1st Half 2012 financial statements

RNS Number : 0165K

Commercial Intnl Bank (Egypt) SAE

15 August 2012

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2012
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2012
Amounts in EGP	Note	June 30, 2012	Dec. 31, 2011
Assets
Cash & Balances with Central Bank	15	5,542,320,904	7,492,064,510
Due From Banks	16	9,880,244,903	8,528,229,519
Treasury Bills & Other Governmental Notes	17	9,414,560,183	9,260,842,183
Trading Financial Assets	18	1,341,176,357	675,325,450
Loans & Advances to Banks	19	1,076,710,388	1,395,594,609
Loans & Advances to Customers	20	39,693,994,592	39,669,785,864
Derivative Financial Instruments	21	134,310,943	146,544,656
Financial Investments
Available for Sale	22	15,405,567,958	15,421,546,277
Held to Maturity	22	3,673,289,768	39,159,520
Investments in Associates	23	122,830,678	106,676,167
Brokers-Debit Balances		93,951,742	24,185,525
Reconciliation Accounts- Debit Balances		66,953,670	42,507,905
Investment Property	24	10,024,686	12,774,686
Other Assets	25	2,225,009,016	1,534,819,491
Goodwill	41	8,688,759	120,280,337
Intangible Assets	41	103,712,954	309,353,104
Deferred Tax	33	135,433,764	123,977,698
Property, Plant and Equipment	26	672,947,372	630,508,089
Total Assets		89,601,728,637	85,534,175,590
Liabilities and Equity
Liabilities
Due to Banks	27	1,785,014,708	3,340,794,517
Due to Customers	28	76,767,071,626	71,467,935,259
Brokers-Credit Balance		174,895,070	111,851,855
Derivative Financial Instruments	21	130,111,395	114,287,990
Other Liabilities	30	1,451,504,179	1,342,736,040
Long Term Loans	29	91,074,960	99,333,376
Other Provisions	31	284,001,472	270,801,909
Total Liabilities		80,683,673,410	76,747,740,946
Equity
Issued and Paid In Capital	32	5,972,275,410	5,934,562,990
Reserves	32	2,223,432,742	1,387,842,060
Reserve for Employee Stock Ownership Plan (ESOP)		129,828,073	137,354,418
Retained Earnings		(482,976,388)	(334,419,692)
Total Equity		7,842,559,837	7,125,339,776
Net Profit of the Period/Year After Tax		1,028,139,869	1,614,738,322
Total Equity And Net Profit For Period/Year		8,870,699,706	8,740,078,098
Minority Interest		47,355,521	46,356,546
Total Minority Interest and Equity		8,918,055,227	8,786,434,644
Total Liabilities, Equity and Minority Interest		89,601,728,637	85,534,175,590
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	13,384,316,950	12,559,553,516
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2012
Amounts in EGP.	Note	June 30, 2012	June 30, 2011
Interest and Similar Income		3,602,430,763	2,587,280,676
Interest and Similar Expenses		(1,801,233,932)	(1,324,813,156)
Net Interest Income	6	1,801,196,831	1,262,467,520
Fees & Commissions Income		477,424,825	447,969,895
Fees and Commissions Expense		(47,766,855)	(41,227,766)
Net Income from Fees and Commissions	7	429,657,970	406,742,129
Dividend Income	8	21,744,400	57,164,372
Net Trading Income	9	204,616,711	226,109,065
Profit from Financial Investments	22	(23,267,142)	37,166,474
Goodwill Amortization		(1,737,752)	(20,046,723)
Administrative Expenses	10	(756,065,029)	(712,863,574)
Other operating (Expenses) Income	11	(56,004,253)	(82,045,734)
Impairment Charge for Credit Losses	12	(159,244,620)	(201,264,786)
Intangible Assets Amortization		(12,699,546)	(33,733,620)
Bank's Share in the Profits of Associates		(471,111)	10,896,229
Net Profit Before Tax		1,447,726,459	950,591,353
Income Tax Expense	13	(430,386,683)	(216,050,496)
Deferred Tax	33 & 13	11,456,066	16,422,042
Net Profit of The Year		1,028,795,842	750,962,898
Minority Interest		655,973	167,503
Bank Shareholders		1,028,139,869	750,795,396
Earning per share	14
Basic		1.78	1.31
Diluted		1.75	1.29
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2012
Amounts in EGP.		June 30, 2012	June 30, 2011
Cash Flow from Operating Activities
Net Profit Before Tax		1,447,726,459	950,591,353
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		84,143,375	102,694,841
Assets Impairment  Charges		159,262,715	202,892,406
Other Provisions Charges		86,724,165	1,204,986
Trading Financial Investment Revaluation Differences		(27,220,349)	32,976,379
Intangible Assets Amortization		12,699,546	33,733,620
Goodwill Amortization		1,737,752	20,046,723
Financial Investments Impairment Charge (Release)		10,652,982	(49,775,434)
Utilization of Other Provisions		(72,300,072)	(5,218,667)
Other Provisions No Longer Used		(531,054)	(2,085,267)
Exchange Differences of Other Provisions		(711,571)	4,010,666
Profits From Selling Property, Plant and Equipment		(1,633,796)	(2,661,678)
Profits From Selling Financial Investments		(8,415,397)	(90,782,148)
Profits from Selling Associates		-	(1,873,813)
Exchange Differences of Long Term Loans		(20,812)
Shares Based Payments		44,135,782
Investments in Associates Revaluation		-	(11,408,222)
Real Estate Investments Impairment Charges		-	361,200
Operating Profits Before Changes in Operating Assets and Liabilities		1,736,249,725	1,231,152,845
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(962,784,101)	(3,090,538,362)
Treasury Bills & Other Governmental Notes		(1,601,411,260)	3,218,771,820
Trading Financial Assets		(638,630,558)	1,015,597,733
Derivative Financial Instruments		28,057,118	(41,476,427)
Loans and Advances to Banks and Customers		135,430,874	(2,276,256,247)
Other Assets		(799,386,923)	142,114,045
Due to Banks		(1,555,779,809)	(691,883,640)
Due to Customers		5,299,136,367	3,923,391,605
Other Liabilities		(258,575,320)	(622,420,045)
Net Cash Provided from Operating Activities		1,382,306,113
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June 30, 2012		June 30, 2012	June 30, 2011
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(16,154,511)	(11,000,000)
Purchases of Property, Plant and Equipment		(109,963,446)	(61,756,079)
Redemption of Held-to-Maturity Financial Investments		-	170,571,760
Purchases of Held to Maturity Financial Investment		(3,634,130,249)	-
Purchases of Available for Sale Financial Investments		(4,845,384,951)	(677,660,821)
Proceeds from Selling Available For Sale Financial Investments		4,989,103,162	-
Proceeds from Selling Real Estate Investments		2,750,000	-
Net Cash Generated from (Used in) Investing  Activities		(3,613,779,994)	(579,845,140)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(8,237,604)	127,007,982
Dividend Paid		(806,206,518)	(843,063,191)
Capital Increase		37,712,420	-
Net Cash Generated from (Used in) Financing Activities		(776,731,702)	(716,055,209)
Net Increase (Decrease) in Cash and Cash Equivalent		(3,008,205,583)	1,512,552,977
Beginning Balance of Cash and Cash Equivalent		8,207,517,133	8,058,126,497
Cash & Cash Equivalent Balance At the End of the Period		5,199,311,549	9,570,679,474
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		5,542,320,904	6,075,170,048
Due From Banks		9,880,244,903	9,812,636,221
Treasury Bills and Other Governmental Notes		9,414,560,183	7,047,441,434
Obligatory Reserve Balance With CBE		(3,028,051,899)	(2,811,219,930)
Due from Banks (Time Deposits) More than Three Months		(6,186,983,796)	(6,680,007036)
Treasury Bills With Maturity More than Three months		(10,442,778,746)	(3,873,341,263)
Total Cash & Cash Equivalent		5,199,311,549	9,570,679,474

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of June 30, 2011

June 30, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,660	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754
Transferred to Reserves	-	106,216,559	1,066,083,988	-	-	1,574,746	-	-	(1,173,875,293)	-	-	-	-
Transferred to Retained Earnings	-	-	-	-	(121,501,406)	-	-	-	121,501,406	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(822,831,893)	-	(843,063,191)	-	(843,063,191)
Net Profit of the year	-	-	-	-	-	-	-	-	307,944,024	-	307,944,024	(75,261)	307,868,763
Change During the period	-	-	-	-	(1,262,583)	-	-	-	-	-	(1,262,583)	(102,844)	(1,365,427)
Financial Investment	-	-	-	-	-	-	(285,330,326)	-	-	-	(285,330,326)	-	(285,330,326)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(2,648,019)	2,648,019	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	20,703,739	20,703,739	-	20,703,739
Balance at the end of the period	5,901,443,600	231,344,896	1,144,496,450	302,794,421	(346,599,897)	185,931,315	(303,749,062)	154,344,496	325,697,963	170,224,597	7,765,928,778	46,787,534	7,812,716,312

June 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,098	46,356,546	8,786,434,644
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	1,028,139,869	-	1,028,139,869	655,973	1,028,795,842
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(343,002)	-	-	-	-	-	(343,002)	343,002	-
Addition from Financial	-	-	-	-	-	-	129,977,478	-	-	-	129,977,478	-	129,977,478
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(153,575,808)	153,575,808	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	44,135,782	44,135,782	-	44,135,782
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the period	5,972,275,410	380,348,755	2,036,955,187	-	(482,976,388)	117,805,566	(593,366,385)	128,113,811	1,181,715,678	129,828,073	8,870,699,707	47,355,521	8,918,055,227

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