1st Quarter Unconsolidated Re

RNS Number : 8144L

Commercial Intnl Bank (Egypt) SAE

13 May 2010


Commercial International Bank (Egypt) S.A.E.
Unconsolidated 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
Assets

Cash & Due From Central Bank	15	4,098,439,328	4,179,212,739
Due From Banks	16	7,909,044,105	7,785,042,557
Treasury Bills & Other Notes Discountable at CBE	17	13,571,018,384	13,191,665,954
Trading Financial Assets	18	386,607,420	380,620,682
Loans & Overdrafts for Banks (Net after provisions)	19	191,260,819	200,765,433
Loans & Overdrafts for Customers (Net after provisions)	20	29,337,106,271	27,242,306,896
Financial Derivatives	21	158,429,339	225,347,220
Financial Investments
Available for Sale	22	8,961,113,259	7,420,529,606
Held to Maturity Financial Investments	22	547,554,450	579,926,673
Financial Investments in Subsidiary and associated companies	23	1,138,316,682	1,138,277,487
Real Estate investments	24	42,485,364	42,485,364
Debit Balances and Other Assets	25	1,173,221,010	918,003,883
Deferred Tax	33	46,125,577	39,799,318
Fixed Assets (Net)	26	750,334,191	718,847,964
Total Assets		68,311,119,199	64,062,831,776

Liabilities & Shareholders' Equity
Liabilities

Due to Banks	27	1,061,560,353	458,145,229
Customer Deposits	28	58,314,988,875	54,842,629,843
Financial Derivatives	21	107,471,850	150,526,830
Credit Balances & Other Liabilities	30	1,372,560,936	1,128,964,486
Long Term Loans	29	89,230,051	93,237,042
Other Provisions	31	405,290,617	443,728,578

Total Liabilities		61,351,102,682	57,117,232,007

Shareholders' Equity
Issued & Paid- in Capital	32	2,925,000,000	2,925,000,000
Reserves	32	3,264,397,454	2,077,203,969
Reserve for employee stock ownership plan (ESOP)		180,651,201	161,728,984
Retained Earning		20,231,298	(1,942,684)
Total Shareholders' Equity		6,390,279,952	5,161,990,269
Net Profit of the Period		569,736,565	1,783,609,500
Total Shareholders' Equity & Net Profit		6,960,016,517	6,945,599,768
Total Liabilities & Shareholders' Equity		68,311,119,199	64,062,831,776
Contingent Liabilities & commitments
Letters of Credit, Guarantees and other commitments	37	11,757,641,390	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	1,034,922,676	1,047,983,025
Interest Expense and Similar Charges	6	(515,815,154)	(530,723,818)

Net Interest Income		519,107,522	517,259,207

Fees & Commissions Income	7	204,371,718	149,349,876
Fees and Commissions Expense	7	(17,257,198)	(16,029,590)
Net Income from Fees and Commissions		187,114,520	133,320,286
Dividends Income	8	84,821,549	99,707,405
Net Trading Income	9	80,673,822	146,813,800
(Losses) Profit from Financial Investments	22	58,397,638	(2,354,217)
Administrative Expenses	10	(289,004,834)	(253,063,490)
Other operating (Expenses) Income	11	22,733,232	(52,133,285)
Return (Losses) of impairment of loans	12	(1,911,080)	(11,765,527)
Net Profit before Tax		661,928,369	577,784,180
Income Tax	13	(98,518,063)	(85,340,806)
Deferred Tax	13&33	6,326,259	6,137,381
Net Profit After Tax		569,736,565	498,580,755
Earning per share
Basic	14	1.59	1.51
Diluted	14	1.55	1.47

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		661,928,369	577,784,180
Adjustments To Reconcile Net Income
To Net Cash Provided by operating Activities
Depreciation		45,303,560	46,334,096
Provisions (Formed during the period)		2,082,736	37,088,123
Trading Financial Investment Evaluation Differences		(14,065,167)	(9,294,939)
Impairment of Assets		(1,296,453)	(2,329,265)
Utilization of Provision (except Provisions for Doubtful Debts)		(1,361,150)	(3,962,272)
Provisions no longer used		(37,554,170)	-
FCY Revaluation Differences of Provision Balances except Doubtful Debt		409,559	2,899,477
Losses From Selling of Fixed Assets		(1,833,430)	(609,735)
Losses From Selling of financial Investments		(62,495,543)	(7,567,855)
Losses from selling an investment in subsidiary		-	-
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		609,154,174	660,200,517

Net Decrease (Increase) in Assets
Due from banks		24,633,442	(2,425,305,063)
Treasury Bills & Other Governmental Notes		1,454,263,087	193,665,319
Trading Financial Assets		8,015,429	(251,344,208)
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		(249,236,101)	(176,950,933)
Due to Banks		603,415,124	1,906,408,400
Customer Deposits		3,472,359,032	2,362,070,467
Credit Balances & Other Liabilities		145,078,386	(349,001,794)
Net Cash Provided from Operating Activities		4,004,235,779	1,783,966,335


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of Mar. 31 2010		Mar. 31, 2010	Mar. 31, 2009
Cash Flow From Investment Activities
Investments in subsidiaries & associated companies		(39,195)	(245,505)
Purchase of Fixed Assets, premises and Fitting-out of Branches		(80,937,383)	(58,043,594)
Redemption of Held-to-Maturity Financial Investments		33,318,731	33,520,654
Held to Maturity financial Investments Purchases		(946,509)	(9,181,620)
Available for Sale Financial Investments		(1,392,664,099)	(2,756,011,964)
Real Estate investments		-	3,839,052
Net Cash (Used in) Provided from Investment Activities		(1,441,268,455)	(2,786,122,981)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(3,120,639)	7,041,206
Dividends Paid		(658,369,589)	(478,236,553)

Net Cash (Used in) provided from Financing Activities		(661,490,228)	(471,195,347)

Net cash & cash equivalent changes		1,901,477,096	(1,473,351,994)
Beginning Balance of cash and cash equivalent		10,062,335,630	8,622,040,072
Cash & Cash equivalent Balance At the End of the period		11,963,812,726	7,148,688,078

Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,098,439,328	5,118,066,563
Due From Banks		7,909,044,105	8,291,704,629
Treasury Bills & other governmental notes		13,571,018,384	10,681,933,650
Due from Banks (time deposits)		(7,484,826,893)	(8,142,259,335)
Treasury Bills with Maturity More than Three Months		(6,129,862,198)	(8,800,757,429)
Total Cash & Cash Equivalent		11,963,812,726	7,148,688,078

 
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)	Retained Earnings (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	Total (EGP)
Beginning Balance	2,925,000,000	432,851,511	407,547,602	(1,942,684)	185,993,785	(20,312,399)	-	1,615,100,458	86,727,903	5,630,966,176
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	(1,942,684)	206,530,551	(20,312,399)	-	1,615,100,458	86,727,903	5,651,502,942
Transfer to Reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,836,905)	-	-
Dividends Paid	-	-	-	-	-	-	-	(478,236,556)	-	(478,236,556)
Net Profit of the year	-	-	-	-	-	-	-	1,783,609,500	-	1,783,609,500
Addition from financial investment revaluation	-	-	-	-	-	(86,277,201)	-	-	-	(86,277,201)
Effect of adjusting accounting standards	-	-	-	-	-	-	-	-	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	75,001,081	75,001,081
Capital Increase	-	-	-	-	-	-	-	-	-	-
Usage part of reserve	-	-	-	-	-	-	-	-	-	-
Balance at the end of the year	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	-	1,783,609,500	161,728,984	6,945,599,768

2010	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Inv. Revaluation Diff. (EGP)	Banking Risk Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock ownership plan ESOP	Total (EGP)
Beginning Balance	2,925,000,000	513,606,534	1,463,656,484	(1,942,684)	206,530,551	(106,589,600)	26,652,790	1,756,956,710	161,728,984	6,945,599,768
Transfer to Reserves	-	87,847,835	1,010,739,284	-	-	-	-	(1,098,587,119)	-	-
Dividends Paid	-	-	-	-	-	-	-	(658,369,589)	-	(658,369,589)
Net Profit of the period	-	-	-	-	-	-	-	569,736,565	-	569,736,565
Transfer to retained earnings	-	-	-	22,173,982	(22,173,982)	-	-	-	-	-
Addition from financial investment revaluation	-	-	-	-	-	84,127,558	-	-	-	84,127,558
Effect of adjusting accounting standards	-	-	-	-	-	-	44,378,643	(44,378,643)	-	-
Reserve for Employee Stock ownership plan ESOP	-	-	-	-	-	-	-	-	18,922,217	18,922,217
Balance at the end of period	2,925,000,000	601,454,369	2,474,395,768	20,231,298	184,356,569	(22,462,042)	71,031,433	525,357,923	180,651,201	6,960,016,519