1st Quarter Consolidated Results

RNS Number : 1161Y

Commercial Intnl Bank (Egypt) SAE

13 May 2016

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2016
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2016
	Note	Mar.31, 2016		Dec. 31 ,2015
		EGP  Thousands		EGP  Thousands
Assets
Cash and Balances with Central Bank	15	16,409,342		9,848,954
Due From Banks	16	31,110,134		21,002,305
Treasury Bills and Other Governmental Notes	17	18,194,950		22,130,170
Trading Financial Assets	18	4,967,350		5,848,377
Loans and Advances to Banks, net	19	43,172		38,443
Loans and Advances to Customers, net	20	60,012,073		56,797,576
Non-current Assets Held for Sale	42	3,573,823		1,066,270
Derivative Financial Instruments	21	150,374		80,995
Financial Investments
- Available for Sale	22	42,474,133		46,289,075
- Held to Maturity	22	9,259,909		9,261,220
Investments in Associates	23	35,094		159,983
Other Assets	24	4,483,454		4,789,291
Goodwill	41	198,988		209,842
Intangible Assets	41	596,788		629,340
Deferred Tax Assets (Liabilities)	32	316,592		258,157
Property, Plant and Equipment	25	1,080,617		1,090,181
Total Assets		192,906,793		179,500,179
Liabilities and Equity
Liabilities
Due to Banks	26	628,954		1,600,769
Due to Customers	27	169,352,150		155,234,416
Non-current Liabilities Held for Sale	42	2,325,907		371,622
Current Tax Liabilities	21	127,628		145,735
Other Liabilities		482,726		1,949,694
Long Term Loans	29	4,214,790		2,622,269
Other Provisions	28	124,234		131,328
Total Liabilities	30	914,715		861,761
Equity
Issued and Paid- in Capital	31	11,470,603		11,470,603
Reserves	34	1,464,757		151,993
Reserve for Employee Stock Ownership Plan (ESOP)		296,809		248,148
Retained Losses		32,277		(64,566)
Total Equity		13,264,446		11,806,178
Net Profit of the Year		1,291,554		4,728,976
Total Equity and Net Profit for the Year		14,556,000		16,535,154
Minority interest		179,689		47,431
Total Minority Interest, Equity and Net Profit for year		14,735,689		16,582,585
Total Liabilities, Equity, Minority Interest and Net Profit for year		192,906,793		179,500,179
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2016
	Note	Mar. 31, 2016		Mar. 31, 2015
		EGP  Thousands		EGP  Thousands
Interest and Similar Income		4,178,859		3,377,796
Interest and Similar Expense		(1,910,574)		(1,508,295)
Net Interest Income	6	2,268,285		1,869,501
Fee and Commissions Income		463,058		455,338
Fee and Commissions Expense		(83,981)		(53,418)
Net fee and commission income	7	379,077		401,920
Dividend Income	8	492		-
Net Trading Income	9	107,642		63,528
Profit (Losses) on Financial Investments	22	33,820		163,823
Administrative Expenses	10	(601,548)		(488,665)
Other Operating (Expenses) Income	11	(161,400)		12,623
Goodwill Amortization	42	(10,854)		-
Intangible Assets Amortization	42	(32,552)		-
Impairment Charge for Credit Losses	12	(287,613)		(420,898)
Bank's Share in the Profits of Associates		(740)		15,442
Profit Before Income Tax		1,694,609		1,617,274
Income Tax Expense	13	(482,726)		(542,567)
Deferred Tax Assets (Liabilities)	32 & 13	58,435		20,050
Net Profit from Continued Operations		1,270,318		1,094,757
Discontinued Operations
Net profit from discontinued operations	42	25,961		13,642
Net profit for the year		1,296,279		1,108,399
Minority interest		4,725		233
Bank shareholders		1,291,554		1,108,166
Earnings per share	14
Basic		1.03		0.83
Diluted		1.01		0.82
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March 31, 2016
		Mar. 31, 2016		Mar. 31, 2015
		EGP  Thousands		EGP  Thousands
Cash Flow From Operating Activities
Profit before income tax from continued operations		1,694,609		1,617,274
Profit before income tax from Discontinued Operations		32,148		18,351
Adjustments To Reconcile Net Profit to Net Cash Provided by Operating Activities
Fixed Assets Depreciation		64,951		54,692
Impairment Charges for credit losses		287,613		420,898
Other Provisions Charges		23,622		27,970
Trading Financial Investment Revaluation Differences		195,000		95,971
Available for sale and held to maturity investments exchange revaluation differences		(263,567)		(69,351)
Goodwill Amortization		10,854		-
Intangible Assets Amortization		32,552		-
Financial Investments Impairment Charge		19,481		22,868
Utilization of Other Provisions		(470)		(155)
Other Provisions No Longer Used		(33,132)		-
Exchange Differences of Other Provisions		62,934		7,920
Profits From Selling Property, Plant and Equipment		(164)		(647)
Profits From Selling Financial Investments		(16,259)		(177,242)
Profits From Selling Associates		(84,934)		-
Share Based Payments		48,661		42,609
Investments in Associates Revaluation		740		(15,442)
		-		(24,299)
Operating Profits Before Changes in Operating Assets and Liabilities		2,074,639		2,021,417
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(13,650,312)		(1,637,664)
Treasury Bills & Other Governmental Notes		5,128,034		(3,500,850)
Trading Financial Assets		686,027		(1,997,694)
Derivative Financial Instruments		(87,486)		56,209
Loans and Advances to Banks and Customers		(3,506,839)		(4,715,627)
Other Assets		(2,079,531)		(112,901)
Due to Banks		(971,815)		(721,611)
Due to Customers		14,117,734		14,042,048
Income Tax Obligation Paid		(1,949,694)		(1,814,609)
Other Liabilities		3,682,924		1,024,770
Net Cash Provided from Operating Activities		3,443,681		2,643,488
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March 31, 2016		Mar. 31, 2016		Mar. 31, 2015
Cash Flow From Investing Activities
Payment for purchase of subsidiary and associates		48,607		491
Proceeds from selling subsidiary and associates		159,989		-
Payment for purchases of property, plant, equipment and branches constructions		(174,558)		(116,559)
Proceeds from redemption of held to maturity financial investments		1,311		2,765,025
Payment for purchases of held to maturity financial investments		-		(3,813,120)
Payment for purchases of  available for sale financial investments		(143,557)		(5,852,952)
Proceeds from selling available for sale financial investments		2,345,789		1,666,803
Net cash used in investing activities		2,237,581		(5,350,312)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(7,094)		(28,216)
Dividend Paid		(1,463,450)		(473,838)
Net cash used in financing activities		(1,470,544)		(502,054)
Net Increase (Decrease) in Cash and Cash Equivalent during the year		4,210,718		(3,208,878)
Beginning Balance of Cash and Cash Equivalent		12,622,531		15,062,901
Cash and Cash Equivalent At the End of the Year		16,833,249		11,854,023
Cash and Cash Equivalent Comprise:
Cash and Balances with Central Bank		16,409,342		8,842,134
Due From Banks		31,110,134		9,979,956
Treasury Bills and Other  Governmental Notes		18,194,950		30,680,693
Obligatory Reserve Balance With CBE		(13,893,058)		(6,820,947)
Due from Banks with Maturities More than Three Months		(23,503,792)		(5,216,773)
Treasury Bills with Maturity  More than Three Months		(11,484,327)		(25,611,040)
Total Cash and Cash Equivalent		16,833,249		11,854,023

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

Mar. 31, 2015	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Total Shareholders Equity	Minority Interest	Total
												EGP Thousands
Beginning balance	9,081,734	621,084	1,850,496	(155,160)	28,108	(593,236)	1,991	3,741,456	177,765	14,754,238	49,194	14,803,432
Transferred to reserves	-	182,271	1,898,985	-	2,106	-	-	(2,083,362)	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	93,926	-	-	-	(93,926)	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,563,646)	-	(1,563,646)	-	(1,563,646)
Net profit of the period	-	-	-	-	-	-	-	1,108,166	-	1,108,166	233	1,108,399
Transfer from special reserve	-	-	-	-	-	-	-	-	-	-	-	-
Change in owner ship percentage	-	-	-	-	-	-	-	-	-	-	-	-
Net unrealised gain/(loss) on AFS	-	-	-	-	-	117,431	-	-	-	117,431	-	117,431
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	522	(522)	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	42,609	42,609	-	42,609
Balance at the end of the period	9,081,734	803,355	3,749,481	(61,234)	30,214	(475,805)	2,513	1,108,166	220,374	14,458,798	49,427	14,508,225

CONSOLIDATED  STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED MARCH  31,  2016

Mar. 31, 2016	Issued and paid up capital	Legal reserve	General reserve	Retained earnings (losses)	Special reserve	Reserve For  A.F.S  investments revaluation diff.	Banking risks reserve	Net profit for the period	Reserve for employee stock ownership plan	Cumulative foreign currencies translation differences	Total Shareholders Equity	Minority Interest	Total
													EGP Thousands
Beginning balance	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
Transferred to reserves	-	232,008	2,944,190	-	564	-	-	(3,176,762)	-	-	-	-	-
Transferred to retained earnings (losses)	-	-	-	88,258	-	-	-	(88,258)	-	-	-	-	-
Dividend paid	-	-	-	-	-	-	-	(1,463,450)	-	-	(1,463,450)	-	(1,463,450)
Net profit of the period	-	-	-	-	-	-	-	1,291,554	-	-	1,291,554	4,725	1,296,279
Change in owner ship percentage	-	-	-	8,585	-	-	-	-	-	-	8,585	127,533	136,118
Net unrealised gain/(loss) on AFS	-	-	-	-	-	(1,873,055)	-	-	-	-	(1,873,055)	-	(1,873,055)
Transferred (from) to  bank risk reserve	-	-	-	-	-	-	506	(506)	-	-	-	-	-
Cost of employees stock ownership plan (ESOP)	-	-	-	-	-	-	-	-	48,661	-	48,661	-	48,661
Cumulative foreign currencies translation differences	-	-	-	-	-	-	-	-	-	8,551	8,551	-	8,551
Balance at the end of the period	11,470,603	1,035,363	4,462,563	32,277	30,778	(4,075,517)	3,019	1,291,554	296,809	8,551	14,556,000	179,689	14,735,689

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