Year-end 2014 Seperate Financial Statements

RNS Number : 5598E

Commercial Intnl Bank (Egypt) SAE

11 February 2015

 

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Commercial International Bank (Egypt) S.A.E.
Separate Financial Statements
December 31,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2014
Amounts in EGP. Thousands	Note	Dec.31, 2014		Dec. 31 ,2013
Assets
Cash and Balances with Central Bank	15	7,502,256		4,796,240
Due From Banks	16	9,279,896		8,893,671
Treasury Bills and Other Governmental Notes	17	30,539,402		23,654,813
Trading Financial Assets	18	3,727,571		2,246,348
Loans and Advances to Banks	19	118,091		132,422
Loans and Advances to Customers	20	49,279,817		41,837,952
Derivative Financial Investments	21	52,188		103,085
Financial Investments
Available for Sale	22	27,688,410		23,363,501
Held to Maturity	22	9,160,746		4,187,174
Investments in Subsidiary and Associates	23	564,686		599,277
Investment Property	24	884,094		-
Other Assets	25	3,745,362		2,889,491
Deferred Tax	33	122,110		83,755
Property, Plant and Equipment	26	982,296		964,539
Total Assets		143,646,925		113,752,268
Liabilities and Equity
Liabilities
Due to Banks	27	1,131,385		1,373,410
Due to Customers	28	122,244,933		96,940,270
Derivative Financial Instruments	21	137,175		114,879
Current Income Tax Obligations		1,814,609		1,179,709
Other Liabilities	30	2,541,965		1,446,047
Long Term Loans	29	242,878		132,153
Other Provisions	31	718,356		450,755
Total Liabilities		128,831,301		101,637,223
Equity
Issued & Paid- in Capital	32	9,081,734		9,002,435
Reserves	32	1,908,594		307,224
Reserve for Employee Stock Ownership Plan (ESOP)		177,766		190,260
Total Equity		11,168,094		9,499,920
Net Profit of the Period/Year After Tax		3,647,530		2,615,125
Total Equity and Net Profit for the Period/Year		14,815,624		12,115,045
Total Liabilities and Equity		143,646,925		113,752,268
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and other commitments	37	25,309,960		16,182,490
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of December 30, 2014
Amounts in EGP. Thousands	Note	Dec. 31, 2014		Dec. 31, 2013
Interest and Similar Income		11,549,834		9,509,874
Interest and Similar Expense		(5,274,133)		(4,460,113)
Net Interest Income	6	6,275,701		5,049,761
Fee and Commissions Income		1,632,397		1,316,916
Fee and Commissions Expense		(181,498)		(127,965)
Net Income from Fees and Commissions	7	1,450,899		1,188,951
Dividend Income	8	28,514		19,803
Net Trading Income	9	717,001		759,973
Profit (Losses) from Financial Investments	22	(29,335)		(381,157)
Administrative Expenses	10	(1,704,500)		(1,449,945)
Other Operating (Expenses) Income	11	(725,702)		(431,592)
Impairment (Charge) Release for Credit Losses	12	(588,794)		(915,582)
Net Profit before Tax		5,423,784		3,840,212
Income Tax Expense	13	(1,814,609)		(1,179,709)
Deferred Tax	33 & 13	38,355		(45,378)
Net Profit of the Year		3,647,530		2,615,125
Earnings 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		5,423,784		3,840,212
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Depreciation		213,771		202,345
Impairment Charges for credit losses		588,794		915,582
Other Provisions Charges		278,514		129,104
Trading Financial Investment Revaluation Differences		(4,468)		17,696
Available for sale and held to maturity investments exchange revaluation differences		(38,176)		(124,231)
Financial Investments Impairment Charge (Release)		65,736		(6,268)
Utilization of Other Provisions		(6,600)		(5,634)
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		(82,907)		(1,656)
Share Based Payments		99,857		89,182
Investments in Subsidiary and Associates Revaluation		52,479		346,285
Operating Profits Before Changes in Operating Assets and Liabilities		6,584,365		5,418,512
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(131,586)		(642,434)
Treasury Bills & Other Governmental Notes		(4,897,448)		(9,149,659)
Trading Financial Assets		(1,476,755)		(791,762)
Derivative Financial Instruments		73,193		30,154
Loans and Advances to Banks and Customers		(8,016,328)		(1,008,775)
Other Assets		(845,028)		(381,862)
Due to Banks		(242,025)		(341,453)
Due to Customers		25,304,663		18,105,543
Income Tax Obligation Paid		(1,179,704)		(819,362)
Other Liabilities		1,095,918		231,057
Net Cash Provided from Operating Activities		16,269,260		10,649,959
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of December 31, 2014		Dec. 31, 2014		Dec. 31, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(17,888)		(7,528)
Purchases of Property, Plant and Equipment		(240,265)		(519,822)
Redemption of Held-to-Maturity Financial Investments		-		18,579
Purchases of Held to Maturity Financial Investments		(4,973,572)		-
Purchases of Available for  Sale Financial Investments		(9,080,132)		(7,463,492)
Proceeds from Selling Available for Sale Financial Investments		4,937,801		4,520,054
Purchase of Real Estate Investments		(884,094)		-
Net Cash Generated from (Used in) Investing  Activities		(10,258,150)		(3,452,209)
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		29,349
Net Cash Generated from (Used in) Financing Activities		(1,063,314)		(974,836)
Net Increase (Decrease) in Cash and Cash Equivalent during the year		4,947,796		6,222,914
Beginning Balance of Cash and Cash Equivalent		11,758,996		5,536,080
Cash and Cash Equivalent Balance At the End of the Year		16,706,792		11,758,994
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		7,502,256		4,796,240
Due From Banks		9,279,896		8,893,670
Treasury Bills and Other  Governmental Notes		30,539,402		23,654,812
Obligatory Reserve Balance With CBE		(3,497,164)		(3,224,660)
Due from Banks (Time Deposits) More than Three Months		(5,007,412)		(5,148,331)
Treasury Bills with Maturity  More than Three Months		(22,110,186)		(17,212,737)
Total Cash & Cash Equivalent		16,706,792		11,758,994

	COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
	SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED December 31, 2013
Dec. 31, 2013		Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit for the Year (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance		5,972,275	380,349	2,037,107	1,002	117,806	153,507	103,717	2,380,684	164,761	11,311,208
Capital Increase		3,030,160	-	(3,000,812)	-	-	-	-	-	-	29,348
Transferred to Reserves		-	110,016	1,277,121	-	2,387	-	-	(1,325,842)	(63,682)	-
Dividend Paid		-	-	-	(1,002)	-	-	-	(1,054,841)	-	(1,055,843)
Net Profit for the Year		-	-	-	-	-	-	-	2,615,125	-	2,615,125
Transfer from Special Reserve		-	-	92,826	-	(92,826)	-	-	-	-	-
Net Change at Fair Value of AFS Financial Investment		-	-	-	-	-	(873,975)	-	-	-	(873,975)
Transferred (From )to Bank Risk Reserve		-	-	-	-	-	-	(101,726)	101,726	-	-
Reserve for Employee Stock ownership plan ESOP		-	-	-	-	-	-	-	-	89,182	89,182
Balance at the End of Year		9,002,435	490,365	406,242	-	27,367	(720,468)	1,991	2,716,852	190,261	12,115,045

SEPARATE  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED DECEMBER 31,  2014

Dec. 31, 2014	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (Losses) (EGP)	Special Reserves (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Net Profit for the Year (EGP)	Reserve for Employee Stock Ownership Plan (ESOP)	Total (EGP)
Beginning Balance	9,002,435	490,365	406,242	-	27,367	(720,468)	1,991	2,716,852	190,261	12,115,045
Capital Increase	79,299	-	-	-	-	-	-	-	-	79,299
Transferred to Reserves	-	130,719	1,444,406	-	741	-	-	(1,463,514)	(112,352)	-
Dividend Paid	-	-	-	-	-	-	-	(1,253,338)	-	(1,253,338)
Net Profit for the Year	-	-	-	-	-	-	-	3,647,530	-	3,647,530
Net Change at Fair Value of AFS Financial Investment	-	-	-	-	-	127,231	-	-	-	127,231
Transferred (From )to Bank Risk Reserve	-	-	-	-	-	-	522	(522)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	99,857	99,857
Balance at the End of Period	9,081,734	621,084	1,850,648	-	28,108	(593,237)	2,513	3,647,008	177,766	14,815,624

 

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