CIB First Half 2016 Consolidated Financial Results

RNS Number : 4206F

Commercial Intnl Bank (Egypt) SAE

28 July 2016

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2016
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2016
Amounts in EGP Thousands				Note			June 30, 2016								Dec. 31, 2015
Assets
Cash and balances with central bank		15			11,251,951								9,848,954
Due from  banks		16			36,100,865								21,002,305
Treasury bills and other governmental notes		17			16,949,949								22,130,170
Trading financial assets		18			3,797,869								5,848,377
Loans and advances to banks, net		19			81,541								38,443
Loans and advances to customers, net		20			60,217,720								56,797,576
Non-current assets held for sale		42			3,435,833								1,066,270
Derivative financial instruments		21			95,073								80,995
Financial investments
- Available for sale*		22			31,068,016								46,289,075
- Held to maturity*		22			25,802,904								9,261,220
Investments in associates		23			36,007								159,983
Other assets		24			4,355,598								4,789,291
Goodwill		41			188,134								209,842
Intangible assets		41			564,236								629,340
Deferred tax assets (Liabilities)		32			263,050								258,157
Property, plant and equipment		25			1,170,565								1,090,181
Total assets							195,379,311								179,500,179
Liabilities and Equity
Liabilities
Due to banks				26			1,363,861								1,600,769
Due to customers				27			169,463,428								155,234,416
Non-current liabilities held for sale				42			2,218,954								371,622
Derivative financial instruments				21			66,855								145,735
Current tax liabilities							957,424								1,949,694
Other liabilities				29			2,841,614								2,622,269
Long term loans				28			144,852								131,328
Other provisions				30			932,697								861,761
Total liabilities							177,989,685								162,917,594
Equity
	Issued and paid up capital							31	11,538,660								11,470,603
	Reserves							34	2,636,311								151,993
	Reserve for employee stock ownership plan (ESOP)								253,781								248,148
	Retained earnings (losses)								26,727								(64,566)
	Total equity								14,455,479								11,806,178
	Net profit for the period/year								2,755,551								4,728,976
	Total equity and net profit for the period/year								17,211,030								16,535,154
	Minority interest								178,596								47,431
	Total minority interest , equity and net profit for period/year								17,389,626								16,582,585
	Total liabilities, equity, minority interest and net profit for period								195,379,311								179,500,179
The accompanying notes are an integral part of these financial statements . (Review report attached) Hisham Ezz El-Arab Chairman and Managing Director
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2016
Amounts in EGP Thousands				Note			June 30, 2016								June 30, 2015
Continued Operations
Interest and similar income							8,595,146								6,917,409
Interest and similar expense							(4,061,260)								(3,109,039)
Net interest income				6			4,533,886								3,808,370
Fee and commission income							937,206								924,302
Fee and commission expense							(173,523)								(122,286)
Net fee and commission income				7			763,683								802,016
Dividend income				8			28,911								14,367
Net trading income				9			408,523								190,441
Profits on financial investments				22			1,404								158,424
Administrative expenses				10			(1,204,463)								(952,385)
Other operating (expenses) income				11			(316,881)								(144,456)
Goodwill amortization				41			(21,707)								-
Intangible assets amortization				41			(65,104)								-
Impairment charge for credit losses				12			(503,979)								(648,442)
Bank's share in the profits of associates							173								30,475
Profit before income tax							3,624,446								3,258,810
Income tax expense				13			(957,424)								(1,130,674)
Deferred tax assets (Liabilities)				32 & 13			4,893								101,087
Net profit from continued operations							2,671,915								2,229,223
Discontinued Operations
Net profit from discontinued operations				42			88,488								26,687
Net profit for the period							2,760,403								2,255,910
Minority interest							4,852								212
Bank shareholders							2,755,551								2,255,698
Earnings per share				14
Basic							2.09								1.69
Diluted							2.06								1.66
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2016
Amounts in EGP Thousands							June 30, 2016								June 30, 2015
Cash flow from operating activities
Profit before income tax from continued operations						3,624,446								3,258,810
Profit before income tax from Discontinued Operations						104,801								33,231
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						134,956								110,349
Impairment charge for credit losses						503,979								648,442
Other provisions charges						51,547								48,144
Trading financial investments revaluation differences						124,229								276,043
Available for sale and held to maturity investments exchange revaluation differences						(263,567)								(69,351)
Goodwill amortization						21,707								-
Intangible assets amortization						65,104								-
Financial investments impairment charge						52,614								(17,226)
Utilization of other provisions						(1,800)								(662)
Other provisions no longer used						(37,312)								-
Exchange differences of  other provisions						58,501								9,542
Profits from selling property, plant and equipment						(537)								(798)
Profits from selling financial investments						(16,243)								(177,395)
Profits from selling associates						(84,948)								-
Shares based payments						97,321								85,218
Investments in associates revaluation						(173)								(30,476)
Real estate investments revaluation						-								(24,299)
Operating profits before changes in operating assets and liabilities						4,434,625								4,149,572
Net decrease (increase) in assets and  liabilities
Due from banks						(13,870,856)								(3,812,185)
Treasury bills and other governmental notes						5,366,184								2,116,239
Trading financial assets						1,926,279								(2,519,413)
Derivative financial instruments						(92,958)								(20,771)
Loans and advances to banks and customers						(3,967,221)								(6,404,839)
Other assets						(1,831,172)								(224,710)
Due to banks						(236,908)								(532,131)
Due to customers						14,229,012								20,894,041
Income tax obligations paid						(1,949,694)								(1,814,609)
Other liabilities						2,202,795								(476,934)
Net cash provided from operating activities						6,210,086								11,354,260
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June. 30, 2016							June 30, 2016								June 30, 2015
Cash Flow From Investing Activities
Payment for purchase of subsidiary and associates							48,607								-
Proceeds from selling subsidiary and associates							160,003								-
Payment for purchases of property, plant, equipment and branches constructions							(333,546)								(166,488)
Proceeds from redemption of held to maturity financial investments							2,671								3,416,433
Payment for purchases of held to maturity financial investments							(16,544,355)								(4,019,548)
Payment for purchases of  available for sale financial investments							(2,717,468)								(13,050,692)
Proceeds from selling available for sale financial investments							17,372,534								2,669,457
Net cash used in investing activities							(2,011,554)								(11,150,838)
Cash flow from financing activities
Increase (decrease) in long term loans							13,524								(36,904)
Dividend paid							(1,463,450)								(1,563,646)
Capital increase							68,057								94,748
Net cash used in financing activities							(1,381,869)								(1,505,802)
Net increase (decrease) in cash and cash equivalent during the period							2,816,663								(1,302,380)
Beginning balance of cash and cash equivalent							12,622,530								15,062,901
Cash and cash equivalent at the end of the period							15,439,193								13,760,521
Cash and Cash Equivalent Comprise
Cash and Balances with Central Bank							11,251,951								12,668,642
Due From Banks							36,100,865								8,728,922
Treasury Bills and Other Governmental Notes							16,949,949								26,569,148
Obligatory Reserve Balance With CBE							(8,412,172)								(10,528,028)
Due from Banks (Time Deposits) More than Three Months							(29,205,223)								(3,684,216)
Treasury Bills With Maturity More than Three months							(11,246,177)								(19,993,947)
Total Cash & Cash Equivalent							15,439,193								13,760,521

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity  for the period ended on June 30, 2015 Jun. 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            (593,236)                1,991          3,741,456                 177,765            14,754,238                49,194       14,803,432 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                         -                      -                           -                            -                          -                         -                        -            2,255,698                          -                2,255,698                     212         2,255,910 Change in owner ship percentage                         -                      -                           -                      1,368                        -                         -                        -                         -                            -                       1,368                 (1,368)                     -   Net unrealised gain/(loss) on AFS                         -                      -                           -                            -                          -              (769,771)                      -                         -                            -                 (769,771)                        -            (769,771) Transferred (from) to  bank risk reserve                         -                      -                           -                            -                          -                         -                     522                  (522)                          -                            -                          -                       -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                            -                          -                         -                        -                         -                     85,218                   85,218                        -                85,218 Balance at the end of the period             9,176,482           803,355             3,812,494                (59,866)                30,214         (1,363,007)                2,513          2,255,698                 199,970            14,857,853                48,038       14,905,891

Consolidated statement of changes in shareholders' equity  for the period ended  June 30, 2016
Jun. 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	-	-	-	-	-	-	-	2,755,551	-	-	2,755,551	4,852	2,760,403
Change in owner ship percentage	-	-	-	8,585	-	-	-	-	-	-	8,585	127,533	136,118
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(793,189)	-	-	-	-	(793,189)	-	(793,189)
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	97,321	-	97,321	-	97,321
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8,551	8,551	-	8,551
Balance at the end of the period	11,538,660	1,035,363	4,554,251	26,727	30,778	(2,995,651)	3,019	2,755,551	253,781	8,551	17,211,030	178,596	17,389,626

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