3rd Quarter Results

RNS Number : 8543S

Commercial Intnl Bank (Egypt) SAE

13 November 2013

 



Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
September 30,  2013
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of September 30, 2013
Amounts in EGP	Note	Sep. 30, 2013			Dec. 31, 2012
Assets
Cash & Balances with Central Bank	15	3,956,053,666			5,393,974,124
Due From Banks	16	9,101,879,265			8,047,820,388
Treasury Bills & Other Governmental Notes	17	21,734,857,255			8,017,754,432
Trading Financial Assets	18	2,185,341,436			1,515,325,502
Loans & Advances to Banks	19	166,406,169			1,178,867,739
Loans & Advances to Customers	20	41,688,854,369			40,698,313,773
Derivative Financial Instruments	21	85,311,981			137,459,761
Financial Investments
Available for Sale	22	22,048,708,596			21,177,427,597
Held to Maturity	22	4,201,625,227			4,215,787,960
Investments in Associates	23	189,034,537			165,198,634
Brokers clients-Debit Balances		257,863,654			134,944,510
Investment Property	24	9,695,686			10,395,686
Other Assets	25	2,652,421,289			2,474,945,065
Intangible Assets	40	-			33,422,415
Deferred Tax	33	84,883,875			71,450,183
Property, Plant and Equipment	26	845,807,821			683,455,846
Total Assets		109,208,744,826			93,956,543,615
Liabilities and Equity
Liabilities
Due to Banks	27	632,092,420			1,714,862,716
Due to Customers	28	94,079,451,835			78,729,121,488
Brokerage clients-Credit Balance		185,813,358			124,759,011
Reconciliation accounts-credit balances		23,027,468			1,664,718
Derivative Financial Instruments	21	97,920,747			119,099,260
Other Liabilities	30	2,248,614,160			2,059,005,013
Long Term Loans	29	110,105,397			80,495,238
Other Provisions	31	380,598,807			315,488,382
		97,757,624,192			83,144,495,826
Total Liabilities
Equity
Issued and Paid In Capital	32	6,001,623,790			5,972,275,410
Reserves	32	3,526,002,033			2,970,163,921
Reserve for Employee Stock Ownership Plan (ESOP)		172,963,930			164,761,121
Retained Earnings		(546,517,847)			(568,853,097)
Total Equity		9,154,071,906			8,538,347,355
Net Profit of the Period/Year After Tax		2,249,202,041			2,226,180,503
Total Equity And Net Profit For Period/Year		11,403,273,947			10,746,527,858
Minority Interest		47,846,687			47,519,931
Total Minority Interest and Equity		11,451,120,634			10,812,047,789
Total Liabilities, Equity and Minority Interest		109,208,744,826			93,956,543,615
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	14,633,861,073			14,897,739,005
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of September 30, 2013
Amounts in EGP.	Note	Sep. 30, 2013			Sep. 30, 2012
Interest and Similar Income		6,972,030,784			5,709,924,331
Interest and Similar Expenses		(3,281,023,485)			(2,878,602,209)
Net Interest Income	6	3,691,007,299			2,831,322,122
Fees & Commissions Income		1,067,166,670			737,746,221
Fees and Commissions Expense		(93,749,393)			(76,765,133)
Net Income from Fees and Commissions	7	973,417,277			660,981,088
Dividend Income	8	21,416,442			22,704,086
Net Trading Income	9	577,456,537			418,171,996
Profit from Financial Investments	22	3,601,560			(29,687,230)
Goodwill Amortization		-			(2,606,628)
Administrative Expenses	10	(1,376,087,829)			(1,124,726,722)
Other operating (Expenses) Income	11	(43,278,642)			(74,848,809)
Impairment Charge for Credit Losses	12	(565,928,409)			(406,580,325)
Intangible Assets Amortization		(33,422,415)			(19,049,318)
Bank's Share in the Profits of Associates		13,017,393			1,107,855
Net Profit Before Tax		3,261,199,213			2,276,788,115
Income Tax Expense	13	(1,025,136,247)			(654,358,417)
Deferred Tax	33 & 13	13,461,774			17,342,735
Net Profit of The Year		2,249,524,740			1,639,772,433
Minority Interest		322,699			1,197,962
Bank Shareholders		2,249,202,041			1,638,574,471
Earning per share	14
Basic		3.05			2.71
Diluted		2.99			2.67
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of September 30, 2013
Amounts in EGP.		Sep. 30, 2013			Sep. 30, 2012
Cash Flow from Operating Activities
Profit Before Income Tax		3,261,199,213			2,276,788,115
Adjustments To Reconcile Net Profit To Net Cash Provided by Operating Activities
Depreciation		156,820,520			127,504,186
Impairment  Charges for credit losses		565,928,409			406,836,170
Other Provisions Charges		55,004,886			90,779,892
Trading Financial Investment Revaluation Differences		11,534,454			(114,094,428)
Intangible Assets Amortization		33,422,415			19,049,318
Goodwill Amortization		-			2,606,628
Available for sale and held to maturity investments exchange revaluation differences		(114,126,028)			(13,580,979)
Financial Investments Impairment Charge (Release)		(30,429,637)			7,844,587
Utilization of Other Provisions		(4,158,360)			(73,032,184)
Other Provisions No Longer Used		(141,520)			(531,054)
Exchange Differences of Other Provisions		14,405,419			1,106,792
Profits From Selling Property, Plant and Equipment		(747,854)			(3,801,360)
Profits From Selling Financial Investments		(3,720,380)			2,289,009
Exchange Differences of Long Term Loans		-			42,050
Shares Based Payments		71,885,037			66,036,546
Investments in Associates Revaluation		(16,308,603)			-
Operating Profits Before Changes in Operating Assets and Liabilities		4,000,567,971			2,795,843,288
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(966,228,638)			(233,540,939)
Treasury Bills & Other Governmental Notes		(8,063,793,255)			(43,416,593)
Trading Financial Assets		(681,550,388)			(1,049,322,183)
Derivative Financial Instruments		30,969,267			16,904,759
Loans and Advances to Banks and Customers		(544,007,435)			(471,183,299)
Other Assets		(178,411,284)			(1,035,637,518)
Due to Banks		(1,082,770,296)			(1,255,697,899)
Due to Customers		15,350,330,347			6,959,976,920
Other Liabilities		(753,238,312)
Net Cash Provided from Operating Activities		7,111,867,977			2,795,843,288
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of September 30, 2013		Sep. 30, 2013			Sep. 30, 2012
Cash Flow From Investing Activities
Purchase of Subsidiary and Associates		(7,527,299)			(31,964,942)
Purchases of Property, Plant and Equipment		(440,380,644)			(167,419,342)
Redemption of Held-to-Maturity Financial Investments		14,162,733			-
Purchases of Held to Maturity Financial Investment		-			(4,183,287,258)
Purchases of Available for Sale Financial Investments		(4,969,114,267)			(9,826,460,193)
Proceeds from Selling Available For Sale Financial Investments		3,590,395,472			5,174,787,444
Proceeds from Selling Real Estate Investments		700,000			2,750,000
Net Cash Generated from (Used in) Investing  Activities		(1,811,764,005)			(9,031,594,291)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		29,610,159			(36,951,273)
Dividend Paid		(1,055,843,163)			(806,206,518)
Capital Increase		29,348,380			37,712,420
Net Cash Generated from (Used in) Financing Activities		(996,884,624)			(805,445,371)
Net Increase (Decrease) in Cash and Cash Equivalent		4,303,219,348			(4,153,567,765)
Beginning Balance of Cash and Cash Equivalent		5,665,914,467			8,207,517,133
Cash & Cash Equivalent Balance At the End of the Period		9,969,133,815			4,053,949,368
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		3,956,053,666			3,414,510,382
Due From Banks		9,101,879,265			8,851,001,009
Treasury Bills and Other Governmental Notes		21,734,857,255			9,139,014,588
Obligatory Reserve Balance With CBE		(3,201,657,518)			(3,067,529,100)
Due from Banks (Time Deposits) More than Three Months		(5,495,127,335)			(5,418,263,433)
Treasury Bills With Maturity More than Three months		(16,126,871,518)			(8,864,784,079)
Total Cash & Cash Equivalent		9,969,133,815			4,053,949,367

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE PERIOD ENDED SEPTEMBER 30,2012

September 30, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings(losses) (EGP)	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 (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,098	46,356,546	8,786,434,645
Capital Increase	37,712,420	-	-	-	-	-	-	-	-	-	37,712,420	-	37,712,420
Transferred to Reserves	-	87,306,567	794,689,187	-	-	2,716,747	-	-	(833,050,374)	(51,662,127)	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	1,638,574,471	-	1,638,574,471	1,197,962	1,639,772,433
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	(70,842,496)	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(353,414)	-	-	-	-	-	(353,414)	353,414	-
Addition from Financial investment revaluation	-	-	-	-	-	-	981,411,571	-	-	-	981,411,571	-	981,411,571
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(181,708,448)	181,708,448	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	66,036,546	66,036,546	-	66,036,546
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the period	5,972,275,410	380,348,755	2,036,955,188	-	(482,986,800)	117,805,566	258,067,708	99,981,171	1,820,282,919	151,728,837	10,354,458,754	47,907,922	10,402,366,676

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

September 30, 2013	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Retained Earnings(losses) (EGP)	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 (EGP)	Total (EGP)
Beginning Balance	5,972,275,410	380,348,755	2,036,955,188	(568,853,097)	117,805,566	153,364,794	103,716,932	2,404,153,189	164,761,121	10,764,527,858	47,519,931	10,812,047,789
Capital Increase	29,348,380	-	-	-	-	-	-	-	-	29,348,380	-	29,348,380
Transferred to Reserves	-	110,016,166	1,277,120,890	-	2,387,583	-	-	(1,325,842,412)	(63,682,227)	-	-	-
Transferred to Retained Earnings	-	-	-	23,469,954	-	-	-	(23,469,954)	-	-	-	-
Dividend paid	-	-	-	(1,001,979)	-	-	-	(1,054,841,184)	-	(1,055,843,163)	-	(1,055,843,163)
Net Profit of the Year	-	-	-	-	-	-	-	2,249,202,041	-	2,249,202,041	322,700	2,249,524,741
Transfer from Special Reserve	-	-	92,826,390	-	(92,826,390)	-	-	-	-	-	-	-
Change during the period	-	-	-	(132,365)	-	-	-	-	-	(132,365)	4,056	(128,309)
Addition from Financial investment revaluation	-	-	-	-	-	(655,713,841)	-	-	-	(655,713,841)	-	(655,713,841)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	(65,664,066)	65,664,066	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	71,885,037	71,885,037	-	71,885,037
Balance at the end of the period	6,001,623,790	490,364,921	3,406,902,468	(546,517,847)	27,366,759	(502,349,047)	38,052,866	2,314,866,106	172,963,930	11,403,273,947	47,846,687	11,451,120,634

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