1st Half 2014 Consolidated Financial Statments

RNS Number : 0152N

Commercial Intnl Bank (Egypt) SAE

23 July 2014

 

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Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
June 30,  2014
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of June 30, 2014
Amounts in EGP Thousand	Note	June 30, 2014		Dec. 31, 2013
Assets
Cash & Balances with Central Bank	15	6,173,381		4,804,974
Due From Banks	16	11,629,599		9,003,951
Treasury Bills & Other Governmental Notes	17	20,668,152		23,665,429
Trading Financial Assets	18	3,231,673		2,286,485
Loans & Advances to Banks	19	69,546		132,422
Loans & Advances to Customers	20	44,992,418		41,733,252
Derivative Financial Instruments	21	73,407		103,085
Financial Investments
Available for Sale	22	27,195,216		23,378,104
Held to Maturity	22	8,988,994		4,197,177
Investments in Associates	23	216,231		192,753
Brokerage Clients-Debit Balances		648,536		270,811
Reconciliation Accounts- Debit Balances		-		28,779
Investment Property	24	4,056		9,696
Other Assets	25	3,291,323		2,892,343
Deferred Tax	33	72,740		83,557
Property, Plant and Equipment	26	984,247		969,176
Total Assets		128,240,119		113,751,994
Liabilities and Equity
Liabilities
Due to Banks	27	683,367		1,373,410
Due to Customers	28	110,900,133		96,845,683
Brokerage clients-Credit Balance		361,920		167,379
Reconciliation accounts- credit balances		16,318		-
Derivative Financial Instruments	21	105,575		114,879
Current Income Tax obligations		843,785		1,179,709
Other Liabilities	30	1,547,304		1,476,957
Long Term Loans	29	212,188		132,153
Other Provisions	31	555,922		454,699
Total Liabilities		115,226,512		101,744,869
Equity
Issued and Paid In Capital	32	9,081,734		9,002,435
Reserves	32	2,169,047		307,059
Reserve for Employee Stock Ownership Plan (ESOP)		132,538		190,260
Retained Earnings (losses)		(155,160)		(546,531)
Total Equity		11,228,159		8,953,223
Net Profit of the Period/Year After Tax		1,737,322		3,006,488
Total Equity And Net Profit For Period/Year		12,965,481		11,959,711
Minority Interest		48,126		47,414
Total Minority Interest and Equity		18,013,607		12,007,125
Total Liabilities, Equity and Minority Interest		128,240,119		113,751,994
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	22,094,107		16,182,440
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of June 30, 2014
Amounts in EGP. Thousands	Note	June 30, 2014		June 30, 2013
Interest and Similar Income		5,265,020		4,508,235
Interest and Similar Expenses		(2,462,929)		(2,098,424)
Net Interest Income	6	2,802,091		2,409,811
Fees & Commissions Income		909,762		721,374
Fees and Commissions Expense		(82,036)		(63,183)
Net Income from Fees and Commissions	7	827,726		658,191
Dividend Income	8	28,493		14,065
Net Trading Income	9	402,021		381,716
Profit (Losses) from Financial Investments	22	9,389		2,148
Administrative Expenses	10	(832,921)		(750,420)
Other operating (Expenses) Income	11	(296,168)		(231,603)
Impairment Charge for Credit Losses	12	(359,160)		(490,785)
Intangible Assets Amortization		-		(4,177)
Bank's Share in the Profits of Associates		17,310		10,166
Profit Before IncomeTax		2,598,781		1,999,111
Income Tax Expense	13	(849,921)		(674,177)
Deferred Tax	33 & 13	(10,817)		4,189
Net Profit For the Period		1,738,043		1,329,124
Minority Interest		721		282
Bank Shareholders		1,737,322		1,328,842
Earning per share	14
Basic		1.62		1.30
Diluted		1.51		1.29
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of June 30, 2014
Amounts in EGP. Thousands		June 30, 2014		June 30, 2013
Cash Flow from Operating Activities
Profit Before Income Tax		2,598,781		1,999,112
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		104,686		92,706
Impairment  Charge for credit losses		359,160		490,785
Other Provisions Charges		102,316		69,072
Trading Financial Investment Revaluation Differences		(42,980)		(5,284)
Intangible Assets Amortization		-		4,178
Available for sale and held to maturity investments exchange revaluation differences		(38,176)		(136,563)
Financial Investments Impairment Charge (Release)		8,447		(31,201)
Utilization of Other Provisions		(6,504)		(4,020)
Other Provisions No Longer Used		-		(142)
Exchange Differences of Other Provisions		5,411		15,527
Profits From Selling Property, Plant and Equipment		(392)		(495)
Profits From Selling Financial Investments		(9,408)		(2,230)
Shares Based Payments		54,630		47,923
Investments in Associates Revaluation		(17,311)		(14,204)
Operating Profits Before Changes in Operating Assets and Liabilities		3,118,660		2,525,164
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(2,493,816)		(1,804,751)
Treasury Bills & Other Governmental Notes		953,655		(6,760,815)
Trading Financial Assets		(902,208)		(287,190)
Derivative Financial Instruments		20,374		24,760
Loans and Advances to Banks and Customers		(3,555,450)		(928,066)
Other Assets		(744,548)		(63,536)
Due to Banks		(690,043)		(761,355)
Due to Customers		14,054,450		12,458,181
Income Tax obligation Paid		(1,179,709)		(819,362)
Other Liabilities		275,070		5,809
Net Cash Provided from Operating Activities		8,856,435		3,588,839
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of June 30, 2014		June 30, 2014		June 30, 2013
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(6,167)		(7,527)
Purchases of Property, Plant and Equipment		(122,742)		(374,266)
Redemption of Held-to-Maturity Financial Investments		3,132		11,875
Purchases of Held to Maturity Financial Investment		(4,794,949)		-
Purchases of Available for Sale Financial Investments		(6,192,434)		(778,731)
Proceeds from Selling Available For Sale Financial Investments		2,801,705		2,682,302
Proceeds from Selling Real Estate Investments		5,640		700
Net Cash Generated from (Used in) Investing  Activities		(8,305,815)		1,534,353
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		80,035		37,300
Dividend Paid		(1,253,338)		(1,055,843)
Capital Increase		79,299		29,348
Net Cash Generated from (Used in) Financing Activities		(1,094,004)		(989,194)
Net Increase (Decrease) in Cash and Cash Equivalent		(543,384)		4,133,997
Beginning Balance of Cash and Cash Equivalent		11,888,627		5,665,914
Cash & Cash Equivalent Balance At the End of the Period		11,345,243		9,799,911
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		6,173,381		6,417,884
Due From Banks		11,629,599		9,942,223
Treasury Bills and Other Governmental Notes		20,668,152		17,799,004
Obligatory Reserve Balance With CBE		(3,258,699)		(3,284,941)
Due from Banks (Time Deposits) More than Three Months		(7,608,107)		(6,250,366)
Treasury Bills With Maturity More than Three months		(16,259,083)		(14,823,893)
Total Cash & Cash Equivalent		11,345,243		9,799,911

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED JUNE 30, 2013

June 30, 2013	Capital	Legal Reserve	General Reserve	Retained Earnings (losses)	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	Total (EGP Thousand)
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	29,348	-	-	-	-	-	-		-	-	29,348	-	29,348
Transferred to Reserves	-	110,016	1,277,121	-	2,388	-	-		(1,325,842)	(63,683)	-	-	-
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 Period	-	-	-	-	-	-	-		1,328,842	-	1,328,842	282	1,329,124
Change in Ownership Percentage	-	-	-	(131)	-	-	-		-	-	(131)	3	(128)
Net change at fair value of AFS Financial Investment	-	-	-	-	-	(425,415)	-		-	-	(425,415)	-	(425,415)
Transferred (From) to Bank Risk Reserve	-	-	-	-	-	-	(15,016)		15,016	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-		-	47,923	47,923	-	47,923
Balance at the end of the period	6,001,623	490,365	3,314,076	(546,516)	120,194	(272,050)	88,701		1,343,858	149,001	10,689,252	47,805	10,737,057

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED JUNE 30, 2014

June 30, 2014	Capital	Legal Reserve	General Reserve	Retained Earnings (losses)	Special Reserves	Reserves for A.F.S Investments Revaluation Diff.		Banking Risk reserve	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders' Equity	Minority Interest	Total (EGP Thousand)
Beginning Balance	9,002,435	490,365	406,090	(546,539)	27,368	(720,479)	1,991		3,108,214	190,260	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 of the Period	-	-	-	-	-	-	-		1,737,322	-	1,737,322	721	1,738,043
Change in Ownership Percentage	-	-	-	(9)	-	-	-		-	-	9	(9)	-
Net change at fair value of AFS Financial Investment	-	-	-	-	-	387,846	-		-	-	387,846	-	387,846
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-		-	54,630	54,630	-	54,630
Balance at the end of the period	9,081,734	621,084	1,850,496	(155,160)	28,109	(332,633)	1,991		1,737,322	132,538	12,965,481	48,126	13,013,607

 

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