Unconsolidated 1st Quarter Results

RNS Number : 4359G

Commercial Intnl Bank (Egypt) SAE

12 May 2011

Commercial International Bank (Egypt) S.A.E.
Unconsolidated Financial Statements
March 31, 2011



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Mar. 31, 2011
Amounts in L.E.	Note	31-Mar-2011	31-Dec-2010
Assets

Cash & Due From Central Bank	15	5,168,264,756	5,675,241,791
Due From Banks	16	9,859,268,757	6,769,607,397
Treasury Bills & Other Governmental Notes	17	9,309,050,446	8,821,003,566
Trading Financial Assets	18	454,313,081	1,422,038,841
Loans & Overdrafts for Banks (Net after provisions)	19	138,686,508	128,527,576
Loans & Overdrafts for Customers (Net after provisions)	20	36,246,869,496	35,046,013,357
Financial Derivatives	21	148,427,287	139,263,948
Financial Investments
Available for Sale	22	14,232,303,387	13,605,347,030
Held to Maturity Financial Investments	22	260,407,077	289,151,745
Financial Investments in Subsidiary and associated companies	23	995,826,410	996,317,538
Real Estate investments	24	28,334,464	28,695,664
Debit Balances and Other Assets	25	1,260,281,209	1,375,945,140
Deferred Tax	33	88,761,657	79,656,694
Fixed Assets (Net)	26	675,866,141	716,071,158
Total Assets		78,866,660,676	75,092,881,445

Liabilities & Shareholders' Equity
Liabilities

Due to Banks	27	3,163,307,305	1,322,279,909
Customer Deposits	28	65,364,462,891	63,479,883,625
Financial Derivatives	21	86,751,315	113,551,040
Dividends Payable		590,144,360	-
Credit Balances & Other Liabilities	30	1,239,688,770	1,123,883,898
Long Term Loans	29	264,950,901	129,113,425
Other Provisions	31	317,483,511	310,238,930

Total Liabilities		71,026,789,053	66,478,950,826

Shareholders' Equity
Issued & Paid- in Capital	32	5,901,443,600	5,901,443,600
Reserves	32	1,435,680,865	416,828,938
Reserve for employee stock ownership plan (ESOP)		170,224,598	149,520,859
Retained Earning		-	20,231,298
Total Shareholders' Equity		7,507,349,063	6,488,024,695
Net Profit of the Period/Year after tax		332,522,560	2,125,905,924
Total Shareholders' Equity & Net Profit of the period/year		7,839,871,623	8,613,930,619
Total Liabilities & Shareholders' Equity		78,866,660,676	75,092,881,445
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	12,084,590,939	11,879,748,713
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME STATEMENT
As of Mar. 31 2011


Amounts in LE.	Note	Mar. 31, 2011	Mar. 31, 2010

Interest and Similar Income	6	1,284,128,056	1,0349,22,676
Interest Expense and Similar Charges	6	(653,362,417)	(515,815,154)

Net Interest Income		630,765,639	519,107,522

Fees & Commissions Income	7	191,450,381	204,371,718
Fees and Commissions Expense	7	(18,987,766)	(17,257,198)
Net Income from Fees and Commissions		172,462,615	187,114,520
Dividends Income	8	442,234	84,821,549
Net Trading Income	9	110,148,196	80,673,822
Profit from Financial Investments	22	44,383,949	58,397,638
Administrative Expenses	10	(353,686,436)	(289,008,834)
Other operating (Expenses) Income	11	(69,453,461)	22,733,232
Losses of impairment of loans	12	(122,800,880)	(1,911,080)
Net Profit before Tax		412,261,856	661,928,369
Income Tax	13	(88,844,259)	(98,518,063)
Deferred Tax	13&33	9,104,963	6,326,259
Net Profit After Tax		332,522,560	569,736,565
Earning per share
Basic	14	0.50	0.79
Diluted	14	0.49	0.77

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Mar. 31 2011
Amounts in LE.		Mar. 31, 2011	Mar. 31, 2010
Cash Flow From Operating Activities
Net Income Before Tax		412,261,856	661,928,364
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		56,694,622	45,303,560
Provisions (Formed during the period)		129,138,252	2,082,736
Trading Financial Investment Evaluation Differences		41,629,180	(14,065,167)
Impairment of Assets		(48,065,735)	(2,242,962)
Utilization of Provision (except Provisions for Doubtful Debts)		(2,939,853)	(1,361,150)
Provisions no longer used (except provisions for doubtful debts)		-	(37,554,170)
FCY Revaluation Differences of Provision Balances (except Doubtful Debt)		3,969,911	409,559
Profits From Selling of Fixed Assets		(942,513)	(1,833,430)
Profits From Selling of financial Investments		(48,401,288)	(62,495,543)
Profits from selling an investment in associated		(1,873,813)	-
FCY Revaluation Difference of Long Term Loans		5,076,685	(886,352)
Share Based Payments		20,703,739	18,922,217
Investment in subsidiary and associated co evaluation differences		(508,872)	(39,195)
Impairment from Real estate investments		361,200	-
Operating Profits Before Changes in Operating Assets and Liabilities		567,103,371	608,168,470

Net Decrease (Increase) in Assets and liabilities
Due from banks		(3,279,186,926)	24,633,442
Treasury Bills & Other Governmental Notes		2,022,306,742	1,454,263,087
Trading Financial Assets		926,096,580	8,015,429
Financial Derivatives (Net)		(35,963,064)	23,862,901
Loans & Overdrafts		(1,333,938,801)	(2,087,309,696)
Debit Balances and Other Assets		125,682,921	(249,236,101)
Due to Banks		1,841,027,396	603,415,124
Customer Deposits		1,884,579,267	3,472,359,032
Credit Balances & Other Liabilities		26,960,613	145,078,386
Net Cash Provided from Operating Activities		2,744,668,099	4,003,250,075


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT
As of Mar. 31 2011		Mar. 31, 2011	Mar. 31, 2010
Cash Flow From Investing Activities
Incoming from Selling Subsidiary and Associated Co.		1,000,000	-
Purchase of fixed assets, premises and fitting out of branches		(25,566,082)	(80,937,383)
Redemption of Held-to-Maturity Financial Investments		34,585,979	33,318,731
Purchase of Available for sale financial Investment		(819,819,923)	(1,392,664,099)

Net Cash (Used in) Provided from Investing Activities		(809,800,026)	(1,441,268,455)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		130,760,791	(3,120,639)
Dividends Paid		(251,777,844)	(658,369,589)

Net Cash (Used in) provided from Financing Activities		(121,017,053)	(661,490,228)

Net cash & cash equivalent changes		1,813,851,020	1,901,477,096
Beginning Balance of cash and cash equivalent		7,778,944,041	10,062,335,630
Cash & Cash equivalent Balance At the End of the period		9,592,795,061	11,963,812,726

Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		5,168,264,756	4,098,439,328
Due From Banks		9,859,268,757	7,909,044,105
Treasury Bills & other governmental notes		9,309,050,446	13,571,018,384
Due from Banks (time deposits) More than three months		(9,673,982,557)	(7,484,826,893)
Treasury Bills with Maturity More than Three Months		(5,069,806,341)	(6,129,862,198)
Total Cash & Cash Equivalent		9,592,795,061	11,963,812,726

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

As of Mar. 31 2011

31 March 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 after adjustments	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,708	161,728,985	6,945,599,768
Transferred 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	-	-	-	-	-	-	-	569,736,565	-	569,736,565
Transferred to retained earning	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment revaluation	-	-	-	-	-	84,127,558	-	-	-	84,127,558
Transferred to Bank Risk Reserve	-	-	-	-	-	-	44,378,643	(44,378,643)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	18,922,217	18,922,217
Balance at the end of Period	2,925,000,000	601,454,369	2,474,395,768	20,231,298	184,356,569	(22,462,042)	71,031,433	525,357,922	180,651,202	6,960,016,518

31 March 2011	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	5,901,443,600	125,128,337	78,564,646	20,231,298	184,356,569	2,126,596	156,992,515	1,996,566,199	149,520,859	8,613,930,618
Transferred to Reserves	-	106,216,559	1,066,083,988	-	1,574,746	-	-	(1,173,875,293)	-	-
Dividends Paid	-	-	-	(20,231,298)	-	-	-	(821,690,906)	-	(841,922,204)
Net Profit of the period	-	-	-	-	-	-	-	332,522,560	-	332,522,560
Addition from financial investment revaluation	-	-	-	-	-	(285,363,091)	-	-	-	(285,363,091)
Transferred to bank risk Reserves	-	-	-	-	-	-	(2,648,019)	2,648,019	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	20,703,739	20,703,739
Balance at the end of period	5,901,443,600	231,344,896	1,144,648,633	-	185,931,315	(283,236,495)	154,344,496	335,170,579	170,224,598	7,839,871,623