Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/5594E_-2015-2-10.pdf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
December 31,2013 |
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 |
5,972,275 |
380,349 |
2,036,955 |
(568,853) |
117,806 |
153,365 |
103,717 |
2,404,153 |
164,761 |
10,764,528 |
47,520 |
10,812,048 |
Capital Increase |
3,030,160 |
- |
(3,000,812) |
- |
- |
- |
- |
- |
- |
29,348 |
- |
29,348 |
Transferred to Reserves |
- |
110,016 |
1,277,121 |
- |
2,387 |
- |
- |
(1,325,842) |
(63,682) |
- |
- |
- |
Transferred to Retained Earnings (Losses)
|
- |
- |
- |
23,470 |
- |
- |
- |
(23,470) |
- |
- |
- |
- |
Dividend paid
|
- |
- |
- |
(1,002) |
- |
- |
- |
(1,054,841) |
- |
(1,055,843) |
- |
(1,055,843) |
Net Profit of the Year |
- |
- |
- |
- |
- |
- |
- |
3,006,488 |
- |
3,006,488 |
(111) |
3,006,377 |
Transfer from Special Reserve |
- |
- |
92,826 |
- |
(92,826) |
- |
- |
- |
- |
- |
- |
- |
Change in ownership percentage |
- |
- |
- |
(146) |
- |
- |
- |
- |
- |
(146) |
5
|
(141) |
Net Change at Fair Value of AFS Financial investment |
- |
- |
- |
- |
- |
(873,844) |
- |
- |
- |
(873,844) |
- |
(873,844) |
Transferred (From) to Bank Risk Reserve |
- |
- |
- |
- |
- |
- |
(101,726) |
101,726 |
- |
- |
- |
- |
Reserve for Employee Stock Ownership Plan ESOP |
- |
- |
- |
- |
- |
- |
- |
- |
89,181 |
89,181 |
- |
89,181 |
Balance at the end of the Year |
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 |
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 |