Consolidated Financials

RNS Number : 2192S

Commercial Intnl Bank (Egypt) SAE

13 May 2009

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31, 2009
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Mar. 31, 2009
Amounts in L.E.	Note	31-Mar-2009		31-Dec-2008
Assets
Cash & Due From Central Bank	5	5,118,485,646		4,473,013,600
Due From Banks	6	8,456,786,434		6,572,191,780
Treasury Bills & Other Notes Discountable at CBE	7	10,699,658,592		12,456,955,210
Trading Financial Assets	8	905,576,320		641,627,430
Loans & Overdrafts	11&12	26,727,428,671		26,330,327,878
Financial Derivatives	13	697,768,236		704,890,792
Financial Investments
Available for Sale	9	5,662,578,125		2,774,965,250
Held to Maturity Financial Investments	9	656,924,240		681,263,274
Financial Investments in Subsidiary and associated companies	14	93,168,720		92,923,215
Brokers-Debit Balance		129,372,367		151,604,732
Debit Balances and Other Assets	16	793,080,991		972,855,164
Goodwill	39	200,523,251		200,523,251
Intangible Assets	39	624,071,976		640,938,786
Deferred Tax	28	25,541,274		19,372,767
Fixed Assets (Net)	17	766,272,406		748,340,702
Total Assets		61,557,237,249		57,461,793,831
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	18	2,145,068,852		228,994,222
Customer Deposits	19	51,164,601,610		48,790,029,809
Brokers-Credit Balance		216,747,408		200,921,933
Reconciliation Accounts-Credit Balance		4,420,500		27,897,554
Financial Derivatives	13	574,775,091		636,914,744
Credit Balances & Other Liabilities	20	1,007,151,415		1,270,466,914
Long Term Loans	21	115,754,589		109,273,933
Other Provisions	22	372,031,296		372,645,236
Total Liabilities		55,600,550,761		51,637,144,345
Shareholders' Equity
Paid-in Capital	23	2,925,000,000		2,925,000,000
Reserves	23	2,567,185,847		1,308,202,274
Reserve for employee stock ownership plan (ESOP)		107,147,160		86,727,903
Retained Earning		(176,653,249)		71,546,625
Total Shareholders' Equity		5,422,679,758		4,391,476,802
Net Profit of the Period		471,102,424		1,370,592,741
Total Shareholders' Equity & Net Profit		5,893,782,182		5,762,069,544
Minority Interest		62,904,306		62,579,942
Total Shareholders Equity & Minority Interest		5,956,686,488		5,824,649,486
Total Liabilities & Shareholders' Equity		61,557,237,249		57,461,793,831
Contingent & commitments Liabilities
Letters of Credit, Guarantees and other commitments	24	13,721,541,672		13,290,994,705
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of Mar. 31 2009
Amounts in LE.	Note	Mar. 31, 2009		Mar. 31, 2008
Interest and Similar Income	25	1,023,464,594		845,057,605
Interest and Similar Expenses	25	(531,339,571)		(459,155,445)
Net Interest Income		492,125,023		385,902,160
Fees & Commissions Income		167,843,388		231,967,821
Fees and Commissions Expense		(16,029,590)		(10,667,364)
Net Income from Fees and Commissions		151,813,798		221,300,457
Dividends Income		99,707,405		57,068,109
Net Trading Income	26	177,114,218		129,119,614
Provisions	12 & 22	(42,898,811)		(163,354,750)
(Losses) Profit from Financial Investments	9	(2,454,862)		16,109,009
Administrative Expenses		(281,267,506)		(204,464,564)
Other operating (Expenses) Income	10	(28,322,424)		94,577,031
Intangible Assets Amortization		(16,866,810)		-
Net Profit before Tax		548,950,031		536,257,066
Income Tax	29	(82,106,651)		(34,917,169)
Deferred Tax	28	4,583,407		(36,223,115)
Net Profit After Tax		471,426,787		465,116,782
Minority Interest		324,363		763,160
Bank Shareholders		471,102,424		464,353,622
Earning per share
Basic	30	1.43		1.41
Diluted	30	1.39		1.39
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Mar. 31 2009
Amounts in LE.		Mar. 31, 2009		Mar. 31, 2008
Cash Flow From Operating Activities
Net Income Before Tax		548,950,031		536,257,066
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating Activities
Depreciation		47,517,609		32,711,421
Provisions (Additions during the period)		42,898,811		163,354,750
Trading Financial Investment Evaluation Differences		(9,294,939)		(6,573,629)
Intangible Assets Amortization		(16,866,810)		-
Impairment of Assets		(2,329,265)		39,596,737
Utilization of Provision (Other than Provision for Doubtful Debts)		(5,012,830)		(504,570)
Provisions no longer used		-		(94,769,464)
FCY Revaluation Differences of Provision Balances except Doubtful Debt		2,899,477		(619,241)
Losses From Selling of Fixed Assets		(609,735)		(29,524)
Losses From Selling of financial Investments		(7,567,855)		(8,020,930)
Losses from dispose part of a subsidiary		-		(50,258,991)
FCY Revaluation Difference of Long Term Loans		(560,550)		1,320,333
Share Based Payments		20,419,257		13,792,481
Operating Profit Before Changes in Operating Assets and Liabilities		620,443,200		626,256,257
Net Decrease (Increase) in Assets
Due from banks		(2,414,402,063)		(6,430,655,979)
Treasury Bills & Other Notes Discountable at CBE		202,115,319		(185,450,722)
Trading Financial Assets		(254,653,950)		42,442,669
Financial Derivatives (Net)		(55,017,097)		(54,487,847)
Loans & Overdrafts		(434,661,139)		(3,090,458,189)
Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		198,184,996		(84,320,207)
Due to Banks		1,916,074,630		1,596,942,250
Customer Deposits		2,374,571,801		8,417,291,458
Credit Balances & Other Liabilities		(333,067,366)		418,310,059
Net Cash Provided from Operating Activities		1,819,588,331		1,255,869,748
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Mar. 31 2009		Mar. 31, 2009		Mar. 31, 2008
Cash Flow From Investment Activities
Sales (Purchases) of subsidiaries & associated companies		121,874,163		29,912,140
Purchase of Fixed Assets, premises and Fitting-out of Branches		(64,857,088)		(53,088,579)
Redemption of Held-to-Maturity Financial Investments		33,520,654		145,248,747
Held to Maturity financial Investments Purchases		(9,181,620)		-
Available for Sale Financial Investments		(2,877,715,754)		15,955,127
Net Cash (Used in) Provided from Investment Activities		(2,796,359,645)		138,027,435
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		7,041,206		6,422,990
Dividends Paid		(478,236,553)		(391,927,618)
Net Cash (Used in) provided from Financing Activities		(471,195,347)		(385,504,628)
Net cash & cash equivalent changes		(1,447,966,661)		1,008,392,555
Beginning Balance of cash and cash equivalent		8,778,740,569		6,879,374,080
Cash & Cash equivalent Balance At the End of the period		7,330,773,908		7,887,766,635
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		5,118,485,646		6,434,125,884
Due From Banks		8,456,786,434		19,996,211,940
Treasury Bills & other notes discountable at the CBE		10,699,658,592		2,982,220,428
Due from Banks (Time Deposits)		(8,143,399,335)		(19,695,823,441)
Treasury Bills With maturity More than 3 months		(8,800,757,429)		(1,828,968,176)
Total Cash & Cash Equivalent		7,330,773,908		7,887,766,635

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Mar. 31 2009

2008	Capital	Legal Reserve	General Reserve	Intangible Assets Value for Bank share before acquisition	Retained Earnings	Special Reserves	Reserves for A.F.S Inv. Revaluation Diff.	Profits of the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	-	41,349,498	185,993,785	60,903,531	1,285,775,354	29,159,584	4,472,895,558	5,263,160	4,478,158,718
Derivatives Revaluations Settlement	-	-	-	-	(13,571,026)	-	-	-	-	(13,571,026)	-	(13,571,026)
Capital Increase	975,000,000	-	(975,000,000)	-	-	-	-	-	-	-	-	-
Transfer to reserves	-	61,620,639	834,064,668	-	-	-	-	(895,685,307)	-	-	-	-
Dividends paid	-	-	-	-	(5,997,898)	-	-	(336,709,547)	-	(342,707,445)	(3,338,247)	(346,045,692)
Net Profits for period	-	-	-	-	-	-	-	1,370,592,742	-	1,370,592,742	(5,177,543)	1,365,415,199
Usage part of reserve	-	-	-	-	-	-	(81,888,576)	-	-	(81,888,576)	-	(81,888,576)
Change during the Period	-	-	-	-	(13,951,462)	-	-	-	-	(13,951,462)	13,951,462	-
Transferred to Retained Earnings	-	-	-	-	53,380,500	-	-	(53,380,500)	-	-	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	57,568,319	57,568,319	-	57,568,319
Adjustments on Income Tax	-	-	-	-	(461,324)	-	-	-	-	(461,324)	-	(461,324)
Minority Share for Retained Earnings	-	-	-	-	(4,927,294)	-	-	-	-	(4,927,294)	4,927,294	-
Majority Share in Intangible Assets	-	-	-	302,794,421	15,725,631	-	-	-	-	318,520,052	46,953,816	365,473,868
Ending Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	71,546,625	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,762,069,544	62,579,942	5,824,649,486

2009	Capital	Legal Reserve	General Reserve	Intangible Assets Value for Bank share before acquisition	Retained Earnings	Special Reserves	Reserves for A.F.S Inv. Revaluation Diff.	Profits of the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest	Total
Beginning Balance	2,925,000,000	432,851,511	407,547,602	302,794,421	71,546,625	185,993,785	(20,985,045)	1,370,592,741	86,727,903	5,762,069,544	62,579,942	5,824,649,486
Transfer to Reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,863,905)	-	-	-	-
Transfer to Retained Earnings	-	-	-	-	(244,507,717)	-	-	244,507,717	-	-	-	-
Dividends paid	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)	-	(478,236,553)
Net Profits of the Period	-	-	-	-	-	-	-	471,102,424	-	471,102,424	324,363,26	471,426,787
Change during the Period	-	-	-	-	(3,692,157)	-	-	-	-	(3,692,157)	-	(3,692,157)
Addition from Financial Investments Revaluation	-	-	-	-	-	-	122,119,668	-	-	122,119,668	-	122,119,668
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	20,419,257	20,419,257	-	20,419,257
Ending Balance	2.925,000,000	513,606,534	1,463,656,484	302,794,421	(176,653,249)	185,993,785	101,134,623	471,102,424	107,147,160	5,893,782,183	62,904,306	5,956,686,488

 

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