Year-end 2015 Consolidated Financials

RNS Number : 7168O

Commercial Intnl Bank (Egypt) SAE

11 February 2016

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31,  2015
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of December 31, 2015
	Note	Dec.31, 2015		Dec. 31 ,2014
		EGP  Thousands		EGP  Thousands
Assets
Cash and Balances with Central Bank	15	9,848,954		7,502,256
Due From Banks	16	21,002,305		9,521,999
Treasury Bills and Other Governmental Notes	17	22,130,170		30,548,890
Trading Financial Assets	18	5,848,377		3,762,718
Loans and Advances to Banks, net	19	38,443		118,091
Loans and Advances to Customers, net	20	56,797,576		48,685,630
Non-current Assets Held for Sale	43	1,066,270		-
Derivative Financial Instruments	21	80,995		52,188
Financial Investments
- Available for Sale	22	46,289,075		27,702,122
- Held to Maturity	22	9,261,220		9,160,746
Investments in Associates	23	159,983		181,661
Brokerage clients - Debit Balances		-		771,612
Investment Properties	24	-		884,094
Other Assets	25	4,789,291		3,814,075
Goodwill		209,842		-
Intangible Assets		629,340		-
Deferred Tax Assets (Liabilities)	33	258,157		121,737
Property, Plant and Equipment	26	1,090,181		985,504
Total Assets		179,500,179		143,813,323
Liabilities and Equity
Liabilities
Due to Banks	27	1,600,769		1,131,385
Due to Customers	28	155,234,416		121,974,959
Non-current Liabilities Held for Sale	43	371,622		-
Brokerage Clients - Credit Balances		-		360,145
Reconciliation Accounts - Credit Balances		-		8,975
Derivative Financial Instruments	21	145,735		137,175
Current Tax Liabilities		1,949,694		1,814,609
Other Liabilities	30	2,622,269		2,609,452
Long Term Loans	29	131,328		242,878
Other Provisions	31	861,761		730,312
Total Liabilities		162,917,594		129,009,890
Equity
Issued and Paid- in Capital	32	11,470,603		9,081,734
Reserves	32	151,993		1,908,594
Reserve for Employee Stock Ownership Plan (ESOP)		248,148		177,766
Retained Losses		(64,566)		(155,160)
Total Equity		11,806,178		11,012,783
Net Profit of the Year		4,728,976		3,741,456
Total Equity and Net Profit for the Year		16,535,154		14,754,239
Minority interest		47,431		49,194
Total Minority Interest, Equity and Net Profit for year		16,582,585		14,803,433
Total Liabilities, Equity, Minority Interest and Net Profit for year		179,500,179		143,813,323
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of December 31, 2015
	Note	Dec. 31, 2015		Dec. 31, 2014
		EGP  Thousands		EGP  Thousands
Interest and Similar Income		14,765,337		11,549,834
Interest and Similar Expense		(6,650,008)		(5,274,133)
Net Interest Income	6	8,115,329		6,275,701
Fee and Commissions Income		1,932,054		1,669,224
Fee and Commissions Expense		(299,696)		(181,498)
Net fee and commission income	7	1,632,358		1,487,726
Dividend Income	8	35,062		27,501
Net Trading Income	9	710,398		717,001
Profit (Losses) on Financial Investments	22	270,998		(29,335)
Administrative Expenses	10	(2,028,404)		(1,704,500)
Other Operating (Expenses) Income	11	(570,000)		(762,529)
Goodwill Amortization		(7,236)		-
Intangible Assets Amortization		(21,701)		-
Impairment Charge for Credit Losses	12	(1,682,439)		(588,794)
Bank's Share in the Profits of Associates		27,829		24,510
Profit Before Income Tax		6,482,194		5,447,281
Income Tax Expense	13	(1,949,694)		(1,814,609)
Deferred Tax Assets (Liabilities)	33 & 13	136,047		38,355
Net Profit from Continued Operations		4,668,547		3,671,027
Net profit from discontinued operations	43	61,115		72,218
Net profit for the year		4,729,662		3,743,245
Minority interest		686		1,789
Bank shareholders		4,728,976		3,741,456
Earnings per share	14
Basic		3.58		2.81
Diluted		3.53		2.78
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of December 31, 2015
		Dec. 31, 2015		Dec. 31, 2014
		EGP  Thousands		EGP  Thousands
Cash Flow From Operating Activities
Profit before income tax from continued operations		6,482,194		5,447,281
Profit before income tax from Discontinued Operations		71,161		89,057
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Fixed Assets Depreciation		188,256		218,322
Impairment Charges for credit losses		1,682,439		588,794
Other Provisions Charges		135,866		286,724
Trading Financial Investment Revaluation Differences		353,590		(4,957)
Available for sale and held to maturity investments exchange revaluation differences		(96,638)		(38,176)
Goodwill Amortization		7,236		-
Intangible Assets Amortization		21,701		-
Financial Investments Impairment Charge		140,751		65,748
Utilization of Other Provisions		(17,242)		(6,798)
Other Provisions No Longer Used		(505)		(456)
Exchange Differences of Other Provisions		13,330		(3,857)
Profits From Selling Property, Plant and Equipment		(564)		(2,106)
Profits From Selling Financial Investments		(163,270)		(83,131)
Profits From Selling Associates		(285,431)		-
Share Based Payments		133,395		99,857
Investments in Associates Revaluation		(27,829)		(27,969)
Operating Profits Before Changes in Operating Assets and Liabilities		8,638,440		6,684,271
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(13,346,479)		(2,138,848)
Treasury Bills & Other Governmental Notes		5,497,825		(4,897,448)
Trading Financial Assets		(2,439,249)		(1,462,541)
Derivative Financial Instruments		(20,247)		73,193
Loans and Advances to Banks and Customers		(9,714,737)		(7,526,841)
Other Assets		(1,273,556)		(1,373,214)
Goodwill		(217,078)		-
Intangible Assets		(651,041)		-
Due to Banks		469,384		(242,025)
Due to Customers		33,259,457		25,129,276
Income Tax Obligation Paid		(1,814,609)		(1,179,709)
Other Liabilities		15,319		1,317,572
Net Cash Provided from Operating Activities		18,403,429		14,383,686
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of December 31, 2015		Dec. 31, 2015		Dec. 31, 2014
Cash Flow From Investing Activities
Payment for purchase of subsidiary and associates		-		(16,877)
Proceeds from selling subsidiary and associates		334,451		-
Payment for purchases of property, plant, equipment and branches constructions		(304,401)		(243,387)
Proceeds from redemption of held to maturity financial investments		3,919,074		-
Payment for purchases of held to maturity financial investments		(4,019,548)		(4,963,569)
Payment for purchases of  available for sale financial investments		(25,392,460)		(9,079,241)
Proceeds from selling available for sale financial investments		5,315,438		4,938,025
Proceeds (payments) from real estate investments		884,094		(884,094)
Net cash used in investing activities		(19,263,352)		(10,249,143)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(111,550)		110,725
Dividend Paid		(1,563,646)		(1,253,338)
Capital Increase		94,748		79,299
Net cash used in financing activities		(1,580,448)		(1,063,314)
Net Increase (Decrease) in Cash and Cash Equivalent during the year		(2,440,371)		3,071,229
Beginning Balance of Cash and Cash Equivalent		15,062,902		11,991,673
Cash and Cash Equivalent At the End of the Year		12,622,531		15,062,902
Cash and Cash Equivalent Comprise:
Cash and Balances with Central Bank		9,848,954		7,502,256
Due From Banks		21,002,305		9,521,999
Treasury Bills and Other  Governmental Notes		22,130,170		30,548,890
Obligatory Reserve Balance With CBE		(8,268,202)		(5,392,596)
Due from Banks with Maturities More than Three Months		(15,478,335)		(5,007,462)
Treasury Bills with Maturity  More than Three Months		(16,612,361)		(22,110,185)
Total Cash and Cash Equivalent		12,622,531		15,062,902

Dec. 31, 2014	Issued and Paid in Capital	Legal Reserve	General Reserve	Retained earnings (losses)	Special Reserves	Reserve for A.F.S Investment Revaluation Diff.	Banking Risk Reserve	Net Profit for the Year	Reserve for Employee Stock Ownership Plan (ESOP)	Total Shareholders' Equity	Minority Interest	Total
												EGP Thousands
Beginning Balance	9,002,435	490,365	406,090	(546,531)	27,367	(720,479)	1,991	3,108,214	190,261	11,959,713	47,414	12,007,127
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 for the Year	-	-	-	-	-	-	-	3,741,456	-	3,741,456	1,789	3,743,245
Change in owner ship percentage	-	-	-	9	-	-	-	-	-	9	(9)	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	127,243	-	-	-	127,243	-	127,243
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	99,857	99,857	-	99,857
Balance at the End of Year	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	1,991	3,741,456	177,766	14,754,239	49,194	14,803,433

CONSOLIDATED  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED DECEMBER 31,  2015

Dec. 31, 2015	Issued and Paid in Capital	Legal Reserve	General Reserve	Retained earnings (losses)	Special Reserves	Reserve for A.F.S Investment Revaluation Diff.	Banking Risk Reserve	Net Profit for the Year	Reserve for Employee Stock Ownership Plan	Total	Minority Interest	Total
Beginning Balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	1,991	3,741,456	177,766	14,754,239	49,194	14,803,433
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Capital Increase	2,388,869	-	(2,294,121)	-	-	-	-	-	-	94,748	-	94,748
Transferred to Reserves	-	182,271	1,961,998	-	2,106	-	-	(2,083,362)	(63,013)	-	-	-
Transferred to retained losses	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend Paid	-	-	-	(4,700)	-	-	-	(1,563,646)	-	(1,568,346)	(1,081)	(1,569,427)
Net Profit for the Year	-	-	-	-	-	-	-	4,728,976	-	4,728,976	686	4,729,662
Change in owner ship percentage	-	-	-	1,368	-	-	-	-	-	1,368	(1,368)	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(1,609,226)	-	-	-	(1,609,226)	-	(1,609,226)
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	133,395	133,395	-	133,395
Balance at the End of Period	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

 

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