CIB FY 2016 Separate Financial Results

RNS Number : 6480V

Commercial Intnl Bank (Egypt) SAE

01 February 2017





Commercial International Bank (Egypt) S.A.E. Separate 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	15	10,522,040	9,848,954
Due from banks	16	58,011,034	21,002,305
Treasury bills and other governmental notes	17	39,177,184	22,130,170
Trading financial assets	18	2,445,134	5,848,377
Loans and advances to banks, net	19	159,651	38,443
Loans and advances to customers, net	20	85,991,914	57,172,705
Derivative financial instruments	21	269,269	80,995
Financial investments
- Available for sale	22	5,447,291	46,289,075
- Held to maturity	22	53,924,936	9,261,220
Investments in associates	23	10,500	12,600
Non current assets held for sale	42	428,011	503,066
Other assets	24	5,446,025	4,799,937
Goodwill	41	-	209,842
Intangible assets	41	499,131	629,340
Deferred tax assets (Liabilities)	32	181,308	258,157
Property, plant and equipment	25	1,338,629	1,107,905
Total assets		263,852,057	179,193,091
Liabilities and equity
Liabilities
Due to banks	26	3,008,996	1,600,769
Due to customers	27	231,965,312	155,369,922
Derivative financial instruments	21	331,091	145,735
Current tax liabilities		2,017,034	1,949,694
Other liabilities	29	3,579,330	2,622,269
Long term loans	28	160,243	131,328
Other provisions	30	1,514,057	861,761
Total liabilities		242,576,063	162,681,478
Equity
Issued and paid up capital	31	11,538,660	11,470,603
Reserves	34	3,443,319	152,144
Reserve for employee stock ownership plan (ESOP)		343,460	248,148
Total equity		15,325,439	11,870,895
Net profit for the year		5,950,555	4,640,718
Total equity and net profit for the year		21,275,994	16,511,613
Total liabilities and equity		263,852,057	179,193,091






INCOME STATEMENT
As of December 31, 2016


Amounts in EGP Thousands	Note	December 31, 2016	December 31, 2015

Interest and similar income		19,144,218	14,765,337
Interest and similar expense		(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	32,121	270,998
Administrative expenses	10	(2,432,652)	(2,028,404)
Other operating (expenses) income	11	(1,237,187)	(523,490)
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)
Profit before income tax		8,044,438	6,454,365

Income tax expense	13	(2,017,034)	(1,949,694)
Deferred tax assets (Liabilities)	32 & 13	(76,849)	136,047
Net profit for the year		5,950,555	4,640,718


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		8,044,438	6,454,365
Adjustments to reconcile net profit to net cash provided by operating activities
Fixed assets depreciation		285,381	223,510
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)	(5,286)
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		32,793	(285,431)
Shares based payments		187,000	133,395
Operating profits before changes in operating assets and liabilities		7,859,342	8,614,489

Net decrease (increase) in assets and liabilities
Due from banks		264,072	2,131,806
Treasury bills and other governmental notes		(14,019,180)	5,497,825
Trading financial assets		3,672,526	(2,474,396)
Derivative financial instruments		(2,918)	(20,247)
Loans and advances to banks and customers		(29,833,291)	(9,495,679)
Other assets		(599,879)	(1,042,543)
Goodwill		-	(217,078)
Intangible assets		-	(651,041)
Due to banks		1,408,227	469,384
Due to customers		76,595,390	33,124,989
Income tax obligations paid		(1,949,694)	(1,814,609)
Other liabilities		957,061	80,304
Net cash provided from operating activities		44,351,656	34,203,204

Cash flow from investing activities
Proceeds from selling subsidiary and associates		44,362	334,451
Payment for purchases of property, plant, equipment and branches constructions		(560,631)	(360,587)
Proceeds from redemption of held to maturity financial investments		4,094	3,919,074
Payment for purchases of held to maturity financial investments		(1,243,669)	(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		3,078,510	5,301,726
Proceeds (payments) from real estate investments		-	884,094
Net cash used in investing activities		(2,011,457)	(19,333,250)

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	13,289,506
Beginning balance of cash and cash equivalent		28,100,866	14,811,360
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)
Total cash and cash equivalent		69,074,587	28,100,866

			COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Separate 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	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
									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	2,388,869	-	(2,294,121)	-	-	-	-	-	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 year	-	-	-	-	-	-	4,640,718	-	4,640,718
Net Unrealised gain/(loss) on AFS	-	-	-	-	(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
Balance at the end of the year	11,470,603	803,355	1,518,525	30,214	(2,202,463)	2,513	4,640,718	248,148	16,511,613

Separate 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	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
									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 year	-	-	-	-	-	-	5,950,555	-	5,950,555
Net unrealised gain/(loss) on AFS	-	-	-	-	22,219	-	-	-	22,219
Transferred (from) to bank risk reserve	-	-	-	-	-	506	(506)	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	187,000	187,000
Balance at the end of the year	11,538,660	1,035,363	4,554,403	30,778	(2,180,244)	3,019	5,950,555	343,460	21,275,994