CIB's Yer-end Seperate Financial Statements

RNS Number : 5610D

Commercial Intnl Bank (Egypt) SAE

01 February 2018

 

Commercial International Bank (Egypt) S.A.E. Separate Financial Statements Year End ,  2017
FINANCIAL POSITION
As of December 31st , 2017
Amounts in EGP Thousands			Note			December 31, 2017			December 31, 2016
Assets
Cash and balances with central bank			15			14,663,289			10,522,040
Due from  banks			16			45,319,766			58,011,034
Treasury bills and other governmental notes			17			54,478,202			39,177,184
Trading financial assets			18			7,295,197			2,445,134
Loans and advances to banks, net			19			1,313			159,651
Loans and advances to customers, net			20			88,427,103			85,991,914
Derivative financial instruments			21			40,001			269,269
Financial investments
- Available for sale			22			30,474,781			5,447,291
- Held to maturity			22			45,167,722			53,924,936
Investments in associates and subsidiaries			23			54,068			10,500
Non current assets held for sale			42			-			428,011
Other assets			24			6,886,807			5,446,025
Intangible assets			41			368,923			499,131
Deferred tax assets (Liabilities)			32			179,630			181,308
Property, plant and equipment			25			1,414,519			1,338,629
Total assets						294,771,321			263,852,057
Liabilities and equity
Liabilities
Due to banks			26			1,877,918			3,008,996
Due to customers			27			250,767,370			231,965,312
Derivative financial instruments			21			196,984			331,091
Current tax liabilities						2,778,973			2,017,034
Other liabilities			29			5,476,531			3,579,330
Long term loans			28			3,674,736			160,243
Other provisions			30			1,615,159			1,514,057
Total liabilities						266,387,671			242,576,063
Equity
Issued and paid up capital			31			11,618,011			11,538,660
Reserves			34			8,725,966			3,443,319
Reserve for employee stock ownership plan (ESOP)						489,334			343,460
Total equity						20,833,311			15,325,439
Net profit for the period/year						7,550,339			5,950,555
Total equity and net profit for the period/ year						28,383,650			21,275,994
Total liabilities and equity						294,771,321			263,852,057
INCOME  STATEMENT
As of December 31st , 2017
Amounts in EGP Thousands			Note			December 31, 2017			December 31, 2016
Interest and similar income						28,671,170			19,144,218
Interest and similar expense						(16,167,155)			(9,126,512)
Net interest income			6			12,504,015			10,017,706
Fee and commission income						2,676,944			1,965,529
Fee and commission expense						(624,278)			(417,573)
Net fee and commission income			7			2,052,666			1,547,956
Dividend income			8			34,514			34,236
Net trading income			9			1,292,215			1,315,182
Profits on financial investments			22			496,045			32,121
Administrative expenses			10			(3,112,508)			(2,432,652)
Other operating (expenses) income			11			(1,063,468)			(1,237,187)
Goodwill impairment						-			(209,842)
Intangible assets amortization			41			(130,208)			(130,208)
Impairment charge for credit losses			12			(1,742,281)			(892,874)
Profit before income tax						10,330,990			8,044,438
Income tax expense			13			(2,778,973)			(2,017,034)
Deferred tax assets (Liabilities)			32 & 13			(1,678)			(76,849)
Net profit for the Period						7,550,339			5,950,555
Earnings per share			14
Basic						5.76			4.54
Diluted						5.67			4.47
CASH FLOW STATEMENT As of December 31st , 2017
Amounts in EGP Thousands
						December 31, 2017			December 31, 2016
Cash flow from operating activities
Profit before income tax						10,330,990			8,044,438
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						351,005			285,381
Impairment charge for credit losses						1,742,281			892,874
Other provisions charges						212,622			150,847
Trading financial investments revaluation differences						(248,072)			(269,283)
Available for sale and held to maturity investments exchange revaluation differences						100,078			(2,219,961)
Goodwill impairment						-			209,842
Intangible assets amortization						130,208			130,208
Financial investments impairment charge						(83,079)			82,428
Utilization of other provisions						(25,463)			(3,696)
Other provisions no longer used						(97,897)			(78,405)
Exchange differences of  other provisions						11,840			583,550
Profits from selling property, plant and equipment						(607)			(1,682)
Profits from selling financial investments						99,047			(35,193)
Profits (losses) from selling associates						-			32,793
Shares based payments						290,884			187,000
Impairment (Released) charges of non-current assets held for sale						(340,504)			(131,799)
Operating profits before changes in operating assets and liabilities						12,473,333			7,859,342
Net decrease (increase) in assets and  liabilities
Due from banks						(2,594,442)			264,072
Treasury bills and other governmental notes						(16,466,420)			(16,057,258)
Trading financial assets						(4,601,991)			3,672,526
Derivative financial instruments						95,161			(2,918)
Loans and advances to banks and customers						(4,019,132)			(29,833,291)
Other assets						(1,121,981)			(599,879)
Non-Current Assets Held for Sale						428,011			-
Due to banks						(1,131,078)			1,408,227
Due to customers						18,802,058			76,595,390
Income tax obligations paid						(2,017,034)			(1,949,694)
Other liabilities						1,897,201			957,061
Net cash provided from operating activities						1,743,686			42,313,578
Cash flow from investing activities
Proceeds from redemption of subsidiary and associates						750			-
Payment ( proceeds)  for purchases and sell of subsidiary and associates						(44,318)			176,161
Payment for purchases of property, plant, equipment and branches constructions						(745,089)			(560,631)
Proceeds from redemption of held to maturity financial investments						13,354,468			4,094
Payment for purchases of held to maturity financial investments						(4,597,254)			(1,243,669)
Payment for purchases of available for sale financial investments						(25,868,230)			(3,334,122)
Proceeds from selling available for sale financial investments						973,963			2,946,710
Proceeds from selling non current assets held for sale						628,521			-
Net cash used in investing activities						(16,297,189)			(2,011,457)
Cash flow from financing activities
Increase (decrease) in long term loans						3,514,493			28,915
Dividend paid						(1,350,204)			(1,463,450)
Capital Increase						79,351			68,057
Net cash used in financing activities						2,243,640			1,366,478
Net increase (decrease) in cash and cash equivalent during the period						(12,309,863)			38,935,643
Beginning balance of cash and cash equivalent						61,518,700			22,583,057
Cash and cash equivalent at the end of the period						49,208,837			61,518,700
Cash and cash equivalent comprise:
Cash and balances with central bank						14,663,289			10,522,040
Due from banks						45,319,766			58,011,034
Treasury bills and other governmental  notes						54,478,202			39,177,184
Obligatory reserve balance with CBE						(8,878,986)			(5,438,235)
Due from banks with maturities more than three months						(1,719,586)			(2,565,895)
Treasury bills with maturity more than three months						(54,653,848)			(38,187,428)
Total cash and cash equivalent						49,208,837			61,518,700

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
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 IFRS 9 risk 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
Separate statement of changes in shareholders' equity  for the period ended December 31, 2017
	Dec. 31, 2017	Issued and paid up capital	Legal reserve	General reserve	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	IFRS 9 risk reserve	Net profit for the year	Reserve for employee stock ownership plan		Total
												EGP Thousands
	Beginning balance	11,538,660	1,035,363	4,554,403	30,778	(2,180,244)	3,019	-	5,950,555	343,460		21,275,994
	Capital increase	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)
	Net profit for the year	-	-	-	-	-	-	-	7,550,339	-		7,550,339
	Net unrealised gain/(loss) on AFS	-	-	-	-	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
	Balance at the end of the year	11,618,011	1,332,807	9,000,023	32,460	(1,642,958)	3,634	1,411,549	6,138,790	489,334		28,383,650
Proposed  appropriation account for the year ended December 31, 2017 Dec. 31, 2017 Dec. 31, 2016 EGP Thousands EGP Thousands Net profit after tax 7,550,339 5,950,555 Profits selling property, plant and equipment transferred to capital reserve according to the law (607) (1,682) Bank risk reserve (689) (615) Available net profit for distributing 7,549,043 5,948,258 IFRS 9 risk reserve* (1,411,549) - Total 6,137,494 5,948,258 To be distributed as follows: Legal reserve 377,487 297,444 General reserve 3,616,830 4,300,607 Dividends to shareholders 1,161,801 576,933 Staff profit sharing 754,904 594,826 Board members bonus 113,236 89,224 CIB's foundation 113,236 89,224 Total 6,137,494 5,948,258 * The IFRS 9 risk reserve is created to comply with the Central Bank of Egypt instructions received on January 28, 2017.
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