CIB FY 2018 Consolidated Financials Results

RNS Number : 0422P

Commercial Intnl Bank (Egypt) SAE

05 February 2019

 

Commercial International Bank (Egypt) S.A.E. Consolidated Financial Statements December 31st ,  2018
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FINANCIAL POSITION
As of December 31st , 2018
Amounts in EGP Thousands			Notes					December 31st , 2018					December 31st , 2017
Assets
Cash and balances with central bank			15					20,058,974					14,663,289
Due from  banks			16					46,518,892					45,319,766
Treasury bills and other governmental notes			17					41,999,252					54,478,202
Trading financial assets			18					2,737,705					7,295,197
Loans and advances to banks, net			19					67,703					1,313
Loans and advances to customers, net			20					106,309,205					88,427,103
Derivative financial instruments			21					52,289					40,001
Financial investments
- Available for sale			22					39,217,890					30,474,781
- Held to maturity			22					73,630,764					45,167,722
Investments in associates			23					106,558					65,039
Other assets			24					9,563,018					6,886,607
Intangible assets			41					238,715					368,923
Deferred tax assets (Liabilities)			32					308,370					179,630
Property, plant and equipment			25					1,651,875					1,414,519
Total assets								342,461,210					294,782,092
Liabilities and equity
Liabilities
Due to banks			26					7,259,819					1,877,918
Due to customers			27					285,296,869					250,723,052
Derivative financial instruments			21					132,858					196,984
Current tax liabilities								3,625,579					2,778,973
Other liabilities			29					6,501,553					5,476,531
Other loans			28					3,721,529					3,674,736
Provisions			30					1,694,607					1,615,159
Total liabilities								308,232,814					266,343,353
Equity
Issued and paid up capital			31					11,668,326					11,618,011
Reserves			34					12,184,667					10,137,515
Reserve for employee stock ownership plan (ESOP)								738,320					489,334
Retained earnings*			34					9,637,083					6,193,879
Total equity								34,228,396					28,438,739
Total liabilities and equity								342,461,210					294,782,092
*Including net profit for the current year
INCOME  STATEMENT
As of December 31st , 2018
Amounts in EGP Thousands			Note					December 31st , 2018					December 31st , 2017
Continued Operations
Interest and similar income								37,403,709					28,671,166
Interest and similar expense								(19,260,190)					(16,167,155)
Net interest income			6					18,143,519					12,504,011
Fee and commission income								3,402,616					2,794,211
Fee and commission expense								(991,957)					(796,107)
Net fee and commission income			7					2,410,659					1,998,104
Dividend income			8					25,958					34,513
Net trading income			9					1,089,076					1,292,215
Profits (Losses) on financial investments			22					402,067					165,111
Administrative expenses			10					(4,223,959)					(3,118,839)
Other operating (expenses) income			11					(1,589,675)					(1,002,570)
Intangible assets amortization			41					(130,208)					(130,208)
Impairment charge for credit losses			12					(3,076,023)					(1,742,281)
Bank's share in the profits of associates								27,419					29,066
Profit before income tax								13,078,833					10,029,122
Income tax expense			13					(3,625,579)					(2,778,973)
Deferred tax assets (Liabilities)			32 & 13					128,740					(1,678)
Net profit from continued operations								9,581,994					7,248,471
Discontinued Operations
Net profit from discontinued operations								-					122,234
Profit (loss) of disposal from discontinued operations			42					-					168,900
Net profit for the period								9,581,994					7,539,605
Minority interest								-					24,050
Bank shareholders								9,581,994					7,515,555
Earnings per share			14
Basic								7.26					5.76
Diluted								7.22					5.67
CASH FLOW STATEMENT As of December 31st  , 2018
Amounts in EGP Thousands
										December 31st , 2018					December 31st, 2017
Cash flow from operating activities
Profit before income tax from continued operations										13,078,833					10,029,122
Profit before income tax from discontinued operations										-					291,134
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation					25					390,830					351,005
Impairment charge for credit losses					12					3,076,023					1,742,281
Other provisions charges					30					101,501					212,622
Impairment Charge for other assets					24					316,763					-
Available for sale investments exchange revaluation differences					22					(102,991)					100,078
Intangible assets amortization					41					130,208					130,208
Financial investments impairment charge					22					39,561					(108,349)
Utilization of other provisions					30					(2,114)					(25,463)
Other provisions no longer used					30					(17,670)					(97,897)
Exchange differences of  other provisions					30					(2,269)					11,840
Profits from selling property, plant and equipment					11					(1,045)					(607)
(Profits) Losses Profits from selling financial investments					22					(441,628)					99,047
Shares based payments										408,346					290,884
Bank's share in the profits of associates										(27,419)					(38,636)
Operating profits before changes in operating assets and liabilities										16,946,929					12,987,269
Net decrease (increase) in assets and  liabilities
Due from banks					16					(13,661,577)					(2,594,442)
Treasury bills and other governmental notes					43					4,640,524					(16,466,420)
Trading financial assets					18					4,557,492					(4,850,063)
Derivative financial instruments					21					(66,141)					120,431
Loans and advances to banks and customers					19-20					(21,255,952)					(4,775,382)
Other assets					44					(2,263,465)					(863,655)
Due to banks					26					5,381,901					(1,131,078)
Due to customers					27					34,573,817					18,982,257
Income tax obligations paid										(2,778,973)					(2,017,034)
Other liabilities					29					1,025,022					1,897,201
Net Cash (used in) provided from operating activities										27,099,577					1,289,084
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates										-					750
Payment for purchases of associates										(10,575)					-
Payment for purchases of property, plant, equipment and branches constructions										(874,708)					(763,420)
Proceeds from selling property, plants and equipment					11					1,045					607
Proceeds from redemptions of held to maturity financial investments					22					5,532,271					13,354,468
Payment for purchases of  held to maturity financial investments					22					(33,995,313)					(4,597,254)
Payment for purchase of available for sale financial investments					22					(12,670,761)					(25,868,230)
Proceeds from selling available for sale financial investments					22					2,059,341					1,261,980
Proceeds from selling non-current assets held for sale										-					768,515
Net cash (used in) provided from investing activities										(39,958,700)					(15,842,584)
Cash flow from financing activities
Increase (decrease) in long term loans                                                                                                                                       28										46,793					3,514,493
Dividend paid										(2,143,177)					(1,350,207)
Capital increase										50,315					79,351
Net cash used in financing activities										(2,046,069)					2,243,637
Net increase (decrease) in cash and cash equivalent during the period										(14,905,192)					(12,309,863)
Beginning balance of cash and cash equivalent										49,208,837					61,518,700
Cash and cash equivalent at the end of the period										34,303,645					49,208,837
Cash and cash equivalent comprise:
Cash and balances with central bank					15					20,058,974					14,663,289
Due from banks					16					46,518,892					45,319,766
Treasury bills and other governmental  notes					17					41,999,252					54,478,202
Obligatory reserve balance with CBE					15					(13,526,763)					(8,878,986)
Due from banks with maturities more than three months										(10,733,386)					(1,719,586)
Treasury bills with maturity more than three months					17					(50,013,324)					(54,653,848)
Total cash and cash equivalent										34,303,645					49,208,837

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

Consolidated statement of changes in shareholders' equity  for the year ended December 31, 2017 Dec. 31, 2017 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance           11,538,660        1,035,363             4,554,251                20,645                10,133         (2,180,244)                3,019                      -            6,040,580                 343,460                     8,588         21,374,455            133,077         21,507,532 Capital increase                  79,351                    -                           -                          -                          -                         -                        -                        -                         -                            -                            -                  79,351                     -                  79,351 Transferred to reserves                         -             297,444             4,445,620                        -                    1,682                       -                        -                        -          (4,599,736)               (145,010)                          -                          -                       -                          -   Dividend paid                         -                      -                           -                          -                          -                         -                        -                        -          (1,350,204)                          -                            -            (1,350,204)                     -           (1,350,204) Net profit of the year                         -                      -                           -                          -                          -                         -                        -                        -            7,515,555                          -                            -             7,515,555              24,050           7,539,605 Disposal of subsidiary                         -                      -                         152                        -                          -                         -                        -                        -                    (152)                          -                     (8,588)                 (8,588)                     -                  (8,588) Change in ownership percentage                         -                      -                           -                          -                          -                         -                        -                        -                         -                            -                            -                          -            (157,127)            (157,127) Net unrealised gain/(loss) on AFS                         -                      -                           -                          -                          -                537,286                      -                        -                         -                            -                            -                537,286                     -                537,286 Transferred (from) to  bank risk reserve                         -                      -                           -                          -                          -                         -                     615                      -                    (615)                          -                            -                          -                       -                          -   IFRS 9 risk reserve                         -                      -                           -                          -                          -                         -                        -           1,411,549        (1,411,549)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                          -                          -                         -                        -                        -                         -                   290,884                          -                290,884                     -                290,884 Balance at the end of the year           11,618,011        1,332,807             9,000,023                20,645                11,815         (1,642,958)                3,634         1,411,549          6,193,879                 489,334                          -           28,438,739                     -           28,438,739 Consolidated statement of changes in shareholders' equity  for the year ended December 31, 2018 Dec. 31, 2018 Issued and paid up capital Legal reserve General reserve Special reserve Capital reserve Reserve For  A.F.S  investments revaluation diff. Banking risks reserve IFRS 9 risk reserve Retained earnings Reserve for employee stock ownership plan Cumulative foreign currencies translation differences Total Shareholders Equity Minority Interest Total EGP Thousands Beginning balance           11,618,011        1,332,807             9,000,023                20,645                11,815         (1,642,958)                3,634         1,411,549          6,193,879                 489,334                          -           28,438,739                     -           28,438,739 Capital increase                  50,315                    -                           -                          -                          -                         -                        -                        -                         -                            -                            -                  50,315                     -                  50,315 Transferred to reserves                         -             377,486             3,776,192                        -                       606                       -                        -                        -          (3,994,924)               (159,360)                          -                          -                       -                          -   Dividend paid                         -                      -                           -                          -                          -                         -                        -                        -          (2,143,177)                          -                            -            (2,143,177)                     -           (2,143,177) Net profit of the year                         -                      -                           -                          -                          -                         -                        -                        -            9,581,994                          -                            -             9,581,994                     -             9,581,994 Net unrealised gain/(loss) on AFS                         -                      -                           -                          -                          -           (2,107,821)                      -                        -                         -                            -                            -            (2,107,821)                     -           (2,107,821) Transferred (from) to  bank risk reserve                         -                      -                           -                          -                          -                         -                     689                      -                    (689)                          -                            -                          -                       -                          -   Cost of employees stock ownership plan (ESOP)                         -                      -                           -                          -                          -                         -                        -                        -                         -                   408,346                          -                408,346                     -                408,346 Balance at the end of the year           11,668,326        1,710,293           12,776,215                20,645                12,421         (3,750,779)                4,323         1,411,549          9,637,083                 738,320                          -           34,228,396                     -           34,228,396

 

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