CIB FY 2016 Consolidated Financial Results

RNS Number : 6475V

Commercial Intnl Bank (Egypt) SAE

01 February 2017

 

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Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements December 31st,  2016
FINANCIAL POSITION
As of December 31st, 2016
Amounts in EGP Thousands			Note			December 31, 2016			December 31, 2015
Assets
Cash and balances with central bank						10,522,040			9,848,954
Due from  banks			15			58,011,034			21,002,305
Treasury bills and other governmental notes			16			39,177,184			22,130,170
Trading financial assets			17			2,445,134			5,848,377
Loans and advances to banks, net			18			159,651			38,443
Loans and advances to customers, net			19			85,224,148			56,797,576
Non-current assets held for sale			20			4,890,438			1,066,270
Derivative financial instruments			42			269,269			80,995
Financial investments			21
- Available for sale						5,447,291			46,289,075
- Held to maturity			22			53,924,936			9,261,220
Investments in associates			22			36,723			159,983
Other assets			23			5,434,563			4,789,291
Goodwill			24			-			209,842
Intangible assets			41			499,131			629,340
Deferred tax assets (Liabilities)			41			181,308			258,157
Property, plant and equipment			32			1,320,905			1,090,181
Total assets			25			267,543,755			179,500,179
Liabilities and equity
Liabilities
Due to banks						3,008,996			1,600,769
Due to customers			26			231,740,795			155,234,416
Non current liabilities held for sale			27			3,684,676			371,622
Derivative financial instruments			42			331,091			145,735
Current tax liabilities			21			2,017,034			1,949,694
Other liabilities						3,579,330			2,622,269
Long term loans			29			160,243			131,328
Other provisions			28			1,514,057			861,761
Total liabilities			30			246,036,222			162,917,594
Equity
Issued and paid up capital						11,538,660			11,470,603
Reserves			31			3,451,756			151,993
Reserve for employee stock ownership plan (ESOP)			34			343,460			248,148
Retained earnings (losses)						31,462			(64,566)
Total equity						15,365,338			11,806,178
Net profit for the year						6,009,118			4,728,976
Total equity and net profit for the year						21,374,456			16,535,154
Minority interest						133,077			47,431
Total minority interest , equity and net profit for the year						21,507,533			16,582,585
Total liabilities, equity, minority interest and net profit for the year						267,543,755			179,500,179
INCOME  STATEMENT
As of December 31, 2016
Amounts in EGP Thousands			Note			December 31, 2016			December 31, 2015
Continued Operations
Interest and similar income
Interest and similar expense						19,144,218			14,765,337
						(9,126,512)			(6,650,008)
Net interest income			6			10,017,706			8,115,329
Fee and commission income						1,965,529			1,885,544
Fee and commission expense						(417,573)			(299,696)
Net fee and commission income			7			1,547,956			1,585,848
Dividend income			8			34,236			35,062
Net trading income			9			1,315,182			710,398
Profits on financial investments			22			(25,533)			270,998
Administrative expenses			10			(2,432,652)			(2,024,511)
Other operating (expenses) income			11			(1,237,187)			(527,383)
Goodwill impairment			41			(209,842)			(7,236)
Intangible assets amortization			41			(130,208)			(21,701)
Impairment charge for credit losses			12			(892,874)			(1,682,439)
Bank's share in the profits of associates						2,989			27,829
Profit before income tax						7,989,773			6,482,194
Income tax expense			13			(2,017,034)			(1,949,694)
Deferred tax assets (Liabilities)			32 & 13			(76,849)			136,047
Net profit from continued operations			42			5,895,890			4,668,547
Net profit from discontinued operations						127,376			61,115
Net profit for the year						6,023,266			4,729,662
Minority interest						14,148			686
Bank shareholders						6,009,118			4,728,976
Earnings per share			14
Basic						4.56			3.56
Diluted						4.49			3.51
CASH FLOW STATEMENT As of December 31, 2016
Amounts in EGP Thousands
						December 31, 2016			December 30, 2015
Cash flow from operating activities
Profit before income tax from continued operations						7,989,773			6,482,194
Profit before income tax from discontinued operations						158,041			71,161
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						285,381			188,256
Impairment charge for credit losses						892,874			1,682,439
Other provisions charges						150,847			135,866
Trading financial investments revaluation differences						(269,283)			353,590
Available for sale and held to maturity investments exchange revaluation differences						(2,219,961)			(96,638)
Goodwill impairment						209,842			7,236
Intangible assets amortization						130,208			21,701
Financial investments impairment charge						(49,371)			140,751
Utilization of other provisions						(3,696)			(17,242)
Other provisions no longer used						(78,405)			(505)
Exchange differences of  other provisions						583,550			13,330
Profits from selling property, plant and equipment						(1,682)			(564)
Profits from selling financial investments						(35,193)			(163,270)
Profits from selling associates						90,447			(285,431)
Shares based payments						187,000			133,395
Investments in associates revaluation						(2,989)			(27,829)
Operating profits before changes in operating assets and liabilities						8,017,383			8,638,440
Net decrease (increase) in assets and  liabilities
Due from banks						264,072			2,131,856
Treasury bills and other governmental notes						(14,019,180)			5,497,825
Trading financial assets						3,672,526			(2,439,249)
Derivative financial instruments						(2,918)			(20,247)
Loans and advances to banks and customers						(29,440,654)			(9,714,737)
Other assets						(4,450,111)			(1,273,556)
Goodwill impairment						-			(217,078)
Intangible Assets						-			(651,041)
Due to banks						1,408,227			469,384
Due to customers						76,506,379			33,259,457
Income tax obligations paid						(1,949,694)			(1,814,609)
Other liabilities						4,354,673			15,319
Net cash provided from operating activities						44,360,703			33,881,764
Cash flow from investing activities
Payment for purchase of subsidiary and associates						(9,047)			-
Proceeds from selling subsidiary and associates						44,362			334,451
Payment for purchases of property, plant, equipment and branches constructions						(560,631)			(304,401)
Proceeds from redemption of held to maturity financial investments						4,094			3,919,074
Payment for purchases of held to maturity financial investments						(29,979,743)			(4,019,548)
Payment for purchases of  available for sale financial investments						(3,334,123)			(25,392,460)
Proceeds from selling available for sale financial investments						31,814,584			5,315,438
Proceeds (payments) from real estate investments						-			884,094
Net cash used in investing activities						(2,020,504)			(19,263,352)
Cash flow from financing activities
Increase (decrease) in long term loans						28,915			(111,550)
Dividend paid						(1,463,450)			(1,563,646)
Capital increase						68,057			94,748
Net cash used in financing activities						(1,366,478)			(1,580,448)
Net increase (decrease) in cash and cash equivalent during the period						40,973,721			13,037,964
Beginning balance of cash and cash equivalent						28,100,866			15,062,902
Cash and cash equivalent at the end of the period						69,074,587			28,100,866
Cash and cash equivalent comprise:
Cash and balances with central bank						10,522,040			9,848,954
Due from banks						58,011,034			21,002,305
Treasury bills and other governmental  notes						39,177,184			22,130,170
Obligatory reserve balance with CBE						(5,438,235)			(8,268,202)
Due from banks with maturities more than three months						(2,565,895)			-
Treasury bills with maturity more than three months						(30,631,541)			(16,612,361)
						69,074,587			28,100,866

Total cash and cash equivalent

		COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Consolidated statement of changes in shareholders' equity  for the period ended December 31, 2015
Dec. 31, 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		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		177,766	14,754,239		49,194	14,803,433
Capital increase	2,388,869	-	(2,294,121)	-	-		-	-	-		-	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	-	-	-	(4,700)	-		-	-	(1,563,646)		-	(1,568,346)		(1,081)	(1,569,427)
Net profit of the year	-	-	-	-	-		-	-	4,728,976		-	4,728,976		686	4,729,662
Change in ownership percentage	-	-	-	1,368	-		-	-	-		-	1,368		(1,368)	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-		(1,609,226)	-	-		-	(1,609,226)		-	(1,609,226)
Transferred (from) to  bank risk reserve	-	-	-	-	-		-	522	(522)		-	-		-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-		-	-	-		133,395	133,395		-	133,395
Balance at the end of the year	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

Consolidated statement of changes in shareholders' equity  for the period ended December 31, 2016
Dec. 31, 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	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	-	-	-	(3,896)	-	-	-	(1,463,450)	-	-	(1,467,346)	(1,394)	(1,468,740)
Net profit of the year	-	-	-	-	-	-	-	6,009,118	-	-	6,009,118	14,148	6,023,266
Change in ownership percentage	-	-	-	11,666	-	-	-	-	-	-	11,666	72,892	84,558
Net unrealised gain/(loss) on AFS	-	-	-	-	-	22,219	-	-	-	-	22,219	-	22,219
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	187,000	-	187,000	-	187,000
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8,588	8,588	-	8,588
Balance at the end of the year	11,538,660	1,035,363	4,554,251	31,462	30,778	(2,180,243)	3,019	6,009,118	343,460	8,588	21,374,456	133,077	21,507,533

 

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