CIB Consolidated Financial Re

RNS Number : 3189H

Commercial Intnl Bank (Egypt) SAE

17 February 2010




Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
December 31, 2009



COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED FINANCIAL POSITION
As of December 31, 2009
Amounts in L.E.	Note	Dec. 31, 2009	Dec. 31, 2008
Assets

Cash & Due From Central Bank	5	4,179,256,489	4,473,013,600
Due From Banks	6	7,946,147,786	6,572,191,780
Treasury Bills & Other Governmental Notes	7	13,198,960,913	12,456,955,210
Trading Financial Assets	8	491,138,956	641,627,430
Loans & Overdrafts	11&12	27,303,684,185	26,330,327,878
Financial Derivatives	13	225,347,220	704,890,792
Financial Investments
Available for Sale	9	7,429,977,151	2,774,965,250
Held to Maturity Financial Investments	9	590,057,209	681,263,274
Financial Investments in associated companies	14	93,352,492	92,923,215
Brokers-Debit Balances		80,154,770	151,604,732
Reconciliation Accounts-Debit Balances		20,302,650	-
Debit Balances & Other Assets	16	1,005,543,781	972,855,164
Goodwill	39	200,467,227	200,523,251
Intangible Assets	39	573,471,546	640,938,786
Deferred Tax	28	37,232,586	19,372,767
Fixed Assets (Net)	17	749,602,993	748,340,702
Total Assets		64,124,697,953	57,461,793,831

Liabilities & Shareholders' Equity
Liabilities

Due to Banks	18	458,145,229	228,994,222
Customer Deposits	19	54,648,654,522	48,790,029,809
Brokers - Credit Balance		212,593,347	200,921,933
Reconciliation Accounts-Credit Balances		-	27,897,554
Financial Derivatives	13	150,526,830	636,914,744
Credit Balances & Other Liabilities	20	1,139,717,462	1,270,466,914
Long Term Loans	21	93,237,042	109,273,933
Other Provisions	22	380,160,007	372,645,236

Total Liabilities		57,083,034,439	51,637,144,345

Shareholders' Equity
Issued & Paid- in Capital	23	2,925,000,000	2,925,000,000
Reserves	23	2,358,774,274	1,308,202,274
Reserve for employee stock ownership plan (ESOP)		161,728,984	86,727,903
Retained Earning		(157,685,992)	87,845,690
Total Shareholders' Equity		5,287,817,266	4,407,775,867
Net Profit of the Year		1,708,238,925	1,370,592,742
Total Shareholders' Equity & Net Profit		6,996,056,191	5,778,368,609
Minority interest		45,607,323	46,280,877
Total Shareholders Equity & Minority Interest		7,041,663,514	5,824,649,486
Total Liabilities & Shareholders' Equity		64,124,697,953	57,461,793,831
Contingent & commitments Liabilities	24	12,637,822,568	13,290,994,705
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED INCOME STATEMENT
For Year Ended December 31, 2009


Amounts in LE.	Note	Dec. 31, 2009	Dec. 31, 2008

Interest and similar income	25	4,032,638,862	3,765,207,513
Interest and similar expenses	25	(2,002,606,659)	(1,966,547,421)

Net Interest Income		2,030,032,203	1,798,660,092

Fees and Commissions income		830,270,817	821,333,569
Fees and Commissions Expense		(64,831,578)	(73,587,145)

Net Income from Fees and Commissions		765,439,239	747,746,424

Dividends Income		133,473,178	102,559,579
Net Trading Income	26	419,294,504	345,367,741
Provisions	12&22	(97,376,936)	(410,519,381)
Profit (losses) from Financial Investments	9	66,326,834	109,312,249
Administrative Expenses		(1,170,802,794)	(1,038,662,088)
Other Operating Income	10	(30,383,615)	179,386,060
Intangible Assets Amortization		(67,467,240)	(33,733,620)
Net Profit before Tax		2,048,535,373	1,616,419,056
Income Tax	29	(355,028,402)	(218,777,585)
Deferred Tax	28	16,259,820	(32,226,272)
Net Profit After Tax		1,709,766,791	1,365,415,199
Minority interest		(1,527,866)	(5,177,543)
Bank Shareholders		1,708,238,925	1,370,592,742
Earning per share
Basic	30	5.17	4.15
Diluted	30	5.06	4.11


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED CASH FLOW STATEMENT 1a
For Year Ended Dec. 31, 2009
Amounts in LE.		Dec. 31, 2009	Dec. 31, 2008
Cash Flow From Operating Activities
Net Income Before Tax		2,048,535,373	1,616,419,056
Adjustments To Reconcile Net Income
Total Net Cash Provided by operating
Depreciation		193,535,183	157,078,362
Provisions (Additions during the period)		97,894,015	410,519,381
Trading Financial Investment Evaluation Diff.		(11,988,038)	88,799,961
Intangible Assets Amortization		(67,467,240)	33,733,620
Impairment of Assets		22,423,516	-
Utilization of Provision (Other than Provision for Doubtful Debts)		(6,767,109)	(11,957,034)
Provisions No Longer Used		(4,016,965)	(165,739,690)
Difference in revaluation of FCY Provision Balances (Except Doubtful Debts)		(724,579)	518,328
Gains (losses) From Selling of Fixed Assets		15,797,710	(5,052,568)
Profit From Selling financial Investments		(113,051,948)	(227,427,627)
Profits from Selling an investment in subsidiary		-	(50,258,991)
FCY Revaluation Difference of Long Term Loans		310,424	(922,993)
Share based payments		75,001,081	57,568,319
Operating Profit Before Changes in Operating Assets and Liabilities		2,249,481,423	2,086,976,124

Net Decrease (Increase) in Assets
Due from banks		(1,780,463,063)	9,556,516,685
Treasury Bills & Other Governmental Notes		1,410,950,308	(7,358,853,097)
Trading Financial Assets		162,476,513	(46,594,530)
Financial Derivatives (Net)		(6,844,342)	(55,834,978)
Loans & Overdrafts		(1,047,276,956)	(6,220,116,065)


Net Increase (Decrease) In Liabilities
Debit Balances and Other Assets		(15,714,945)	(9,204,729)
Due to Banks		229,151,007	(2,149,619,156)
Customer Deposits		5,858,624,713	9,313,976,968
Credit Balances & Other Liabilities		(377,188,176)	618,321,121
Income Tax paid		-	(155,475,345)
Net Cash Provided from Operating Activities		6,683,196,482	5,580,092,998


COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED CASH FLOW STATEMENT 1b
For Year Ended Dec.31,2009		Dec. 31, 2009	Dec. 31, 2008
Cash Flow From Investing Activities
Sale (Purchase) of Subsidiaries & Associated Companies		(86,568,998)	(2,208,667)
Purchase for Fixed Assets, premises and Fitting-out of Branches		(176,827,213)	(198,887,584)
Redemption of Held-to-Maturity Financial Investments		100,347,555	(237,369,108)
Held to Maturity Financial investment Purchases		(9,141,490)	-
Available for Sale Financial Investments		(4,564,383,469)	(211,077,065)
Financial Investments in subsidiary (Goodwill)		-	(621,580,409)
Net Cash (Used in) Provided from Investing Activities		(4,736,573,615)	(1,271,122,833)

Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		(16,347,315)	(51,159,293)
Dividends Paid		(478,236,553)	(346,045,692)

Net Cash (Used in) Financing Activities		(494,583,868)	(397,204,985)

Net cash & cash equivalent Changes		1,452,038,999	3,911,765,180
Beginning Balance of cash and cash equivalent		8,778,740,569	6,879,374,081
Cash & Cash equivalent Balance At the End of the Year		10,230,779,568	10,791,139,261

Cash & Cash Equivalent are Represented as Follows
Cash and Due from Central Bank		4,179,256,489	6,493,360,095
Due From Banks		7,946,147,786	4,551,845,285
Treasury Bills & Other Governmental Notes		13,198,960,913	12,456,955,210
Due From Banks (Time Deposits)		(7,509,460,335)	(3,708,650,777)
Treasury Bills with Maturity More than Three Months		(7,584,125,285)	(9,002,370,552)
Total Cash & Cash Equivalent		10,230,779,568	10,791,139,261

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of December 31, 2009

2008	Capital	Legal Reserves	General Reserves	Intangible Assets Value for Bank Shares Before Acquisition	Retained Earning	Special Reserves	Reserves for AFS Inv. Rev.*	Profits of the year	Reserve for ESOP	Total Shareholders Equity	Minority Interest	Total
Beginning Balance	1,950,000,000	371,230,872	548,482,934	-	41,349,498	185,993,785	60,903,531	1,285,775,354	29,159,584	4,472,895,558	5,263,160	4,478,158,718
Derivatives Revaluations Settlement*	-	-	-	-	(13,571,026)	-	-	-	-	(13,571,026)	-	(13,571,026)
Capital Increase	975,000,000	-	(975,000,000)	-	-	-	-	-	-	-	-	-
Transfer to Reserves	-	61,620,639	834,064,668	-	-	-	-	(895,685,307)	-	-	-	-
Dividends paid	-	-	-	-	(5,997,898)	-	-	(336,709,547)	-	(342,707,445)	(3,338,247)	(346,045,692)
Net Profits of the Year	-	-	-	-	-	-	-	1,370,592,742	-	1,370,592,742	(5,177,543)	1,365,415,199
Usage Part of Reserve	-	-	-	-	-	-	(81,888,576)	-	-	(81,888,576)	-	(81,888,576)
Transferred to Retained Earnings	-	-	-	-	53,380,500	-	-	(53,380,500)	-	-	-	-
Reserve for Employee Stock Ownership plan (ESOP)**	-	-	-	-	-	-	-	-	57,568,319	57,568,319	-	57,568,319
Adjustments on Income Tax	-	-	-	-	(461,324)	-	-	-	-	(461,324)	-	(461,324)
Minority Share from Retained Earnings	-	-	-	-	(4,927,294)	-	-	-	-	(4,927,294)	4,927,294	-
Majority Share in Intangible Assets	-	-	-	302,794,421	18,073,234	-	-	-	-	320,867,655	44,606,213	365,473,868
Ending 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

2009	Capital	Legal Reserves	General Reserves	Intangible Assets Before Acquisition	Retained Earning*	Special Reserves	Reserves for AFS Inv. Rev.	Profits of the year	Reserve for ESOP	Total Shareholders Equity	Minority Interest	Total
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
Transfer to reserves	-	80,755,023	1,056,108,882	-	-	-	-	(1,136,863,905)	-	-	-	-
Transfer to Retained Earning	-	-	-	-	(244,507,717)	-	-	244,507,717	-	-	-	-
Dividends Paid	-	-	-	-	-	-	-	(478,236,553)	-	(478,236,553)	-	(478,236,553)
Net Profits of the Years	-	-	-	-	-	-	-	1,708,238,925	-	1,708,238,925	1,527,866	1,709,766,791
Change During the Year	-	-	(152,184)	-	(1,023,965)	-	-	-	-	(1,176,149)	(2,201,420)	(3,377,569)
Addition From Financial Inv. Revaluation	-	-	-	-	-	-	(86,139,721)	-	-	(86,139,721)	-	(86,139,721)
Reserve for ESOP	-	-	-	-	-	-	-	-	75,001,081	75,001,081	-	75,001,081
Ending Balance	2,925,000,000	513,606,534	1,463,504,300	302,794,421	(157,685,992)	185,993,785	(107,124,766)	1,708,238,925	161,728,984	6,996,056,191	45,607,323	7,041,663,514