Net unrealized gain/(loss) on AFS                          -                         -                            -                          -            (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 Balance at the end of the period             9,176,482             803,355              3,812,646                 30,214          (1,793,836)                  2,513            3,510,905             242,580           15,784,859

Separate 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	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
									EGP Thousands
Beginning balance	11,470,603	803,355	1,518,525	30,214	(2,202,463)	2,513	4,640,718	248,148	16,511,613
Capital increase	68,057	-	-	-	-	-	-	-	68,057
Transferred to reserves	-	232,008	3,035,878	564	-	-	(3,176,762)	(91,688)	-
Dividend paid	-	-	-	-	-	-	(1,463,450)	-	(1,463,450)
Net profit for the period	-	-	-	-	-	-	4,432,514	-	4,432,514
Net unrealised gain/(loss) on AFS	-	-	-	-	(546,224)	-	-	-	(546,224)
Transferred (from) to  bank risk reserve	-	-	-	-	-	506	(506)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	145,981	145,981
Balance at the end of the period	11,538,660	1,035,363	4,554,403	30,778	(2,748,687)	3,019	4,432,514	302,441	19,148,491

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