CIB announces 2013 Year End financial results

RNS Number : 8197Z

Commercial Intnl Bank (Egypt) SAE

12 February 2014

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31,  2013
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2013
Amounts in EGP	Note	Dec. 31, 2013		Dec. 31, 2012
Assets
Cash & Balances with Central Bank	15	4,804,974,237		5,393,974,124
Due From Banks	16	9,003,950,890		8,047,820,388
Treasury Bills & Other Governmental Notes	17	23,665,428,816		8,017,754,432
Trading Financial Assets	18	2,286,484,581		1,515,325,502
Loans & Advances to Banks	19	132,422,732		1,178,867,739
Loans & Advances to Customers	20	41,587,951,712		40,698,313,773
Derivative Financial Instruments	21	103,085,538		137,459,761
Financial Investments
Available for Sale	22	23,378,104,482		21,177,427,597
Held to Maturity	22	4,197,176,655		4,215,787,960
Investments in Associates	23	192,752,878		165,198,634
Brokers clients-Debit Balances		270,811,253		134,944,510
Reconciliation Accounts- Debit Balances		28,778,971		-
Investment Property	24	9,695,686		10,395,686
Other Assets	25	2,892,342,882		2,474,945,065
Intangible Assets	40	-		33,422,415
Deferred Tax	33	83,557,219		71,450,183
Property, Plant and Equipment	26	969,176,894		683,455,846
Total Assets		113,606,695,426		93,956,543,615
Liabilities and Equity
Liabilities
Due to Banks	27	1,373,410,040		1,714,862,716
Due to Customers	28	96,845,683,408		78,729,121,488
Brokerage clients-Credit Balance		167,378,879		124,759,011
Reconciliation accounts-credit balances		-		1,664,718
Derivative Financial Instruments	21	114,878,583		119,099,260
Other Liabilities	30	2,511,365,468		2,059,005,013
Long Term Loans	29	132,153,227		80,495,238
Other Provisions	31	454,699,000		315,488,382
		101,599,568,605		83,144,495,826
Total Liabilities
Equity
Issued and Paid In Capital	32	9,002,435,690		5,972,275,410
Reserves	32	307,060,175		2,970,163,921
Reserve for Employee Stock Ownership Plan (ESOP)		190,260,457		164,761,121
Retained Earnings (Losses)		(546,531,497)		(568,853,097)
Total Equity		8,953,224,825		8,538,347,355
Net Profit of the Year After Tax		3,006,487,540		2,226,180,503
Total Equity And Net Profit For Year		11,959,712,365		10,764,527,858
Minority Interest		47,414,456		47,519,931
Total Minority Interest and Equity		12,007,126,821		10,812,047,789
Total Liabilities, Equity and Minority Interest		113,606,695,426		93,956,543,615
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	16,182,439,160		14,897,739,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of December 31, 2013
Amounts in EGP.	Note	Dec. 31, 2013		Dec. 31, 2012
Interest and Similar Income		9,520,697,141		7,859,311,839
Interest and Similar Expenses		(4,466,949,161)		(3,945,685,636)
Net Interest Income	6	5,053,747,980		3,913,626,203
Fees & Commissions Income		1,436,107,685		1,033,628,014
Fees and Commissions Expense		(128,827,179)		(107,365,742)
Net Income from Fees and Commissions	7	1,307,280,506		926,262,272
Dividend Income	8	22,609,614		33,110,823
Net Trading Income	9	767,392,333		574,575,176
Profit (Losses) from Financial Investments	22	(28,672,126)		(26,909,306)
Goodwill Amortization		-		(10,426,511)
Administrative Expenses	10	(1,850,944,036)		(1,559,401,781)
Other operating (Expenses) Income	11	(162,330,554)		(103,307,092)
Impairment (Charge) release for Credit Losses	12	(915,581,874)		(609,971,077)
Intangible Assets Amortization		(33,422,415)		(82,990,084)
Bank's Share in the Profits of Associates		16,402,285		26,348,545
Net Profit Before Tax		4,176,481,713		3,080,917,168
Income Tax Expense	13	(1,182,253,358)		(887,265,476)
Deferred Tax	33 & 13	12,148,228		33,338,781
Net Profit of The Year		3,006,376,583		2,226,990,473
Minority Interest		(110,957)		809,970
Bank Shareholders		3,006,487,540		2,226,180,503
Earning per share	14
Basic		2.67		2.34
Diluted		2.63		2.31
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of December 31, 2013
Amounts in EGP.		Dec. 31, 2013		Dec. 31, 2012
Cash Flow from Operating Activities
Profit Before Income Tax		4,176,481,713		3,080,917,168
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		206,979,088		168,382,905
Impairment  Charges for credit losses		915,581,874		609,971,077
Other Provisions Charges		132,957,495		51,872,777
Trading Financial Investment Revaluation Differences		11,861,371		(86,525,026)
Intangible Assets Amortization		33,422,415		82,990,084
Goodwill Amortization		-		10,426,511
Available for sale and held to maturity investments exchange revaluation differences		(124,230,792)		(60,242,239)
Financial Investments Impairment Charge (Release)		(6,136,494)		8,033,536
Utilization of Other Provisions		(10,383,612)		(13,886,192)
Other Provisions No Longer Used		(141,521)		(531,054)
Exchange Differences of Other Provisions		16,778,256		7,230,941
Profits From Selling Property, Plant and Equipment		(740,692)		(2,387,583)
Profits From Selling Financial Investments		(4,362,940)		(519,013)
Shares Based Payments		89,181,563		79,068,829
Investments in Associates Revaluation		(20,026,945)		-
Real Estate Investments Impairment Charges		-		(371,000)
Operating Profits Before Changes in Operating Assets and Liabilities		5,417,220,779		3,934,431,721
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(642,434,022)		521,695,379
Treasury Bills & Other Governmental Notes		(9,149,658,764)		758,289,224
Trading Financial Assets		(783,020,450)		(753,475,026)
Derivative Financial Instruments		40,153,546		13,896,165
Loans and Advances to Banks and Customers		(758,774,806)		(1,421,772,116)
Other Assets		(544,594,696)		(1,015,446,313)
Due to Banks		(341,452,676)		(1,625,931,801)
Due to Customers		18,116,561,920		7,261,186,229
Other Liabilities		(689,078,286)		(156,424,620)
Net Cash Provided from Operating Activities		10,654,922,545		7,516,448,842
CASH FLOW STATEMENT 1b
As of December 31, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(7,527,299)		(58,522,467)
Purchases of Property, Plant and Equipment		(529,367,091)		(211,873,420)
Redemption of Held-to-Maturity Financial Investments		18,611,305		-
Purchases of Held to Maturity Financial Investment		-		(4,176,628,441)
Purchases of Available for Sale Financial Investments		(7,463,491,687)		(10,169,757,165)
Proceeds from Selling Available For Sale Financial Investments		4,523,701,229		5,343,312,219
Proceeds from Selling Real Estate Investments		700,000		2,750,000
Net Cash Generated from (Used in) Investing  Activities		(3,457,373,543)		(9,270,719,274)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		51,657,989		(18,838,138)
Dividend Paid		(1,055,843,162)		806,206,518
Capital Increase		29,348,380		37,712,420
Net Cash Generated from (Used in) Financing Activities		(974,836,793)		(787,332,236)
Net Increase (Decrease) in Cash and Cash Equivalent during the Year		6,222,712,209		(2,541,602,668)
Beginning Balance of Cash and Cash Equivalent		5,665,914,467		8,207,517,133
Cash & Cash Equivalent Balance At the End of the Year		11,888,626,676		5,665,914,465
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		4,804,974,237		5,393,974,124
Due From Banks		9,003,950,890		8,047,820,388
Treasury Bills and Other Governmental Notes		23,665,428,816		8,017,754,432
Obligatory Reserve Balance With CBE		(3,224,658,841)		(3,093,283,199)
Due from Banks (Time Deposits) More than Three Months		(5,148,331,396)		(4,637,273,016)
Treasury Bills With Maturity More than Three months		(17,212,737,030)		(8,063,078,264)
Total Cash & Cash Equivalent		11,888,626,676		5,665,914,465

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2012

December 31, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(362,379,298)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,712,118,493	46,356,546	8,758,475,039
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings(losses)	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	2,226,180,503	-	2,226,180,503	809,971	2,226,990,474
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the Year	-	-	-	-	(58,260,105)	-	-	-	-	-	(58,260,105)	353,414	(57,906,691)
Net Change at fair value of AFS Financial Investment	-	-	-	-	-	-	876,708,657	-	-	-	876,708,657	-	876,708,657
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	-	(177,972,687)	177,972,687	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	79,068,829	79,068,829	-	79,068,829
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the year	5,972,275,410	380,348,755	2,036,955,188	-	(568,853,097)	117,805,566	153,364,794	103,716,932	2,402,153,189	164,761,121	10,764,527,858	47,519,931	10,812,047,789

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2013

December 31, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Net Profits for  the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,036,955,188	(568,853,097)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,764,527,858	47,519,931	10,812,047,789
Capital Increase	3,030,160,280	-	(3,000,811,900)	-	-	-	-	-	-	29,348,380	-	29,348,380
Transferred to Reserves	-	110,016,166	1,277,120,890	-	2,387,583	-	-	(1,325,842,412)	(63,682,227)	-	-	-
Transferred to Retained Earnings (Losses)	-	-	-	23,469,594	-	-	-	(23,469,594)	-	-	-	-
Dividend paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,184)	-	(1,055,843,162)	-	(1,055,843,162)
Net Profit of the Year	-	-	-	-	-	-	-	3,006,487,540	-	3,006,487,540	(110,957)	3,006,376,583
Transfer from Special Reserve	-	-	92,826,390	-	(92,826,390)	-	-	-	-	-	-	-
Change during the period	-	-	-	(146,015)	-	-	-	-	-	(146,015)	5,482	(140,533)
Net Change at Fair Value of AFS Financial investment	-	-	-	-	-	(873,843,799)	-	-	-	(873,843,799)	-	(873,843,799)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(101,726,176)	101,726,176	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	89,181,563	89,181,563	-	89,181,563
Balance at the end of the Year	9,002,435,690	490,364,921	406,090,568	(546,531,497)	27,366,759	(720,479,005)	1,990,756	3,108,213,716	190,260,457	11,959,712,364	47,414,456	12,007,126,821

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