CIB Unconsolidated 3rd Quarte

RNS Number : 9819V

Commercial Intnl Bank (Egypt) SAE

11 November 2010

 



Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
September 30,  2010
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Sep. 30, 2010
Amounts in EGP.	Note	Sep.30,2010		Dec.31, 2009 (Restated)
Assets
Cash & Due From Central Bank	15	4,532,172,246		4,179,212,739
Due From Banks	16	7,571,838,916		7,785,042,557
Treasury Bills & Other Notes Discountable at CBE	17	8,416,562,813		13,191,665,954
Trading Financial Assets	18	925,523,301		380,620,682
Loans & Overdrafts for Banks (Net after provisions)	19	137,153,805		200,765,433
Loans & Overdrafts for Customers (Net after provisions)	20	33,766,969,059		27,242,306,896
Financial Derivatives	21	219,896,414		225,347,220
Financial Investments
Available for Sale	22	12,250,984,609		7,420,529,606
Held to Maturity Financial Investments	22	346,213,455		579,926,673
Financial Investments in Subsidiary and associated companies	23	1,155,299,047		1,138,277,487
Real Estate investments	24	36,495,664		42,485,364
Debit Balances and Other Assets	25	946,952,172		918,003,883
Deferred Tax	33	39,595,490		39,799,318
Fixed Assets (Net)	26	732,237,863		718,847,964
Total Assets		71,077,894,855		64,062,831,776
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	750,373,798		458,145,229
Customer Deposits	28	60,554,784,523		54,842,629,843
Financial Derivatives	21	183,606,745		150,526,830
Credit Balances & Other Liabilities	30	1,078,463,393		1,128,964,486
Long Term Loans	29	135,064,615		93,237,042
Other Provisions	31	354,735,020		443,728,578
Total Liabilities		63,057,028,094		57,117,232,007
Shareholders' Equity
Issued & Paid- in Capital	32	5,901,443,600		2,925,000,000
Reserves	32	418,203,033		2,077,203,969
Reserve for employee stock ownership plan (ESOP)		139,930,990		161,728,984
Retained Earning		20,231,298		(1,942,684)
Total Shareholders' Equity		6,479,808,920		5,161,990,269
Net Profit of the Period		1,541,057,841		1,783,609,500
Total Shareholders' Equity & Net Profit		8,020,866,761		6,945,599,768
Total Liabilities &  Shareholders' Equity		71,077,894,855		64,062,831,776
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,483,268,710		12,637,872,568
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Sep. 30, 2010
Amounts in EGP.	Note	Sep. 30, 2010		Sep. 30, 2009 (Restated)
Interest and Similar Income	6	3,306,493,377		3,045,676,359
Interest Expense and Similar Charges	6	(1,664,991,389)		(1,539,561,730)
Net Interest Income		1,641,501,988		1,506,114,629
Fees & Commissions Income	7	609,954,166		482,795,217
Fees and Commissions Expense	7	(58,278,178)		(49,245,907)
Net Income from Fees and Commissions		551,675,979		433,549,310
Dividends Income	8	124,246,264		124,483,365
Net Trading Income	9	252,193,234		348,214,943
Profit from Financial Investments	22	174,541,834		61,932,618
Administrative Expenses	10	(877,566,249)		(787,045,956)
Other operating (Expenses) Income	11	3,181,161		(6,397,212)
Return (Losses) of impairment of loans	12	(28,702,347)		(139,568,922)
Net Profit before Tax		1,841,071,865		1,541,282,775
Income Tax	13	(299,810,196)		(247,855,431)
Deferred Tax	13&33	(203,828)		15,042,127
Net Profit After Tax		1,541,057,841		1,308,469,471
Earning per share
Basic	14	2.14		1.96
Diluted	14	2.10		1.93
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Sep. 30, 2010
Amounts in EGP.		Sep. 30, 2010		Sep. 30, 2009 (Restated)
Cash Flow From Operating Activities
Net Income Before Tax		1,841,071,865		1,541,282,775
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		134,728,750		139,198,324
Provisions (Formed during the period)		83,404,585		145,946,885
Trading Financial Investment Evaluation Differences		(70,759,769)		(4,743,400)
Impairment of Assets		(32,544,969)		4,690,062
Utilization of Provision (except Provisions for Doubtful Debts)		(1,556,850)		(5,887,041)
Provisions no longer used		(108,037,726)		-
FCY Revaluation Differences of Provision Balances except Doubtful Debt		4,657,616		(259,087)
Losses From Selling of Fixed Assets		(2,073,253)		(15,344,069)
Losses From Selling of financial Investments		(126,694,967)		(3,416,690)
Losses from selling an investment in subsidiary		96		-
FCY Revaluation Difference of  Long Term Loans		176,557		434,463
Share Based Payments		56,766,651		60,117,462
Operating Profits Before Changes in Operating Assets and Liabilities		1,779,138,586		1,871,506,484
Net Decrease (Increase) in Assets
Due from banks		135,222,889		(597,919,600)
Treasury Bills & Other Governmental Notes		1,047,055,612		2,202,353,652
Trading Financial Assets		(474,142,850)		(297,407,494)
Financial Derivatives (Net)		38,530,721		(40,675,900)
Loans & Overdrafts		(6,528,511,716)		(930,946,199)
Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(52,520,084)		(126,134,904)
Due to Banks		292,228,569		532,783,421
Customer Deposits		5,712,154,680		2,009,329,063
Credit Balances & Other Liabilities		(350,311,291)		(404,771,069)
Net Cash Provided from Operating Activities		1,598,845,115		4,218,117,454
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Sep. 30, 2010		Sep. 30, 2010		Sep. 30, 2009 (Restated)
Cash Flow From Investment Activities
Investments in subsidiaries & associated companies		(17,021,560)		53,998,565
Purchase of Fixed Assets, premises and Fitting-out of Branches		(122,473,601)		(107,011,020)
Redemption of Held-to-Maturity Financial Investments		249,632,622		82,086,396
Held to Maturity financial Investments Purchases		(15,919,404)		(22,033)
Purchase of available for  Sale Financial Investments		(4,561,124,872)		(5,042,543,745)
Real Estate investments		5,989,700		4,359,052
Net Cash (Used in) Provided from Investment  Activities		(4,460,917,116)		(5,009,132,788)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		41,651,016		(12,863,095)
Dividends Paid		(658,369,589)		(478,236,553)
Capital Increase		25,721,800		-
Net Cash (Used in) provided from Financing Activities		(590,996,773)		(491,099,648)
Net cash & cash equivalent changes		(3,453,068,774)		(1,282,114,982)
Beginning Balance of cash and cash equivalent		10,062,335,630		8,622,040,072
Cash & Cash equivalent Balance At the End of the period		6,609,266,856		7,339,925,090
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,532,172,246		4,173,466,533
Due From Banks		7,571,838,916		6,489,758,105
Treasury Bills & other  governmental notes		8,416,562,813		9,783,643,420
Due from Banks (time deposits) More than Three Months		(7,374,237,446)		(6,314,873,872)
Treasury Bills with Maturity  More than Three Months		(6,537,069,673)		(6,792,069,096)
Total Cash & Cash Equivalent		6,609,266,856		7,339,925,090

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Sep. 30, 2010

Sep.30, 2009	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Profits of the Period (EGP)	Reserve for Employee Stock ownership plan ESOP	Total (EGP)
Beginning Balance	2,925,000,000	432,851,511	407,547,602	(1,942,684)	185,993,785	(20,312,399)	-	1,615,100,458	86,727,903	5,630,966,176
Effect of adjusting accounting standards	-	-	-	-	20,536,766	-	-	-	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	(1,942,684)	206,530,551	(20,312,399)	-	1,615,100,458	86,727,903	5,651,502,942
Transfer to Reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,863,905)	-	-
Dividends Paid	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)
Net Profit of the Period	-	-	-	-	-	-	-	1,308,469,471	-	1,308,469,471
Addition from financial investment revaluation	-	-	-	-	-	53,977,115	-	-	-	53,977,115
Effect of adjusting accounting standards	-	-	-	-	-	-	-	-	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	60,117,462	60,117,462
Balance at the end of the Period	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	33,664,716	-	1,308,469,471	146,845,365	6,595,830,436

Sep.30, 2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock ownership plan ESOP	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,710	161,728,984	6,945,599,768
Capital Increase	2,976,443,600	(476,326,032)	(2,474,395,768)	-	-	-	-	-	-	25,721,800
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	(1,098,587,119)	-	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the period	-	-	-	-	-	-	-	1,541,057,841	-	1,541,057,841
Transfer to retained earnings	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment revaluation	-	-	-	-	-	110,090,291	-	-	-	110,090,291
Transferred to bank risk reserve	-	-	-	-	-	-	113,960,161	(113,960,161)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	78,564,646	-	-	-	-	-	(21,797,994)	56,766,651
Balance at the end of period	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	3,500,691	140,612,951	1,427,097,681	139,930,990	8,020,866,762

 

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