CIB First Half 2016 Separate Financial Results

RNS Number : 4212F

Commercial Intnl Bank (Egypt) SAE

28 July 2016


Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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	60,985,486		57,172,705
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	12,600		12,600
Non-current assets held for sale		42	428,011		503,066
Other assets		24	4,367,023		4,799,937
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	1,188,289		1,107,905
Total assets			193,144,997		179,193,091
Liabilities and equity
Liabilities
Due to banks		26	1,363,861		1,600,769
Due to customers		27	169,687,945		155,369,922
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			175,995,248		162,681,478
Equity
Issued and paid up capital		31	11,538,660		11,470,603
Reserves		34	2,627,911		152,144
Reserve for employee stock ownership plan (ESOP)			253,781		248,148
Total equity			14,420,352		11,870,895
Net profit for the period/year			2,729,397		4,640,718
Total equity and net profit for the period/year			17,149,749		16,511,613
Total liabilities and equity			193,144,997		179,193,091






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

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	59,058		158,424
Administrative expenses		10	(1,204,462)		(952,386)
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)
Profit before income tax			3,681,928		3,228,334

Income tax expense		13	(957,424)		(1,130,674)
Deferred tax assets (Liabilities)		32 & 13	4,893		101,087
Net profit for the period			2,729,397		2,198,747

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			3,681,928		3,228,334
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation			134,956		107,181
Impairment charge for credit losses			503,979		648,442
Other provisions charges			51,547		44,094
Trading financial investments revaluation differences			124,229		270,246
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)		(538)
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
Real estate investments revaluation			-		(24,299)
Operating profits before changes in operating assets and liabilities			4,387,479		4,103,450

Net decrease (increase) in assets and liabilities
Due from banks			(13,870,856)		(3,812,236)
Treasury bills and other governmental notes			5,366,184		2,116,239
Trading financial assets			1,926,279		(2,500,163)
Derivative financial instruments			(92,958)		(20,771)
Loans and advances to banks and customers			(4,359,858)		(6,499,446)
Other assets			551,657		(35,440)
Due to banks			(236,908)		(532,131)
Due to customers			14,318,023		20,770,469
Due to customers			(1,949,694)		(1,814,609)
Income tax obligations paid			219,345		(478,661)
Other liabilities			6,258,693		11,296,701
Net cash provided from operating activities


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
	Proceeds from selling subsidiary and associates			160,003		-
	Payment for purchases of property, plant, equipment and branches constructions			(333,546)		(164,549)
	Proceeds from redemption of held to maturity financial investments			2,671		3,416,433
	Payment for purchases of held to maturity financial investments			(1,856,288)		(4,019,548)
	Payment for purchases of available for sale financial investments			(2,703,756)		(13,050,692)
	Proceeds from selling available for sale financial investments			2,670,755		2,672,674
	Net cash used in investing activities			(2,060,161)		(11,145,682)


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		(1,354,783)
Beginning balance of cash and cash equivalent			12,622,530		14,811,360
Cash and cash equivalent at the end of the period			15,439,193		13,456,577

Cash and cash equivalent comprise:
Cash and balances with central bank			11,251,951		12,668,642
Due from banks			36,100,865		8,426,970
Treasury bills and other governmental notes			16,949,949		26,567,156
Obligatory reserve balance with CBE			(8,412,172)		(10,528,028)
Due from banks with maturities 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 and cash equivalent			15,439,193		13,456,577

	COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Separate statement of changes in shareholders' equity for the period ended June 30, 2015
Jun. 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		-	-	-	-	-	-	2,198,747	-	2,198,747
Net unrealised gain/(loss) on AFS		-	-	-	-	(769,771)	-	-	-	(769,771)
Transferred (from) to bank risk reserve		-	-	-	-	-	522	(522)	-	-
Cost of employees stock ownership plan (ESOP)		-	-	-	-	-	-	-	85,218	85,218
Balance at the end of the period		9,176,482	803,355	3,812,646	30,214	(1,363,008)	2,513	2,198,747	199,971	14,860,920

Separate 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	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	-	-	-	-	-	-	2,729,397	-	2,729,397
Net unrealised gain/(loss) on AFS	-	-	-	-	(793,189)	-	-	-	(793,189)
Transferred (from) to bank risk reserve	-	-	-	-	-	506	(506)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	97,321	97,321
Balance at the end of the period	11,538,660	1,035,363	4,554,403	30,778	(2,995,652)	3,019	2,729,397	253,781	17,149,749