1st Quarter Consolidated Resu

RNS Number : 8141L

Commercial Intnl Bank (Egypt) SAE

13 May 2010

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2010
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of Mar. 31, 2010
Amounts in L.E.	Note	31-Mar-2010		31-Dec-2009 (Restated)
Assets
Cash & Due From Central Bank	15	4,098,896,337		4,179,256,489
Due From Banks	16	8,080,344,588		7,946,147,786
Treasury Bills & Other Notes Discountable at CBE	17	13,575,742,969		13,198,960,913
Trading Financial Assets	18	565,803,757		491,138,956
Loans & Overdrafts for Banks ( Net after Provision)	19	191,260,819		200,765,433
Loans & Overdrafts for Customers ( Net after Provision)	20	29,337,106,271		27,242,306,869
Financial Derivatives	21	158,429,339		225,347,220
Financial Investments
Available for Sale	22	8,971,680,580		7,429,977,151
Held to Maturity	22	567,682,491		590,057,209
Financial Investments in associated companies	23	86,863,558		74,750,645
Brokers-Debit Balances		178,931,462		80,154,770
Reconciliation Accounts- Debit Balances		-		20,302,650
Real Estate Investments	24	42,485,364		42,485,364
Debt Balances and other Assets	25	1,176,681,129		963,058,418
Goodwill		190,443,866		200,467,228
Intangible Assets		556,604,736		573,471,546
Deferred Tax	24	45,280,919		37,232,586
Fixed Assets (Net)	25	745,043,219		749,602,993
Total Assets		68,569,281,403		64,245,484,253
Liabilities & Shareholders' Equity
Liabilities
Due to Banks	27	1,061,560,353		458,145,229
Customer Deposits	28	58,162,948,569		54,648,654,522
Brokers-Credit Balance		286,673,337		212,593,347
Reconciliation Accounts-Credit Balances		16,138,275		-
Financial Derivatives	21	107,471,850		150,526,830
Credit Balances & Other Liabilities	30	1,400,047,942		1,162,019,568
Long Term Loans	29	89,230,051		93,237,042
Other Provisions	31	411,278,468		450,056,493
Total Liabilities		61,535,348,845		57,175,233,031
Shareholders' Equity
Issued and Paid In Capital	29	2,925,000,000		2,925,000,000
Reserves	31	3,566,504,525		2,379,311,040
Reserve for employee stock ownership plan (ESOP)		180,651,201		161,728,984
Retained Earning		(212,673,915)		(176,287,838)
Total Shareholders' Equity		6,459,481,810		5,289,752,186
Net Profit of the Period/year		528,380,846		1,734,891,714
Total Shareholders' Equity & Net Profit		6,987,862,656		7,024,643,900
Minority Interest		46,069,902		45,607,323
Total Liabilities &  Shareholders' Equity		68,569,281,403		64,245,484,253
Contingent liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,757,591,390		12,637,872,568
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of Mar. 31 2010
Amounts in LE.	Note	Mar. 31, 2010		Mar. 31, 2009
Interest and Similar Income	6	1,035,830,917		1,049,573,089
Interest Expenses and Similar Charges	6	(516,009,902)		(531,339,572)
Net Interest Income		519,821,015		518,233,517
Fees & Commissions Income	7	231,363,496		167,843,388
Fees and Commissions Expense	7	(17,151,477)		(16,029,590)
Net Income from Fees and Commissions		214,212,019		151,813,798
Dividends Income	8	64,123,657		99,707,405
Net Trading Income	9	83,597,485		151,005,723
(Losses) Profit from Financial Investments	22	58,397,638		(2,454,862)
Goodwill Amortization		(10,023,361)		-
Administrative Expenses	10	(320,782,046)		(281,267,506)
Other operating (Expenses) Income	11	23,157,996		(54,123,142)
Return (Losses) of impairment from loans	12	(1,911,080)		(11,765,527)
Intangible Assets Amortization		(16,866,810)		(16,866,810)
Bank's share in the profits of Associates		12,073,718		-
Net Profit before Tax		625,800,230		554,282,597
Income Tax	13	(103,405,138)		(86,848,070)
Deferred Tax	13&33	6,448,333		4,583,409
Net Profit After Tax		528,843,425		572,017,936
Minority Interest		462,579		324,363
Bank Shareholders		528,380,846		471,693,573
Earning per share
Basic	14	1.46		1.43
Diluted	14	1.42		1.39
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of Mar. 31 2010
Amounts in LE.		Mar. 31, 2010		Mar. 31, 2009
Cash Flow from Operating Activities
Net Income Before Tax		625,800,230		554,282,597
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		46,300,428		47,517,609
Provisions (Formed during the period)		33,833,418		37,566,244
Trading Financial Investment Evaluation Differences		(14,065,167)		(9,294,939)
Intangible Assets Amortization		(16,866,810)		(16,866,810)
Goodwill Amortization		(10,023,361)		-
Impairment of Assets		(1,296,453)		(2,329,265)
Utilization of Provisions (Except Provision for Doubtful Debts)		(1,361,150)		(5,012,830)
Provisions no longer used		(37,914,910)		-
FCY Revaluation Differences of Provision Balances (except Doubtful Debts)		409,559		2,899,477
Losses From Selling Fixed Assets		(1,833,430)		(609,735)
Losses From Selling financial Investments		(62,495,543)		(7,567,855)
FCY Revaluation Difference of  Long Term Loans		(886,352)		(560,550)
Share Based Payments		18,922,217		20,419,257
Operating Profits Before Changes in Operating Assets and Liabilities		578,522,774		620,443,200
Net Decrease (Increase) in Assets
Due from banks		(24,633,442)		(2,414,402,063)
Treasury Bills & Other Notes Discountable at CBE		1,454,236,087		202,115,319
Trading Financial Assets		(60,599,634)		(254,653,950)
Financial Derivatives (Net)		23,862,901		(55,017,097)
Loans & Overdrafts		(2,087,309,696)		(434,661,139)
Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(247,822,932)		194,345,944
Due to Banks		603,415,124		1,916,074,630
Customer Deposits		3,514,294,047		2,374,571,801
Credit Balances & Other Liabilities		244,539,821		(333,067,366)
Net Cash Provided from Operating Activities		4,047,798,934		1,815,749,279
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Mar. 31 2009		Mar. 31, 2009		Mar. 31, 2008
Cash Flow From Investing Activities
Investments in associated companies		(12,112,913)		(245,505)
Purchase of Fixed Assets, premises and Fitting-out of Branches		(5,707,103)		(64,857,088)
Redemption of Held-to-Maturity Financial Investments		33,318,731		33,520,654
Held to Maturity financial Investments Purchases		10,944,014		(9,181,620)
Available for Sale Financial Investments		(1,477,911,433)		(2,755,596,086)
Real Estate Investments		-		3,839,052
Net Cash (Used in) Provided from Investment  Activities		(1,473,356,731)		(2,792,520,593)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(3,120,639)		7,041,206
Dividends Paid		(661,806,331)		(478,236,553)
Net Cash (Used in) Financing Activities		(664,926,970)		(471,195,347)
Net cash & cash equivalent changes		1,909,515,233		(1,447,966,661)
Beginning Balance of cash and cash equivalent		10,230,779,568		8,778,740,569
Cash & Cash equivalent Balance At the End of the period		12,140,294,802		7,330,773,908
Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,098,896,337		5,118,485,646
Due From Banks		8,080,344,588		8,456,786,434
Treasury Bills & other governmental notes		13,575,742,969		10,699,658,592
Due from Banks (Time Deposits)		(7,484,826,893)		(8,143,399,335)
Treasury Bills With maturity More than 3 months		(6,129,862,199)		(8,800,757,429)
Total Cash & Cash Equivalent		12,142,294,802		7,330,773,908

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of Mar. 31 2010

2009	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earning (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the Year (EGP)	Reserve for Employee Stock ownership plan ESOP (EGP)	Total Shareholders Equity (EGP)
Beginning Balance	2,925,000,000	432,851,511	507,547,602	302,794,421	87,845,690	185,993,785	(20,985,045)	-	1,370,592,742	86,727,903	5,778,368,609
Effect of adjusting Accounting Standards	-	-	-	-	-	20,536,766	-	-	-	-	20,536,766
Beginning Balance after adjustments	2,925,000,000	432,851,511	407,547,602	302,794,421	87,845,690	206,530,551	(20,985,045)	-	1,370,592,742	86,727,903	5,798,905,375
Transfer to reserves	-	80,755,023	1,056,108,883	-	-	-	-	-	(1,136,863,906)	-	-
Transfer to Retained earning	-	-	-	-	(244,507,717)	-	-	-	244,507,717	-	-
Dividends paid	-	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)
Net profits of the year	-	-	-	-	-	-	-	-	1,734,891,714	-	1,734,891,714
Change during the year	-	-	(152,185)	-	(1,023,965)	-	-	-	-	-	(1,176,150)
Addition from financial Investment revaluation	-	-	-	-	-	-	(86,139,721)	-	-	-	(86,139,721)
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	75,001,081	75,001,081
Effect of adjusting accounting standards	-	-	-	-	(18,601,847)	-	-	26,652,790	(26,652,790)	-	(18,601,847)
Balance at the end of the year	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(176,287,838)	206,530,551	(107,124,766)	26,652,790	1,708,238,924	161,728,984	7,024,643,899

2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank share before acquisition	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the Year	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity
Beginning Balance	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(176,287,838)	206,530,551	(107,124,766)	26,652,790	1,708,238,924	161,728,984	7,024,643,899
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	-	(1,098,587,119)	-	-
Transfer to Retained Earnings	-	-	-	-	(37,980,544)	(22,173,982)	-	-	52,154,526	-	(8,000,000)
Dividends paid	-	-	-	-	-	-	-	-	(661,806,331)	-	(661,806,331)
Net Profits of the Period	-	-	-	-	-	-	-	-	528,380,846	-	528,380,846
Change during the year	-	-	-	-	1,594,467	-	-	-	-	-	1,594,467
Addition from Financial Investments Revaluation	-	-	-	-	-	-	84,127,558	-	-	-	84,127,558
Effects of adjusting accounting standards	-	-	-	-	-	-	-	44,378,643	(44,378,643)	-	-
Reserve for employee stock ownership plan ESOP	-	-	-	-	-	-	-	-	-	18,922,217	18,922,217
Revaluation Differences of Fixed Assets	-	-	-	-	-	-	-	-	-	-	-
Balance at the end of the period	2.925,000,000	601,454,369	2,474,243,584	302,794,421	(212,673,915)	184,356,569	22,997,208	71,031,433	484,002,203	180,651,201	6,987,862,656

 

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