Half-year Report (Separate)

RNS Number : 5446L

Commercial Intnl Bank (Egypt) SAE

20 July 2017

 

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Commercial International Bank (Egypt) S.A.E. Separate Financial Statements June 30th ,  2017
FINANCIAL POSITION
As of June 30th , 2017
Amounts in EGP Thousands			Note			June 30, 2017			December 31, 2016
Assets
Cash and balances with central bank			15			19,497,893			10,522,040
Due from  banks			16			58,552,276			58,011,034
Treasury bills and other governmental notes			17			43,092,546			39,177,184
Trading financial assets			18			1,531,630			2,445,134
Loans and advances to banks, net			19			367			159,651
Loans and advances to customers, net			20			91,221,870			85,991,914
Derivative financial instruments			21			57,218			269,269
Financial investments
- Available for sale			22			6,840,040			5,447,291
- Held to maturity			22			48,489,487			53,924,936
Investments in associates			23			9,750			10,500
Non current assets held for sale			42			222,665			428,011
Other assets			24			6,150,001			5,446,025
Intangible assets			41			434,027			499,131
Deferred tax assets (Liabilities)			32			178,253			181,308
Property, plant and equipment			25			1,355,916			1,338,629
Total assets						277,633,939			263,852,057
Liabilities and equity
Liabilities
Due to banks			26			1,585,589			3,008,996
Due to customers			27			245,162,646			231,965,312
Derivative financial instruments			21			156,580			331,091
Current tax liabilities						1,249,710			2,017,034
Other liabilities			29			3,654,428			3,579,330
Long term loans			28			146,287			160,243
Other provisions			30			1,558,854			1,514,057
Total liabilities						253,514,094			242,576,063
Equity
Issued and paid up capital			31			11,618,011			11,538,660
Reserves			34			8,543,172			3,443,319
Reserve for employee stock ownership plan (ESOP)						351,790			343,460
Total equity						20,512,973			15,325,439
Net profit for the period/year						3,606,872			5,950,555
Total equity and net profit for the period/ year						24,119,845			21,275,994
Total liabilities and equity						277,633,939			263,852,057
INCOME  STATEMENT
As of June 30, 2017
Amounts in EGP Thousands			Note			June 30, 2017			June 30, 2016
Interest and similar income						13,197,728			8,595,146
Interest and similar expense						(7,454,779)			(4,061,260)
Net interest income			6			5,742,949			4,533,886
Fee and commission income						1,317,034			937,206
Fee and commission expense						(267,157)			(173,523)
Net fee and commission income			7			1,049,877			763,683
Dividend income			8			26,136			28,911
Net trading income			9			620,594			408,523
Profits on financial investments			22			323,564			59,058
Administrative expenses			10			(1,500,726)			(1,204,462)
Other operating (expenses) income			11			(528,307)			(316,881)
Goodwill impairment			41			-			(21,707)
Intangible assets amortization			41			(65,104)			(65,104)
Impairment charge for credit losses			12			(809,346)			(503,979)
Profit before income tax						4,859,637			3,681,928
Income tax expense			13			(1,249,710)			(957,424)
Deferred tax assets (Liabilities)			32 & 13			(3,055)			4,893
Net profit for the Period						3,606,872			2,729,397
Earnings per share			14
Basic						2.75			2.08
Diluted						2.71			2.05
CASH FLOW STATEMENT As of June 30, 2017
Amounts in EGP Thousands
						June 30, 2017			June 30, 2016
Cash flow from operating activities
Profit before income tax						4,859,637			3,681,928
Adjustments to reconcile net profit to net cash provided by operating  activities
Fixed assets depreciation						170,012			134,956
Impairment charge for credit losses						809,346			503,979
Other provisions charges						148,424			51,547
Trading financial investments revaluation differences						(129,484)			124,229
Available for sale and held to maturity investments exchange revaluation differences						26,389			(263,567)
Goodwill impairment						-			21,707
Intangible assets amortization						65,104			65,104
Financial investments impairment charge						(121,734)			52,614
Utilization of other provisions						(21,939)			(1,800)
Other provisions no longer used						(97,879)			(37,312)
Exchange differences of  other provisions						16,191			58,501
Profits from selling property, plant and equipment						-			(537)
Profits from selling financial investments						101,465			(16,243)
Profits (losses) from selling associates						-			(84,948)
Shares based payments						153,340			97,321
Impairment (Released) charges of non-current assets held for sale						(312,584)			-
Operating profits before changes in operating assets and liabilities						5,666,288			4,387,479
Net decrease (increase) in assets and  liabilities
Due from banks						(6,167,220)			(608,433)
Treasury bills and other governmental notes						(4,707,972)			5,366,184
Trading financial assets						1,042,988			1,926,279
Derivative financial instruments						37,540			(92,958)
Loans and advances to banks and customers						(5,880,018)			(4,359,858)
Other assets						(563,155)			551,657
Non-Current Assets Held for Sale						205,346			-
Due to banks						(1,423,407)			(236,908)
Due to customers						13,197,334			14,318,023
Income tax obligations paid						(2,017,034)			(1,949,694)
Other liabilities						75,098			219,345
Net cash provided from operating activities						(534,212)			19,521,116
Cash flow from investing activities
Proceeds from selling subsidiary and associates						750			160,003
Payment for purchases of property, plant, equipment and branches constructions						(328,120)			(333,546)
Proceeds from redemption of held to maturity financial investments						10,030,359			2,671
Payment for purchases of held to maturity financial investments						(4,594,910)			(1,856,288)
Payment for purchases of  available for sale financial investments						(1,916,162)			(2,703,756)
Proceeds from selling available for sale financial investments						683,505			2,670,755
Proceeds from selling non-current assets held for sale						500,867			-
Net cash used in investing activities						4,376,289			(2,060,161)
Cash flow from financing activities
Increase (decrease) in long term loans						(13,956)			13,524
Dividend paid						(1,350,207)			(1,463,450)
Capital Increase						79,351			68,057
Net cash used in financing activities						(1,284,812)			(1,381,869)
Net increase (decrease) in cash and cash equivalent during the period						2,557,265			16,079,086
Beginning balance of cash and cash equivalent						61,518,700			22,397,171
Cash and cash equivalent at the end of the period						64,075,965			38,476,257
Cash and cash equivalent comprise:
Cash and balances with central bank						19,497,893			11,251,951
Due from banks						58,552,276			36,100,865
Treasury bills and other governmental  notes						43,092,546			16,949,949
Obligatory reserve balance with CBE						(10,832,277)			(8,412,172)
Due from banks with maturities more than three months						(3,339,073)			(464,462)
Treasury bills with maturity more than three months						(42,895,400)			(16,949,874)
Total cash and cash equivalent						64,075,965			38,476,257

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
Separate statement of changes in shareholders' equity  for the period ended June 30, 2016
Jun. 30, 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 period			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 period	-			-			-				-			-			-			2,729,397			-				2,729,397
Net unrealised gain/(loss) on AFS	-			-			-				-			(793,189)			-			-			-				(793,189)
Transferred (from) to  bank risk reserve	-			-			-				-			-			506			(506)			-				-
Cost of employees stock ownership plan (ESOP)	-			-			-				-			-			-			-			97,321				97,321
Balance at the end of the period	11,538,660			1,035,363			4,554,403				30,778			(2,995,652)			3,019			2,729,397			253,781				17,149,749
Separate statement of changes in shareholders' equity  for the peiord ended June 30, 2017
Jun. 30, 2017	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 period			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			4,445,617				1,682			-			-			(4,599,733)			(145,010)				-
Dividend paid	-			-			-				-			-			-			(1,350,207)			-				(1,350,207)
Net profit for the period	-			-			-				-			-			-			3,606,872			-				3,606,872
Net unrealised gain/(loss) on AFS	-			-			-				-			354,495			-			-			-				354,495
Transferred (from) to  bank risk reserve	-			-			-				-			-			615			(615)			-				-
Cost of employees stock ownership plan (ESOP)	-			-			-				-			-			-			-			153,340				153,340
Balance at the end of the period	11,618,011			1,332,807			9,000,020				32,460			(1,825,749)			3,634			3,606,872			351,790				24,119,845

 

END

 

 

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