Half-year Report

RNS Number : 5438L

Commercial Intnl Bank (Egypt) SAE

20 July 2017

 

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Commercial International Bank (Egypt) S.A.E. Consolidated 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				85,224,148
Non current assets held for sale			42				222,665				4,890,438
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				54,252				36,723
Other assets			24				6,149,801				5,434,563
Intangible assets			41				434,027				499,131
Deferred tax assets (Liabilities)			32				178,253				181,308
Property, plant and equipment			25				1,355,916				1,320,905
Total assets							277,678,241				267,543,755
Liabilities and equity
Liabilities
Due to banks			26				1,585,589				3,008,996
Due to customers			27				245,162,646				231,740,795
Non current liabilities held for sale			42				-				3,684,676
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				246,036,222
Equity
Issued and paid up capital			31				11,618,011				11,538,660
Reserves			34				8,543,172				3,451,756
Reserve for employee stock ownership plan (ESOP)							351,790				343,460
Retained earnings (losses)							89,873				31,462
Total equity							20,602,846				15,365,338
Net profit for the period/year							3,561,301				6,009,118
Total equity and net profit for the period/year							24,164,147				21,374,456
Minority interest							-				133,077
Total minority interest , equity and net profit for the period							24,164,147				21,507,533
Total liabilities, equity, minority interest and net profit for the period							277,678,241				267,543,755
INCOME  STATEMENT
As of June 30, 2017
Amounts in EGP Thousands			Note				June 30, 2017				June 30, 2016
Continued Operations
Interest and similar income
Interest and similar expense							13,197,728				8,595,146
							(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				10,980				1,404
Administrative expenses			10				(1,500,726)				(1,204,463)
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)
Bank's share in the profits of associates							18,279				173
Profit before income tax							4,565,332				3,624,446
Income tax expense			13				(1,249,710)				(957,424)
Deferred tax assets (Liabilities)			32 & 13				(3,055)				4,893
Net profit from continued operations							3,312,567				2,671,915
Net profit from discontinued operations			42				122,234				88,488
Profit (loss) of disposal from discontinued operations				43				150,550				-
Net profit for the period								3,585,351				2,760,403
Minority interest								24,050				4,852
Bank shareholders								3,561,301				2,755,551
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 from continued operations								4,565,332				3,624,446
Profit before income tax from discontinued operations								-				104,801
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 from selling investments in associates								-				(84,948)
Shares based payments								153,340				97,321
Associates financial investments revaluation differences								(18,279)				(173)
Operating profits before changes in operating assets and liabilities								5,666,288				4,434,625
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)				(3,967,221)
Other assets								(563,155)				(1,831,172)
Non current assets held for sale								205,346				-
Due to banks								(1,423,407)				(236,908)
Due to customers								13,197,334				14,229,012
Income tax obligations paid								(2,017,034)				(1,949,694)
Other liabilities								75,098				2,202,795
Income tax paid								(534,212)				19,472,509
Cash flow from investing activities
Payment for purchase of subsidiary and associates								-				48,607
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)				(2,717,468)
Proceeds from selling available for sale financial investments								683,505				2,684,467
Proceeds from selling non current assets held for sale								500,867				-
Net cash used in investing activities								4,376,289				(2,011,554)
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
Consolidated statement of changes in shareholders' equity  for the period ended on June 30, 2016
Jun. 30, 2016						Issued and paid up capital	Legal reserve			General reserve					Retained earnings (losses)			Special reserve		Reserve For  A.F.S  investments revaluation diff.					Banking risks reserve				Net profit for the period		Reserve for employee stock ownership plan				Cumulative foreign currencies translation differences					Total Shareholders Equity				Minority Interest		Total
																																														EGP Thousands
Beginning balance						11,470,603	803,355			1,518,373					(64,566)			30,214		(2,202,462)					2,513				4,728,976		248,148				-					16,535,154				47,431		16,582,585
Capital increase						68,057	-			-					-			-		-					-				-		-				-					68,057				-		68,057
Transferred to reserves						-	232,008			3,035,878					-			564		-					-				(3,176,762)		(91,688)				-					-				-		-
Transferred to retained earnings (losses)						-	-			-					88,258			-		-					-				(88,258)		-				-					-				-		-
Dividend paid						-	-			-					(5,550)			-		-					-				(1,463,450)		-				-					(1,469,000)				(1,220)		(1,470,220)
Net profit of the period						-	-			-					-			-		-					-				2,755,551		-				-					2,755,551				4,852		2,760,403
Change in ownership percentage						-	-			-					8,585			-		-					-				-		-				-					8,585				127,533		136,118
Net unrealised gain/(loss) on AFS						-	-			-					-			-		(793,189)					-				-		-				-					(793,189)				-		(793,189)
Transferred (from) to  bank risk reserve						-	-			-					-			-		-					506				(506)		-				-					-				-		-
Cost of employees stock ownership plan (ESOP)						-	-			-					-			-		-					-				-		97,321				-					97,321				-		97,321
Cumulative foreign currencies translation differences						-	-			-					-			-		-					-				-		-				8551					8,551				-		8,551
Balance at the end of the period						11,538,660	1,035,363			4,554,251					26,727			30,778		(2,995,651)					3,019				2,755,551		253,781				8,551					17,211,030				178,596		17,389,626
Consolidated statement of changes in shareholders' equity  for the period ended June 30, 2017
Jun. 30, 2017	Issued and paid up capital	Legal reserve		General reserve				Retained earnings (losses)				Special reserve					Reserve For  A.F.S  investments revaluation diff.		Banking risks reserve		Net profit for the period					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				31,462				30,778					(2,180,244)		3,019		6,009,118					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		4,445,617				58,563				1,682					-		-		(4,658,296)					(145,010)				-		-					-					-
Dividend paid	-	-		-				-				-					-		-		(1,350,207)					-				-		(1,350,207)					-					(1,350,207)
Net profit for the period	-	-		-				-				-					-		-		3,561,301					-				-		3,561,301					24,050					3,585,351
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	-	-		-				-				-					354,495		-		-					-				-		354,495					-					354,495
Transferred (from) to  bank risk reserve	-	-		-				-				-					-		615		(615)					-				-		-					-					-
Cost of employees stock ownership plan (ESOP)	-	-		-				-				-					-		-		-					153,340				-		153,340					-					153,340
Balance at the end of the period	11,618,011	1,332,807		9,000,020				89,873				32,460					(1,825,749)		3,634		3,561,301					351,790				-		24,164,147					-					24,164,147

 

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