3rd Quarter Results

RNS Number : 9817V
Commercial Intnl Bank (Egypt) SAE
11 November 2010
 












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

Consolidated Financial Statements

September 30,  2010











COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

FINANCIAL POSITION





As of Sep. 30, 2010





Amounts in EGP

Note

Sep. 30, 2010


Dec. 31,2009

(Restated)

Assets










Cash & Due From Central Bank

15

4,532,683,673


4,179,256,489

Due From Banks

16

7,691,416,292


7,946,147,786

Treasury Bills & Other Notes Discountable at CBE

17

8,416,562,813


13,198,960,913

Trading Financial Assets

18

1,118,322,611


491,138,956

Loans & Overdrafts for Banks ( Net after Provision)

19

137,153,805


200,765,433

Loans & Overdrafts for Customers ( Net after Provision)

20

33,766,969,059


27,242,306,869

Financial Derivatives

21

219,896,414


225,347,220

Financial Investments





Available for Sale

22

12,262,788,010


7,429,977,151

Held to Maturity

22

356,320,015


590,057,209

         Financial Investments in associated companies

23

104,169,316


74,750,645

Brokers-Debit Balances


185,015,801


80,154,770

Reconciliation Accounts- Debit Balances


-


20,302,650

Real Estate Investments

24

36,495,664


42,485,364

Debt Balances and other Assets

25

953,512,451


963,058,418

Goodwill


170,397,143


200,467,228

Intangible Assets


522,871,116


573,471,546

Deferred Tax

24

38,918,006


37,232,586

Fixed Assets (Net)

25

726,177,097


749,602,993

Total Assets


71,239,669,286


64,245,484,253






Liabilities & Shareholders' Equity





Liabilities










Due to Banks

27

750,373,798


458,145,229

Customer Deposits

28

60,498,098,503


54,648,654,522

Brokers-Credit Balance


163,926,269


212,593,347

Reconciliation Accounts-Credit Balances


24,753,115


-

Financial Derivatives

21

183,606,745


150,526,830

Credit Balances & Other Liabilities

30

1,108,852,836


1,162,019,568

Long Term Loans

29

135,064,615


93,237,042

Other Provisions

31

362,767,980


450,056,493






Total Liabilities


63,227,443,861


57,175,233,031






Shareholders' Equity





Issued and Paid In Capital

29

5,901,443,600


2,925,000,000

Reserves

31

720,408,400


2,379,311,040

Reserve for employee stock ownership plan (ESOP)

   

139,930,990


161,728,984

Retained Earning


(212,641,747)


(176,287,838)

Total Shareholders' Equity


6,549,141,242


5,289,752,186

Net Profit of the Period/year


1,416,186,038


1,734,891,714

Total Shareholders' Equity & Net Profit


7,965,327,281


7,024,643,900

Minority Interest


46,898,144


45,607,323

Total Liabilities &  Shareholders' Equity


71,239,669,286


64,245,484,253

Contingent liabilities & commitments





Letters of Credit, Guarantees and other commitments

37

11,483,218,710


12,637,872,568

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

INCOME  STATEMENT





As of Sep. 30, 2010















Amounts in EGP.

Note

Sep. 30, 2010


Sep. 30, 2009

(Restated)






Interest and Similar Income

6

3,309,623,888


3,050,532,517

Interest Expenses and Similar Charges

6

(1,665,924,377)


(1,541,234,046)






Net Interest Income


1,643,699,511


1,509,298,471






Fees & Commissions Income

7

688,909,563


578,000,313

Fees and Commissions Expense

7

(58,278,187)


(46,930,027)

Net Income from Fees and Commissions


630,631,376


531,070,286

Dividends Income

8

105,061,783


129,389,084

Net Trading Income

9

262,820,234


359,818,056

Profit from Financial Investments

22

174,443,538


62,867,723

Goodwill Amortization


(30,070,084)


-

Administrative Expenses

10

(975,922,760)


(882,826,291)

Other operating (Expenses) Income

11

(18,690,144)


(27,992)

Return (Losses) of impairment from loans

12

(28,702,347)


(139,568,922)

Intangible Assets Amortization


(50,600,430)


(50,600,430)

Bank's share in the profits of Associates


12,397,111


-

Net Profit before Tax


1,725,067,788


1,519,419,985

Income Tax

13

(307,676,349)


(257,245,945)

Deferred Tax

13&33

85,420


13,191,868

Net Profit After Tax


1,417,476,859


1,275,365,908

Minority Interest


1,290,821


4,573,280

Bank Shareholders


1,416,186,038


1,270,792,628

Earning per share





Basic

14

1.95


1.91

Diluted

14

1.92


1.87

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1a





As of Sep. 30 2010





Amounts in EGP.


Sep.30, 2010


Sep. 30, 2009

(Restated)

Cash Flow from Operating Activities





Net Income Before Tax


1,725,067,788


1,519,419,985

Adjustments To Reconcile Net Income





To Net Cash Provided by operating Activities





Depreciation


137,775,086


146,004,606

Provisions (Formed during the period)


85,537,000


146,581,885

Trading Financial Investment Evaluation Differences


(70,759,769)


4,743,400

Intangible Assets Amortization


(50,600,430)


(50,600,430)

Goodwill Amortization


(30,070,084)


-

Impairment of Assets


(32,544,969)


4,690,062

Utilization of Provisions (Except Provision for Doubtful Debts)


(1,556,850)


(6,542,060)

Provisions no longer used


(108,465,097)


(3,499,887)

FCY Revaluation Differences of Provision Balances (except Doubtful Debts)


4,657,616


(259,087)

Profits From Selling Fixed Assets


(2,073,253)


15,344,069

Profits From Selling financial Investments


(126,694,967)


(3,416,690)

FCY Revaluation Difference of  Long Term Loans

176,557


434,463

Share Based Payments

56,766,651


60,117,462

Operating Profits Before Changes in Operating Assets and Liabilities


1,587,215,375


1,833,017,778






Net Decrease (Increase) in Assets





Due from banks


135,222,889


(585,876,600)

Treasury Bills & Other Notes Discountable at CBE


1,047,055,612


2,216,935,318

Trading Financial Assets


(556,423,886)


(262,298,962)

Financial Derivatives (Net)


38,530,721


(40,675,900)

Loans & Overdrafts


(6,528,511,716)


(930,946,199)






Net Increase (Decrease) In Liabilities





Debit Balances and Other Assets


(54,207,075)


(178,439,710)

Due to Banks


292,228,569


517,259,211

Customer Deposits


5,849,443,981


2,046,087,756

Credit Balances & Other Liabilities


(315,947,759)


(321,279,901)

Net Cash Provided from Operating Activities

1,494,606,710


4,293,782,791

 

 

 

 

 

 

 

 






COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

CASH FLOW STATEMENT 1b





As of  Sep. 30 2010


Sep. 30, 2010


Sep. 30, 2009

(Restated)

Cash Flow From Investing Activities





(Payments) Incomings from (Purchase) selling associated co.


(29,418,671)


55,302,976

Purchase of Fixed Assets, premises and Fitting-out of Branches


(48,522,895)


(151,786,904)

Redemption of Held-to-Maturity Financial Investments


249,656,598


82,086,393

Held to Maturity financial Investment Purchases


(15,919,404)


(22,033)

Purchase of Available for Sale Financial Investments


(4,563,382,432)


(5,040,119,863)

Real Estate Investments


5,989,700


-

Net Cash (Used in) Provided from Investment  Activities


(4,401,597,104)


(5,054,539,431)






Cash Flow From Financing Activities





Increase (Decrease) in Long Term Loans


41,651,016


(12,863,095)

Dividends Paid


(661,806,331)


(478,236,553)

Capital Increase


25,721,800


-

Net Cash (Used in) Financing Activities


(594,433,515)


(491,099,648)






Net cash & cash equivalent changes


(3,501,423,909)


(1,251,856,288)

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


6,729,355,659


7,526,884,281






Cash & Cash Equivalent are Represented as Follows





Cash and Due from Central Bank


4,532,683,673


4,174,723,405

Due From Banks


7,691,416,292


6,670,737,666

Treasury Bills & other governmental notes


8,416,562,813


9,806,172,890

Due from Banks (Time Deposits) More than Three Months


(7,374,237,446)


(6,314,873,872)

Treasury Bills With maturity More than Three months


(6,537,069,672)


(6,809,875,808)

Total Cash & Cash Equivalent


6,729,355,660


7,526,884,281

 

 

 

  

 

 

 

 

 

 

 

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E

STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY

 

As of Sep, 30, 2010

 

 

Sep. 30, 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 Period

(EGP)

 

Reserve for Employee Stock ownership plan ESOP

(EGP)

Total Shareholders Equity

(EGP)

Minority Interest

(EGP)

Total

(EGP)

Beginning Balance

2,925,000,000

 

432,851,511

407,547,602

302,794,421

87,845,690

185,993,785

(20,985,045)

-

1,370,592,742

86,727,903

5,778,368,609

46,280,877

5,824,649,486

Effect of adjusting Accounting Standards

-

-

-

-

-

20,536,766

-

-

-

-

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

46,280,877

5,845,186,252

Transferred to reserves

-

80,755,023

1,056,108,882

-

-

-

-

-

(1,136,863,905)

-

-

-

-

Transferred to Retained earning

-

-

-

-

(244,507,717)

-

-

-

244,507,717

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(478,236,553)

-

(478,236,553)

-

(478,236,553)

Net profits of the period

-

-

-

-

-

-

-

-

1,270,792,628

-

1,270,792,628

4,573,280

1,275,365,908

Change during the period

-

-

-

-

(4,270,361)

-

-

-

-

-

(4,270,361)

3,935,351

(335,010)

Addition from financial Investment revaluation

-

-

-

-

-

-

55,281,526

-

-

-

55,281,526

-

55,281,526

Reserve for employee stock ownership plan ESOP

-

-

-

-

-

-

-

-

-

60,117,462

60,117,462

-

60,117,462

Balance at the end of the period

2,925,000,000

513,606,534

1,463,656,484

302,794,421

(160,932,388)

206,530,551

34,296,481

-

1,270,792,628

146,845,365

6,702,590,077

54,789,508

6,757,379,585

 

 

 

 

Sep. 30,2010

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 period

Reserve for Employee Stock ownership plan ESOP

Total Shareholders Equity

Minority Interest (EGP)

Total

(EGP)

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

45,607,323

7,070,251,222

Capital Increase

2,976,443,600

(476,326,032)

(2,474,395,768)

-

-

-

-

-

-

-

25,721,800

-

25,721,800

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)

-

(8,000,000)

Dividends paid

 

-

-

-

-

-

-

-

-

(661,806,331)

-

(661,806,331)

-

(661,806,331)

Net Profits of the Period

-

-

-

-

-

-

-

-

1,416,186,038

-

1,416,186,038

1,290,821

1,417,476,859

Change during the period

-

-

-

-

1,626,635

-

-

-

-

-

1,626,635

-

1,626,635

Addition from Financial Investments Revaluation

-

-

-

-

-

-

110,188,587

-

-

-

110,188,587

-

110,188,587

Transferred to Bank Risk Reserve

-

-

-

-

-

-

-

113,960,161

(113,960,161)

-

-

-

-

Reserve for employee stock ownership plan ESOP

-

-

78,564,646

-

-

-

-

-

-

(21,797,994)

56,766,651

-

56,766,651

Balance at the end of the period

5,901,443,600

 

125,128,337

78,412,462

302,794,421

(212,641,747)

184,356,569

3,063,821

140,612,951

1,302,225,877

139,930,990

7,965,327,280

46,898,144

8,012,225,424

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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