Year-end 2014 Consolidated Financial Statements

RNS Number : 5594E
Commercial Intnl Bank (Egypt) SAE
11 February 2015
 
 

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Commercial International Bank (Egypt) S.A.E.

Consolidated Financial Statements

December 31,  2014











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION





As of December 31, 2014





Amounts in EGP Thousand

Note

Dec.31, 2014

 


Dec. 31, 2013

 

Assets










Cash & Balances with Central Bank

15

7,502,256


4,796,240

Due From Banks

16

9,521,999


9,003,951

Treasury Bills & Other Governmental Notes

17

30,548,890


23,665,429

Trading Financial Assets

18

3,762,718


2,295,220

Loans & Advances to Banks

19

118,091


132,422

Loans & Advances to Customers

20

48,685,630


41,733,252

Derivative Financial Instruments

21

52,188


103,085

Financial Investments





Available for Sale

22

27,702,122


23,378,104

Held to Maturity

22

9,160,746


4,197,177

         Investments in Associates

23

181,661


192,753

Brokerage clients-Debit Balances


771,611


270,811

Reconciliation Accounts- Debit Balances


-


28,779

Investment Property

24

884,094


-

Other Assets

25

3,814,075


2,902,039

Deferred Tax

33

121,737


83,557

Property, Plant and Equipment

26

985,504


969,176

Total Assets


143,813,322


113,751,995











Liabilities and Equity





Liabilities










Due to Banks

27

1,131,385


1,373,410

Due to Customers

28

121,974,959


96,845,683

Brokerage clients-Credit Balance


360,145


167,379

Reconciliation accounts-credit balances


8,975


-

Derivative Financial Instruments

21

137,175


114,879

Current Income Tax Obligations


1,814,609


1,179,709

Other Liabilities

30

2,609,452


1,476,957

Long Term Loans

29

242,878


132,153

Other Provisions

31

730,312


454,699



129,009,890


101,744,869

Total Liabilities










Equity





Issued and Paid In Capital

32

9,081,734


9,002,435

Reserves

32

1,908,443


307,060

Reserve for Employee Stock Ownership Plan (ESOP)

   

177,765


190,260

Retained Earnings (Losses)


(155,160)


(546,531)

Total Equity


11,012,782


8,953,224

Net Profit of the Year After Tax


3,741,456


3,006,488

Total Equity And Net Profit For Year


14,754,238


11,959,712

Minority Interest


49,194


47,414

Total Minority Interest and Equity


14,803,432


12,007,126

Total Liabilities, Equity and Minority Interest


143,813,322


113,751,995

Contingent Liabilities and Commitments





Letters of Credit, Guarantees and Other Commitments

37

25,309,960


16,182,440

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME  STATEMENT





As of December 31, 2014















Amounts in EGP Thousands

Note

Dec. 31, 2014

 


Dec. 31, 2013

 






Interest and Similar Income


11,544,829


9,520,697

Interest and Similar Expenses


(5,289,793)


(4,466,949)






Net Interest Income

6

6,255,036


5,053,748






Fees & Commissions Income


1,892,119


1,436,107

Fees and Commissions Expense


(182,135)


(128,827)

Net Income from Fees and Commissions

7

1,709,984


1,307,280

Dividend Income

8

32,270


16,915

Net Trading Income

9

718,261


767,392

Profit (Losses) from Financial Investments

22

(29,122)


(28,672)

Goodwill Amortization




-

Administrative Expenses

10

(1,875,672)


(1,574,369)

Other operating (Expenses) Income

11

(710,135)


(438,906)

Impairment (Charge) release for Credit Losses

12

(588,794)


(915,582)

Intangible Assets Amortization


-


(33,422)

Bank's Share in the Profits of Associates


24,510


22,097

Net Profit Before Tax


5,536,338


4,176,481

Income Tax Expense

13

(1,831,273)


(1,182,253)

Deferred Tax

33 & 13

38,180


12,149

Net Profit of The Year


3,743,245


3,006,377

Minority Interest


1,789


(111)

Bank Shareholders


3,741,456


3,006,488

Earning per share

14




Basic


3.55


2.65

Diluted


3.49


2.62

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a





As of December 31, 2014





Amounts in EGP. Thousands


Dec. 31, 2014


Dec. 31, 2013

Cash Flow from Operating Activities


     



Profit Before Income Tax


5,536,338


4,176,481

Adjustments To Reconcile Net Profit

To Net Cash Provided by Operating Activities


Depreciation


218,322


206,979

Impairment  Charges for credit losses


588,794


915,582

Other Provisions Charges


286,724


132,957

Trading Financial Investment Revaluation Differences


(4,957)


11,861

Intangible Assets Amortization


-


33,422

Available for sale and held to maturity investments exchange revaluation differences


(38,176)


(124,230)

Financial Investments Impairment Charge (Release)


65,748


(6,136)

Utilization of Other Provisions


(6,798)


(10,383)

Other Provisions No Longer Used


(456)


(142)

Exchange Differences of Other Provisions


(3,857)


16,778

Profits From Selling Property, Plant and Equipment


(2,106)


(741)

Profits From Selling Financial Investments


(83,131)


(4,363)

Shares Based Payments


99,857


89,182

Investments in Associates Revaluation

27,969


(20,027)

Real Estate Investments Impairment Charges









Operating Profits Before Changes in Operating Assets and Liabilities


6,684,271


5,417,220






Net Decrease (Increase) in Assets and Liabilities





Due from banks


(131,636)


(642,434)

Treasury Bills & Other Governmental Notes


(4,897,448)


(9,149,658)

Trading Financial Assets


(1,462,541)


(783,020)

Derivative Financial Instruments


73,193


40,154

Loans and Advances to Banks and Customers


(7,526,841)


(904,075)

Other Assets


(1,373,214)


(543,895)

Due to Banks


(242,025)


(341,453)

Due to Customers


25,129,276


18,116,562

Income Tax Obligations Paid


(1,179,709)


(819,362)

Other Liabilities


1,317,572


275,584

Net Cash Provided from Operating Activities

16,390,898


10,655,623

 

 

 

 

 

 

 

 







CASH FLOW STATEMENT 1b





As of December 31, 2014





Cash Flow From Investing Activities





Purchase of Subsidiary and Associates


(16,877)


(7,527)

Purchases of Property, Plant and Equipment


(243,387)


(529,367)

Redemption of Held-to-Maturity Financial Investments


-


18,611

Purchases of Held to Maturity Financial Investment


(4,963,569)


-

Purchases of Available for Sale Financial Investments


(9,079,241)


(7,463,492)

Proceeds from Selling Available For Sale Financial Investments


4,938,025


4,523,701

Purchases of  Real Estate Investments


(884,094)


-

Net Cash Generated from (Used in) Investing  Activities


(10,249,143)


(3,458,074)






Cash Flow From Financing Activities





Increase (Decrease) in Long Term Loans


110,725


51,658

Dividend Paid


(1,253,338)


(1,055,843)

Capital Increase


79,299


29,348

Net Cash Generated from (Used in) Financing Activities


(1,063,314)


(974,837)

Net Increase (Decrease) in Cash and Cash Equivalent during the Year


5,078,441


6,222,712

Beginning Balance of Cash and Cash Equivalent


11,879,893


5,665,914

Cash & Cash Equivalent Balance At the End of the Year


16,958,334


11,888,626

Cash & Cash Equivalent Comprise





Cash and Balances with Central Bank


7,502,256


4,804,974

Due From Banks


9,521,999


9,003,951

Treasury Bills and Other Governmental Notes


30,548,890


23,665,429

Obligatory Reserve Balance With CBE


(3,497,164)


(3,224,659)

Due from Banks (Time Deposits) More than Three Months


(5,007,462)


(5,148,331)

Treasury Bills With Maturity More than Three months


(22,110,185)


(17,212,738)

Total Cash & Cash Equivalent


16,958,334


11,888,626

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2013

 


 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31,2014

 

December 31,

2014

Capital

(EGP)

Legal Reserve

(EGP)

General Reserve

(EGP)

Retained Earnings(losses)

(EGP)

Special Reserves

(EGP)

Reserves for A.F.S Investments Revaluation Diff.

(EGP)

Banking Risk reserve

(EGP)

Net Profits for the Year

Reserve for Employee Stock ownership plan ESOP

Total Shareholders' Equity

Minority Interest (EGP)

Total

(EGP)

Beginning Balance

9,002,435

 

490,365

406,090

(546,531)

27,367

(720,479)

1,991

3,108,214

190,260

11,959,712

47,414

12,007,126

Capital Increase

79,299

-

-

-

-

-

-

-

-

79,299

-

79,299

Transferred to Reserves

-

130,719

1,444,406

-

741

-

-

(1,463,514)

(112,352)

-

-

-

Transferred to Retained Earnings(losses)

 

-

-

-

391,362

-

-

-

(391,362)

-

-

-

-

Dividend paid

 

-

-

-

-

-

-

-

(1,253,338)

-

(1,253,338)

-

(1,253,338)

Net Profit of the Year

-

-

-

-

-

-

-

3,741,456

-

3,741,456

1,789

3,743,245

Change in Ownership Percentage

-

-

-

9

-

-

-

-

-

9

(9)

-

Net Change at fair value of AFS Financial Investment

-

-

-

-

-

127,243

-

-

-

127,243

-

127,243

Transferred (From) to Bank Risk Reserve

-

-

-

-

-

-

522

(522)

-

-

-

-

Reserve for Employee Stock Ownership Plan ESOP

-

-

-

-

-

-

-

-

99,857

99,857

-

99,857

Balance at the end of the year

9,081,734

621,084

1,850,496

(155,160)

28,108

(593,236)

2,513

3,740,934

177,765

14.754,238

49,194

14,803,432

 

 

 

 

 

 

 


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